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Zhu Su, investing in AVAX shared: Those stories about 9 fig pizzas or lost hard drives are all dumb. They could’ve bought and replaced the thousands of coins with a few thousand dollars at the time. Come to think of it, you also could’ve bought 10k BTC w cost of a vacation. The opportunity cost is not unique to them.
Community Response: What is the red arrows on some of the crypto influencers? Anyone care to enlighten.
People don’t get the significance of the 10k pizza. It was THE FIRST purchase of something using BTC. In effect it was a history making deal so should be seen as such. Plus, as Su says, you could have re-bought 10k BTC for not that much.
The guy who bought pizza with BTC was actually a huge early BTC advocate. I assume he made himself much more money than he lost with that free marketing from the pizza. “Programmer Laszlo Hanyecz was an early contributor to Bitcoin’s software when it was barely a year old.”
The narrative of had-but-slipped-through-fingers hits way harder than coulda-bought. It’s rare, coulds are the least rare. Coulds are opportunity cost stories, hbstf are real cost stories. Don’t apply today’s liquidity to historic replacement costs.
Perhaps psychologically consoling themselves. “I’m down bad cos I never bought but he’s down worse cos he flipped it for a pizza.”
How do I get buff like him? In poker as soon as you make your bet, the money is no longer yours, it’s the pot’s. Any shoulda, coulda, woulda talk after the fact is just gambler’s fallacy
Those who can’t do a 5-minute backup, don’t deserve 10,000% gains.
I’m sure Kahneman and Tversky already have a term for this, but I’d call it the fungibility fallacy.
When I had to sell 13k Link at the PICO bottom of 33 p for an estate lawyer after my mom’s death to stop family vultures I blamed them, but realized I could have also bought back in in a couple months and didn’t.
I came to terms with losing my 50 BTC in that I would have sold it early or spent it on drugs or property without thinking back then.
A recurring takeaway from those stories is that ignorance seems less painful than regret.
People can’t even hold BTC through this dip but dreaming of dominating multi-year hold.
What Zhu is saying is you must be like the hippo, and develop your own type of norhipposudoric acid to combat the all the microbes of FUD you feel on your skin before committing to clear opportunities.
I mean they are a good educational lesson for why the dollar is a purely speculative asset that is rapidly losing its purchasing power to other monetary experiments.
Biggest personal challenge: size appropriately (BIG) when you have conviction. Never bought enough when it plays out, but that’s probably just life.
Hyperbitcoinization, people will look back at 2021/22 and ask why they sold and not bought more.
There’s a difference between “could have bought” and “sold”.
Without conviction, they would still have sold even if it was found early on. Always easy on ‘hindsight’s.
It’s nothing more than a funny story that puts things in perspective. Also one of the rare stories of this kind that made it throughout the last decade.
Difference is there is a story behind it. Humans love stories. Been happening since dawn of man but only the coolest ones survive.
