Post a Comment On: Bram, INDIEvidual in Canada

Some time ago, I purchased a bitcoin for a little under $300,- CAD. My reasoning went like this: There is a non-zero chance of bitcoin replacing USD as default currency. Let's put it at 1 in 1000. There is a hard limit of 21M bitcoins. If in 2030, the world uses bitcoins, then those 21M coins will represent the entire money supply of the world's default currency. My 1 bitcoin will represent 1/21Mth of the world's money in 2030, with a 1:1000 chance. The world money supply divided by 21M and then divided by 1000, is still worth a lot more than the $300,- I paid for it. In addition, I've started mining the bitcoin as well, using an ASIC miner. The bitcoin price fluctuates wildly, and it's hard to make sense of it. However, I find that treating the price logarithmically helps a lot. You can actually make out a trend, when you use that. Here is the price up to dec 11, 2013. [Image]