Good morning Bitcoinland.
Still consolidating after yesterday's correction/profit-taking... currently $7054USD/$9027CAD (Bitcoinaverage).
AltCash also down a bit at $612USD/$780CAD (Coinmarketcap).
It looks like it doesn't want to go below $7k for long though. Is this a new bottom, at least until the fork?
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Why buy that much fiat all at once? Why not just buy as much as you need as you go along.
I'd rather be retired with as much Bitcoin as possible growing in cold storage far more than a bunch of crumbling dollars in some bank account.
If you need to buy a new car, or some real estate, or simply some cash to party with, by all means spend some coins as need be.
Otherwise it makes more sense to just continue holding.
What if Bitcoin implodes and goes down to zero? What then? I think his approach is smarter, as he is guaranteed to enjoy the rest of his life with his $2m, even if Bitcoin disappears. And he is still left with more than 600 BTC for the future. What if the dollar implodes and goes down to zero? It's probably as likely as Bitcoin imploding and going to zero, although both are extremely unlikely. I can see hedging your bet by spending some coins on appreciating assets like businesses, land, or other means of production. Fiat currency doesn't appreciate. It's a depreciating asset. I do hope you're right about Bitcoin going to zero being extremely unlikely. If Bitcoin's value keeps increasing, then it's obvious that your strategy makes the most sense and guarantees maximum profitability, and also low to zero taxation for those of us with modest needs, as the conversion to fiat can be kept to a minimum and only when needed. Also, converting large amounts of BTC to fiat has its own problems. Do we trust the banks to hold our fiat? What if there's a bail-in, as it has already happened in Cyprus? Then there's the depreciation of fiat due to inflation. All these are valid reasons not to liquidate, and follow your strategy, provided Bitcoin keeps rising (or, at least, not dropping) in value. I hope Bitcoin has a bright future, but no one can know for sure, hence my conservative reply to BobLawblaw's post. Indeed, there's a risk with everything. Even land can become unusable under certain circumstances. Banks can default and businesses can fail. Risk reduction through diversification is a good thing. Fiat currency is just something I choose not to invest too much into. _______ When I finally spend some of my hard-earned Bitcoin, I plan on buying land and and new implanted teeth and paying off what the taxman thinks I owe them. That would total more than what I spent to acquire all my coins. Then my entire stash would be gravy. That might be as early as January. I've already arranged to buy the land with Bitcoin. I'm hoping the dental tourism clinic will accept Bitcoin as well. That just leaves the Canada Revenue Agency to be paid in dollars, so I guess I'll have to buy enough to pay them.
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Why buy that much fiat all at once? Why not just buy as much as you need as you go along.
1) For tax purposes - Really simplifies things for that year - I need to start thinking about simplifying taxes if I'm retiring. 2) So I can properly allocate it, in one go, to institutional investments that I can consistently draw down-on before I turn 65 - When my retirement portfolio becomes accessible I thought about selling BTC as needed - It's likely to be much more lucrative long-term - but I'm someone who likes simplicity when it comes to accounting and the IRS. Either way, still have 9 months or so before I'll be doing anything. God only knows what Bitcorn is going to do between now and then... Fair enough. I can understand the tax thing as it falls into the category of stress avoidance and stress is a killer. However, depending on the tax laws where you live it could cost you. Here in Canada you only need to pay capital gains taxes as you sell your coins and you'd save a lot by splitting it up over multiple years. As for your "institutional investments", you're not really selling your coins. You're using them to purchase other financial/investment products. That's exactly what I was talking about in my last post, hedging your bet by buying appreciating assets.
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Well I successfully did that. But had I left my original investment in it would have nearly doubled in fiat value again. C'est la vie.
If it's any consolation, I'm going to be liquidating $2M worth of BTC middle of 2018 and retiring early. I'm already kicking myself because I know in another 10 years, that $2M i'm going to sell will be incalculably more valuable. Why buy that much fiat all at once? Why not just buy as much as you need as you go along. I'd rather be retired with as much Bitcoin as possible growing in cold storage far more than a bunch of crumbling dollars in some bank account. If you need to buy a new car, or some real estate, or simply some cash to party with, by all means spend some coins as need be. Otherwise it makes more sense to just continue holding. What if Bitcoin implodes and goes down to zero? What then? I think his approach is smarter, as he is guaranteed to enjoy the rest of his life with his $2m, even if Bitcoin disappears. And he is still left with more than 600 BTC for the future. What if the dollar implodes and goes down to zero? It's probably as likely as Bitcoin imploding and going to zero, although both are extremely unlikely. I can see hedging your bet by spending some coins on appreciating assets like businesses, land, or other means of production. Fiat currency doesn't appreciate. It's a depreciating asset.
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Well I successfully did that. But had I left my original investment in it would have nearly doubled in fiat value again. C'est la vie.
If it's any consolation, I'm going to be liquidating $2M worth of BTC middle of 2018 and retiring early. I'm already kicking myself because I know in another 10 years, that $2M i'm going to sell will be incalculably more valuable. Why buy that much fiat all at once? Why not just buy as much as you need as you go along. I'd rather be retired with as much Bitcoin as possible growing in cold storage far more than a bunch of crumbling dollars in some bank account. If you need to buy a new car, or some real estate, or simply some cash to party with, by all means spend some coins as need be. Otherwise it makes more sense to just continue holding.
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On another note, I just noticed that a bitcoin is now worth as much as 6 ounces of gold. Will we see gold kilo parity in 2018?
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Another jolly good morning Bitcoinland.
Another day, another ATH... currently $7610USD/$9715CAD (Bitcoinaverage).
That's 6 consecutive days with an ATH.
AltCash has slipped a little to $580USD/$740CAD (Coinmarketcap).
We're getting so close to $10kCAD that I can almost smell it. That's a real milestone for us Canucks. People laughed at us when we predicted it not that long ago. Look at us now.
Go Bitcoin go.
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5 consecutive days with an ATH.
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Getting close to the ATH. edit: done
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Does anyone think that at some point a bitcoin will rise to $ 30000?
That's pretty much a given.
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Does anyone think that at some point a bitcoin will return to $ 3000?
Only in your dreams.
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Good morning Bitcoinland. First day in almost a week without an ATH yet... currently $7332USD/$9358CAD (Bitcoinaverage). AltCash has also slowed it's recent rise and sits at $635USD/$810CAD (Coinmarketcap). Consolidation is good. ATHs are good too. Let's continue on up the stairway to heaven. Go Bitcoin go. What is the standard Lamborghini that people put in their portfolios? The LP500S is a great car, but kind of rare-ish and wonky. Would the Diablo be a standard unit of measurement, or something else? Does Lamborghini make a limousine? I prefer to be chauffeured.
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A slightly late good morning Bitcoinland.
I see we made it back up over $7k before dipping below again... currently $6902USD/$9221CAD (Bitcoinaverage).
AltCash still up at $557/USD/$715CAD (Coinmarketcap).
At least we're still above where we were at this time yesterday.
Corrections are good. Now it's time to start going back up.
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Back to bed. Maybe we'll be back over $7k by noon.
'Night all.
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Here's the correction? I'm interested to see how $7k holds
It didn't.
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OMG I've got to stop checking the price when I get up to use the can in the middle of the night.
No I don't want to go back to bed.
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I think it'll go back down to $7,500
Most sensible answer in this thread so far.
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Just got home. Astros won the WS. Bitcoin hit yet another ATH. Gotta eat.
C'mon Bitcoin. Let's see $7k. We're all waiting.
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The jackpots just keep coming.
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Well well well. A new ATH at Stamp... $6666. A day late for Halloween.
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