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maia comments on December Monthly Bragging Thread - Less Wrong Discussion
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Comments (119)
So if you answer no to that question, then you are biased. But it's not actually obvious which direction. What if non-Bitcoin-owning you is wrong, and you really should be buying it?
Also, if you have a lot of it, the extra Bitcoin might change your marginal value of money (because if you count the value of the BTC, you have more dollars than you otherwise would).
Yeah, but similarly, if you have 2 contradictory beliefs A & B, you don't know whether to reject A or reject B (or maybe reject the argument which claims their contradictory). It's like the saying, one man's modus ponens is another man's modus tollens. What Miller's heuristic is useful for is revealing that you need to think and calculate more carefully on this topic.
Yes, as Bitcoin appreciates, it would probably make more sense to rebalance your portfolio by selling off some bitcoins.
(Personally, I'm risk-seeking at this point, and I think most of the world still doesn't appreciate a lot of the value in Bitcoin. For example, the blackmarkets still have not universally incorporated basic Bitcoin functionality like multi-sig escrow, and they have huge incentives to do so! If the Bitcoin blackmarkets are so primitive, the rest of the world still has a long ways to go to catch up and buy into Bitcoin. And indeed, I just finished buying some more bitcoins, although at this point I'm starting to get uncomfortable holding so much, so I think I'm stopping where I am.)
While that may be true, the major downside risk is the governments putting their foot down. I treat that as "when", not "if".
Correct, and I was implicitly ignoring income effects. Still, putting a lot of your assets in Bitcoins or any other exotic investment vehicle is ex-ante a HORRIBLE idea unless you have some special informational advantage.