271–280 of 286 posts
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This. If in 2012 you bought a pizza with 1 BTC and now feel silly, don’t. You also bought pizzas for $20 which you could instead have converted to BTC and held until now had you only had a working crystal ball.
They should feel silly. It's not the market value of the spent Bitcoin ($20), but the opportunity cost (~$34k).
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They should feel silly. It's not the market value of the spent Bitcoin ($20), but the opportunity cost (~$34k).
Indeed, and I also feel silly because I didn’t bet on 27 last spin.
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They should feel silly. It's not the market value of the spent Bitcoin ($20), but the opportunity cost (~$34k).
Reasoning that way can only conclude that the opportunity cost is always the investments that an oracle would make. I.e. you would have to not only account for losing $34k but also lose nearer a few hundred thousand because you could have sold at each peak and bought at each trough.
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The critical difference between spending BTC on a pizza and the Monty Hall problem is that you only receive additional information once you no longer have any option to change your mind. If Monty Hall asked you if you wanted to change doors before opening one the problem would not be much of a problem.
Except the OP was (almost certainly) in possession of $20 USD in 2012. The opportunity cost of buying that Pizza with Bitcoin rather fiat totals ~$34k at the time of comment.
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Indeed, and I also feel silly because I didn’t bet on 27 last spin.
There's an enormous difference between "not having bet on something" (inaction) and "selling an already acquired asset" (action).
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What do you mean? Of course people choose to hold crypto or put their money in the bank or buy a stock market index fund or spend it on something.
Holding stock in a company (for instance via en index fund) is not a fiat holding. The fact that it is commonly priced in terms of fiat currency is not any different that the fact that BTC is too. Neither of them have to be. All exchanges take place in pairs; one holding is exchanged for another. Buying BTC with dollars is (USD, BTC); buying Microsoft is (MSFT, USD); buying EUR with dollars is (EUR, USD). Nothing pre…
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It's kind of scary. You go to Reddit and it's full of people dumping their life savings into crypto, genuinely believing it'll bail them out. For some reason people genuinely seem to believe that crypto will only go up, when the reality is that we have no clue. When every average Joe thinks crypto will make them rich, it's time to dump your bags.
I dumped my BTC (2011ish early adopter) once my mom began to talk about a Bitcoin investor who played the crypto markets and made so much money at my age. My mom does not know how to format a Word file. I just hope my parents and relatives aren't secretly stashing away their life long savings in crypto because of all the hullabaloo.
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"For example, countries with lower levels of government spending as a percentage of GDP having on average higher rates of economic development." Any citation for that?
https://web.archive.org/web/20170821004405/http://ime.bg/upl...
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How about simply losing your hardware wallet? That's what scares me. If I had enough crypto, I'd probably get a hardware wallet and store it in a safe deposit box, but then I'm going to lose that key. I wonder if there is an opportunity for smart contracts around insurance for the exchanges...a bit meta...
Sounds hard, because it would be hard to prove that you lost a key. You could always pretend you lost it. But if the blockchain supports actually invalidating those coins and transferring them to a new wallet via e.g. 3 trusted friends with pre-pregrammed wallets that sign and verify your new wallet, maybe it could work.
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What if those brands are compromised or back-doored by internal or external actors? Just look at the Western Digital fiasco recently. Do these wallets call home at all? Also: aren’t backups easier to make on a normal SSD? (PS: these are my personal genuine concerns and I’m at least somewhat willing to have my mind changed: not trolling or being argumentative for entertainment)
Trezor is open source, and neither of them connects to the internet directly. They only connect to open source programs on your own computer, so the ways they talk to the outside world are known.