johnyj (OP)
Legendary
 Offline
Activity: 1988
Merit: 1012
Beyond Imagination
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February 07, 2013, 05:41:39 PM |
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How much belief do you have in BTC  |
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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gweedo
Legendary
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Activity: 1498
Merit: 1000
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February 07, 2013, 05:46:46 PM |
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I am only cashing out, if Bitcoins becomes FU money, like if my wealth turns into $100million then I would have no choice. Otherwise I am here for the long haul.
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waspoza
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February 07, 2013, 05:54:13 PM |
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I'm not planning to cash out. I hope in few years we could buy most things for bitcoin. Fiat burns holes in my pockets.
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Walter Rothbard
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February 07, 2013, 05:56:24 PM |
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I'm not planning to cash out. I hope in few years we could buy most things for bitcoin. Fiat burns holes in my pockets.
That would be my hope. I hope society cashes out of fiat, and that's that. |
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waspoza
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February 07, 2013, 05:57:30 PM |
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I'm not planning to cash out. I hope in few years we could buy most things for bitcoin. Fiat burns holes in my pockets.
That would be my hope. I hope society cashes out of fiat, and that's that. Exactly. |
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SgtSpike
Legendary
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Activity: 1400
Merit: 1005
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February 07, 2013, 05:59:59 PM |
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I plan to sell in steps as the price rises, I just haven't quite figured out what those steps should be.
Maybe 20% @ $100, 20% of what's left @ $500, 20% of what's left after that @ $1,000, same again @ $5000, again at $10,000, etc.
That way, I always have something to sell when the price rises, no matter how far it rises.
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sceeth0
Newbie
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Activity: 23
Merit: 0
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February 07, 2013, 06:01:16 PM |
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I originally had small staggered sell orders starting at 7 and moving up at 19% increase intervals. That would have sold half the coins I bought at 2 by the time the price reached 100. During the period of stability around 5, I canceled them all.
Tax reasons. I didn't make the rules, and I don't like them, but I've gotten pretty good at playing by them. I haven't paid income tax in years, not because of any fraud on my part, but simply because I limit my taxable income. If I sell my coins, that streak will come to an end. So a major cash out is no longer part of my plan.
And as others have mentioned, the necessity of converting back to any other currency to spend is declining daily.
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evoorhees
Legendary
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Activity: 1008
Merit: 1021
Democracy is the original 51% attack
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February 07, 2013, 06:02:06 PM |
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I already cashed out. I got out of USD and now have real money.
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robocoin
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February 07, 2013, 06:12:58 PM |
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I already cashed out. I got out of USD and now have real money.
Bingo!  |
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chmod755
Legendary
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Activity: 1372
Merit: 1020
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February 07, 2013, 06:16:39 PM |
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When Bitcoin becomes a value store worth a hundred billion dollars in todays value I will sell 1/2 of my holdings to purchase myself a yacht.
The remainder will be comfortably lived on.
100 000 000 000 / 21 000 000 = 4761.9047619
If this happens you will probably find a few companies selling a yacht for BTC (unless USD hyperinflates e.g. when you have to pay $100 for a hamburger....it doesn't take a lot of companies to join to get to $4k+ per BTC then) I'm not planning to cash out at any point - I'm trying to get what I need for BTC - and I really don't need fiat money. If I wanted to cash out e.g. @ $50 per BTC I would not only have to pay a lot of taxes when cashing out, but I'd also have to pay taxes for products purchased with my fiat money.... |
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arruah
Legendary
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Activity: 1357
Merit: 1004
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February 07, 2013, 06:19:03 PM |
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I already cashed out. I got out of USD and now have real money.
you must be crazy |
BCH
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yogi
Legendary
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Activity: 947
Merit: 1042
Hamster ate my bitcoin
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February 07, 2013, 06:28:13 PM |
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I already cashed out. I got out of USD and now have real money.
you must be crazy Crazy like a fox  |
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sublime5447
Legendary
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Activity: 966
Merit: 1000
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February 07, 2013, 06:28:33 PM |
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Bitcoin is not working the way that it needs to in my opinion, I am hopeful that ltc will bring the bitcoin community in line. What I see is a bunch of banker wannabees
a bunch of speculators and greedy people. I love the idea, but I think the community that bitcoin has built is based on greed bitcoin is already a manipulated market people are just holding coins off the market, just like gold and silver manipulation. I hope ltc coin takes off fast and makes it more accessible and brings the btc price down.
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chmod755
Legendary
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Activity: 1372
Merit: 1020
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February 07, 2013, 06:39:49 PM |
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You said: based on greed
and also: I hope ltc coin takes off fast and makes it more accessible and brings the btc price down.
This sounds like you're extremely greedy and jealous. |
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dust
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February 07, 2013, 06:41:57 PM |
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Bitcoin is not working the way that it needs to in my opinion, I am hopeful that ltc will bring the bitcoin community in line. What I see is a bunch of banker wannabees
a bunch of speculators and greedy people. I love the idea, but I think the community that bitcoin has built is based on greed bitcoin is already a manipulated market people are just holding coins off the market, just like gold and silver manipulation. I hope ltc coin takes off fast and makes it more accessible and brings the btc price down.
LTC has even more speculators, greedy people, and wannabe early adopters in proportion to people running legitimate businesses and trying to grow the coin. |
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RodeoX
Legendary
Offline
Activity: 3066
Merit: 1145
The revolution will be monetized!
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February 07, 2013, 07:00:09 PM |
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Cash out? I am never going to convert my bitcoins into dollars. I will only spend them as bitcoins for goods and services.
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SgtSpike
Legendary
Offline
Activity: 1400
Merit: 1005
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February 07, 2013, 07:15:06 PM |
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I already cashed out. I got out of USD and now have real money.
you must be crazy I'd imagine having 20,000BTC/month in profits from SatoshiDICE probably helps him live without USD.  |
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Qoheleth
Legendary
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Activity: 960
Merit: 1028
Spurn wild goose chases. Seek that which endures.
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February 07, 2013, 07:18:31 PM |
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If we're talking about trading strategy, I've sold about 75% of my coins since I bought in at $5. I'll sell half of what I have left by the time we get to $44.
If we're talking about selling coins and exiting the proceeds from the Bitcoin economy, it'll only happen if something comes up in my day-to-day life that requires me to dip into my BTC investments for cash, or if for whatever reason my long-term confidence in bitcoins goes away.
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If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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mccorvic
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February 07, 2013, 07:21:44 PM |
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Bitcoin is not working the way that it needs to in my opinion, I am hopeful that ltc will bring the bitcoin community in line. What I see is a bunch of banker wannabees
a bunch of speculators and greedy people. I love the idea, but I think the community that bitcoin has built is based on greed bitcoin is already a manipulated market people are just holding coins off the market, just like gold and silver manipulation. I hope ltc coin takes off fast and makes it more accessible and brings the btc price down.
You're hoping that LTC, which is only used by emo-sad miners that want to just print their own money again because of their greed....does something other than that? You make me laugh. |
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gweedo
Legendary
Offline
Activity: 1498
Merit: 1000
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February 07, 2013, 07:24:25 PM |
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Bitcoin is not working the way that it needs to in my opinion, I am hopeful that ltc will bring the bitcoin community in line. What I see is a bunch of banker wannabees
a bunch of speculators and greedy people. I love the idea, but I think the community that bitcoin has built is based on greed bitcoin is already a manipulated market people are just holding coins off the market, just like gold and silver manipulation. I hope ltc coin takes off fast and makes it more accessible and brings the btc price down.
You're hoping that LTC, which is only used by emo-sad miners that want to just print their own money again because of their greed....does something other than that? You make me laugh. He is still mad that theymos didn't know who was and let him hold on to 500BTC funds for the forum. Kinda getting annoying with his whining. Bitcoins is not for 12yrs. |
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