It’s interesting to note that this week we finally see some reporting on the reality of the Bitcoin phenomena with Australians now claiming that they have now lost more than $1 million on the crypto currency. This coming as the intensity of the belief of the currencies infallibility finally begins to wane.
However, so as to be seen to be fair, I am confident that there are many Australian’s that got in and got out with a very healthy surplus; timing is actually everything, possibly substantively more than that reported above. There will also potentially be a number whose return could well have been much greater had they jumped at the right time but as they had bought early their loss was ultimately only theoretical, not actual and thus reportable.
To me though what is even more interesting is the number of experts who are now far more willing to be quoted on issues such as the ‘currency has no credibility’, ‘it is a flash in the pan’, it has no real future value or some other similar concept. As the currency started to develop as a market phenomenon there were very few that were actually willing to actually say “I can’t actually see the Emperors new suit”. Hans Christian Andersen, a Danish writer of the 1800’s had seen this issue well before now and told the tale in the story of the “Emperor’s New Clothes”. Many still say that it’s what you convince people about something, rather than the substance of the something that is the key point.
The real problem is that one day reality does have a bad habit of putting its hand up to be noticed; it’s up to you as to where you are sitting when she does.
Don’t forget, the founder of Bitcoin got out when the currency passed that point where it had reached a value far greater than that which it could ever have been perceived to be worth. They weren’t that far off the mark.
The same happens in business, pay me $X and I’ll double your turnover, or do this one for free because I have a lot of other custom to give you in the future. Your answer should be either, ‘double my turnover and I’ll give you 20% of the profit’ or ‘pay a fair price for this one and I’ll give you a discount on the future work’. Simply make sure that your perception is actual reality.