For all my Coinbase people

Introduction

For all the people who took me up on my Coinbase offer and actually got the $75 referral credit instead of the bait-and-switch $10 credit, I hope you held on to your Bitcoins like I did.  Anyway, I woke up on Wednesday morning when someone told me Bitcoin was on fire, so I looked it up and it was around $485.

bitcoinprice

 

To sell or not to sell

The funny thing is that a week or two prior to that, @PDXDealsGuy  had tweeted me that bitcoins were up 25%.  I told him I had held my bitcoins because it might come in handy one day.   For reference, I got in when Bitcoin was around $235.  Well, after it hit $485 on Wednesday, while driving into work, I kept thinking whether I should sell or not.  I kept thinking about the time I was in Vegas playing blackjack on a work trip and was on fire for a 10 minute stretch and went from $100 to $800.  Of course I didn’t cash out and yada yada, lost it all.  And that’s when it dawned on me – even if I sold it $485 and it went up to $585, I wouldn’t be as upset as if I didn’t sell at $485 and dropped back to $385.  And that ladies and gentlemen, is the definition of loss aversion.  So I sold it at $485, Tiger fist-pumped, then called it a day.  Sure enough, it dropped $100 the every next day.  Now too bad I can’t time my stock picks like that…. or maybe I should just stick to trading bitcoins…  I leave you with this nugget:

pdxguys

2 comments on “For all my Coinbase people

  1. Well, I signed up with your referral for Bitcoin. Given the BS coinbase pulled with this promotion, I figured (and still do) that they will be the next carcass tossed on the Bitcoin heap, so I pulled all my money out of there ASAP. While it’s nice to see it appreciated handsomely since, I sleep better at night knowing I don’t have my money hidden in the mattress with that coinbase operation.

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