Why Bitcoin—Purchase Rationale

I recently purchased some Bitcoin. Bitcoin is a controversial investment—many are calling it a scam and predicting imminent collapse. I wanted to capture my rationale for purchasing Bitcoin while it is fresh in my mind. This will allow me to look back at a future date and reflect on where I was right/wrong in my reasoning.

I must concede I have spent relatively little time thinking deeply through all the arguments for/against Bitcoin. For example, I haven't extensively studied the dynamics of deflationary assets, current market size vs potential market size, or the likelihood of competing cryptocurrencies diluting Bitcoin's market share. This is partly pleading rational ignorance, and partly because I'd rather spend my finite time on Earth building things instead.

A couple of final thoughts: I can take comfort in good decisions with bad outcomes, even more so than bad decisions with good outcomes. If Bitcoin goes to zero, the outcome is bad, though not necessarily the decision that lead to it, given the available information. This is particularly true in cases where the outcomes aren't normally distributed around some "indifference" or expected value of 0, and Bitcoin probably falls into this category. Of course, in the failure case, determining whether the decision was good may be hard to determine with a sample size of 1—was it "bad luck", or can the finger clearly be pointed to faults in one's reasoning? Even in the success case, it may or may not be easy to isolate whether the success was because of the reasoning listed above, or in spite of of it. In any case, I look forward to revisiting these notes in future.