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Haha, yes. In 2011, a guy on my team was all about bitcoin and dogecoin and such. I think bitcoin was like 11 cents a coin, or maybe a dollar by that point. I j
by sethammons 6y ago
Haha, yes. In 2011, a guy on my team was all about bitcoin and dogecoin and such. I think bitcoin was like 11 cents a coin, or maybe a dollar by that point. I just plain didn't get it. Still barely do. I could have easily picked up a few hundred dollars of coin or, if I was a believer, a grand or two. Had I held onto it, I would be worth hundreds of millions of dollars. However, if I got in at 10 cents, I would have sold at a dollar. And if I didn't sell there, I would have sold at 10 dollars, 100, 1000, etc. I would never, ever have ridden it to 10k, 20k, 30k. Still not putting money on it.
- anm89 6y agodoge coin did not exist in 2011.
- kvee 6y agoI read his original statement with the "and such" to mean that he isn't specifically referring to dogecoin, but just things like it. Which gets him off the hook for it not existing back then.
- brighton36 6y agoBitcoin is the most complicated idea known to man: number go up.
- SilverRed 6y agoThe last point is the big one. Almost no one would have carried on through the last 3 bitcoin bubbles if they did buy at the start.
- SamPatt 6y agoI know several people personally that did. Among people who have worked in the cryptocurrency industry it's not unusual that they've cashed out small portions of their stash in each bubble but still hold some today.
- enraged_camel 6y agoYeah, this is the “safe” way to do speculative investing: when the asset price goes up, at one point or another you can take out your original investment, and the rest becomes “pure profit”. At that point the worst case scenario is that you break even.
- rabidrat 6y agoI agree, I would not have either. But my present financial philosophy for such things is to always sell half (and only half).
- 1ark 6y agoMost important part of the story, where is the guy on your team now?!
- chillacy 6y agoA similar principle applies to tech stocks too. I know some Tesla and Apple millionaires. After reading The Psychology of Money I’m trying to be a more “buy and hold” investor and “let my winners ride”.