I did buy 1.5 BTC last week, just for fun. Bought another 1 BTC tonight. I may regret the latest purchase, or both purchases, I dunno. But, since I found myself wishing I'd bought more last week, I bought some more tonight.
When I bought those 1.5 BTC at ~$200, I had planned to buy more when the inevitable crash came. It may still come, but I'm feeling pretty confident the size the BTC market has grown so much as to make it likely the new low that it falls to is gonna be well above that $200, maybe even above the $500 it's trading at now. Timing the market is often a bad idea, so I setup a small monthly buy tonight, as well, so I won't be tempted to try to figure it out.
My thinking is that if bitcoin becomes a monetary standard for online commerce it's orders of magnitude undervalued. If not, it's probably overvalued. So it's a perfect asymmetric bet. The most you can lose is the price of buying a few (or many) bitcoins. The most you could win is 100x or maybe even more. It's kind of like making an angel investment, except that instead of investing in a single company, you're investing in an entire economy. Imagine if instead of being able to buy shares in Pets.com or Altavista in 1995, you had a chance to buy a share in the Internet as a whole. That would have been an awesome asymmetric bet
"Imagine if instead of being able to buy shares in Pets.com or Altavista in 1995, you had a chance to buy a share in the Internet as a whole."
That's a really striking, and almost frightening, way to look at it. I felt my chest tighten when I read that analogy, actually. It is tempting to go overboard...but, if my gut instinct is right, there's no way to go overboard (aside from going bankrupt buying BTC). Which makes me think I'm probably missing something.
Nonetheless, I'm long BTC, and I intend to go more long as the days go by and I have more disposable funds.
$38500 aint bad, but it isn't $771000. I wish I would of purchased more than one when it was around $65 (right after the first pop). Now I'm trying to find the thumbdrive that contains the bitcoins that I got from the original fountain.
