Bitcoin Forum

Have any of you? Whats your story? At what point and at under what circumstances would you do it (because that day WILL come...unless you pass your coins on to your kids after you die or something).

I have to say I have been strongly considering it lately (although I will always keep at least 1 Casascius Coin). I feel like my life is somewhat ruled by BTC. "What Can I Buy w/them, What can I sell, Will they go up? Down? When? How Much?. I'm sure you get the idea after that. Also, I waste way too much time on this forum. I honestly feel like a huge weight would be lifted off my shoulders. Yes, I might miss out on some money. But this is not an uncommon thing by any means-think the stock market every DAY.

I really don't know, what do you guys think?

I think I will only ever sell Bitcoins as needed for things like bills where I can't pay in Bitcoins yet, because of how much paper money is being printed right now and how governments are constantly fucking up things they do then it's always wise to keep at least some in safe keeping, the same with gold and silver.

Cashing out BTC is only putting the first toe into the sea of day trading. So as for your question: No that doesn't work.

If the prices went up to a point where I'd be able to cash out having not made a loss I probably would to be honest! I invested a small amount of money at a good time and a large amount of money at a very bad time.

I think I've been a bit stung though. Maybe if the prices go back up I'll just keep them. Especially with the difficulty of getting a large sum of money dumped into your account. Paying tax on that would make me quite unhappy.

I'm not sure what you mean "doesn't work". I got into bitcoins a couple years ago (haven't bought with cash a BTC for over a year, just traded when the time is right). I have made my investment back 10x and then some. Maybe the thing to do is just keep what I have and not constantly check where they're at price-wise or obsess over that sort of thing.

Well once you sold the majority of your coins you will be thinking of the next 10x the initial investment you could be making, after all you just have to double your capital....
For me it's regulary withdrawing some of my profits that works.

Mining or using Bitcoins are the same as any business: Do a cost/benefit analysis of your involvement and what you get from Bitcoins.

Bitcoin value potential can be separated from this analysis you can buy Bitcoins easily in your country.   Perhaps you spend more than you make and with difficulty rising I can see that happening.

In the end you may talk to your boss at your day job and ask for overtime.

Maybe come to a compromise:

Buy as many Casascius Coins as you feel comfortable with. An amount that you would not lose sleep over if it disappeared forever. Put these away in a safe place and just completely cut yourself off from bitcoin for an arbitrary time period. Maybe 2, 3, or 5 years. And when the time comes you can reevaluate your investment. But until then, just try to completely forget about bitcoin. Don't read the forums, don't check the price.

My advice would be to leave your Bitcoins alone, but step away from it for awhile. Backup your wallet, accounts and everything somewhere safe and pick up some new hobbies. After a few months you might be so happy meeting new people, going places and learning things that you'll forget about all the stress caused by Bitcoin. We'll be here when you get back and if it crashes oh well. If it skyrockets you'll be glad you held onto them.

I say, don't cash out, but ignore BTC.  AFAIC, the price is only going up, in the long-term.  So my safely tucked-away BTC is going to keep rising in price, my personal savings account.

Like anything.  If it's a must then by all means do it.  If you can afford to hold then sit on them.  I cashed out a bulk of coin when the price was high.  Bought myself some nice threads as well as supported some hobbies and interests.I don't regret my move one bit.  Prior to that i of been unable. In the end for myself bitcoin is my solution for not spending money that should goto my children and wifey.