bit.alex (OP)
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Activity: 28
Merit: 0
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January 24, 2014, 05:06:10 PM |
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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.
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ymer
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January 24, 2014, 06:55:23 PM |
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Dump them if I could get Tax free cash from them
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LostDutchman
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January 24, 2014, 06:57:36 PM |
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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.
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MarketNeutral
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January 24, 2014, 08:21:22 PM |
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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.
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Kenshin
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January 24, 2014, 08:22:52 PM |
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I would keep them, and keep on mining.
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tokyoghetto
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Activity: 1232
Merit: 1000
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January 24, 2014, 10:08:27 PM |
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hookers and blow
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mgio
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January 24, 2014, 11:49:42 PM |
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I would hodl.
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edgar
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Activity: 1848
Merit: 1001
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January 26, 2014, 12:03:14 PM |
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panic sell, hookers & blow followed by wank & cry
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MrScrotes
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January 26, 2014, 12:21:09 PM |
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satoshi dice; double o nothing
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Nemo1024
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January 26, 2014, 06:46:04 PM |
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Hodl.
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“Dark times lie ahead of us and there will be a time when we must choose between what is easy and what is right.” “We are only as strong as we are united, as weak as we are divided.” “It is important to fight and fight again, and keep fighting, for only then can evil be kept at bay, though never quite eradicated.”
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Korbman
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January 26, 2014, 08:14:05 PM |
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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.
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travel-trousers
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January 26, 2014, 11:58:51 PM |
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Sell 10% a year....
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roy7
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January 27, 2014, 04:38:16 AM |
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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.
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LostDutchman
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January 27, 2014, 07:27:19 AM |
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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.
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tacotime
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January 27, 2014, 02:52:29 PM |
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XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
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An amorous cow-herder
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January 27, 2014, 09:46:28 PM |
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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.
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Xian01
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Christian Antkow
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January 28, 2014, 04:17:56 AM |
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Hodl !
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jermwerty
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January 28, 2014, 09:52:31 AM |
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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!
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ujka
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January 28, 2014, 03:00:30 PM |
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Hodl!
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sharedminers
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January 28, 2014, 05:49:59 PM |
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I'd hold half of them and spend the rest
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