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I first "looked" at BTC @ <$1 and by looked I visited a few websites. I then looked again at ~$100 and felt that it was too involved with crime for me to be as
by icu 5y ago
I first "looked" at BTC @ <$1 and by looked I visited a few websites.
I then looked again at ~$100 and felt that it was too involved with crime for me to be associated in any way with it (I work in Regulated Financial markets and I didn't want to take any career chance I could get accused of money laundering).
At ~$1,000 I actually played with some code in Python to mine BTC but figured I'd need an ASIC rig and didn't bother.
7 December 2020 one of the smartest people I know recommended I read The Bitcoin Standard I think BTC was ~$23,000. I then spent the next year studying it and talking through it with my father (he's a Boomer who favours Real Estate over all other asset classes) as a way to understand it better by discussing it with someone else.
I started buying BTC at about ~$55,000 before the recent crash. I'm fine with the volatility as I have a 10+ year time horizon. I did however start accumulating other cryptos post crash and have been working through portfolio construction based on several themes.
Surprisingly my Boomer father has decided to build his own crypto portfolio through a company based in NYC but the AML KYC hurdles with US based crypto companies (I won't name and shame them) has taken so long that he still hasn't managed to buy anything... which I suppose is a good thing since he missed the recent "crash". However, he's fine with it going to zero (and so am I). I think that unless you're diversified across different asset classes, lived through a total market crash (or two), and can lose the lot, you shouldn't be speculating in crypto.
- hiq 5y agoSorry, I must be tired. Did I misunderstand your answer, or are you saying that you did change your mind about BTC just because it increased in value? If that's not the case, why did you change your mind about it? Edit: sorry I just saw another comment of yours down below, will read that.
- icu 5y agoThe trigger was a confluence of events: A) Personal, life changing, events forced a total re-examination of my psychology and beliefs B) One of the smartest people I know making a book recommendation. At this time, and moving forward, I began to really challenge myself as to my virtues and examine my emotions and thoughts for vices (anti-virtues if you will). My initial reaction to the book recommendation was dubious, especially due to the parabolic price rises and volatility. It was at this time I decided I need to work on being humble and curious, so I embarked upon the real start of my crypto "journey".