hide

Read Next

Information You Won't Use

I think that bitcoins are a big deal. Maybe not this year or next year, but within the next five to ten years, I believe that there's a good chance that they will revolutionize online financial transactions. So I bought some a few months back with the intention of holding them for many years, selling only once each one was worth thousands of dollars.

And yet... I was obsessed with the ticker price of a bitcoin. I had a plugin for Chrome that always showed the current price at the top of the window. On my phone I had a widget to see the price at all times. For weeks, I was never more than a few dozen minutes out of date with the price.

Eventually it occurred to me that I was never going to do anything with the knowledge of the current bitcoin price. If it actually did rise to the level at which I'd be willing to sell, I'd certainly hear about it through other people. So I cut myself off. No more tickers, no more checking the price. My little stash of bitcoins remains encrypted and backed up, and I'll check the price in a couple years.

The amount of access to information that we have is extraordinary. We're so used to it that it's hard to think of it in historical perspective, but we literally have easy access to millions of times more information than people had just fifty years ago. Acquiring this knowledge feels valuable, but often really isn't.

Bitcoin, Finance, logs etc

On Ideas in the Making

Bit coin is going crazy, tons of arbitrage opportunities for those with large bank accounts and verifications set up I'm talking literally risk free profits everywhere, though not instant. Today bitcoin had a massive correction as it was nearing 90 RSI as I predicted earlier last post. I still think we are headed for the moon for the following reasons.

1. A lot of bank transfers/wires are probably in the process of clearing as people saw that bitcoin was hitting a new all time high. This seems especially true in China. I expect prices to go up this week as more money is injected into the system.

2. People believe in bitcoin now substantially more. This isn't 2012 anymore were bit coin had never seen the front page of anything but popscience. Bitcoin has prominence, its on the wall street journal, forbes, business insider, cnbc. This is being taken seriously.

3. More countries are too join. I have already invested in an exchange that is hoping to cater to South American customers. South America has a lot of capital controls, espcially in places like Venezuela, Brazil and most of all, Argentina. I expect these countries to inject even MORE money into the bitcoin system.

4. Because of #2, a lot of people with a lot of bitcoins are just holding on to their bitcoins. Why sell when you have 1k+ when you are gonna lose a ton to slippage and have to deal with taxes and a myriad of other stuff? Furthermore what is the real risk here? yeah they could go down, but now you can actually buy things with bitcoins. So unless you really just wanna cash out, moving 1k+ bitcoins out of the system just costs too much atm, for too little gain.

Rendering New Theme...