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Author Topic: Why do people sell bitcoins and move the money back to their bank?  (Read 3334 times)
TehZomB
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June 26, 2012, 05:51:06 AM
 #21

Yeah that's an option when you're 12 or a thief.

Not true. I own two houses that I rent out, in both lease agreements I cover the power bill.

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June 26, 2012, 05:59:28 AM
 #22

>Why do people sell bitcoins and move the money back to their bank?
Because as of right now, USD is more useful (to me) then BTC. Just a plain cold hard fact. The Bitcoin is better, but until the rest of the world catches on, the USD is the main currency in the US. Everything around here only accepts USD as payment. I am saving some BTC; but as a miner, I am selling my BTC right now. Livin' off ramen right now. Money is tight. Gotta stay alive. And the Bitcoin won't feed me.

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June 26, 2012, 07:56:22 AM
 #23

Personally, I went all-in at $5.40 (which is not as bad of an idea as it sounds, since I don't use leverage and I diversify between the exchanges (for USD) and local and offline wallets as well), so now that I personally feel that we've reached a good top, I'm finally pulling back my USD and a good portion of my BTC (but nowhere close to all - I'm actually back to where I started before the big rally) to my bank account to pay the debts that I've accrued over the past month, as well as to finance my trip to Europe.

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June 26, 2012, 08:52:04 AM
 #24

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.

I've seen plenty of apartments with electricity built into the price. Huh
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June 26, 2012, 06:29:27 PM
 #25

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.

I've seen plenty of apartments with electricity built into the price. Huh

That's old school. I can see water (& water heating), shared trash dumpster, but single meter electricity for the building at probably the max supply? Eek!

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June 26, 2012, 07:21:09 PM
 #26

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.

I've seen plenty of apartments with electricity built into the price. Huh

That's old school. I can see water (& water heating), shared trash dumpster, but single meter electricity for the building at probably the max supply? Eek!

We were looking at apartments a couple of weeks ago for my brother and two of them had electricity and water built in to the price. Out here in the suburbs of Kansas City. They were ~$600 1 room apartments
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June 26, 2012, 07:29:46 PM
 #27

Duplex, triplex, or many-unit buildings?

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July 06, 2012, 08:38:19 PM
 #28

I put my rigs in a datacenter co location. Power is included.. So is good ac and battery backup and Internet. BRing your own server is cheap. I can get boxes hard reset with a ip kvm and power managment. My biggest worry is a card going bad. Then I have to go in. I'm paying for the boxes anyways for web development so the coins are "free money".
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July 06, 2012, 08:47:31 PM
 #29

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

Um I never did get an MBA but I am pretty sure that is how anyone profits in any enterprise.
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July 14, 2012, 06:49:40 PM
 #30

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

Wow, so you took the full plunge!

I haven't yet, but I'm thinking about it.
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July 14, 2012, 07:05:13 PM
 #31

I have bills to pay and lemons to buy sometimes.


if you're that broke you shouldn't have bought bitcoins in the first place, but that poor judgement could also explain why you're broke in the first place
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July 14, 2012, 07:11:46 PM
 #32

I start to feel guilty about how much money I make and all the starving children in Africa. It is a shame how we justify our lifestyles when so many are suffering. So to feel better, I cash out some Bitcoin to spend on strippers and massage parlors.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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July 14, 2012, 08:53:30 PM
 #33

People sell them because other people sold them, like verse visa.
They stay away if they realized it isn't for them.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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July 15, 2012, 03:44:53 PM
 #34

People sell and move the cash back to a bank as they may believe the current price is as good as it gets for a while.  I sold a reasonable number of bitcoins last year between $15 and $25 each when the forums were jumping with speculation of $100 by the end of 2011.

Why move the money?  One word: Bitcoinica.  A business that manages to get hacked after a previous hack closed down the business and web site is quite possibly a world first.  I don't intend to leave my money sitting around anywhere, including MtGox.  My bank is backed by thousands of employees.  If someone screws up my account will be made whole, by the bank or government.  If someone screws up in a bitcoin institution it seems not even the police are troubled by a phone call.

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