What would you do if you had mined 500 BTC in 2011 and still have it

[bit.alex]

The title says it all: What would you do if you had mined 500 BTC back in 2011 and remembered that you still have them?

Would you hold? Would you re-invest in mining? Would you convert to fiat spend it? If so, how would you 500 BTC to cash?

I've been wondering about this. I have a few early adopter friends (not that rich though), yet I was never interested in Bitcoin myself that early.

[1715389125]

1715389125

[ymer]

Dump them if I could get Tax free cash from them

[LostDutchman]

The title says it all: What would you do if you had mined 500 BTC back in 2011 and remembered that you still have them?

Would you hold? Would you re-invest in mining? Would you convert to fiat spend it? If so, how would you 500 BTC to cash?

I've been wondering about this. I have a few early adopter friends (not that rich though), yet I was never interested in Bitcoin myself that early.

50% held for future use and speculation.

50% converted to fiat to buy scryptcoin mining rigs.

My $.02.

[MarketNeutral]

Loaded question, and it should be considered largely depending on factors relating to one's current financial situation, such as net worth, age, indebtedness, spouse/children, tax jurisdiction, other portfolio assets, risk tolerance, value system, etc etc etc and of course, how many other bitcoins I own. 

[Kenshin]

I would keep them, and keep on mining. 

[tokyoghetto]

hookers and blow

[mgio]

I would hodl.

[edgar]

panic sell, hookers & blow followed by wank & cry

[MrScrotes]

satoshi dice; double o nothing

[Nemo1024]

Hodl.

[Korbman]

Having just found them, I'd probably sit there in a state of shock for a bit.

After I get my mind right, I'd withdraw 5% or so to fiat to cover RL expenses for a while, another 5% set aside for misc. purchases (think Overstock, Tigerdirect, or anyone else accepting BTC), 25% reinvested into Bitcoin projects I've got on the table, and the remaining 65% set aside in cold storage.

[travel-trousers]

Sell 10% a year....

[roy7]

Being over 12 months old you could get the reduced capital gains tax on the income (if you are in USA). Personally I'd move it all to coinbase and cash out.

[LostDutchman]

Being over 12 months old you could get the reduced capital gains tax on the income (if you are in USA). Personally I'd move it all to coinbase and cash out.

Or you'd do it up properly through a corporation; spend all the money through the corp and owe no taxes at all.

It can be done.

My $.02.

[tacotime]

Hodl.

[An amorous cow-herder]

I would cash out a large amount (like 80%+). Depending on situation it may easier and quicker to make a couple of large purchases on sites that accept bitcoin via BitPay.
That way you will have a large direct payout. And if you keep "just" 50-100BTC you are still nicely in the game in case there is another large rally in the future.

[Xian01]

Hodl !

[jermwerty]

50% held for future use and speculation.
50% converted to fiat to buy scryptcoin mining rigs.

With scrypt ASICs already here basically?

I would buy 13 ANTMinerss for 25BTC and get 2.6TH.

Take the profit you can make burning 5KW of scrypt video card power and compare that to this example of 5KW of ANTMiners.  SHA-256 ASICS win hands down!

[ujka]

Hodl!

[sharedminers]

I'd hold half of them and spend the rest

[dddbtc]

Probably this:



While showing off my:


Pet Bear

and


Pet Bull

After pulling up in:

[BitcoinBarrel]

Hodl.

+1

[glendall]

I'd cash out 100 btc, move to a country with low prices, cheap electricity, great beaches and sexy girls, and then invest the 400 btc in mining and other less risky investments, and live happily ever after.

[hellscabane]

Just as a note, 500 BTC is $400k. That might sound like a lot, but really, for the average person, that's maybe 1/4 of life earnings.

I'd sit on 250 BTC, I'd cash out 100 and put into market investments, play the alt-currency markets with 100, and cash out the remaining 50 as play money and to give me the vacation that I feel I deserve.