The shakedown

[dree12]

I never exchanged a Bitcoin for fiat in my life and don't plan to start now.

Then why are you in the speculation forum?

When I was mining for bitcoins at a dollar loss, and said I was saving them for the day when they were worth more, we were told we were speculating on the value of bitcoin. And now we're told holding them long term is not speculation. You haters make up your mind already why dontcha?

There is no reason to mine at a dollar loss unless it is for charity.

apparently it worked out for him

Buying would have worked out better. In this case, he squandered further profit, but in exchange helped to secure the network. To put yourself in a financial loss for a common good is considered charity.

[thezerg]

possibly he had already bought the mining equipment.  At that point there is very little choice.  Unless you think "dollar loss" means that operating expenses > BTC mined...

[befuddled]

Buying the same amount would have resulted in greater profit.

Which would be true, except part of the cost was sunk. And irrelevant to the point, which is whether holding bitcoins long term in expectation of their appreciation is speculation or not. Which was the matter to which I was replying.

There is nothing you can do about that since it is the truth

I am a true believer, willing to "sacrifice" for the cause.

now get out please.

No you get out, please.

[ruski]

I am a true believer, willing to "sacrifice" for the cause.

Main Entry:    gullible
Part of Speech:    adjective
Definition:    naive, trusting
Synonyms:    being a sucker, believing, biting, credulous, easily taken in, easy mark, falling hook line and sinker, foolish, green*, innocent, kidding oneself, mark*, silly, simple, sucker , susceptible, swallowing whole, taken in, taking the bait, trustful, tumbling for, unskeptical, unsophisticated, unsuspecting, wide-eyed