| I'm fairly optimistic about the future of Bitcoin, and I own a few myself. However, I don't think this was a responsible post to make. > When the price suddenly dives, you may want to consider buying. It's always paid off so far. It seems like a solid investment strategy This isn't really an "investment strategy", it's just speculation - betting on the short term future and hoping it pays off. It's a fun way to gamble your money, but it's a lot riskier than the OP suggests. A "solid investment strategy" is putting a fraction of your paycheck into an index fund each month, not trying to predict the price of Bitcoin. If you've really done your homework and you think the price of Bitcoin will go up in the long term, by all means buy a couple. Don't worry about waiting for the price to spike down; in fact, maybe stagger your purchase over a period of time to smooth out any variation (this is called 'dollar cost averaging'). Don't try to speculate on short term fluctuation; you will probably get burned. > Consider this: If you have $10k lying around [...] your $10k will become $14,262 after fees Or, the price could drop to $500 and you'll lose a few thousand. Can you afford to lose a few thousand dollars, even for a few months while the price recovers? Would you be better off investing it in something less risky? Do you know that you won't need that money in 6 months to pay for emergency surgery, or to fund 3 months' runway for your new startup idea? You should try to think of investment return as compensation for taking on risk. If there's a large return in a short time, there's probably a big risk, too. Some people can afford to take big risks, but most of us can't. |