You can't afford think that way. I did, and it took me a long time to realize that I was being insane while I was doing it. Unless you're planning for a timescale measured in "decades," you're setting yourself up to get burned.
Out of all the persuasive arguments I could make, consider this: There are better ways to double your money than bitcoin. Within the next decade, you probably won't see something like the leap from $6 to $600 again. I'll be happy to eat my words about that. Personally, I don't see how you'd even get to 10x your investment. $350 to $1200 would be 3.4x ROI. And while that's a good return, there are other ways to grow a nest egg from $20k to $68k without gambling it. And if we can't publicly admit that bitcoin is essentially gambling, not investing, then we should at least admit that to ourselves.
EDIT: One point I'd like to underscore is that the price of bitcoin is mostly determined by the major holders. If any of them lose faith and pull out, that will trigger others to pull out. Also, they have a lovely tendency to dump a lot of money into the market, which jumps the price, which causes other people to pour money in. Then the major player sells, capturing all of that money that everyone else poured in. You see? It's a predatory game, and you don't have to take my word for it. Examine the graphs and you'll see "jump-sells" like that over and over again.
I lost a significant amount of money thinking that way during the .com bubble collapse.
If you mean to do so quickly, and without taking some significant risk, I'll call.
If you don't care what happens to that $20k, then do anything you want with it. But if you do, the EV on bitcoin is probably worse than, say, learning to play poker semi-professionally.
Sorry but fiat currencies possess no advantages other than incumbent localised network effects. The world needs a true global currency and Bitcoin is it.
Alternatively, wait a few hundred years until you need several hundred terabytes to store the blockchain, which is required for transactions. That's going to be a problem.
Or you could switch to Bitcoin before realizing that currencies which deflate in value are a terrible idea.
(For the record, I support cryptocurrency. I just think Bitcoin has too many issues to be viable long-term. Nice proof of concept, but it needs to be refined).
It seems more likely to me that in a few hundred years, several hundred terabytes will come in your mobile implant than for hundreds of terabytes to be a storage problem.
That wont be developed overnight, by the time it is a possibility people will be working on solutions. a quantum computer would impact a lot more than bitcoin, all cryptography would become useless.
>Alternatively, wait a few hundred years until you need several hundred terabytes to store the blockchain, which is required for transactions. That's going to be a problem.
With the cost of storage rapidly reducing then that probably wont be an issue in a few hundred years.
>Or you could switch to Bitcoin before realizing that currencies which deflate in value are a terrible idea.
Currencies that inflate have had their share of problems and we certainly have not found a way to solve those problems or the issue of inflation/hyper-inflation. Any problems with delfationary currencies (which you do not detail) are merely hypothetical as no real deflationary currency has existed before.
That's really bad for an economy.
My ideal cryptocurrency would constantly "leak" money, trying to maintain a 0.1% or so inflation rate a year, to prevent this problem.
>That's really bad for an economy.
The economy is hardly in brilliant shape right now. This process of Boom/Bust has been running for the last century or so and they still cannot control it (or properly understand it) and they have had a lot of time to try and master fiat currency, controls, regulation etc. You say that people saving is bad for an economy, but that implies that the only good thing for an economy is constant spending and growth. That is bad for an economy, the belief that only through constant growth can the economy work. At somepoint there is a plateau, the planet cannot support an infinite number of people, at some point the world economy will stop growing. according to current thinking that may as well indicate the end of the economic world as we know it.
It is time to try something new, it may go against what most people believe but it cannot be any worse than the current situation which is not working as evidenced by the economic slump of recent years.