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Full context, in a recent post jared admits/confesses: I "invested" $1,000 in BTC during the early hype as it was approaching $32.00. I told my co-workers how
by dfc 14y ago
Full context, in a recent post jared admits/confesses:
I "invested" $1,000 in BTC during the early hype as it was approaching $32.00. I told my co-workers how cool of a concept it was and that my investment was sure to pay off with a skyrocketing price.
After months and months the price drops and drops. My $1,000 is worth $200. I go through a ridiculously long process of proving my identity to Mt. Gox and Dwolla just to get real USD back at 1/5 their original value.
Now if only I had kept it in there for the long haul, I'd have my $1,000 back.
It's precisely this volatility that personally makes me skeptical of it truly reaching a critical mass of any sort.
[1] https://news.ycombinator.com/item?id=5262486 https://news.ycombinator.com/item?id=5262486
- sillysaurus 14y agoNow if only I had kept it in there for the long haul, I'd have my $1,000 back. He would in fact have about $3,000 today (just 2 months after his comment). Of course, yesterday he would've had $2,000, and a week or so ago he would've had about $8,000. It'll be interesting to see how Bitcoin plays out.
- ams6110 14y agoThis is the classic "buy high, sell low" pattern seen when investors get into a volatile market with a lot of hype. If you can't afford to lose it or at least let it ride, put your money in CDs.