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miztaziggy (OP)
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January 31, 2013, 04:38:20 PM |
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I mined 40 BTC over the last couple of years. It was from an Xfire pair of 5870's, though I havent been running them non stop for that time, I stopped mining a while back now when the difficulty got too high and the rewards got halved.
So with the price now reaching over $20 per BTC, im thinking do I either:
Sell now and take my $800?
Risk it and wait for a few months and maybe take $1000 or even a bit more?
Hold them for years, possibly 5-20 years and take the risk that by that time, they are worth in the hundreds of $$ each as people will then be using micro bitcoins or milli bitcoins. They could potentially be worth a lot by then. I suppose they could also be worth nothing by then.....
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deadweasel
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January 31, 2013, 04:44:12 PM |
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I mined 40 BTC over the last couple of years. It was from an Xfire pair of 5870's, though I havent been running them non stop for that time, I stopped mining a while back now when the difficulty got too high and the rewards got halved.
So with the price now reaching over $20 per BTC, im thinking do I either:
Sell now and take my $800?
Risk it and wait for a few months and maybe take $1000 or even a bit more?
Hold them for years, possibly 5-20 years and take the risk that by that time, they are worth in the hundreds of $$ each as people will then be using micro bitcoins or milli bitcoins. They could potentially be worth a lot by then. I suppose they could also be worth nothing by then.....
They cost you nothing. Hold. Hold. Hold. Could easily be $32 by the end of the year. Not likely to permanently be worth nothing. |
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wormbog
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January 31, 2013, 04:59:28 PM |
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Hypothetically, if you had no bitcoins now but had $800 in free cash, would you buy 40 bitcoins?
If not, consider selling a few now.
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debianlinux
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January 31, 2013, 05:13:17 PM |
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Do you need or have good reason to want $800 in cash?
If so, move into cash. Otherwise, what is the incentive?
If you just want to sell to get the satisfaction of holding USD for your mining efforts then consider not selling out completely and also consider how quickly the USD continues to depreciate against all other commodities and many currencies (namely btc).
tl;dr:
If you needed $800 to make repairs or pay off a debt I think you would be dumb to hang onto the btc. If you just want cash for the sake of having cash then I, personally, find that to be dumb with reasons.
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piramida
Legendary
 Offline
Activity: 1176
Merit: 1010
Borsche
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January 31, 2013, 05:20:31 PM |
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here's an advice - sell a half now of you really want to see some fiat money that you mined, and forget about the rest for a year or two (or until you want to buy something with coins).
as for when to sell that first half, well, as soon as everybody is convinced that it will grow indefinitely. not earlier than 30$, it would go there in February, and nobody knows when exactly will it "correct" after that.
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i am satoshi
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evolve
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January 31, 2013, 08:26:32 PM |
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I'd sell soon, and wait for the crash; You can buy back in at cheaper price when the dust settles if you want to "double down" on BTC.
Thats what I'm doing.
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Comodore
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January 31, 2013, 09:11:02 PM |
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The question is rather what will be USD worth than BTC.
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zoinky
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January 31, 2013, 09:12:30 PM |
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Don't get caught in the trap.
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firefop
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January 31, 2013, 09:18:55 PM |
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It depends on how active you want to be with bitcoins.
If you plan on continuing to mine... then I'd advise you to sell them now and use that money to purchase an ASIC product as soon as anyone ships one.
If you'd rather not mine and are thinking of your bitcoins as an investment, then your best move is to forget about them for months or years, on a long enough timeline they'll do nothing but increase (at least for the next 4 years).
If you'd like to speculate and as someone else said "doubledown on bitcoin"... sell half right now, then re-evaluate every week or so until you start to see indications of a price dip... then dump whatever you have left... if you wait for the big crash that follow asic release, you'll have a chance to buy quite a few more bitcoins at ~25% of the price if you time it correctly.
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Comodore
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January 31, 2013, 09:20:11 PM |
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Don't get caught in the trap.
What trap do you think about? |
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vokain
Legendary
Offline
Activity: 1834
Merit: 1019
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January 31, 2013, 09:20:22 PM |
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I mined 40 BTC over the last couple of years. It was from an Xfire pair of 5870's, though I havent been running them non stop for that time, I stopped mining a while back now when the difficulty got too high and the rewards got halved.
They cost you nothing. Hold. Hold. Hold. Could easily be $32 by the end of the year. Not likely to permanently be worth nothing.Since the reward is halved, what do you think will happen to new supply? As a result, what do you think will happen to prices, via the classic supply vs demand curve? Corrections take time, my friend. |
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