I have a tale of woe to tell you. I came across bitcoins as a newfangled toy. I started mining them and soon a had 8 bitcoins. But it was still a little effort for almost no return, so I stopped mining. Eventually, they creeped up a bit, then up a little higher to $12 a piece! Twelve bucks for these useless digits! But before I caught on, they crashed again. I was sure I missed out. They creeped up again, and when they hit $20, I pounced! I sold 7 coins for $20 each with a half a coin fee. These useless things that cost me cents, $140 profit for nothing!
And obviously you know where leads. I missed out on selling those coins for hundreds of thousands of dollars. I even lost the wallet that had that remaining half a coin left over. So don’t feel bad about not knowing they would peak at $73,000.
It's some kind of fallacy to think of this as a loss. If you didn't sell them at 20, you would have sold them at 30, or 40. And so on and so on. You would have had to make the decision not to sell every day. And it would feel riskier every day and you probably would have slept badly at every crash.
Most people lost money on Bitcoin. It's a less than zero sum game after all is done.
Eh, I'm currently holding a +900% NVidia stock. Still not selling. I want to buy a house in twenty years with it, like I would have done today if I bought, e.g., Apple stock twenty years ago. I don't sleep badly when it crashes. If my $500 or however much I spent are gone, they are gone. Whatever. If I sold it at +500%, it would've really been a loss.
7.1k
u/BaronsDad 6d ago
Nvidia, Tesla, Broadcom, Netflix, Dominos, United Rentals, bitcoin...
MegaMillions Tuesday, March 27, 2012: 9 19 34 44 51 (24)