It was back in 2010. I was browsing the tech blog Slashdot and came across something called bitcoin. Reading up as much as I could on the crypto currency at the time, I thought it was a brilliant idea.
I then found someone who was giving away .05 bitcoins to encourage education on how it worked. It was worth about 8 cents in dollar terms at the time. I don’t remember the exact amount on the day it was given to me, it may have actually been a bit less than the 8 cents.
Of course I missed the boat on getting in with bitcoin. I was talked out of it by a colleague. Had I listened to myself and threw $100 on it at the time, and assuming I didn’t get too excited and spent it along the way as it rose against the dollar, I would have about $20 million dollars worth of bitcoin today.
Admittedly, I didn’t have much money at the time. Not that $100 wasn’t possible to place on something highly speculative, it just wasn’t prudent. $100 is not much at all, especially as I was even considering going into debt for GPU based servers to mine for more coins. It’s all hard to imagine now.
Am I bitter? Not really. I’d be lying if I said I hadn’t kicked myself in the butt over my lack of decision. But I have acknowledged it and moved on. Some lessons?
- Don’t let others talk you out decisions based on your own research.
- It’s OK to speculate with low dollar amounts as long as you are not spending the rent/grocery money
- Do what it takes to satisfy your curiosity.
- It’s OK to get excited about disruptive tech. The statement may sound funny, but people do actually get scared and skeptical and will try and pull you back down into the norm. By the way, we have a disruptive tech thread that has just started in the tao forum.
Ok, so really I wasn’t given $800 I was given a few cents worth of a new tech breakthrough in commerce. I still have my .05 bitcoins now worth $800. I imagine the person who gave it to me has done very well with bitcoin.
How am I going to spend my bitcoin? Apmex now accepts bitcoins for bullion and coin purchases, I’ll likely take them up on that offer and get some silver pandas.
Is it too late to get into bitcoin today? I believe so. Yes, it could continue much higher before topping out. But consider Martin Armstrong’s post on how the government will take the fun out of it eventually.
Not only will regulations and taxes will find it’s way to bitcoin, but it looks like bitcoin may also get replaced with better technology one day soon.
Hashgraph is proving to be faster (less size in the block chain) and more secure. There isn’t away to invest in hashgraph yet, but applications are being written and the team is working with some credit unions as well.
So bitcoin may become the MySpace of crypto. Time will tell.by