Bitcoin Forum
December 08, 2016, 06:33:37 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Why do people sell bitcoins and move the money back to their bank?  (Read 3336 times)
dancupid
Hero Member
*****
Offline Offline

Activity: 954



View Profile
June 25, 2012, 06:01:42 PM
 #1

It's something I don't understand.
So you buy some bitcoins, you then sell them at a good price (you've made a profit) and then bitcoin goes down inevitably at which point you can buy more and then the price goes up and you sell them again.
At what point do you decide to quit and cash out?
Is it fear of a Bitcoinica type situation?
Surely once you have Bitcoins/$ in the system you can play this game forever.
1481222017
Hero Member
*
Offline Offline

Posts: 1481222017

View Profile Personal Message (Offline)

Ignore
1481222017
Reply with quote  #2

1481222017
Report to moderator
1481222017
Hero Member
*
Offline Offline

Posts: 1481222017

View Profile Personal Message (Offline)

Ignore
1481222017
Reply with quote  #2

1481222017
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481222017
Hero Member
*
Offline Offline

Posts: 1481222017

View Profile Personal Message (Offline)

Ignore
1481222017
Reply with quote  #2

1481222017
Report to moderator
bitdragon
Hero Member
*****
Offline Offline

Activity: 610


peace


View Profile WWW
June 25, 2012, 06:12:01 PM
 #2

I have bills to pay and lemons to buy sometimes.

Sitarow
Legendary
*
Offline Offline

Activity: 1624



View Profile
June 25, 2012, 06:17:11 PM
 #3

I have bills to pay and lemons to buy sometimes.


Basic life needs for most.
MoonShadow
Legendary
*
Offline Offline

Activity: 1666



View Profile
June 25, 2012, 06:19:04 PM
 #4

I've never cashed out.  Never intend to.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
Sitarow
Legendary
*
Offline Offline

Activity: 1624



View Profile
June 25, 2012, 06:23:06 PM
 #5

I cant wait for the day when you can pay BTC for

Basic life needs.
TheButterZone
Legendary
*
Offline Offline

Activity: 1624


Nemo me impune lacessit


View Profile WWW
June 25, 2012, 06:38:37 PM
 #6

I convert them to Amazon gift credit with spendbitcoins.com if the rate is around $0.50 +/- deviation for a week. You can store up gift credit on Amazon and I trust their security more than my lack of an offline wallet (not that I've ever gotten a ton of BTC to justify making one). If I hadn't converted, I only would have gained around a couple bucks total, when the rate jumped from $5.xx to $6.xx.

ΜΟΛΩΝ ΛΑΒΕ! I sell stuff for BTC here here and here | Skirt & Kilts & Violin For Sale | Voiceover for BTC | Copy editing for BTC | THE Bitcoin Sound is here.
gpg_identity=http://pgp.thebutterzone.com | WoT feedback here & eBay feedback here | Buy BTC in San Diego, CA, or worldwide! | Get paid for taking surveys!
Change my name! "I am __ Satoshi __." | PayPal: Bitcoinese for "FU, I'm getting a chargeback up to 365 days later!" | Bitcoin voice chat
cbeast
Donator
Legendary
*
Offline Offline

Activity: 1722

Let's talk governance, lipstick, and pigs.


View Profile
June 25, 2012, 07:07:12 PM
 #7

How do you know this is happening? Of course there are miners that sell BTC to pay expenses, but why do you think speculators cash out other than for arbitrage? I'm sure some do, but for the most part folks are in the game, win or lose.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
deego
Donator
Sr. Member
*
Offline Offline

Activity: 317


1MCoX64q6ks2Fvx8wybGYonfvEoTPpMhhR


View Profile WWW
June 25, 2012, 07:16:37 PM
 #8

I'm sure some do, but for the most part folks are in the game, win or lose.

Yep. In it for the long haul here.

1MCoX64q6ks2Fvx8wybGYonfvEoTPpMhhR
Piper67
Legendary
*
Offline Offline

Activity: 1008



View Profile
June 25, 2012, 07:56:37 PM
 #9

As a somewhat related aside, this sort of proves that the notion of a deflationary spiral for bitcoins is just a bunch of hot air. When people need to, they spend BTC, no matter what they think it might do a week, month or year from now.
Sitarow
Legendary
*
Offline Offline

Activity: 1624



View Profile
June 25, 2012, 08:01:30 PM
 #10

Canada government last week adjusted the details associated with mortgages that will take effect July 9th thats two weeks from today. Therefore maybe they will be needing their own bailout. Here is an interesting article to read on one persons take of the situation.

http://www.greaterfool.ca/
FlipPro
Legendary
*
Offline Offline

Activity: 1372



View Profile WWW
June 25, 2012, 08:10:23 PM
 #11

I've never cashed out.  Never intend to.
+1 same here.

Tweet For Coins http://uptweet.com
Blitz­
Moderator
Legendary
*
Offline Offline

Activity: 1596


"Cut Your Loose"


View Profile
June 25, 2012, 08:11:06 PM
 #12

Expenses
Debt
Diversification/Profit taking
Spending

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
Stephen Gornick
Legendary
*
Offline Offline

Activity: 2002



View Profile
June 25, 2012, 10:14:07 PM
 #13

So you buy some bitcoins, you then sell them at a good price (you've made a profit) and then bitcoin goes down inevitably at which point you can buy more and then the price goes up and you sell them again.
At what point do you decide to quit and cash out?

When you misjudge the level of the rise.  For instance, let's say I sold after figuring $6.10 was about the top of this little run we just saw.  I'ld now hav to buy back at more than what I sold it for.

Predictions are hard, especially about the future.

phorensic
Hero Member
*****
Offline Offline

Activity: 630



View Profile
June 25, 2012, 10:17:06 PM
 #14

For bitcoin miners like myself we purchased video cards with 6 month+ payoff time frames so we have to sell constantly when the price is good just to get to a break even point before we start to make real profit.
bitcoinBull
Legendary
*
Offline Offline

Activity: 826


rippleFanatic


View Profile
June 25, 2012, 10:40:32 PM
 #15

For bitcoin miners like myself we purchased video cards with 6 month+ payoff time frames so we have to sell constantly when the price is good just to get to a break even point before we start to make real profit.

Miners won't earn profits selling constantly at a price higher than cost. They have to hoard and speculate just like everyone else.

College of Bucking Bulls Knowledge
CA Coins
Donator
Sr. Member
*
Offline Offline

Activity: 306


View Profile
June 25, 2012, 11:09:20 PM
 #16

Keep the banks off my back.  Last I check, they still don't take bitcoins for the fiat I owe them.
phorensic
Hero Member
*****
Offline Offline

Activity: 630



View Profile
June 26, 2012, 12:16:48 AM
 #17

For bitcoin miners like myself we purchased video cards with 6 month+ payoff time frames so we have to sell constantly when the price is good just to get to a break even point before we start to make real profit.

Miners won't earn profits selling constantly at a price higher than cost. They have to hoard and speculate just like everyone else.
I don't pay for power.  So 100% of my sold coins go to paying off the last GPU I bought.
notme
Legendary
*
Offline Offline

Activity: 1526


View Profile
June 26, 2012, 01:43:04 AM
 #18

Counting only USD based assets, my net worth is -$50k (students loans, mortgage).
Counting only BTC based assets, my net worth is > $7k and rapidly growing.

That's why I sell BTC.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
FreeMoney
Legendary
*
Offline Offline

Activity: 1246


Strength in numbers


View Profile WWW
June 26, 2012, 04:11:42 AM
 #19

I sell because I spent all my dollars on coins and now earn only coins.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
FlipPro
Legendary
*
Offline Offline

Activity: 1372



View Profile WWW
June 26, 2012, 04:44:07 AM
 #20

For bitcoin miners like myself we purchased video cards with 6 month+ payoff time frames so we have to sell constantly when the price is good just to get to a break even point before we start to make real profit.

Miners won't earn profits selling constantly at a price higher than cost. They have to hoard and speculate just like everyone else.
I don't pay for power.  So 100% of my sold coins go to paying off the last GPU I bought.
Yeah that's an option when you're 12 or a thief.

Tweet For Coins http://uptweet.com
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!