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Author Topic: I am going to sell my bitcoin.  (Read 2410 times)
Elwar
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April 08, 2013, 09:06:12 PM
 #1

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

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April 08, 2013, 09:21:21 PM
 #2

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

good plan...
Kazu
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April 08, 2013, 09:23:55 PM
 #3

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

Okay. So you are betting on a $160,000 bitcoin price? Or do you already have $179,800 of that, and only need a $200 bitcoin?

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Anon136
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April 08, 2013, 09:26:53 PM
 #4

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

if bitcoin ever went that high transaction fees would be like 100 dollars a piece. If transaction fees ever went that high no one would want to use bitcoin. Ergo bitcoin will probably never go that high.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
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ElectricMucus
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April 08, 2013, 09:30:22 PM
 #5

You underwent an amazing transformation Elwar, but not in positive way... I guess you gonna get played a second time.
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April 08, 2013, 09:31:37 PM
 #6

21 million times $160,000.....

more or less retired.
gimme_bottles
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April 08, 2013, 09:32:22 PM
 #7

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

if bitcoin ever went that high transaction fees would be like 100 dollars a piece. If transaction fees ever went that high no one would want to use bitcoin. Ergo bitcoin will probably never go that high.

what's about lowering the tx-fees? at some time this step has to be taken.
Gordonium
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April 08, 2013, 09:35:28 PM
 #8

21 million times $160,000.....

It is estimated that there is roughly 30 trillion dollars in Tax Haven Bank accounts alone...

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April 08, 2013, 09:39:03 PM
 #9

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

if bitcoin ever went that high transaction fees would be like 100 dollars a piece. If transaction fees ever went that high no one would want to use bitcoin. Ergo bitcoin will probably never go that high.

Aren't transaction fee's built into the client software - and not the bitcoin network.
For example:
The original client (Qt) charges BTC.0005
Multibit client charges twice at BTC.0010

If fee's depend on the client, it can change.
nobbynobbynoob
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April 08, 2013, 09:41:21 PM
 #10

Bitcoin-Qt currently imposes a minimum BTC0,0005 fee on "low-priority" transactions. There is no minimum fee imposed for "high-priority" transactions.

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Elwar
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April 08, 2013, 10:27:31 PM
 #11

I am thinking that the day that Bitcoins are worth $160,000/BTC the price of bread will likely be over $100/loaf.

I do not see that scenario as being too far into the future.

I am glad my home loan is in dollars.

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Le Happy Merchant
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April 08, 2013, 10:30:12 PM
 #12

Okay. So you are betting on a $160,000 bitcoin price? Or do you already have $179,800 of that, and only need a $200 bitcoin?

Well, he would already be $19,800 clear of his mortgage, so thats probably not the case.

Anon136
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April 08, 2013, 10:30:39 PM
 #13

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

if bitcoin ever went that high transaction fees would be like 100 dollars a piece. If transaction fees ever went that high no one would want to use bitcoin. Ergo bitcoin will probably never go that high.

what's about lowering the tx-fees? at some time this step has to be taken.

it wouldnt help. There is a limited amount of space in each block, even if you increased the block size to infinity miners would still only be able to receive a limited number transactions before the total volume of incoming transactions outpaced their bandwidth.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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April 08, 2013, 10:30:48 PM
 #14

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

Okay. So you are betting on a $160,000 bitcoin price? Or do you already have $179,800 of that, and only need a $200 bitcoin?
how do i maths
Anon136
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April 08, 2013, 10:31:48 PM
 #15

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

if bitcoin ever went that high transaction fees would be like 100 dollars a piece. If transaction fees ever went that high no one would want to use bitcoin. Ergo bitcoin will probably never go that high.

Aren't transaction fee's built into the client software - and not the bitcoin network.
For example:
The original client (Qt) charges BTC.0005
Multibit client charges twice at BTC.0010

If fee's depend on the client, it can change.

its not really an issue of fees. fees are just a product of the real issue that is limited space in blocks.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
MikeH
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April 09, 2013, 02:40:04 AM
 #16

Bitcoin-Qt currently imposes a minimum BTC0,0005 fee on "low-priority" transactions. There is no minimum fee imposed for "high-priority" transactions.

that's weird using commas for decimal point, how do you write something like: 1000,000,000.0005  ?
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April 09, 2013, 03:06:28 AM
 #17

Bitcoin-Qt currently imposes a minimum BTC0,0005 fee on "low-priority" transactions. There is no minimum fee imposed for "high-priority" transactions.

that's weird using commas for decimal point, how do you write something like: 1000,000,000.0005  ?


One billion and five ten-thousandths? 1.000.000.000,0005 or 1 000 000 000,0005 or 1 000 000 000.0005 (etc.)

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deathcode
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April 09, 2013, 03:09:52 AM
 #18

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

So you're going to sell a currency that went up 2000% in 8 months, to pay a mortgage that charges you 5-6% at the most???
I don't see it, sorry...
maybe you might want to reduce your bitcoin investment and sell half... but I wouldn't sell all!

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April 09, 2013, 03:14:41 AM
 #19

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

So you're going to sell a currency that went up 2000% in 8 months, to pay a mortgage that charges you 5-6% at the most???
I don't see it, sorry...
maybe you might want to reduce your bitcoin investment and sell half... but I wouldn't sell all!

There's no guarantee that the BTC price won't plummet to the basement, and he would lose his opportunity to be debt-free.
deathcode
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April 09, 2013, 03:20:48 AM
 #20

I will sell 1 bitcoin.

I will buy dollars with a single bitcoin when I am able to pay off my $160,000 mortgage with the proceeds from that sale.

That will be the last time I buy dollars with my Bitcoin currency.

All of the rest will be spent or held.

So you're going to sell a currency that went up 2000% in 8 months, to pay a mortgage that charges you 5-6% at the most???
I don't see it, sorry...
maybe you might want to reduce your bitcoin investment and sell half... but I wouldn't sell all!

There's no guarantee that the BTC price won't plummet to the basement, and he would lose his opportunity to be debt-free.

Well, while I agree on that. I'm sure he's already up enough with bitcoin, and his position can potentially continue to grow. both sides are risky. What if he sells them all and then BTC skyrockets to twice the value?
He'll be kicking himself but debt free...
I guess it's a matter of personal preference.

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