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Mistake cost him 80k. Author is feeling burnt, but the cost is the cost at transaction time.
by quantified 1y ago
Mistake cost him 80k. Author is feeling burnt, but the cost is the cost at transaction time.
- shocks 1y agoIncorrect. Author may not have had the required savings to rebuy the position he wanted.
- saaaaaam 1y agoExtending this further, based on the stated value it looks like he probably had 40 or 50 ethereum. He might have bought them for a fraction of today's price - say $50 - so might only be out $2500 based on cost at transaction time...
- thevillagechief 1y agoIf someone made away with all my retirement savings, I wouldn't say I was only out the cost basis.
- saaaaaam 1y agoThat was pretty much my point!
- thevillagechief 1y agoYeah, I missed that.
- vehementi 1y agoYour analogy is different. They bought for X, then when it was stolen it was worth 80k, and at this random time today, it's worth $120k and he's saying he lost $120k.
- saaaaaam 1y agoValue is arbitrary, and only crystallises at liquidation. I have a painting I paid £300 for. Works by that artist are now selling for £10000. Does that make my painting worth £10000? I can send it to be appraised but even if it is valued at £10000 that value could only ever be realised if I send it to auction. If I wait too long the artist may fall out of fashion and the work may be worth less than I paid. The real value is the pleasure it gives me each day when I look at it. Is that worth more or less than £10000?
- vehementi 1y agoBe that as it may, it's missing the illogical point the other person raised. If your $300 painting was worth $10k when it got stolen from you, but 7 years later the market value is $1M, you don't say "I was robbed of a million"
- elAhmo 1y agoI have a feeling if ETH went down in the meantime, blog post would reflect 80k, not the lower value.