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Ask HN: Is it too late to profit from Bitcoin?
1–10 of 18 posts
Re: Ask HN: Is it too late to profit from Bitcoin?
#2is it too late to profit from [insert currency here]?
Re: Ask HN: Is it too late to profit from Bitcoin?
#3I'm tempted to say yes, but then I thought it was too late at $1, $33, and $266.
Re: Ask HN: Is it too late to profit from Bitcoin?
#4You have to do your research.
Peter Blodget in the PandoDaily talk was pretty pessimistic about it. See: pandodaily.com/2013/11/18/blodget-and-the-rarified-air-around-bitcoin/
I, for one, am somewhat pessimistic about it since it doesn't tie to a national currency. Noble cause, but naîve, IMO.
Tech is about creating value for the long-term.
Re: Ask HN: Is it too late to profit from Bitcoin?
#5I'm mad at myself for not having balls/faith in Bitcoin ~1 year ago. The price was around $10 per BTC and I debated if I should buy 1 coin per month just in case the price went up, but I didn't... I could have had a ton of money now if I just had got the balls...
Re: Ask HN: Is it too late to profit from Bitcoin?
#6is it too late to profit from [insert currency here]?
yes.
Re: Ask HN: Is it too late to profit from Bitcoin?
#7I'm tempted to say yes, but then I thought it was too late at $1, $33, and $266.
I'm in the same boat.
Re: Ask HN: Is it too late to profit from Bitcoin?
#8If I knew the answer to that I wouldn't be posting on HN :)
Seriously, though, you need to predict the behaviour of others - will they think that it is going up?
Re: Ask HN: Is it too late to profit from Bitcoin?
#9I think the future is in this TYPE of currency, but I think the premise that bitcoin is using to "generate" through mining is the wrong approach.
I've had in the back of my mind an idea for a long time that will take alot of ingenuity to implement, but I'm fairly confident it will be the kind of electronic currency that will sustain itself well after bitcoin.
The concept is based on the idea that there is no centralized or distributed mechanism for determining who has "mined" the currency. Each individual just creates an account, and over the lifetime of that account sustains itself based on comparisons with others whom they've transacted with. The algorithm would need to adapt to attempts to defraud it, but think about this.
If I am transacting with someone who has been spending the currency like a mad man, their currency can be seen as less valuable to the overall population (since they may be a statistical outlier in usage of the currency). When someone has spent too little, this can also be a negative, since new and unestablished accounts mean the person may be less trustworthy, etc.
I think the key to this may be in the ability to tie an account to a person's real identity somehow.
The concept around it really puts everyone on even footing when the currency first hits the market. None of this madness. Sure you can probably make money for a while with Bitcoin, but I'm not willing to bet too much on the long-term sustainability of it, just because it will be like most currencies in the past. Some will start with alot, and some will be left out to dry with none. It's simply not as appealing as a self-regulating currency.
Re: Ask HN: Is it too late to profit from Bitcoin?
#10there is no such thing as "too late".. the only thing you should be deciding on, is how high/low will bitcoin be, end of next year. If you think the price per BTC will soar up to $2000, then was it too late to buy now? Absolutely no!