When are you going to cash out?

[jwzguy]

- one does not simply cash out of bitcoin

Haha, THANK YOU. Saving this one.

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[paraipan]

I already cashed out. I got out of USD and now have real money.

+1

[SgtSpike]

- one does not simply cash out of bitcoin

Relevant:

[byronbb]

[payb.tc]

People either love me or they hate me

can you guess which one?




i only cash out when i feel forced to like if i'm low on $

[byronbb]

People either love me or they hate me

can you guess which one?




i only cash out when i feel forced to like if i'm low on $

2 months back I was sooooo close to have to cash out I borrowed from my bank instead. Thank god.

[bitcoinBull]

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. 

Is that an official number, or an estimate from the blockchain?

[byronbb]

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. 

Is that an official number, or an estimate from the blockchain?

[Spaceman_Spiff]

Wow, can you imagine being the guy who sold this website?  How hard do you hit yourself on the head? (though I believe he did it because he didn't want legal issues in his life, which is a legit reason to me)

[byronbb]

Makes more than mtgox with almost no overhead.

[evoorhees]

Wow, can you imagine being the guy who sold this website?  How hard do you hit yourself on the head? (though I believe he did it because he didn't want legal issues in his life, which is a legit reason to me)

Something tells me he's okay with the outcome

[Spaceman_Spiff]

Wow, can you imagine being the guy who sold this website?  How hard do you hit yourself on the head? (though I believe he did it because he didn't want legal issues in his life, which is a legit reason to me)

Something tells me he's okay with the outcome

Didn't you buy it from somebody else (in a more basic look)?  I am assuming you are still a majority shareholder (not that it is any of my business).

[bitcoinBull]

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.  

Is that an official number, or an estimate from the blockchain?

So its an estimate from the blockchain. At this point, those profits are as real as pirateat40 profits. Notice how SDICE is not confirming or reporting official numbers. They are just letting people run wild with their own imaginations so they can sell more "shares"...

Makes more than mtgox with almost no overhead.

Doesn't sound very realistic does it? More revenues from people willing to risk all-or-nothing dice, or from people trading day after day on mtgox? I don't think so

[sublime5447]

I understand that fiat is trash I dont hold it either speculate in silver and gold let the currency be bitcoin or any other digital currency. I am in it to defund the government and crush the banks that enslave people with debt. If you cant get them and price is always volatile they wont use it and a new market will pop up. The idea is out it is just a matter of who is going to make it work for everyone.  

You are all over the place man. You want a free market? You want a new currency? You want stability? You better choose two of three, because all three simply won't fit together.

You want a new, stable currency? It's going to be regulated by someone, not floating on the free market.

You want a stable, free market currency? It's got to be mature enough to have passed the volatile price discovery phase.

You want a new, free market currency? It's going to be volatile as hell while we discover the price.

You talk about manipulation and the exchange rate being too high in the same breath. Think about what you are saying! Someone with a spare couple hundred thousand dollars can move the market several percent. There are plenty of people in the world who consider this pocket change. You can bet some of them are going to try and manipulate small markets for their own ends. The higher the exchange rate goes, the harder it gets to push the price around and the less manipulation the market will see.



If volatility and manipulation scares you, you probably shouldn't involve yourself with Bitcoin for another 20-30 years, because it's going to be a wild ride. If you think alternative free market coins which add nothing of value will fare better, you are fooling yourself. At least Bitcoin is in the realm of the free market and anyone attempting to manipulate the price will be exposed to market forces, just like the rest of us, not protected by governments and lenders of last resort.

The free market is regulated..... by the members of the market. I want a new, stable, market regulated currency. Bitcoin can be forgotten just as fast as it was spawned. If people cant use it it has no value what so ever, if a better coin comes along bitcoin will just be a memory. You guys cant see the forest for the bitcoins IMO.

[Spaceman_Spiff]

You are all over the place man. You want a free market? You want a new currency? You want stability? You better choose two of three, because all three simply won't fit together.

You want a new, stable currency? It's going to be regulated by someone, not floating on the free market.

You want a stable, free market currency? It's got to be mature enough to have passed the volatile price discovery phase.

You want a new, free market currency? It's going to be volatile as hell while we discover the price.

You talk about manipulation and the exchange rate being too high in the same breath. Think about what you are saying! Someone with a spare couple hundred thousand dollars can move the market several percent. There are plenty of people in the world who consider this pocket change. You can bet some of them are going to try and manipulate small markets for their own ends. The higher the exchange rate goes, the harder it gets to push the price around and the less manipulation the market will see.



If volatility and manipulation scares you, you probably shouldn't involve yourself with Bitcoin for another 20-30 years, because it's going to be a wild ride. If you think alternative free market coins which add nothing of value will fare better, you are fooling yourself. At least Bitcoin is in the realm of the free market and anyone attempting to manipulate the price will be exposed to market forces, just like the rest of us, not protected by governments and lenders of last resort.

Yet again I find myself agreeing with you...

I want a new, stable, market regulated currency.

But you can't have it.

If people cant use it it has no value what so ever

People already use it.  And a growing market cap will lead to gradually smaller volatility, which will increase the possible uses for bitcoins. 

The free market is regulated..... by the members of the market. Bitcoin can be forgotten just as fast as it was spawned. , if a better coin comes along bitcoin will just be a memory.

True, which is why bitcoin is currently trading at a very significant risk premium below its potential.

[SgtSpike]

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.  

Is that an official number, or an estimate from the blockchain?

So its an estimate from the blockchain. At this point, those profits are as real as pirateat40 profits. Notice how SDICE is not confirming or reporting official numbers. They are just letting people run wild with their own imaginations so they can sell more "shares"...

Makes more than mtgox with almost no overhead.

Doesn't sound very realistic does it? More revenues from people willing to risk all-or-nothing dice, or from people trading day after day on mtgox? I don't think so

Your theory is that SatoshiDICE is playing itself in order to generate fake profits and sell more shares?

I can't really see any way to discount said theory.... anyone else?

[byronbb]

So its an estimate from the blockchain. At this point, those profits are as real as pirateat40 profits. Notice how SDICE is not confirming or reporting official numbers. They are just letting people run wild with their own imaginations so they can sell more "shares"...

Why? You watch the blockchain and perform addition and subtraction. This is public and not "estimation".
S.DICE P&L statement.
Third party analysis

[misterbigg]

I already cashed out. I got out of USD and now have real money.

Yeah you cashed out alright you sold 15% of your company, got all of your original investment back, and offloaded all of the risk onto the buyers of the floated equity while keeping a tidy revenue stream for yourself. Smart move!

But seriously, I don't plan on cashing out my Bitcoins until I have no gold, fiat savings, or salary left, and I need to buy essentials.

[bitcoinBull]

Your theory is that SatoshiDICE is playing itself in order to generate fake profits and sell more shares?

I can't really see any way to discount said theory.... anyone else?

For starters, SatoshiDICE could make an official statement about their profits. These estimates are nothing more than rumors running wild.

To discount the theory, MPOE (or whoever runs the stock exchange) could do an official audit, correctly using the blockchain (eg, mark a cluster of addresses as their proven reserves for payouts, so we know they aren't spinning their reserves to simulate players). Transparency (and common sense) is the best tool to combat fraud. What do you think it is that gives us trust in bitcoin? Its the transparency of the system, not some bullshit chart going skyhigh.

Why? You watch the blockchain and perform addition and subtraction. This is public and not "estimation".
S.DICE P&L statement.
Third party analysis

Is that google docs spreadsheet an official statement? Who released it?

[DoomDumas]

I already cashed out. I got out of USD and now have real money.

+1 THIS

very nice tought