gwern comments on New Year's Prediction Thread (2012) - Less Wrong

20 Post author: gwern 01 January 2012 09:35AM

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Comment author: wedrifid 31 December 2011 06:06:25PM 8 points [-]

Bitcoin/USD prices: “best case, 10 bucks. Worst case, 5 bucks.” (30%)

Of all the things to have a prediction market on the future value of something traded on a market seems among the least useful. If my prediction regarding the above was positive then I would bet by buying a lot of bitcoins (which are currently priced below the lower bound).

Comment author: gwern 31 December 2011 06:25:08PM 3 points [-]

Indeed. In kiba's case, he's holding onto around 1000 or so bitcoins and doesn't have any cash to spare for buying more. (Personally, I think he's dangerously undiversified and should - at the very least - have sell orders in at 5 or 10 bucks.)