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dancupid (OP)
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June 25, 2012, 06:01:42 PM |
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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.
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"Governments are good at cutting off the heads of a centrally
controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem
to be holding their own." -- Satoshi
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bitdragon
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June 25, 2012, 06:12:01 PM |
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I have bills to pay and lemons to buy sometimes.
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Sitarow
Legendary
 Offline
Activity: 1792
Merit: 1047
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June 25, 2012, 06:17:11 PM |
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I have bills to pay and lemons to buy sometimes.
Basic life needs for most. |
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MoonShadow
Legendary
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Activity: 1708
Merit: 1007
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June 25, 2012, 06:19:04 PM |
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I've never cashed out. Never intend to.
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"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'
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Sitarow
Legendary
Offline
Activity: 1792
Merit: 1047
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June 25, 2012, 06:23:06 PM |
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I cant wait for the day when you can pay BTC for
Basic life needs.
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TheButterZone
Legendary
Offline
Activity: 3052
Merit: 1031
RIP Mommy
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June 25, 2012, 06:38:37 PM |
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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.
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Saying that you don't trust someone because of their behavior is completely valid.
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cbeast
Donator
Legendary
Offline
Activity: 1736
Merit: 1006
Let's talk governance, lipstick, and pigs.
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June 25, 2012, 07:07:12 PM |
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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.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Piper67
Legendary
Offline
Activity: 1106
Merit: 1001
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June 25, 2012, 07:56:37 PM |
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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.
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Sitarow
Legendary
Offline
Activity: 1792
Merit: 1047
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June 25, 2012, 08:01:30 PM |
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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/ |
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FlipPro
Legendary
Offline
Activity: 1764
Merit: 1015
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June 25, 2012, 08:10:23 PM |
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I've never cashed out. Never intend to.
+1 same here. |
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N12
Donator
Legendary
Offline
Activity: 1610
Merit: 1010
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June 25, 2012, 08:11:06 PM |
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Expenses
Debt
Diversification/Profit taking
Spending
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Stephen Gornick
Legendary
Offline
Activity: 2506
Merit: 1010
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June 25, 2012, 10:14:07 PM |
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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. |
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phorensic
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June 25, 2012, 10:17:06 PM |
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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.
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bitcoinBull
Legendary
Offline
Activity: 826
Merit: 1001
rippleFanatic
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June 25, 2012, 10:40:32 PM |
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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
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CA Coins
Donator
Sr. Member
Offline
Activity: 305
Merit: 250
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June 25, 2012, 11:09:20 PM |
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Keep the banks off my back. Last I check, they still don't take bitcoins for the fiat I owe them.
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phorensic
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June 26, 2012, 12:16:48 AM |
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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. |
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notme
Legendary
Offline
Activity: 1904
Merit: 1002
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June 26, 2012, 01:43:04 AM |
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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.
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FreeMoney
Legendary
Offline
Activity: 1246
Merit: 1014
Strength in numbers
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June 26, 2012, 04:11:42 AM |
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I sell because I spent all my dollars on coins and now earn only coins.
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Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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FlipPro
Legendary
Offline
Activity: 1764
Merit: 1015
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June 26, 2012, 04:44:07 AM |
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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. |
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TehZomB
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June 26, 2012, 05:51:06 AM |
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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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