I don't quite understand the reasoning here -- it seems like you're advocating a long-term buy and hold approach with bitcoins, based solely on the fact that they've recovered from every crash thus far? While bitcoins certainly have a lot going for them as a currency, I think it's the "bitcoins will keep going up, buy the dips" mentally of the true believers that makes this sound like a bit of a tulip craze.
I'm not advocating buying and holding bitcoins necessarily. I'm saying short-term buying and selling of bitcoins in an attempt to outsmart the market is a bad idea. If you're going to buy, do it because you think bitcoins are valuable over the long term, or because you want to pay for something with bitcoins. Otherwise, don't buy.
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I don't quite understand the reasoning here -- it seems like you're advocating a long-term buy and hold approach with bitcoins, based solely on the fact that they've recovered from every crash thus far? While bitcoins certainly have a lot going for them as a currency, I think it's the "bitcoins will keep going up, buy the dips" mentally of the true believers that makes this sound like a bit of a tulip craze.
I'm not advocating buying and holding bitcoins necessarily. I'm saying short-term buying and selling of bitcoins in an attempt to outsmart the market is a bad idea. If you're going to buy, do it because you think bitcoins are valuable over the long term, or because you want to pay for something with bitcoins. Otherwise, don't buy.