Re:China bans new Bitcoin deposits
by JumpCrisscross on Wednesday December 18, 2013 @08:24AM
(#6927335)
>remembering earlier gold booms and busts, and earlier technology stock booms and busts
A favourite pass-time of mine is reading old business and financial newspapers. I remember vividly the bubbling joy and aching pain I felt as the EU and European Monetary Union came together, as in the shining future The Economist saw for the citizens of 1920.
That juxtaposition of exuberant optimism and the knowledge of cold reality has been a good template for walking through possible outcomes as if they are known eventualities. The process tends to leave one considerably soberer than at the start.
Your sense of humor is worth its weight in gold. I've just bookmarked your comment as a reminder of "survivorship bias," how people can look back at any arbitrarily chosen period of their lives as evidence of their successful reasoning and planning.
Yeah, being a bit older than most participants here and remembering earlier gold booms and busts, and earlier technology stock booms and busts, and so on, means that I'm a bit less excited at each new Best New Hack Ever™ that comes along. Hot-blooded younger people will continue to ignore me, but that too has happened often enough in the past that I don't let it get to me. Good luck in building your product. I'll be glad to buy new products built by young people as they gain wisdom.
To all our friends here: "Markets can remain irrational a lot longer than you and I can remain solvent"[1] is still good investment advice.
[1] https://en.wikiquote.org/wiki/John_Maynard_Keynes#Attributed