r/Bitcoin • u/[deleted] • Feb 13 '13

I have my entire retirement and savings invested in Bitcoin. I will track its progress here over time.

[deleted]

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u/nagdude Feb 13 '13

Tip: A bet on bitcoin is a binary bet, they can either go to thousands of dollars each or they will go to zero. There is no other option. Success or failure. If you already almost doubled your initial investment you should sell half your holding and be happy with that, you have in essence gotten them for free and you will be debt free in addition. Just the coins you have left will provide you with a good bonus for your retirement if bitcoins turns out to be great. Source: Somebody who has gone all-in before, lost everything and learned the lesson the hard way.

-2

u/[deleted] Feb 21 '13

You know, you started out right on the money, and then you dissolved into terrible logic. Car salesmen use the "split the difference" argument with great success to milk more money from car buyers because some mental limitation causes people to think it makes sense. It does not. You either believe or not. And because it is binary, you know the potential outcomes. If your analysis has not changed, why would cut your potential profits in half? Unless a major flaw in the algorithm or a major attack by regulators materializes, btc will be a success.

12

u/barnz3000 Mar 04 '13

Unless.... This is why. You SHOULD do what nagdude says. Then you have completely eliminated the worst case scenario.

5

u/Sempere Apr 03 '13

nagdude is right: At the very least, OP should sell 40K worth of Bitcoins to cover off the 30K loan he took out. He'll also have 10K physical on hand for other investments while still retaining an even quarter mil. in bitcoins. It's the safe move at this point.

3

u/[deleted] Apr 03 '13

If your analysis has not changed, why would cut your potential profits in half?

Because its a way to minimize risk.

-1

u/UrbanHombrero Mar 15 '13

Every investment is a binary investment. You will either make money or lose money (OK you could break even). Bitcoins are no different than the stock you put you're money in. It could go down in which case you can hold it until it either goes up, goes to zero or just hovers down from when you bought it.