What a disgusting poll !! And the results almost made me puke...
So do you really think 2.5x from last cycle is current top?? with all the money printing frenzy ?? c'mon!!
The poll is worded carefully. It asks "When do you plan to START...?"
The keyword is START. Even if someone has a higher target in mind, locating the top is not easy - actually nearly impossible, it could be argued.
Whoops!! For some reason, I misread the poll too, so I ended up answering "never" rather than "I already have."
So a careful BCA* strategy could be an effective way to extract a preset amount of fiat, hedging against a premature end of the bull cycle. Not that I deem it likely as it is now, or that I need that much fiat in this predicament. Personally, I'm not starting anytime soon, but we all have different circumstances, so it will be interesting to see the poll's results.
*Bitcoin Cost Average
Even if BTC prices go shooting up 5x in less than 6 months, which they did, if you are still in a BTC accumulation phase, then I don't see how you quickly transition over to a BTC cashing out stage... that just seems like gambling, unless you are just cashing out in fairly small and incremental ways, which would signify that you may have moved from a more BTC accumulation emphasizing phase to a more BTC maintenance emphasizing phase.
Surely, liquidation is the phase that comes after maintenance, so I am not sure if the poll is really getting at whether we might be entering into a BTC liquidation phase, because these days, in my thinking, a BTC liquidation is more of a timeline thing rather than a BTC price movement thing, but I could see how very great BTC price movements might inspire some movement into a BTC liquidation stage rather than just a more aggressive maintenance stage that allows for selling more BTC base on price movements.
The more I type, the more I begin to feel that I might not be making much sense, so yeah, maybe a punchline continues to be that each of us are going to have differing ways of thinking about the matter of how much fiat to cash out and what would be the purposes and maybe even the framework for such cashenings out. Sure some folks have the purposes of buying back BTC cheaper, and for me the buying back cheaper was an incidental outcome of my practices and not a primary aim of mine.. so I never really considered myself to be cash out for that purpose, specifically and purposefully.
Note, I have considered myself to be in a kind of maintenance emphasizing phase of my bitcoin journey since about early 2015 (which would mean that I was in a bitcoin accumulation emphasizing phase through most of 2014), but there was still quite a bit of efforts of BTC accumulation in my practices between early 2015 and early 2017 and largely using DCA techniques, which thereafter I would categorize myself as having had transitioned into a more BTC maintenance stage and emphasizing the accumulation apart from incidental BTC accumulation that came from a kind of maintenance effort.
Don't get me wrong because I am reframing and reemphasizing some of these points now, so it seems to me that I had not realized exactly which stages I had been in while I was in them - especially in 2014 and 2015, even though I did realize the purpose of what I was trying to do. So anyhow, I began to employ selling of BTC starting at about $250 from about October 2015, and so that ongoing BTC selling has persisted until today.. which seems to be the answer to the question of when did you start to take profits - no regrets, and a way to attempt to balance matters somewhat based on my having had considered myself to have had over-accumulated BTC especially in the period from late 2014 to September 2015.
This whole rendition of my BTC selling strategy since 2015 seems to be answering my own question in regards to why I have never felt any need to prepare for BTC going to zero beyond my then preparations - because I had never considered myself to be investing more than I was willing to lose - even though with the ongoing BTC price rises, there seems like there could be some justification to taking even more BTC off the table (referring to completely removing the amount of the initial investment capital with no intention to use it to buy back BTC or to keep it in reserves in any kind of way in terms of considering it for the buying back of BTC) because there would hardly be any significant or meaningful impact to the overall value of the BTC to pull that initial investment capital out of BTC, especially at today's prices.. but then another question would be "where to put it?" which I personally need to consider if I can think of something. Could create a trust... just a random thought.
Poll
