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MatTheCat
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February 26, 2016, 04:45:59 PM |
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This thread was started on March 8th, 2014. Bitcoin was trading around $620. According to this news article: http://www.bbc.co.uk/news/technology-21863593The OP' father's house was worth around $400K. The OP stated that he got 648 BTC for his house, despite first expressing his interest in selling his house for Bitcoin in March 2013, when Bitcoin was just $30! That means that the OPs entry cost per Bitcoin is around $609. Sorry, but what a fucking fool. If he wasn't going to live in that house, then clearly the first stop for the capital generated from the house was fiat currency. Scared that the Candian Dollar was gonna tank? Get your money into USD? Get your money inot stocks, get your money into government bonds, and if you must, get your money into Bitcoin at prices way below what he paid and also at prices way below what they are even now. It was a naive, irresponsible, impulsive, head strong stupid act, and the OP has had the wealth generating potential of all that capital tied up in an ultra high risk asset which has only very recently stopped tanking. As it happens, it looks likely that the OP may just get the chance to get out of Bitcoin at break even level. Indeed, he may even be able to exit Bitcoin with a slight profit for his years of worry and stress..... ....but if he gets greedy, and allows the delusion to persist (and I suspect he will), then he is going to lose his shirt..... .....which is good, cos Bitcoin is a zero sum game and in order for Bitcoin to generate an income stream for the minority, the majority by definition, must lose wealth by investing in Bitcoin. (so it seems like you brg444, are the one taling out his arse) |
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Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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safari88
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February 27, 2016, 05:12:27 AM |
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maybe a lot of people collect bitcoin for their dream of owning a house, but this was reversed. you sell the house for bitcoin  Yes I think its crazy, but also very good for the bitcoin plus its also pretty nice because the bitcoin is getting to a higher level because of these people. I'm serious I would never do it but you really have a lot over for the bitcoin, I hope you will get a lot of profit by it. but this is really a big risk. I was afraid that if he can not get his house back, because something bad. like his bitcoin is stolen, got scammer, or gambling addiction. |
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Herbert2020
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February 27, 2016, 07:31:33 AM |
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maybe a lot of people collect bitcoin for their dream of owning a house, but this was reversed. you sell the house for bitcoin Yes I think its crazy, but also very good for the bitcoin plus its also pretty nice because the bitcoin is getting to a higher level because of these people. I'm serious I would never do it but you really have a lot over for the bitcoin, I hope you will get a lot of profit by it. but this is really a big risk. I was afraid that if he can not get his house back, because something bad. like his bitcoin is stolen, got scammer, or gambling addiction. sometimes you have to take big risks to take big rewards. especially in a high risk market like bitcoin's market where the price changes with panic sellers who have heard a bad news on an FUD news website. but this does not meant that if the risk is big you have to go all in because this can happen if you don't think it through: This thread was started on March 8th, 2014. Bitcoin was trading around $620.
.....
The OP' father's house was worth around $400K. The OP stated that he got 648 BTC for his house, despite first expressing his interest in selling his house for Bitcoin in March 2013, when Bitcoin was just $30! That means that the OPs entry cost per Bitcoin is around $609.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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Nimbulan
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February 29, 2016, 03:20:43 PM |
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Wow, that is so risky, you can loose all of your money you know? But if it will rise by 400$, you will win so much of money
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ultimatesky
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February 29, 2016, 03:33:12 PM |
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Wow, that is so risky, you can loose all of your money you know? But if it will rise by 400$, you will win so much of money
Its very risky, but if you think about the halving that is coming and the fact that the bitcoin is getting bigger everyday, its very possible he will be a rich mean because he sold his house. I think its pretty cool he did it and also a good choice because you can invest in something else but the bitcoin is the currency of the future. |
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rosh
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March 01, 2016, 01:24:17 AM |
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Wow, that is so risky, you can loose all of your money you know? But if it will rise by 400$, you will win so much of money
OP sold his house in 2014. He has already witnessed a lot of ups and downs. |
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techgeek
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March 01, 2016, 01:34:25 AM |
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Wow, that is so risky, you can loose all of your money you know? But if it will rise by 400$, you will win so much of money
OP sold his house in 2014. He has already witnessed a lot of ups and downs. that financial move on the op to sell his house for bitcoin im sure he sold before he lost a serious amount. then again, who knows if the op was already financially okay with it. im sure if he took the plunge without doing his homework, im sure he can eat the loss. |
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rosh
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March 01, 2016, 04:30:51 PM |
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Wow, that is so risky, you can loose all of your money you know? But if it will rise by 400$, you will win so much of money
OP sold his house in 2014. He has already witnessed a lot of ups and downs. that financial move on the op to sell his house for bitcoin im sure he sold before he lost a serious amount. then again, who knows if the op was already financially okay with it. im sure if he took the plunge without doing his homework, im sure he can eat the loss. Maybe he was okay with it. Or maybe he has the stomach to wait it out. Bitcoin isn't finished yet.  |
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LFC_Bitcoin
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March 01, 2016, 07:27:56 PM |
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I guess this hasn't turned out so well then? I actually remember seeing the first post in this thread when it was made. It depends if the OP has sold those bitcoin's. If he hasn't then technically he's lost nothing. This time next year the price of 1 bitcoin could be 2000 USD. If he's still HODLING those coins then he'll be the one laughing.
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Denker
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March 01, 2016, 07:40:10 PM |
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I guess this hasn't turned out so well then? I actually remember seeing the first post in this thread when it was made. It depends if the OP has sold those bitcoin's. If he hasn't then technically he's lost nothing. This time next year the price of 1 bitcoin could be 2000 USD. If he's still HODLING those coins then he'll be the one laughing.
OP gave us an update regarding his situation in december last year. Well, well, well... I am back for an update.
Originally (in Post #1) sold my house for approximately $400,000 Canadian, and got approximately 648 BTC in the transaction. BTC is currently at approximately $450 US each. This makes my investment worth $291,600 in U.S. Dollars. Now also note that the Canadian Dollar has tanked really hard in the last year and is now at a 12 year low, around .72c US. That makes my Bitcoin currently worth $405,000 Canadian!. I am currently up on my initial investment! I did weather the storm when it sat at $200 for a long time (and crapped my pants from time to time and did a lot of drinking), but now my time has come. For all those that laughed, we will see who is laughing in 2016!
HODL!
Happy Holidays and Happy New Year,
Tay More https://bitcointalk.org/index.php?topic=508254.msg13263187#msg13263187 |
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SafeBond
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March 02, 2016, 07:43:24 AM |
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Interesting, this is a very old thread, and I would certainly not sell my house especially if I live in it, but instead renting it out and from the rent, buy bitcoins monthly.
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jjoorriissjjuuhh
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March 02, 2016, 07:56:58 AM |
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Like the guy above me I had the same idea.
Or would do something different, rent it out for BTC or something.
I dont believe selling was the right decision to get BTC.
Maybe because i dont have a few hundred grand in the bank atm.
If you have more money then just the investment in the house I dont see the problem on what he is doing.
I believe the price will go up again so he will be fine eventually but the stress would eat me alive.
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Scream
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U will never know the true answer, before you try
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March 02, 2016, 08:12:04 AM |
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for OP are you still hold your bitcoin ? i read some coment says the price when you sell your home to bitcoin is arround $600 ? so he lose arround $150 value of his bitcoin  |
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SafeBond
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March 02, 2016, 08:21:08 AM |
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Interesting, this is a very old thread, and I would certainly not sell my house especially if I live in it, but instead renting it out and from the rent, buy bitcoins monthly.
well, it is dumbway to be rich person,it's risky,many people said that OP is out of his mind, but someday probably after halving, if bitcoin price is rising and go higher than when OP bought thos btc, i can sure, OP will be lucky and rich person Sure he doubled down, it was a gamble, and he might win. I don't think the biggest risk for him was that he put all his money in bitcoin. I think the biggest risk for him was that he invested a major asset into bitcoin while he could have used that money for other emergencies if so they would have happened. I`m not sure where he lives, but if you go for a rent and sell your house, that is definitely not a wise move, and it's risky. But after bitcoin goes up to 700-800$ he will have a nice asset to work with. |
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Altynbekova
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March 02, 2016, 08:59:13 AM |
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Like the guy above me I had the same idea.
Or would do something different, rent it out for BTC or something.
I dont believe selling was the right decision to get BTC.
Maybe because i dont have a few hundred grand in the bank atm.
If you have more money then just the investment in the house I dont see the problem on what he is doing.
I believe the price will go up again so he will be fine eventually but the stress would eat me alive.
You are right, I think the price will go to a high amount soon or later if you ask me, its just a matter of time, just be patient. I think we just have to wait till the halving has been done and than we can all make profit, Its good that he sold his house for the bitcoin, he will be rich because of the bitcoin. |
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hdbuck
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March 02, 2016, 12:34:23 PM |
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Somebody is "all-in sols his house" for ethereum already? |
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Denker
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March 02, 2016, 03:03:44 PM |
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Somebody is "all-in sols his house" for ethereum already? Oh boy that would be crazy I guess.  Sure Ethereum has seen an amazing increase the last weeks, but the question is how high can it go and how sustainable is this rise? I'm personally not invested in Ethereum, I missed that opportunity.And I also believe right now it is used as a hedge to Bitcoin (blocksize drama etc.). There could be the possibilty that many will switch to Bitcoin back when Segwit is implemented and halving is coming closer. Definitely interesting to watch how this will develop. |
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picolo
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March 02, 2016, 03:23:32 PM |
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maybe a lot of people collect bitcoin for their dream of owning a house, but this was reversed. you sell the house for bitcoin He has 3 or 4 years to wait before he can cash out with a huge profit  |
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HarryKPeters
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March 02, 2016, 03:34:56 PM |
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I think its pretty crazy that you sold your house for the bitcoin but it says something that you are all doing it for the bitcoin, I think its pretty good you did because you can make a lot of profit if you hold them long term I'm sure of that.
I think you are doing a great job by doing this, and I hope you will make a lot profit in the future.
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martinacar
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March 02, 2016, 03:48:59 PM |
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Like the guy above me I had the same idea.
Or would do something different, rent it out for BTC or something.
I dont believe selling was the right decision to get BTC.
Maybe because i dont have a few hundred grand in the bank atm.
If you have more money then just the investment in the house I dont see the problem on what he is doing.
I believe the price will go up again so he will be fine eventually but the stress would eat me alive.
You are right, I think the price will go to a high amount soon or later if you ask me, its just a matter of time, just be patient. I think we just have to wait till the halving has been done and than we can all make profit, Its good that he sold his house for the bitcoin, he will be rich because of the bitcoin. Indeed. He is just crazy, but maybe you never know what can happen later, you can now see also that the value is rising so that is pretty good. There is also a risk that it can be fall down and that wont be good. That will be very bad. |
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