I've been into Bitcoin for a little over a year now, not giving it much thought other than initially learning just enough to have a little trust in using it for relatively small transactions. Then, as I enjoyed the extra freedoms, I developed a sweet spot for what it represents and the technology behind it. However, the thought of hoarding Bitcoins was never a concept; buy Bitcoins to buy stuff with Bitcoins was about it. But then I got stuck with some when a particular transaction I bought Bitcoins for didn't end up happening.... Then the boom came and all of a sudden, I found myself checking the price of Bitcoins even when I had no plans to use any
And once the drop in prices got into full swing, I found myself with a sense of loss.... WTF?! I bought what I have at $20, the thought of selling them for a profit was still an option, but I somehow felt that more than doubling my money was still a loss?!... Examining the absurdity of this feeling, I also came to the realization that I have been avoiding buying things I would like to buy so I could hold onto these damn coins! That was the provebial light bulb; the problem wasn't the crash, it was the boom! Having developed a bunch of wealth without doing anything, I had made myself a slave of it, with the coins controlling my [purchasing] behavior instead of serving it!Obviously, once you become mindful of the psychology, you are freed from it
Bitcoin is a very useful tool for facilitating exchange. For it to be more useful, more people need to be encouraged to use it, not hoard it! I believe this crash is going to serve a lot of useful purposes; with the large publicity it generated, it will discourage hoarding behavior somewhat (panic sellers would have loved the liquidity!) and if Bitcoin holds public interest long enough or recovers quick enough, it will prove its resilience to more people, hopefully causing more circulation As for me, I've now gone and spent my coins in exchange for things I like and I am happy! I no longer feel the need to check on prices, it can wait till the next time I need to use Bitcoins.. And if you send me more, I will spend that too
Alternatively you can spend it yourself for stuff you like, just don't hoard it, keep it circulating; its better for Bitcoin and it will make you happier Disclaimer: I make no claim to knowing the secret of happiness or mastering the concepts of Bitcoin or market forces or human psychology, simply extrapolating from analysis of my own head, however I can attempt to provide those services in exchange for Bitcoin to spend
