Future Bitcoin millionaires - will you cash out when you hit $1M?

[SgtSpike]

Just assume that whatever amount of Bitcoins you have, no matter how small, are worth $1M one day.  What will you do?

[Remember remember the 5th of November]

The millionaires will hoard coins till their last breath.

[DeathAndTaxes]

There really is no reason to "cash out".  If you want to pay for something (goods, services, paying off debt) and you can't using BTC then selling enough BTC to pay for it indirectly is an option.

I have had my eye on a boat for a while. I doubt many boat dealers will be taking Bitcoins anytime soon.  If the exchange rate went up enough I would gladly sell some of my coins to buy the boat I wanted.   To cash out just to hold cash?  I wouldn't do that at $1M, $100M $1B, $1T.  Why?  To hold paper which becomes worth less and less every year.

I would prefer to buy assets directly (BTC -> asset) but if I can't indirectly works too (BTC -> USD -> asset).

[Remember remember the 5th of November]

There really is no reason to "cash out".  If you want to pay for something (goods, services, paying off debt) and you can't using BTC then selling enough BTC to pay for it indirectly is an option.

I have had my eye on a boat for a while. I doubt many boat dealers will be taking Bitcoins anytime soon.  If the exchange rate went up enough I would gladly sell some of my coins to buy the boat I wanted.   To cash out just to hold cash?  I wouldn't do that at $1M, $100M $1B, $1T.  Why?  To hold paper which becomes worth less and less every year.

I would prefer to buy assets directly (BTC -> asset) but if I can't indirectly works too (BTC -> USD -> asset).

When your fiat becomes worthless paper it doomes the BTC economy because BTC<->USD is the main currency traded between bitcoiners. Bitcoin will be as worthless then.

[DeathAndTaxes]

I didn't say worthless just worth ... LESS.  Worst case scenario US coins have a decent amount of commodity value.  If all fiat currencies simultaneously because absolutely worthless (not just devalued), I am sure MtGox would put up a BTC/GLD market (or maybe a BTC/H20 one).

[Gabi]

If it hit $1M then it means bitcoin is the currency of the world, and that there would be nothing to cash it out, everything would be traded in bitcoin 

[warpio]

I intend to keep 50% in BTC, 30% in fiat, and 20% in altcoins regardless of what happens. The future is too uncertain to go "all in" to a single currency.

[DeathAndTaxes]

If it hit $1M then it means bitcoin is the currency of the world, and that there would be nothing to cash it out, everything would be traded in bitcoin 

I don't think he means an exchange rate of $1,000,000 USD per BTC but rather if someone personal holdings were worth $1M.  Like if you had $1M worth of gold would you sell the gold?

[Remember remember the 5th of November]

I didn't say worthless just worth ... LESS.  Even the Zimbabwae dollar isn't worthless just not worth much.  Worst case scenario US coins have a decent amount of commodity value.  If all fiat currrencies because absolutely worthless (not just devalued) at the same time.  I am sure MtGox would put up a BTC/GLD market.

That actually isn't such a bad idea, in fact it's great. BTC<->Gold but not in the form of physical ownership, not till you decide to "withdraw" at least.

[DeathAndTaxes]

That actually isn't such a bad idea, in fact it's great. BTC<->Gold but not in the form of physical ownership, not till you decide to "withdraw" at least.

It is an idea we (Tangible Cryptography not MtGox) have been discussing at owners meetings.  Of course taking physical delivery would be an option also.

Something like this https://www.bullionvault.com/ but obviously on a smaller scale, with the gold reserve held by a trust in a private vault with periodic audits.

Actually it would be beyond awesome if bullionvault simply added BTC as a market. The commodity side is the hard part and they already have all that in place. 

[evoorhees]

I already cashed out. I cashed out of dollars into Bitcoin.

[Klestin]

When I have enough to pay off my house with 50% of my holdings, I will cash out that 50%.

[dg2010]

When your fiat becomes worthless paper it doomes the BTC economy because BTC<->USD is the main currency traded between bitcoiners. Bitcoin will be as worthless then.

Yes except if you cash out to fiat and then purchase an asset, like a home. A home will always be a home.... short of a major disaster, natural or otherwise. The value isn't so important.

Now when you can buy a home with Bitcoin....now we are really talking!

[Newscastix]

I already cashed out. I cashed out of dollars into Bitcoin.

This! Why would i want to go back into fiat? Losing value every day...

[jwzguy]

I already cashed out. I cashed out of dollars into Bitcoin.

I panic sold all my dollars for btc. Just in the nick of time, too. The long, agonizing downslide is turning into a freefall.

[chrsjrcj]

If my Bitcoin holdings reach $1 million, we've probably already reached widespread adoption, and there'd be no point for me to cash out.

[kiko]

That actually isn't such a bad idea, in fact it's great. BTC<->Gold but not in the form of physical ownership, not till you decide to "withdraw" at least.

It is an idea we (Tangible Cryptography not MtGox) have been discussing at owners meetings.  Of course taking physical delivery would be an option also.

Something like this https://www.bullionvault.com/ but obviously on a smaller scale, with the gold reserve held by a trust in a private vault with periodic audits.

Actually it would be beyond awesome if bullionvault simply added BTC as a market. The commodity side is the hard part and they already have all that in place. 

It's obvious the folks over at Goldmoney are going to announce something like this. After all the questionnaires, interviews, and that video partnership with bitcoin magazine.  I just hope they hurry up about it.

[NABiT]

That actually isn't such a bad idea, in fact it's great. BTC<->Gold but not in the form of physical ownership, not till you decide to "withdraw" at least.

It is an idea we (Tangible Cryptography not MtGox) have been discussing at owners meetings.  Of course taking physical delivery would be an option also.

Something like this https://www.bullionvault.com/ but obviously on a smaller scale, with the gold reserve held by a trust in a private vault with periodic audits.

Actually it would be beyond awesome if bullionvault simply added BTC as a market. The commodity side is the hard part and they already have all that in place. 

It's obvious the folks over at Goldmoney are going to announce something like this. After all the questionnaires, interviews, and that video partnership with bitcoin magazine.  I just hope they hurry up about it.

If it happened I would expect it to happen at Goldmoney as opposed to BullionVault, I actually heard James Turk, can't remember the interview, saying they had been considering the idea of providing this service for their Goldmoney customers.

I guess there would be a lot of legal hurdles, Jan 2012 due to regulations they even stopped the option for their customers to use their precious metals in payment for goods and services from other GoldMoney customers.

[flug]

I'm planning on spending/cashing out 1% of my BTC holdings per month when the exchange rate reaches a certain level.

[WiseOldOwl]

I was working on a BTC<->AU (gold) Market.
You send in gold or buy shares from others to create a gold balance (shares represented in grams) on the exchange, and trade like normal 1 gram to .33 BTC or whatever.