Quote:
Originally Posted by Scuzzer
Hey wait. Should I hold onto my $500 or spend it on a bike?
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Unlike conventional investments where I can atleast fall back on some fundamental precepts around risk, return and diversification, I really can't give you any advice on virtual currencies. If my math is right, your original $500 is worth probably $2,000+, right now. If it were me (this is different than advising based on best practices), I'd decide if I believe in idea of bitcoin, and if so, perhaps hold on to it. If I'm uncertain, sell $1,500 and keep the original $500.
Quote:
Originally Posted by Louis
I thought Bitcoin could only be spent on illegal stuff on the Dark Web?
Edit: Just to clarify, I am kidding - I do realize that it can be spent in places as innocuous as Newegg and Subway.
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Interestingly, Overstock.com was one of the first big companies to accept bitcoin. The CEO, Patrick Byrne, is quite an eccentric guy and is pretty bullish on this technology. Originally, they were converting 90% of their bitcoin purchases to cash immediately and holding 10% as investment. Now, they are saving 50%. They get about $50,000 in bitcoin purchases per week.