4 ms·

The question answers itself: they weren't. It also beggars belief that they were regularly spending bitcoins that was shifting in value by hundreds of USD in a

The question answers itself: they weren't. It also beggars belief that they were regularly spending bitcoins that was shifting in value by hundreds of USD in a matter of hours. The would be irrational to the point of lunacy if true, but I don't believe it is.

mkirklions 9y ago
What is the crazy part? I bought BTC at 200, 400, 800, 1200, 3000, 11,000, and 7,000. I like BTC wayyy better than USD. If I need to spend 2$ at taco bell, I'll just use my bitcoin.
- beojan 9y ago
  And kicked yourself for that $180 Taco Bell when it peaked at $18,000, right?
  - mkirklions 9y ago
    No, I do DCA. https://www.investopedia.com/terms/d/dollarcostaveraging.asp https://www.investopedia.com/terms/d/dollarcostaveraging.asp
    - beojan 9y ago
      To buy Bitcoin, sure. When it hit $18,000 you would still look back at the $2 (then) worth that you spent at $200 / bitcoin and regret it.
      - ric2b 9y ago
        > When it hit $18,000 you would still look back at the $2 (then) worth that you spent at $200 / bitcoin and regret it. This a completely emotional argument, there's no logic behind it, you could also regret spending $2 at Taco Bell instead of on Bitcoin.
  - ric2b 9y ago
    Just as much as you kicked yourself for spending $2 on Taco Bell instead of buying Bitcoin at the exact same time. It's the same thing.
- chriswarbo 9y ago
  > If I need to spend 2$ at taco bell, I'll just use my bitcoin. The currency you're using is USD, since that's how Taco Bell set their prices and it's how you're measuring the value of your bitcoins (via the exchange rate). I've yet to see any business set their prices in bitcoin. Everyone accepting bitcoin payment is setting their prices in fiat currency (e.g. $2), and accepting an equivalent amount of bitcoin (based on market rates); i.e. treating bitcoin as a payment gateway rather than a currency.
icebraining 9y ago
It also beggars belief that they were regularly spending bitcoins that was shifting in value by hundreds of USD in a matter of hours. The would be irrational to the point of lunacy if true How so? What matters is the price at the time of transaction, no?

mkirklions 9y ago

What is the crazy part? I bought BTC at 200, 400, 800, 1200, 3000, 11,000, and 7,000. I like BTC wayyy better than USD. If I need to spend 2$ at taco bell, I'll just use my bitcoin.

beojan 9y ago
And kicked yourself for that $180 Taco Bell when it peaked at $18,000, right?
- mkirklions 9y ago
  No, I do DCA. https://www.investopedia.com/terms/d/dollarcostaveraging.asp https://www.investopedia.com/terms/d/dollarcostaveraging.asp
  - beojan 9y ago
    To buy Bitcoin, sure. When it hit $18,000 you would still look back at the $2 (then) worth that you spent at $200 / bitcoin and regret it.
    - ric2b 9y ago
      > When it hit $18,000 you would still look back at the $2 (then) worth that you spent at $200 / bitcoin and regret it. This a completely emotional argument, there's no logic behind it, you could also regret spending $2 at Taco Bell instead of on Bitcoin.
- ric2b 9y ago
  Just as much as you kicked yourself for spending $2 on Taco Bell instead of buying Bitcoin at the exact same time. It's the same thing.
chriswarbo 9y ago
> If I need to spend 2$ at taco bell, I'll just use my bitcoin. The currency you're using is USD, since that's how Taco Bell set their prices and it's how you're measuring the value of your bitcoins (via the exchange rate). I've yet to see any business set their prices in bitcoin. Everyone accepting bitcoin payment is setting their prices in fiat currency (e.g. $2), and accepting an equivalent amount of bitcoin (based on market rates); i.e. treating bitcoin as a payment gateway rather than a currency.

icebraining 9y ago

It also beggars belief that they were regularly spending bitcoins that was shifting in value by hundreds of USD in a matter of hours. The would be irrational to the point of lunacy if true How so? What matters is the price at the time of transaction, no?