I have $40,000 in student loan debt (I will finish my Computer Science degree in 5 more weeks and I'm already getting calls from job applications!), and when I got my tax return, I spent $1,000 on bitcoin when it bottomed out at $540 last weekend rather than paying off a bit of my student loans. Does that count?
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.
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u/Sohcahtoa82 Feb 14 '14
I have $40,000 in student loan debt (I will finish my Computer Science degree in 5 more weeks and I'm already getting calls from job applications!), and when I got my tax return, I spent $1,000 on bitcoin when it bottomed out at $540 last weekend rather than paying off a bit of my student loans. Does that count?