personal dilemma

[Shermo]

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

[1714163684]

1714163684

[1714163684]

1714163684

[1714163684]

1714163684

[1714163684]

1714163684

[Siegfried]

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

Yes.

[philip2000uk]

pretend you never had bitcoin, keep it in there if you can afford to be without it.  I'm staying for 2 years, even more but probably 75% withdrawn when it gets to 100,000 pounds per bitcoin but imagine if countries currency became bitcoin or at least half the vendors of the countries accepted bitcoin.  I could keep half in bitcoin half in currency.

[xDan]

pretend you never had bitcoin, keep it in there if you can afford to be without it.  I'm staying for 2 years, even more but probably 75% withdrawn when it gets to 100,000 pounds per bitcoin but imagine if countries currency became bitcoin or at least half the vendors of the countries accepted bitcoin.  I could keep half in bitcoin half in currency.

this

personally, I wouldn't take any risks with BTC. Even being able to pay off a loan with BTC is a risk I would not take. It could crash to nothing before you have time to cash out.

It's pure profit, so live life as before and pretend you don't have it.

There's a continuum:

Do you believe Bitcoin will crash and fail soon? In which case, sell all.
Do you believe it will go to the moon over the next 5-10 years? Hold all.

For me, it's somewhere in between, could go either way, so I'll sell certain fractions as the price increases. But certainly will never sell all any time soon; I'd like to keep at least 50% of my current stash for the longest time, as a sort of lottery ticket.

[Shermo]

Well I never thought it would have gone this fast else I would have gone all in at £6 last November! I'm not sure what the future of BTC is, it has the potential to be 100x the current value, it also could drop down to nothing as well.

I think I will hold tight and see what happens, hopefully turning what is a nice chunk of profit into something that could buy a house in 5-10 years time.

Financial risk is not something I am fond of, I don't like debts, which aside from a mortgage I am free of now.

[Hawker]

I sold 500 Btc for 119.999 to buy a car. 

Worst decision I have ever made.  The effective cost of that car is $175000. Do you want to be in the same position when Bitcoin goes over $1000?  Or over $10k which you know will happen in the next few years?

Don't sell!

[Shermo]

I sold 500 Btc for 119.999 to buy a car. 

Worst decision I have ever made.  The effective cost of that car is $175000. Do you want to be in the same position when Bitcoin goes over $1000?  Or over $10k which you know will happen in the next few years?

Don't sell!

$100,000 for a car? What did you buy? Also, I take your point, unless I had a Ferrari or Lambo I would be very grumpy if it effectively cost me a fortune for a regular car.

[Shermo]

What sort of repairs? Some stuff becomes a money pit while others are good for as many years again once they're done. +1 to others here, hang on a while and get a porsche for pocket change

Clutch is on its way out, repairing it won't be cheap and I'd rather spend the £500 or so on my next car than keeping this one running. This will be the second time I've replaced it since I've had the car, this time probably because I taught my girlfriend to drive in it

[indianplayers]

Lose the GF! This will save a lot $$$

[Hawker]

I sold 500 Btc for 119.999 to buy a car. 

Worst decision I have ever made.  The effective cost of that car is $175000. Do you want to be in the same position when Bitcoin goes over $1000?  Or over $10k which you know will happen in the next few years?

Don't sell!

$100,000 for a car? What did you buy? Also, I take your point, unless I had a Ferrari or Lambo I would be very grumpy if it effectively cost me a fortune for a regular car.

I bought http://www.lexus.co.uk/car-models/rx/rx-450h/#/FSport with all the bells and whistles.

The increase in the price of Bitcoin is what pushed the price up.  It cost 500 Bitcoin and some change.  The 500 Bitcoin would be worth 250% more now so its a damn expensive car.

Still, I love it so all is good.

[Shermo]

That's still a pretty sweet ride, I was looking at something a little more tame like a Peugeot 208 or Audi A1

[beetcoin]

the worst thing is that you'll be reminded of how you sold 500 BTC for the car you see every day  

but the bright side is that you most likely have a lot more than i do 

[Hawker]

the worst thing is that you'll be reminded of how you sold 500 BTC for the car you see every day  

but the bright side is that you most likely have a lot more than i do 

I have 1870 left.  Waking up in the mornings the Btc price is first thing I check and for last few weeks I have been smiling ear to ear for rest of day

[leemar]

the worst thing is that you'll be reminded of how you sold 500 BTC for the car you see every day  

but the bright side is that you most likely have a lot more than i do 

I have 1870 left.  Waking up in the mornings the Btc price is first thing I check and for last few weeks I have been smiling ear to ear for rest of day

I wouldn't worry abut the car then  .

[LiteCoinGuy]

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

only put in what you can afford to lose.

[theonewhowaskazu]

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

only put in what you can afford to lose.

More like "only cash out what you can afford to not care about."

[techstorm2]

I wont be cashing out my BTC for at least 5 years, if it goes to nothing i havent lost a great deal, the upside is just too big to take a small profit now.

As mentioned by others, forget about them and assume you never had them, you may get a nice surprise in a few years.

[Shallow]

Just get as much as you can and hold. Works everytime 

[mcdett]

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

This will sound like your dad, but anyway...

I want you to think of this another way.  You should separate out the issues.  A basic need in life for where most of us live is a healthy reliable car [1].  If your car is on the way out or causing stress in some manner you need to acquire a new (to you) one.

Never go into debt to buy a car for more then 6,000 USD.  If you can't afford a 6k car then get a loan to acquire one worth about 6k.  Having something with basic reliability, clean, and well running is important to freeing up your life to pursue other ventures without needless wasting resources.

I would sell 6k worth of btc to acquire a car today if you can't pay cash for it.  This is coming from a guy that has sold btc in the past to acquire things that if I hadn't the present value of btc lost for those items is amazing.  A 300k motorcycle (purchased for 4k usd worth btc at the time), the 60k necklace for my wife (500 usd worth of btc at the time), etc.

I don't regret any of this.

I would NOT take out a conventional loan for a 6k car if I could acquire it with selling btc today, only because you're doubling down on your finical risk.

Move your life forward a little, and if this crashes you are in a better spot then before.  I don't believe it will crash soon (maybe not ever), but I do know that regrets come from both sides of this game.  If you can modestly and prudently move your life forward by liquidating a few btc then do it.

I think a good rule is to pull 20% of your btc profits annually for things like other investments, or a little better standard of living.

Try not to make it an all or nothing game.



[1] - note I didn't say flashy/expensive high end fools toy

[Perseus353]

The price will continue to rise gradually over time -- don't be too impressed by short term swings up and down.

I would recommend having a stash of bitcoins that gradually increases (mining, mining contracts, low risk gambling sequences etc), and simply taking the cream off the top in small pieces -- but to keep a core stash, and keep growing it in different ways.

BTC investments need to be non-essential money to be tapped into for fun when you need or want something small. I would not use sell off the whole stash in one go.