This thread is about observing walls but is entertaining and a bit sad there are even legendary members that still don't seem to get it, selling bitcoin for fiat. That sugar rush of a few extra dollars gained will soon fade while the pain of not having bitcoins will last and increase forever.
Seems a bit of a strong statement to presume that guys need to be focusing ONLY on bitcoin when not only do we live in a fiat dominated world, there are all kinds of timeline and individualistic considerations, too.
Accordingly, there are ways to appreciate bitcoin as the best investment that the world has ever seen but still to balance that investment - so perhaps how any person might consider this matter might have to do with how much of their wealth might already be tied up into bitcoin and even own personal circumstances. Think about the matter. Sure, you may need or want other things based on your own personal circumstances, but don't be fucking judging other peeps because they draw lines in differing places.
Let's create a
hypothetical that can be tweaked.. but here goes:
Let's say a person had around $500k in wealth in 2012, and that person had a goal to minimally try to achieve a million in 8-10 years which may not be total fuck you status but would put such person in a pretty decent financial position. Such person heard about bitcoin around that time, so decided to diversify some of his investment into bitcoin.. just to see how it plays out.. but did not want to risk too much on such pie in the sky bitcoin thingie.. so decides to put 1% of his wealth into bitcoin, which would be about $5,000. By the time, he made all the transactions and paid the fees, the $5k ends up buying him 500BTC (at $10 per BTC).
Such person considers that he is going to attempt to be mostly hands off about his BTC investment but to trade it a bit and to maybe try to make some additional money that way, too. Between 2012 and 2015, he notices that his traditional investment had gone up to about $700k and he was able to fold some of his trades into dollars and continue to stack dollar investments, but his BTC investment had gone up to about $250 per coin, but his stash of BTC had gone down to 250 BTC. His 25x which would have been about $62,500 ($250 x 250BTC).
He recognized that his trading BTC was not really increasing his BTC stash.. and even though he was able to fold some of his BTC profits into dollars, he was going to stop fucking around with his BTC. He noticed that his BTC was in a kind of price trough for most of 2015.. so he decides to put another $12,500 into BTC.. so instead of having 250 BTC he would up his BTC to 300 BTC and mostly just leave his BTC at 300 for the coming years and just see how the whole thing plays out.
In some sense he feels that he has overinvested in BTC because by 2015 the BTC price has been down for about a year, but he would just let the matter sit for a few years and see how it plays out.
By the time, 2021 comes along, maybe his traditional investment had ended up performing pretty well and it is at around $1million (maybe even more than a million and even approaching his earlier fuck you status levels), but he sees with inflation and several of the problems in the world including the future world, he has to move his fuck you status up to minimally starting at $2million.. just to have a wee bit more cushion to alleviate some of his stress.. and provide a bit more financial comfort.
So, if he is just looking at his traditional investments, they are not quite helping him to get over his fuck you status threshold, even though he feels that those traditional investments are doing decently well in the whole scheme of things. He looks at his BTC, and sees that they are valued at around $12million (300 BTC x $40k). Sure there are ways that the guy can recognize potential downside of the BTC, but largely his BTC has become a pretty damned large percentage of his overall wealth, and it is really 12x the size of his wealth that is fitting in the traditional categories, even though he did not invest much more than 1% of his wealth into BTC it has magnified to becoming 12x of all his wealth in the other traditional categories combined.
Accordingly, why lecture guys.. legendary or not about selling some of their BTC?
Personally, I see no fucking problem for a guy in such a scenario (which is actually more than reasonable to have had happened to some OGs in this thread - not saying that anything like that happened to yours truly, but I can imagine it happening to some peeps). Accordingly, for a guy like that to cash out some of his BTC and to live a bit instead of focusing on BTC ONLY blah blah blah seems to be a good and valuable thing and a real world thing.. rather than pie in the sky ideology about some nonsense detachment from a real world in which you can get a lot of satisfaction by purchasing goods and services in stinky dollars. They might not hold their value, but you can still get things through such dollars.
Sure, maybe the guy could have just gotten stuck with a much smaller stack of 100BTC, but he would still have a similar situation to ONLY have $4million in BTC value at this time.. but in our actual hypothetical, at this time, he has 300 BTC and he has $12million in value...,
In any event, there should be no problem for him to shave a wee bit of BTC off and whether he shaves 10 BTC off at $30k ($300k) or he shaves 10 BTC off at $60k ($600k), he might give few shits either way...
He could also shave off 30BTC and have few problems with reducing his BTC stash by 10% - that would be 30 BTC off at $30k ($900k) or he shaves 30 BTC off at $60k ($1.8 million).
Even after those shavings, this guy still has built a good investment in BTC, and he remains pretty damned comfortable in his traditional investments too, but his BTC has way out performed his traditional investments and even if he shaves off a decent quantity of BTC at amounts within his discretion and based on his own circumstances including considering his cashflow, timeline, risk tolerance and perhaps a few other factors, even with such shaveings of profits, he still would have plenty of allocations in both BTC and in traditional assets.. and maybe he would be able to enjoy some hookers, lambos, blow and maybe even a nice place by the lake or on a ranch without even hardly putting much of a dent in the bank..
Of course, some goods and services are going to hold their value better than other goods and services, and so there will be some discretion in terms of does he feel some desires that his wealth continues to grow (does he have enough) or does he want to consume a bit.. which may deplete both his current wealth status or his potential for future growth, but he might give few shits.. especially if he had a goal of having $2million in personal wealth by 2021, but he currently has $12million or so just in his BTC.. so, just in his BTC there is $10million more than he feels that he needs (again, his discretion regarding how much he believes he needs presently or into the future).
Does my hypothetical seem pie in the sky or not? Of course, you can reduce the quantities, or you can reduce the timeline, so maybe there are quite a few guys who have a way shorter time that they have been in BTC, and maybe they have ONLY gotten in BTC since 2016, 2017 or some other shorter time period, so they have not been able to build up so much BTC, but they could still have some similar potentiality in terms of the future growth of their BTC, and once they get beyond their personal targets whether that be $2million in value or otherwise, then of course they can still continue to hold BTC, but they might want to shave off some profits too... and how the fuck are they going to value their wealth? you think dollars have no meaning, then move to hookers, lambos, blow and property by lakes/ranches. But dollars are still going to get you those things and even if BTC is likely to appreciate more than those other things, I see no reason not to enjoy some or all of those other things, if they give you pleasure on a personal level or whatever.
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