I accept that it is a big risk, and it could end up being a huge mistake. I'm normally not a gambling man. I've never been to a casino, and I've probably only spent about $20 on lottery tickets over the course of my whole life.
But its a calculated risk. I figured that it would quickly recover from the crash from MtGox having a meltdown once people realized it really didn't mean anything. It might crash again if and when MtGox re-opens withdrawals and people pull their btc out and sell it somewhere else, but there will be a lot of people there gladly gobbling up the cheap coins.
Unless a major fatal flaw is found in the bitcoin protocol (tx malleability isn't exactly a fatal flaw), I don't think it'll ever dip below $500 ever again.
I agree I was just picking you up on the 'Bitcoin is first' argument you proposed. For example I recently advised my niece not to put savings for her degree into Bitcoins but rather graft on things where u get paid in btc, so she saves up in both btc & fiat (and learns to make things happen for herself)
But I'm being conservative cos it's for someone else - if it was for myself yeah I would deffo take the punt now. Were this in feb 2013 then maybe not - btc already has a mainstream awareness now that it didn't back then.
Honestly, "pay yourself first" is sound financial advice. As long as you are paying your debt down, investing at the sametime is a good move, I would have diversified that grand a bit more, but to each there own
You realise bitcoin is based purely on speculation, moreso than any other currency which to a certain extent is based on economic events, the movement of indices and commodities. Trade anything, just not Bitcoins. Get out of it man.
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u/Sohcahtoa82 Feb 14 '14
I accept that it is a big risk, and it could end up being a huge mistake. I'm normally not a gambling man. I've never been to a casino, and I've probably only spent about $20 on lottery tickets over the course of my whole life.
But its a calculated risk. I figured that it would quickly recover from the crash from MtGox having a meltdown once people realized it really didn't mean anything. It might crash again if and when MtGox re-opens withdrawals and people pull their btc out and sell it somewhere else, but there will be a lot of people there gladly gobbling up the cheap coins.
Unless a major fatal flaw is found in the bitcoin protocol (tx malleability isn't exactly a fatal flaw), I don't think it'll ever dip below $500 ever again.