~snip~
Maybe you should read it several times before you write something - because it's not about someone buying $500 worth of BTC, but about someone buying 28 000 BTC at $500. I'll just say that he had bad timing, because if he had bought during 2015, he could have gotten twice as much BTC for the same amount.
Yeah, but so what? People make these dumb kind of arguments all the time, and we largely don't know how our bitcoin buys are going to play out into the future because the future is not known.. even though retrospectively it might look clear.
I think it's perfectly OK to warn someone that they're wrong - but I've put him and his few alt accounts on ignore from now on - because it's obvious that they're trying to earn merits and rank accounts for sig campaigns through WO.
if you recall the story of Tim Draper, he was new to bitcoin in 2014, and one of his sons told him to try to get some of the auctioned bitcoin blocks that the US Marshalls had recovered from silk road (or I think it was silk road coins.. or it could have had been something else. The were like 10 blocks of 3k BTC each, and the BTC price was around $600 per BTC at the time, and there was a bit of a mystery about how much was going to be bid on the coins, and I think that many folks thought that the prevalent strategy was to bid under the spot price in order to try to get the coins cheaper and then maybe to dump them after getting them.
Draper ended up winning all 10 blocks so he ended up buying more than 30k BTC for like 10% more than the current BTC price, because Draper later reported that he thought that his son was recommending that he try to make sure that he wins the blocks, so Draper interpreted that as bidding above the BTC spot price, so then Draper was surprised that he won all of the blocks. Maybe he felt foolish for a couple of years, since his coins were in the negative, but they finally clearly came out of the negative in late 2016, and he is not looking that foolish right now, even though sure, yeah, he could have had gotten his coins cheaper.. especially through late 2014 and through 2015, even though BTC prices did bounce between $250 and $500 in late 2015, but then came back down to $300 to $420 and then did not clear $500 again until the end of May 2016.
I remember it very well, but I think we even had a discussion about it once - and as far as I can remember there is evidence that Tim Draper invested those 30 000 BTC shortly after he bought them. In any case, he became famous when he predicted in 2014 that 1 BTC would be worth $10 000 in three years - but the $250k he predicted after that has unfortunately not materialized (yet).
