Bitcoin Forum

I figure that with the price declines over the last weeks that some long term holders may want to cash out because of the constant losses.

Has anyone here cashed out or are seriously thinking about it?

No.

They spend weeks professing that they are 'all in' and are HODLING, yet on every price slide they claim to have picked up lots of cheap coins thanks to 'weak hands' panicking. If their belief in Bitcoin was so resolute, where are they getting the capital to pick up over 200 BTC while they sleep (as BobShiteSurplus) claims to have done.

At what point down the ladder do these supposed 'cheap coins' become not so cheap?

As much as I'd like to say I live by my motto of HODL and TO THE MOON, I have to admit that I've sold coins twice to cash out.

Once at about 180 after the drop from 260 -50 and then again at 800 ish after the drop from 1200.

What can I say, I have bills to pay and the collectors don't take btc as of yet.

But isn´t BTC about to go to the moon (5000-100000$) in the next 6 months?
Why would anyone sell?

nope, i made a meme for u btw :D

https://i.imgur.com/ZeC4o6b.png

do u like it?

I skim all the way up, and buy dips. I do it incrementally with small percentages on formulaic price movements, with a fraction of my capital. No emotion, mathematically certain to increase both BTC fiat in the long term - barring total failure. Though any gains I make buying back on dips will only ever be slight as that is all my risk tolerance will allow for.

"Cashing out" (I am assuming you mean 100% fiat) doesn't really seem like a solid investment strategy to me. That leaves you wide open to the black swan event of bitcoin crashing up. (Note my strategy is not bet the farm on this unlikely event happening, but hedge against it with cash I won't miss if it doesn't).

The failure scenario of BTC going to zero means I miss out on a whole bunch of theoretical profits, but I am well past the point where I will be net positive in fiat should it happen.

I believe BTC value will always be non zero, and I also believe that BTC value will positively correlate with the passage of time (in the medium to long term i.e. 10+ years). So my strategy is geared towards playing a safe long game, whilst also making sure to enjoy my investment a little along the way.

Mostly though, I plan on earning my retirement fund through more traditional means (work).

"BTC to da moon" would just be a nice bonus. At which point people can think what they like about how lucky I was, but they would never be able to suggest I didn't plan for it happening.

I also lose the odd side bet ;)

What kind of a fucking asshole finds a picture of a kid that he thinks looks goofy and posts it on a forum to signify stupid?

That sounds almost exactly like what I plan on doing. Still accumulating coins before I start doing that, but it shouldn't be more than a few month.

Funny thing is as soon as my cash hit stamp (around 14:00 GMT) price started moving up again. hehe. typical.

Still, my orders are in. So now just sit and wait. I don't start skimming until well over previous ATH, I think around $1430 is my next sell order. Anything I pick up now means I'm able to make those sales and keep more BTC back for the endgame. When BTC *is* money.

This is the bad luck brian meme

have u never seen it before?

It wasn't anything serious anyway

It's just a meme - and the kid isn't stupid, he's unlucky.

"Bad Luck Bryan" I think is the name.

I was selling the whole way up from $300 and I'm buying back the whole way down. Obviously hindsight is 20/20 so I regret not selling more near the top or buying more at the lows, but there's really no way for sure of knowing where those turning points are until after the fact. Long term hodlers are a hardy lot, hardened by many tribulations. The more disasters we survive, the easier it is to ride out the next one.

Someone wishing to purchase in bulk to build a large position should buy the dips in small amounts and wait to find a miner or hodler in a distressed financial situation to take advantage of.  Market sentiment is very negative right now, and in the past that has been an indication of a good time to buy.

Welcome to the internet. First time here?

Alright, sorry I missed that. I'm a bit irritated I missed $530 by an hour, but looks like I may have a shot at lower than that.

No.

-B-

No.

His name is Kyle and he even did a Reddit AMA once.

In fact, I've tried to cash in @503 (a 90 days+ old order!), gox ticker has fallen to 500, but gox never fullfiled my order.

Funny isn't it?

edit: but I'm quite sure it will fullfill it tomorrow, when the ticker will plunge to 300  ;D

Its God trying to tell you to stop playing the system, cancel your sell orders, and sit back so he can make you rich in 3 years.

-B-

or to stop using gox

:-X
It wasnt a sell order, it was a buy order (i had not have to wait it more than 90 days if it was a sell...)

all these 'No' replies are just saying they won't admit to it..  :-*

No dude, no need to cash out. The Bitcoin economy will grow in the coming years where u'll realize that u'll never need to cash out to fiat ever.

I already HATE the fact that I have to wait sometimes up to and over an hour for a Bitcoin transaction to complete. Litecoin on the other hand is much faster, and Quark even quicker still. Bitcoin being the first of its kind, has the advantage of a massive early lead in the market, but perhaps there are crudities in it's design which in the long run will prove untenable.

Build your own wallet that requires 0 confirmations. As it is, businesses already do that for smaller stuff. And really, if you can't wait ten minutes for a $1k or higher order to go through maybe you should consider if something is wrong with you.

I thought about it... And then remembered how much I regretted selling last time. I still feel bad sometimes.

I am up fiat and I have a decent amount of bitcoin, why would I sell? To zero or $50k+!

But it is never 10 minutes. It is often around over one hour from exchange to wherever I am wanting to use the Bitcoin. I have lost value making purchases with Bitcoins many times.

If Quark takes only five minutes to make a transaction, and has more layers of security, why should I have to wait 70-80 minutes, and sometimes even longer to get a Bitcoin transaction complete? Only reason why I have to wait is that Bitcoin has a a very large userbase and I am actually able to spend them on stuff, but that could change.

Build my own wallet that requires 0 confirmations. What is that? Is it safe? And why should I have to bother myself with something like this?

Exchanges have to be secure. That means the standard 6 confirmations. Deal with it. Or build your own exchange, there is that option too.

You don't have to wait an hour.   It is that some merchants require 6 confirmations for trivial amounts. The risk of being double spent on a tx with say 3 confirmations is essentially zero, yet maybe cling to the 6 confirm rule like it was passed down to Satoshi from God on a pair of clay tablets. If they require that for Bitcoin what makes you think it would be any different with another blockchain?

This would be like a store asking to for a DNA sample, retina scan, getting the receipt notarized, and the cashier taking a photo of you while you hold the credit card, your ID, and a note saying I approve this transaction, along with the current day's newspaper just to be safe every time you buy a candybar with a credit card.  Would you then say "credit cards are too hard to use" or would you say "this store is stupid I am going to 7-11"?

I think about cashing out up until the point that it reminds me of how I felt when it hit $50. Then I think of the multiyear log chart.

Credit card are too hard to use.  Bitcoin is the only way to fly !!

if you want to cash out - this is definitely not the time to even think about it. especially if you paid >$750. but if you like buying high and selling low, be my guest

its hilarious esp. since op was seller at 5.  his timing is exactly wrong... big LT holders were selling in nov dec.  rpietela started it off.  goat bought some gold near parity and a lambo at 800+.  and others...

I think LT holders who didnt buy back in the  last 2 drops are finishing their purchases now.  with all the positive infra news the coin is only going to appreciate.  Gox is irrelevant and has been ever since you couldnt cash out.

No way I'm cashing out. I am only here to take part and support the advent of this amazing piece of technology, and to get away from the great fiat scam out there perpetrated by banks and other elite financial institutions. I will only sell some coins when I am absolutely positive I am able to buy back in cheaper, as I did today and scored a couple extra bitcoins. The price could drop to $10 and I would have all my coins (and scramble as much fiat I can in the meantime to buy more).

I've sold many coins along the way, most way too low. I sell enough to live on, and have enough to do so modestly for at least 50 years at current prices. I do ball out occasionally though ;D

BTC transactions are for all practical purposes instant. You can test it yourself by sending between addresses you control. The delay is maybe a couple of seconds at most. Once a transaction has been sent, the network will reject any subsequent attempts to double-spend.  (there are ways for bad people to get around this, but they are more theoretical than practical and would not be economic for small transactions).

The reason why it sometimes takes time to receive your BTC from an exchange is that you are depending upon the exchange to send the BTC to your address instantly. That depends upon their in-house software, efficiency etc.

Confirmations are a different story. They take time by design because they are what prevents people from fraudulently re-writing history (i.e. the blockchain). But for all normal-sized transactions (anything less than four or even five figures), confirmations are not required as the cost of double-spending will exceed the cost of the transaction. As DandT says, it is rather like the corner-shop requiring your DNA before you can use a debit card to spend 2 dollars. The only reason why most sellers require confirmations (let alone 6) is habit/lack of understanding.

There is no advantage whatever to alts with faster confirmations. it is a complete myth.

yep, made a transfer yesterday and it appeared on my blockchain app almost immediately! now just to find a store that accepts them