However, I do try to self adjust for that bias. When I mined the coins it was a neat concept, but bitcoin wasn't at all practical then and it isn't at all practical now.
I sold it all back then for a few reasons.
- I believed other tech nerds would come to the same conclusion.
- It would never reach main stream adoption because of how utterly impractical it actually is.
- I thought that governments would crack down on it pretty hard, pushing it further into the fringe communities.
I was definitely wrong about governments cracking down and the novelty of bitcoin has definitely caught the interest of many and that has caused many chain reactions of the price going up.
I still think bitcoin is basically useless, but I severely didn't properly estimate that just it being interesting would make it so valuable.
Bitcoin truly is extremely interesting, and the vast majority don't try to understand it at all. So while it may in fact be useless, that does not actually matter for the price to go up.
In the end the only thing I kick myself for was looking at it objectively. Bitcoin wasting untold amount of energy, low transaction rate, high wait times for confirmation, high transaction fees, ever growing public transaction history, long cryptographic identifiers for receiving and sending, and so on do not actually matter.
Not rebuying is because I still have hope that people will come to their senses. But my stubbornness has not made me rich.
As if there's a better alternative.
If even half of Bitcoin holders at the time thought they'd make it big and held, how could Bitcoin have had the liquidity to gain value?
I still believe, as I did then, that Bitcoin is worthless because it's not scalable. I do think if someone can solve the scalability issues then decentralised currency is extremely valuable. But I've tried investing in those and they've all tanked. Crypto is entirely driven by speculation. There is very little real value.
But yeah, it sucks a bit to think if I would've waited until now I'd actually have what amounts to a life-changing amount to me. I just remind myself that I'm rich anyway. I have a warm house, enough food to make me fat, a home cinema, loads of computers and a fast car. So why would I lose sleep over it?
Or you'd have lost the hard drive. Maybe you encrypted it, forgot the password, and spend your evenings typing iterations of your birthday, middle name, favorite song, and 69 while you watch Family Guy reruns. There are things worse than not being rich.
Don't sweat it.
Sell to Elon maybe? ;)
The top reputable exchanges have daily liquidity in the billions https://coinmarketcap.com/rankings/exchanges/.
On one hand I made a few thousand from nothing. However if I held it I would have been a pretty rich right now.
I truly believe that bitcoin is something that cannot work, so I have not and will not reinvest in it. But the sting of it doing so much better does bother me at times.