Why do we talk about being "saved" by a corporation? That's like waiting around for a "job creator" to rescue you. Bitcoin does not need any help, if it did, it would have no merit.
The price of bitcoins is irrelevant. If they are $100/ or $.01/, they are just value place-markers. Are nickels a failure because they are only worth $.05?
Yeah, but I bought at $14, so the price is a little bit relevant to me (I should have sold at $10, but then I though it'll be ok it's going to go up, then I thought $8 but then I remembered 'don;t invest anything you are not willing to lose', which I had, so then I thought fuck it. Please don't tell my wife)
And this, kids, is the first honest admission of a failed trader. Also the reason we're still at $4. Sunk cost fallacy in full swing. Miners are investing their power bill, also not selling -- they're massively bullish on future price. Those looking at unrealized losses are in the "denial" metal stage of post bubble. The part where everyone convinces themselves to hold for the long term.
Saw it with my wife and her $80,000 in Lucent stock in 2001. "It's down, I can't sell now." "It's just a correction." "Oh well, I'm in this for the long term, it'll recover." "I'm down more than 50%, that's a huge loss. I'll be writing it off for years." "It can't go any lower, it's still a great company." "I'll just keep holding." "Ok, it's not worth selling now..." "You trade garbage like this all day long, you deal with it. I can't even look at this piece of shit any more."
I thought it was a very good lesson. $80k of unrealized gains may not be a lot of money for many, but for a 26 year old it would have been a *very* noticeable chunk of her yearly take home. The ~$5k by the time she was ready to sell not so much. Over the next decade she's become a much, much better trader and investor as a result. Unfortunately, the tiny amounts people have invested in bitcoin won't be teaching the same kind of lesson I don't think.
