You are offered $5,000 per bitcoin, but can never hold any again

[mskryxz]

You are offered $5,000 per bitcoin today regardless of the market price, but can never hold or buy any again in the future. Do you do it?
You would also need to sell your entire stash and cannot hide or save any amount at all.

At this point in time, do you accept the 5x gains or do you strongly believe that it will go higher and continue to hold regardless of this offer?

Remember, you cannot buy back in and are banned from owning any bitcoins period (just a for fun scenario)

[jakedeez]

Can I buy thousands of btc, driving it up to 5k and selling there?  I mean, if I could buy a few thousand bitcoins to sell with a gain like that, sure.

[mskryxz]

Can I buy thousands of btc, driving it up to 5k and selling there?  I mean, if I could buy a few thousand bitcoins to sell with a gain like that, sure.

I should have added there is a time limit of 24 hours to make your decision. So, essentially you may only purchase x amount of bitcoins depending on the amount of cash you have left in your mtgox/coinbase/btc-e account etc. Then selling it to that mysterious person for $5,000 each.

So to answer your question, if someone offered you $5,000 per coin within 24 hours, you could buy all the bitcoins you could at your exchange and then sell it to him.

However, I wanted to just keep it simple in that, if offered TODAY $5,000 per bitcoin that you CURRENTLY hold, would you sell it? Knowing that you may never buy back in or own any. So, if in 20 years the economy collapses or the USA becomes like Cyprus or Argentina with a highly declining dollar, you would NOT be able to get back into Bitcoin, even if it became $100k per bitcoin. You would be stuck with worthless fiat.

Meh, just bored and trying to pass the morning

[mp420]

Yes. The opportunity cost of not being able to use BTC ever again would be much smaller than the profit.

This does not mean that I'm going to sell all if BTC price does actually reach $5000 at some point of time. It's just what I'd do now.

[600watt]

interesting scenario. and maybe even possible: one day some government may decide you have to sell to them in that manner...


i felt tempted but decided to hodl.

[jakedeez]

For sure I would.  I do believe that cryptocurrencies will exist and more importantly the payment network will flourish - but that said, I am not so certain that it will be bitcoin that ultimately holds out.  Frankly I think LTC is a better protocol and Ripple an even better evolution of the payment processing network. 

I don't particularly think Ripple Labs has it right with XRP - but I do think it's a better network.  I think ultimately some currency agnostic blockchain type system will win out.

[zoran]

I do not expexct bitcoin to reach the price of 5000$ sooner than in next 10 years. So yes, sold out,
Where's my money?  

[aminorex]

Yes, I will hold a portfolio of alts, or a fungible forward contract.  All human systems are gamed.

[Ibian]

This is stupid. Reality doesn't work like that. Bitcoin doesn't work like that.

[jakedeez]

This is stupid. Reality doesn't work like that.

Meh, just bored and trying to pass the morning

It is in the speculation forum and the guy clearly said it's just a hypothetical and time passing question. 

[Tzupy]

Yes, in a heartbeat. The OP doesn't specify that other cryptos can't be held, only bitcoin.
So I'd sell and buy litecoin or even that stupid joke of dogecoin (in a large dip, of course).

[jakedeez]

I really think it's a question of size.  If you have a small number of coins that don't make up a major portion of your net worth maybe you want to hold.  If however you have 8,000 BTC I mean, and you don't have many millions of other dollars worth of whatever - or forget the number, if selling what you have at $5,000 would make a major difference in your life financially then I would think you would do it.

[JimboToronto]

This is stupid. Reality doesn't work like that. Bitcoin doesn't work like that.

+1

[mskryxz]

I appreciate the replies and turn out on the votes.
Pretty interesting numbers regardless if it is "just for fun"

Either way, thanks for feedback whether this is stupid or not, like I said, just a friendly scenario and game of fun to help me pass time this early morning . I'm surprised a lot of you are awake or are from the other side of the world. It was 5 AM when I posted this.

[Dafar]

Unfortunately, I might do it.


At this rate I'm not sure if we will reach $5k by the end of this year

[aminorex]

Unfortunately, I might do it.

At this rate I'm not sure if we will reach $5k by the end of this year

But it is likely that after this year, we will reach next year.  And a year later, we (most of us) will probably reach the year after that.

[Fiyasko]

I'm a miner so i kinda can't vote unless it would include me selling my hardware, Which i wouldn't so my vote is a no

[piramida]

in 20 years the economy collapses or the USA becomes like Cyprus or Argentina with a highly declining dollar

20, really? Glad to see there's this much optimism still Maybe we'll manage another year or two after all.

As for the question, the only possible answer is "no", selling your free will to someone for any amount of money is ridiculous

[GigaCoin]

$5000 per BTC is nothing, so no

[westkybitcoins]

At this point in time, do you accept the 5x gains or do you strongly believe that it will go higher and continue to hold regardless of this offer?

My answer (NO) actually relies little on the future valuation of bitcoins.

I simply believe their widespread use is inevitable. To never be able to hold (and so, realistically, to use) them again is going to be quite cumbersome at some point down the road. Plus I'd lose the ever-increasing benefits of doing so.

I'd need a lot more than $5000/btc to forgo that. At least enough to create and push another cryptocurrency (that I could hold) to prominence through sheer marketing power.