I first bought Bitcoin for $5 at the start of 2012 in a small amount to 'experiment' with it. Being a computer programmer I could just about follow the proof of work concept and the block chain.
I sat on them for a few month until they were $20 and only then had the insight that they would make a damn good investment, even though I had been reading gold bug blogs like ZeroHedge for years. The anxiety over buying them vs the fundamental value is what convinced me it was a good investment (buy when other are fearful) but, of course, I hesitated and only panic bought some once I saw them on the news as they were headed up to $50 and I held back even then so my average price was $100 in the run up.
Only after 'thinking' yes they are money for 5 months did I actually get the Mind Blowing moment of clarity and 'BELIEVED' they are money. As http://www.forbes.com/sites/jeffbercovici/2013/04/29/big-vc-says-bitcoin-is-gold-2-0-its-a-huge-huge-huge-deal/ says, it really is like taking the red pill. Everyone else just seemed to be in another economy and paper money suddenly seemed a bit worthless.
If it took me, a computer programming economics geek who has tried the odd dubious substance that long, how long will it take a while for the rest of society to wake up?
The thing that hit it home on top of a number of other things was the realisation that even gold bugs are in a state of cognitive dissonance and denial because they are so trapped by the belief that gold is money. Once you see that money is whatever makes it easiest to pay for a transaction while maintaining a proof of work (store of value), it becomes blindingly clear. When you see the total value is still only $5 billion and know Gresham's law it still is the best 'investment' in the world, even if you see it as a gamble with a 50% chance of double or nothing you would take that bet.
The queue's for the Bitcoin machine in Canada is a slow motion bank run that most people aren't even aware of. Jim Sinclair is right about getting your money out now, he's just clueless about where to move it to.
Proof of work + fear of something you don't understand + Gresham's law + Cognitive dissonance = Way more money coming our way.
I sat on them for a few month until they were $20 and only then had the insight that they would make a damn good investment, even though I had been reading gold bug blogs like ZeroHedge for years. The anxiety over buying them vs the fundamental value is what convinced me it was a good investment (buy when other are fearful) but, of course, I hesitated and only panic bought some once I saw them on the news as they were headed up to $50 and I held back even then so my average price was $100 in the run up.
Only after 'thinking' yes they are money for 5 months did I actually get the Mind Blowing moment of clarity and 'BELIEVED' they are money. As http://www.forbes.com/sites/jeffbercovici/2013/04/29/big-vc-says-bitcoin-is-gold-2-0-its-a-huge-huge-huge-deal/ says, it really is like taking the red pill. Everyone else just seemed to be in another economy and paper money suddenly seemed a bit worthless.
If it took me, a computer programming economics geek who has tried the odd dubious substance that long, how long will it take a while for the rest of society to wake up?
The thing that hit it home on top of a number of other things was the realisation that even gold bugs are in a state of cognitive dissonance and denial because they are so trapped by the belief that gold is money. Once you see that money is whatever makes it easiest to pay for a transaction while maintaining a proof of work (store of value), it becomes blindingly clear. When you see the total value is still only $5 billion and know Gresham's law it still is the best 'investment' in the world, even if you see it as a gamble with a 50% chance of double or nothing you would take that bet.
The queue's for the Bitcoin machine in Canada is a slow motion bank run that most people aren't even aware of. Jim Sinclair is right about getting your money out now, he's just clueless about where to move it to.
Proof of work + fear of something you don't understand + Gresham's law + Cognitive dissonance = Way more money coming our way.
Read the following post and the posts on the prior page of the thread:
https://bitcointalksearch.org/topic/rpietila-public-diary-episode-ii-323988
You are suffering a delusion induced by the dopamine (euphoria, feel good) spikes in your brain which are shutting down the rational thought in your (probably thus atrophied) pre-frontal cortex.
