rampion,
you abhor debt, but at the same time are dumbfounded why he would sell off his bitcoins so that he can get out of debt.
I sold hundreds of bitcoins back in march/april to eliminate myself of debt, and i regret NOTHING.
I see, its just that it takes a while to me to understand because i've NEVER been in debt in my life. NEVER. Debt is not bad as long as it it good debt, Examples of good debt - homes that you have equity in (tax right offs) student loans if you have to have them (dont go to extreme, study your major, job opputunities and wages after graduation) - Also dont pay these off first, pay all other things off, incase you die no others have to pay for (unlike a mortage) 12 months same as cash - Do this all the time with furniture, tvs and such pay it off in 10 months so its not on a credit card and your cash is not upfront Bad debt Large car loans, no need to drive a $30k new car when a $3k dollar nice one works Credit Card, - Yes everyone needs a credit card to pay for things but find a good rate, and pay it off within 6 months Might be, not mi cup of tea. I guess that when you are used to debt you just do not feel any stress by owing money recurrently and consistently, month after month. I prefer to abhor it as a matter of principle. |
|
|
|
rampion,
you abhor debt, but at the same time are dumbfounded why he would sell off his bitcoins so that he can get out of debt.
I sold hundreds of bitcoins back in march/april to eliminate myself of debt, and i regret NOTHING.
I see, its just that it takes a while to me to understand because i've NEVER been in debt in my life. NEVER. |
|
|
|
You're all right to hold on to some for the future, and I kept a couple just in case, but it does feel really good to have made money and cashed out. For many of the dream chasers here cashing out is a bedtime fantasy. I don't want to dream about it anymore. At what point do you cash out? At retirement or when you have a big purchase and need the money? Never? I hope the price goes to a million a coin and we are all rich off a few coins but I most likely won't live long enough to see that happen.
I haven't spent a coin since Jeremy was selling Amazon cards to Americans. So I've been saving for a long time. Time to spend!
How many coins did you cash out in total? Just over 1800. Edit: that's all I've ever had which includes spending at SpendBitcoins. How are you planning to withdraw it from Gox though? Gonna take the 5% extortion fee? That can't be helped. I may as well tell you, it's almost over now. I have several family members receiving from accounts I helped them make. They will receive the funds and transfer to me slowly. The extortion fee isn't as bad as the tax will be. There is limit $10k USD/ month at gox. -> $500k is 50 man-months :-) (if any) With apostilled documents you can do $100k per day and $500k per months. I guess most of the people with +1,000 coins already sent apostilled documents, and I'd suggest to those holding as much as a few hundred coins to get the higher levels of trust in their exchanges, "you never know when you might need it"  |
|
|
|
You're all right to hold on to some for the future, and I kept a couple just in case, but it does feel really good to have made money and cashed out. For many of the dream chasers here cashing out is a bedtime fantasy. I don't want to dream about it anymore. At what point do you cash out? At retirement or when you have a big purchase and need the money? Never? I hope the price goes to a million a coin and we are all rich off a few coins but I most likely won't live long enough to see that happen.
I haven't spent a coin since Jeremy was selling Amazon cards to Americans. So I've been saving for a long time. Time to spend!
How many coins did you cash out in total? Just over 1800. Edit: that's all I've ever had which includes spending at SpendBitcoins. How are you planning to withdraw it from Gox though? Gonna take the 5% extortion fee? That can't be helped. I may as we'll tell you, it's almost over now. I have several family members receiving from accounts I helped them make. They will receive the funds and transfer to me slowly. The extortion fee isn't as bad as the tax will be. Why make several accounts when you can withdraw from one account? It's a procentual fee. Because of tax. He made it clear. |
|
|
|
Mortgage the house and buy some back. Or get a second loan and buy some back. You will eventually be able to pay of the second loan and still have some coins in case (which there is a decent chance) we get to $100,000 and beyond.
Only on bitcointalk can you find this sort of advice. My goodness. Debt is so deeply rooted in US folks mentality that it hurts. I really have a simpathy for Bitchick, I'm a long-term bull myself, but came on... To advise someone to get in debt (even worse, to mortgage his house) to buy a high-risk experimental currency is so fucked up it blows my mind. We where speaking about "opportunities you cannot afford to lose"... Well, being in debt or losing your house to gamble is something NOBODY should afford to do. And that type of mentality leads me to think that eventually BTC will implode sooner than later, people tends to auto-destruction and greed is one of the main mind-fuckers. |
|
|
|
You're all right to hold on to some for the future, and I kept a couple just in case, but it does feel really good to have made money and cashed out. For many of the dream chasers here cashing out is a bedtime fantasy. I don't want to dream about it anymore. At what point do you cash out? At retirement or when you have a big purchase and need the money? Never? I hope the price goes to a million a coin and we are all rich off a few coins but I most likely won't live long enough to see that happen.
I haven't spent a coin since Jeremy was selling Amazon cards to Americans. So I've been saving for a long time. Time to spend!
I understand you, I guess it also depends on your circumstances. But I have to admit it strikes me just because I wouldn't do what you did (and in fact I'm not doing that, but cashing out very slowly and progressively). I mean, 20% of what you cashed out is already $100k, which is a reasonable amount. Let's say that $100k buys you 1 year of comfortable life while you still ride this choo choo train with 80% of your holdings. Its so clear for me that's the only way to go with BTC, to hold with as many coins as possible to see if it realizes its potential and the long-term trend continues, that it strikes me to hear stories like yours. But again: I guess its a matter of circumstances too. Congrats and enjoy You're probably not as old as I am either. lol Exactly. That is what I meant by "circumstances". I know $500k won't change my life in the long term, but I can understand that situation and circumstances might be very different. I mean... Those of us who entered this game at least one year ago had the feeling this thing could have gone at least x100. And it did. We all agree it can go to 5 digits super easily, and 6 digits is a real possibility if this BTC thing really takes off. Even 7 digits is not mathematically impossible, albeit unlikely. So... We got it right at least till here and it strikes me you leave our choo choo train just now. We'll miss you |
|
|
|
My cash out point is when 50% lets me retire at 25 and live very comfortably for the rest of my life. Then I'll only cash out 50%.
See? That's a strategy I can understand better (I guess we are a bit of a gamblers) |
|
|
|
You're all right to hold on to some for the future, and I kept a couple just in case, but it does feel really good to have made money and cashed out. For many of the dream chasers here cashing out is a bedtime fantasy. I don't want to dream about it anymore. At what point do you cash out? At retirement or when you have a big purchase and need the money? Never? I hope the price goes to a million a coin and we are all rich off a few coins but I most likely won't live long enough to see that happen.
I haven't spent a coin since Jeremy was selling Amazon cards to Americans. So I've been saving for a long time. Time to spend!
I understand you, I guess it also depends on your circumstances. But I have to admit it strikes me just because I wouldn't do what you did (and in fact I'm not doing that, but cashing out very slowly and progressively). I mean, 20% of what you cashed out is already $100k, which is a reasonable amount. Let's say that $100k buys you 1 year of comfortable life while you still ride this choo choo train with 80% of your holdings. Its so clear for me that's the only way to go with BTC, to hold with as many coins as possible to see if it realizes its potential and the long-term trend continues, that it strikes me to hear stories like yours. But again: I guess its a matter of circumstances too. Congrats and enjoy |
|
|
|
I can't believe I sold all just under 500! I was so happy to have over a half million $ that I couldn't wait. Oh well, I guess all I can do is sit in my new completely paid off house and cry. lol
You sold all? Really? IMO at current BTC valutation selling "for good" (to cash in fiat profits) more than 35% of ones BTC stash is completely crazy, regardless of when you bought in. If you bought in low double digits/single digits, then your profits are SO HUGE that selling only 20% will grant you a massive gain, while you still keep bullets for the "next round". If you bought just a few weeks/months ago, then selling 20% is probably enough to recover your full investment, while you keep riding the BTC trading. In any case, selling all seems like something you will bitterly regret in the near future. I guess you dig in the forums and read the stories of those who sold tens of k's of coins in 2011 (if not hundreds of thousands of coins), bought a nice house and a nice car and retired from the BTC scene for good. Just 2 years after those guys would be so wealthy that their kids and the kids of their kids would be all set for life. Yep - it might not happen. But its the kind of opportunity you just cannot afford to lose I already kind of regret it but I mined for most of my coin so long ago and this is such a giant windfall that it's hard to not be happy. Well, I kinda admire you. I've learnt so much from the stories of Sirius and other early adopters who said "OK" and "resigned" themselves by cashing out $500k - $1.5M in 2011 and lost the opportunity to have now x40 of that amount just two years later, that I could NEVER think of going full fiat unless I'd be in a super serious need. (Sirius is not the only example, the other guy from the "hackers club" who was believed to be Satoshi cashed out +77k coins too in 2011) In fact, I think that I will probably end up holding BTC when it finally implodes... "Never go full fiat" really sticked into my head. Let me add that I'm not against taking profits: I've already cashed in for good aprox. ten-fold of what I originally invested in BTC, and I have an "exit plan" that comprends different sells at different price levels (first big step was a few days ago at $675 - but I still hold the vast majority of my BTC). Its just that my plan does not contemplate "full fiat" unless I reach the point in which money will never be an issue anymore for me or my kids. |
|
|
|
Malevolent is right. Never go full fiat. That's been historically a losing strategy, and that's a matter of fact - unless you sold to buy back lower and you succeeded, obviously.
The dude made half a million bucks. I would be happy.... Let me tell you something: half a million buck won't solve your life for good (maybe yes - but I know that it won't solve MANY people lives); 5 million bucks will solve your life for good. My motto is that you can afford to lose a shitload of money that won't solve your life; what you cannot afford to lose is the opportunity to be "all set". |
|
|
|
|
Malevolent is right. Never go full fiat. That's been historically a losing strategy, and that's a matter of fact - unless you sold to buy back lower and you succeeded, obviously.
|
|
|
|
I can't believe I sold all just under 500! I was so happy to have over a half million $ that I couldn't wait. Oh well, I guess all I can do is sit in my new completely paid off house and cry. lol
You sold all? Really? IMO at current BTC valutation selling "for good" (to cash in fiat profits) more than 35% of ones BTC stash is completely crazy, regardless of when you bought in. If you bought in low double digits/single digits, then your profits are SO HUGE that selling only 20% will grant you a massive gain, while you still keep bullets for the "next round". If you bought just a few weeks/months ago, then selling 20% is probably enough to recover your full investment, while you keep riding the BTC train. In any case, selling all seems like something you will bitterly regret in the near future. I guess you dig in the forums and read the stories of those who sold tens of k's of coins in 2011 (if not hundreds of thousands of coins), bought a nice house and a nice car and retired from the BTC scene for good. Just 2 years after those guys would be so wealthy that their kids and the kids of their kids would be all set for life. Yep - it might not happen. But its the kind of opportunity you just cannot afford to lose |
|
|
|
This explains some odd behavior but it's not a big deal. This is a monstrous fuckup of enormous proportions, if this is true then their trading engine is broken beyond repair and should be taken down and replaced by something else immediately! Right, out of order execution is not acceptable. I dunno. It just depends on the matching algorithm. It may not be industry best practices but I don't see that it necessarily shouldn't be acceptable in and of itself. Read again. If what it's written it's true, then their trading engine is exploitable - an exploitable trading engine is NOT acceptable, it's a SCAM |
|
|
|
This explains some odd behavior but it's not a big deal. Are you joking? If this is half true it is a fuckup of epic proportions. |
|
|
|
And he has pretty much nailed the structure so far. Kudos to Lucif... Its incredible how he turned from perma-bear to reasonable and mostly spot-on analyst  He was perma bear when it was a bear market, and was spot on back then too. It's not his problem some of you didn't want to hear it's bears time at that point. What are you talking about? Check and read carefully the original thread. Lucif was a perma bear in January, February and early March, he started to be spot on only in mid-March when he admitted we were going UP, and then he called the top in a genius move - since then he have pretty much nailed it, consistently. Before that it was a joke, and himself apologized and admitted he was just trying to troll the price down. I have to say I very much prefer the reasonable analyst we have been seeing for many months compared to the perma-bear-troll we had pre-March 2013 |
|
|
|
My buy some more and hold strategy worked so far. I dribbled out quite a few fractional buys: 511, 601, 598, 622, 606, 593, 600 and 607. Currently, MtGox is surging upwards, beyond $700 as I finish this.
I am worried about Risto's big bet that prices are going lower.
I hope he bought back at a loss already  |
|
|
|
I'm all in again. I just agreed to purchase a roll of Casascius Coins from my friend as soon as they arrive. Grabbed a few electronic ones as well. So Bulls please feel free to go crazy!
All in again? What about your ramblings about the bubble popping, bad publicity for Bitcoin and BLAH BLAH BLAH. You are weak if you thought this was a bubble pop at $550 and now you bought back at a los at $695. Bubble pop or correction is not confirmed yet, I don't see why you changed your "analysis" in such a way in just 24h. Maybe you are just being overemotional? |
|
|
|
I'm just so happy I didn't listen you guys yesterday "Don't sell the bear skin before killing it" |
|
|
|
 Poor bears, pockets full of fiat, feeling sad and lonely because the choo choo train left them behind... Risto: did you buy back yet? |
|
|
|
|
I suggest we (the community) blacklist all the coins of Mike Hearn and the other suckers at the Bitcoin Foundation.
Shame on them.
|
|
|
|
|
Show Posts
