Hacker News Reader

Comment by mwkurian | Hacker News Reader

This needs more attention. I can’t convince myself Bitcoin is great. At times, I find myself thinking this is the situation where everyone else is jumping off a cliff but I don’t find think that I should. That being said, maybe I should jump :)

View on HN

I bought bitcoin because I am super curious what will happen when the last(*most of the btc) bitcoin is mined, and I want to own a small amount of it before that point, just to be involved with whatever happens next. I realize that's probably super super weird logic, never the less, here I am.

Most people I know have the same thought process. "It is probably nothing, but I'm going to put a tiny amount of money into it just in case to avoid losing out." When enough people do this, they themselves are giving Bitcoin the value it has.

In case you didn't know, this is almost word for word Satoshi's prediction for the bitcoin success scenario. [1]

[1] https://satoshi.nakamotoinstitute.org/emails/cryptography/17... It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.

The last Bitcoin will be mined in ca 120 years. [1] Maybe better invest in longevity research if you wish to witness this event.

[1] https://bitcoin.stackexchange.com/questions/10486/when-will-...

Yes, sorry I wasn't very clear, I didn't literally mean the last bitcoin, more.. most of the bitcoin, I was thinking the 2035-2040 timeline (~20years from now).

> I can’t convince myself Bitcoin is great.

If you're open to alternative hypotheses, do read Breedlove's, "Money, Bitcoin, and Time." His writing is an excellent guide in answering the first principles question "what is money?"

https://breedlove22.medium.com/money-bitcoin-and-time-part-2...

In this case you should invest a lot of your time (read the whitepaper, look at the code base, and learn monetary history (Bitcoin Standard book), as it's a very important decision.

Buying/selling just because other people buy/sell is a great way to lose money.

Watch Michael Saylor on YT. Then remortgage your house to buy as much BTC as you can get your hands on. :)

Reply on news.ycombinator.com