Dear Joseph,

Thank you once again for contributing to the discussion, I enjoy reading your thoughts and please accept my apologies for my tardiness in responding to you.

As you rightly point out, Holder is a fictitious character, but the story is based on real events. I typically mask the names to hide the identity of the individuals generous enough to share their stories with me for reuse.

I am sorry to hear about the experience of your inspector.

Despite my interest and passion with regards to cryptocurrencies, even necessary prudence would suggest not to put all ones’ eggs in one basket.

Perhaps with cryptocurrencies, the hope, whether misplaced or not, among cryptocurrency advocates is that sufficient numbers believe in the story of cryptocurrencies to such point that the stories become fact.

I for one do not know.

I do know that as humans, stories are what drive us. Whether it was cave paintings or oral tradition.

And when it comes to investments, this is where perhaps we are most susceptible.

Even today, I know of investors who hold on to stocks where most of the board have been incarcerated and the company is just a shell company. Instead of redeeming their 2 cents in the dollar, many choose to hold on, arguing that “you never know.”

Such an approach is unfortunate because it locks away billions of dollars (perhaps trillions) globally in “dead” companies and keeps funds away from what could otherwise be economically productive companies.

There’s also an unfortunate stigma to not “cut losses” because to sell a stock at a loss would be to admit one’s mistake.

These psychologies I would argue have no place in the world of investment or trading.

And when it comes to cryptocurrency trading, these psychologies seem to have a life of their own.

Thank you once again for elevating the level of discourse and for sharing your personal experience, I look forward to our discussions and apologize that I am not able to respond in as timely a manner as I would like.

Yours,

Patrick