Everyone will cash out at $1000

[Coinseeker]

Fundamentally, Bitcoin markets still have a problem. And that problem is that a few hold so many coins.  It doesn't matter what small fish do, when whales start selling, everyone will follow because the small fish can not create enough buying pressure to stop it.  We've seen that with every crash.  Plus many small fish are weak hands and will follow whatever everyone else is doing anyway.

Bottom line, if whales sell at $1000, everyone else will try to sell too.  And many wont get out in time, just like the $260 crash.  If whales start big buying, so will everyone else.  All the talk about new people and media attention, blah, blah, blah...is pointless.  If they are not new whales entering the market, it won't do anything to change the trend created by the whales.  

Really we should be thankful any time that whales are selling out, because it means they are distributing their "hoard" of Bitcoins to many other people.

That's a fair point and could lead to a situation in the future where a few can't just move the markets at will.  The masses could then create buying pressure to prevent huge price drops due to whale dumps.

[1715126085]

1715126085

[1715126085]

1715126085

[Peter Lambert]

People were saying the same thing about $100.

[marvinrouge]

People were saying the same thing about $100.

https://bitcointalk.org/index.php?topic=156033.0

[kingcrimson]

lol, I didn't even realize I said the same thing about $100. Just shows how fast things can change.

[Kouye]

If everyone cashes out, no one will be able to cash out.

Cash out = Get rid of all this useless fiat to get more bitcoins?
If so, I don't get your point.
If not, you probably won't ever need to buy toilet paper anymore.

[worldinacoin]

I doubt so, if it reaches $1000, there will definitely be those who will be targeting $10 000 next, when someone cashes out, others get in.

[johnyj]

Suppose that I bought 100 bitcoins when price was $5, when bitcoin exchange rate reached $50, I might consider sell them all to receive $5000, which is a quite good return. But if it rised to $500, then 100 coins worth $50,000, I will definitely keep part of those coins and to see if it can rise even more. The higher the price, the higher confidence people will have in bitcoin, less motivation to exchange to fiat, which is losing its value constantly

And beyond a certain acceptance level, there will be only fiat money inflow, no outflow, since bitcoin will be used to direct purchase other things when there is such a need

[CMMPro]

Remember that we tend to overestimate progress in the short term...and vastly underestimate it in the long term.

[Cluster2k]

The interesting thing about the last price mania and run up from $10 to $266 within a few months is why $266 was the magic number this time.  It could be that the number of suckers left to pile money in ran out, or maybe enough people thought 'this price has been rising exponentially for weeks, it violates common sense for it to continue, sell!' 

If bitcoin enjoys another strong run up towards $1k and maybe beyond we will again experience the same situation.  The key factor is, as always, that simply sitting on your bitcoin stash while doing absolutely nothing is the path to riches.  That doesn't seem sustainable.

[myself]

999 here

[adamstgBit]

I'm never cashing out. To me bitcoin is more than just making money off panic buys and sells, its about financing a revolution.

[Wagner2014]

I'm never cashing out. To me bitcoin is more than just making money off panic buys and sells, its about financing a revolution.

If you never cash out, you will never realize a return. Your heirs may be thankful, though.

[domob]

I may be selling some Bitcoins when the next order of magnitude is there, but definitely not all and definitely not a majority (especially because I believe in the fundamentals and look forward to actually using the Bitcoins rather than selling them for fiat) - and I think lots of other people agree here, so I don't see a problem going beyond 1,000 USD (or any other mark).

[stromma44]

Fundamentally, Bitcoin markets still have a problem. And that problem is that a few hold so many coins.  It doesn't matter what small fish do, when whales start selling, everyone will follow because the small fish can not create enough buying pressure to stop it.  We've seen that with every crash.  Plus many small fish are weak hands and will follow whatever everyone else is doing anyway.

Bottom line, if whales sell at $1000, everyone else will try to sell too.  And many wont get out in time, just like the $260 crash.  If whales start big buying, so will everyone else.  All the talk about new people and media attention, blah, blah, blah...is pointless.  If they are not new whales entering the market, it won't do anything to change the trend created by the whales.  

Really we should be thankful any time that whales are selling out, because it means they are distributing their "hoard" of Bitcoins to many other people.

Whales buys their bitcoins back at lower prices, so no new bitcoins is distributed to many people

[XxionxX]

I'm never cashing out. To me bitcoin is more than just making money off panic buys and sells, its about financing a revolution.

If you never cash out, you will never realize a return. Your heirs may be thankful, though.

I think he meant that he would like to spend his bitcoins instead of exchanging them for fiat. Not just hold them indefinitely.

I know that if bitcoin reached $1000 I would just be holding on for the ride. Why cash out when the revolution is near? I might take a small bit though, just because.

[Ares]

999 here

998.99

[roxtar]

.

[smoothie]

999 here

998.99

995.1337 

[johnyj]

Although I'm a lurker here (and only been "into" BTC for about half a year).. has anyone else realized that the HIGHER a BTC is worth in USD.. the "cashing out" part becomes less easy?

For example, lets pretend John has 100 bitcoins, and his "magic number" to cash out is $1,000. That's $100,000 in USD.
BTC hit's $1,000, and John says "ok, time for me to dump my coins and be $100k richer."

Gox is just a mess right now in terms of USD widthdrawls. Coinbase etc IS an option, but there are limits there and cashing out more then $10,000 at a time might trigger your bank to wonder what you're doing. Not to mention, their "price" is valued much less then Mt. Gox (which a seller will prefer).

That leaves the method most people champion - LocalBitcoins. Now, what exactly will John do in this situation that will make life easy?
Put up an ad that says "Hi, selling $10,000 in BTC, contact me for an inperson transaction".?

Where/how does John conduct such a transaction that guarantees his safety/ease/protection? Meeting a stranger in a Starbucks to sell them $10,000 in bitcoin is.. just.. plain.. weird isn't it? And then what are the odds that 10 people (even spread out over days & weeks) will have $10,000 or more in cash lying around to meet up other strangers @ Starbucks to buy BTC?

Am I making any sense here?

Why do you want to cash out to fiat money instead of directly spend them? If you don't want to spend them why exchange to fiat currency which lose its value over time (can be printed out of nothing)?

If you are anticipating that the price will fall after reach $1000, then it is another topic. This spring, some one forecasted that 20,30,50,70,100,200 to be the top of bitcoin exchange price and they failed most of the time, no one can call the top

[lucas.sev]

Although I'm a lurker here (and only been "into" BTC for about half a year).. has anyone else realized that the HIGHER a BTC is worth in USD.. the "cashing out" part becomes less easy?

For example, lets pretend John has 100 bitcoins, and his "magic number" to cash out is $1,000. That's $100,000 in USD.
BTC hit's $1,000, and John says "ok, time for me to dump my coins and be $100k richer."

Gox is just a mess right now in terms of USD widthdrawls. Coinbase etc IS an option, but there are limits there and cashing out more then $10,000 at a time might trigger your bank to wonder what you're doing. Not to mention, their "price" is valued much less then Mt. Gox (which a seller will prefer).

That leaves the method most people champion - LocalBitcoins. Now, what exactly will John do in this situation that will make life easy?
Put up an ad that says "Hi, selling $10,000 in BTC, contact me for an inperson transaction".?

Where/how does John conduct such a transaction that guarantees his safety/ease/protection? Meeting a stranger in a Starbucks to sell them $10,000 in bitcoin is.. just.. plain.. weird isn't it? And then what are the odds that 10 people (even spread out over days & weeks) will have $10,000 or more in cash lying around to meet up other strangers @ Starbucks to buy BTC?

Am I making any sense here?

Why do you want to cash out to fiat money instead of directly spend them? If you don't want to spend them why exchange to fiat currency which lose its value over time (can be printed out of nothing)?

If you are anticipating that the price will fall after reach $1000, then it is another topic. This spring, some one forecasted that 20,30,50,70,100,200 to be the top of bitcoin exchange price and they failed most of the time, no one can call the top

Because I can't use it on amazon or to pay to people who are selling their flat.