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Comment by mcv | Hacker News Reader

It is already too late. You should buy when it's low, not when it's high. Wait for the next crash, and then buy, if you want.

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Understand that no-one has any damn clue where the price is going. If you'd invested at the peak of the last bubble and held on to it, you'd have doubled your money. Work out a plan, write it down, stick to it regardless of price. Mine is investing £100 on the same day of each month, including this month, and selling in five years. Work out what your position is - mine is massive realization in five years - and then don't b swayed by the day to day.

This seems like a pretty good strategy. A bit of fun, low risk. I bet a heavy smoker spends more than £100 a month of cigarettes.

In the UK, £100 gets you about a week's worth of smokes for a heavy smoker.

Putting it in BTC rather than cigarettes is a sensible strategy because even if BTC goes up in smoke (see what I did there?), at least that smoke didn't end up inside your lungs.

I'm a smoker. I'm quitting. My cig spend will likely go on BTC. Maybe.

Haha, best of luck to you!

I noticed you're based in London, happen to work near Shoreditch? I'm in contact with Dishoom - trying to get them to accept BTC. Another reason to quit, eh? ;)

It doesn't matter if you buy when it's low or high, the only thing that matters is what will happen in the future [1].

There is absolutely no guarantee that low stock will rise [2].

[1] http://en.wikipedia.org/wiki/The_Art_of_Thinking_Clearly

[2] http://www.nasdaq.com/investing/5-stock-market-myths.stm

I thought that last week when it was $300.

It's better to get out too early than too late. Quit when you're ahead, is the big rule of gambling. (Which is what this is.)

This reminds me of a story of Sir Isaac Newton and South Sea Company bubble. He got out early, then watched all his friends get rich, jumped back in again with both feet, lost a fortune. Even smart people are not immune to bubbles.

http://www.businessinsider.com.au/isaac-newton-and-the-south...

It's quite the opposite of gambling. In a casino, the odds are are exactly defined, and the ROI is negative. This investment has unknown ROI.

Okay, maybe it's more like a pyramid scheme. As long as more people keep flocking to it, prices will go up. But you don't know how long people will keep flocking to it.

Under this definition, every currency is a pyramid scheme

pyramid schemes backed by governments with police forces and militaries able to collect taxes in said currency.

Gold and silver were a currency and they weren't backed by government.

That's why I don't trust gold and silver either. They lack inherent value.

It's still gambling, even if it's the opposite of casino games.

It's OK, at the current rate tomorrow it will be worth $720, and the day after that $864 :)

Price has gone up by nearly $200 since you posted this comment.

Still to late to invest?! :P

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