Would You Have Bought The First Bitcoins?
It’s easy to look back from the present and imagine … if only I got in then! — Saying that now is obvious with hindsight, but without knowing the future back then would you have really bought some?
When someone is doing something no one else is doing, it looks risky.
There's an amazingly sweet and short TED video about how to start a movement. In the video, there is a boy who is dancing alone. At first, he looks like a complete fool all by himself exposing himself to potential public ridicule.
It's not until a few more risk-takers join in on the fun that it looks a bit more compelling. Sooner or later, a lot more join, until the movement becomes parabolic making anyone whos not dancing look like the fool now and that first-person looking like a hero.
The point here is obvious, people are afraid to take the first steps. In the early days of bitcoin, the MAJORITY of people who heard about bitcoin DIDN’T take action, some only giving it credibility years later like — Michael Saylor the CEO of MicroStrategy, who finally turned bullish on Bitcoin, buying 21,454 BTC, worth $250 million 9 years after this tweet.
Others just won't listen.
I get it, not everyone understands bitcoin or has the patients to even listen. I’ve been begging my parents and friends to buy bitcoin for years, do you think they bought any? No. They didn’t.
But you don't need to understand something to benefit from it. Do you need to understand how a smartphone works to check your Twitter feed? No, of course not.
I guess it's just like that stupid old saying:
You can give a horse water, but you can’t make it to drink.
But even if you did get in early would you still be holding?
Probably not? I mean just imagine this…
If you bought in at the top of the first major peak, you may have bought some BTC at 23 dollars only to watch it fall over the next few years all the way to 2 bucks. — That's a whopping 91 percent drop!
If you invested $1000 dollars, you would have had to stomach the emotion of potential being left with only 90 bucks of equity.
So if another opportunity presented itself would you REALLY seize it?
Bitcoin opened 10 years ago at only a few cents per coin and just hit an all-time high of 62k USD this year per coin. The few fools who took a thousand dollar risk and HELD are now living legends hodling over $50 million in equity. But would you have been able to pull the trigger?
Well, I guess that’s up to who you are and how much you believe in crypto. If you are a spiritually libertarian like me I guess it's pretty easy to sip that Koolaid but if not would you really be willing to become a fool today for the opportunity to become a hero tomorrow?
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