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.
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:
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.