Topic: Do not sell bitcoins for fiat unless you really need to - page 2. (Read 3996 times)

kinda like this?


yeah, that's exactly how these things go.

I speculate that bitcoins will rise to 500 and stay their for a few months, before getting even higher. Maybe it will even suffer a crash, but it will recover anyway.

Well, guess i gonna save up that half for bitcoin friday and see what i can actually get instead of selling for fiat. Probably need to invite a couple of friends around for pizza as far as i can see ...
I mean, a pizza doesnt cost 10k btc anymore.

Yeah, I saw that after.  That's why I added that quote.  Should have just deleted that first part.   

Already wrote that earlier. I sell half the bitcoins i mine (not that thats much, but well, only started fairly late). Could get huge, could fail miserably, so i´m placing a conservative bet.

So you disagree with the OP?  No wait, this is your quote right?


There you go...

Well, i mean, why sell something that could be worth a lot more tomorrow? I mean, nobody would ever consider selling shares in a company, right? A bitcoin is basicly the same as a share in the usefullness of the bitcoin network, since it directly correlates with the maximum transaction amount the network can move around.
That said, given current usage i consider it highly overvalued, but given potential value highly underrated. The actual worth of a bitcoin is basicly irrelevant for a transaction that completes within a day (unless you assume that huge changes within a day are the norm).

We already had a whole thread in the main section of this forum and not one shred of definitive proof so, just because a "Bitcoin" company says it, doesn't make it true.  And this thread certainly doesn't help that argument either.  Just saying.  I personally agree though.  Why spend something today that could be worth a lot more tomorrow?  I regret every Bitcoin spent.  Maybe Bitcoin will defy logic and then again...maybe we'll just make as much money as we can before it implodes.  Only time will tell.  In the end, don't be mad at me, I didn't write the article.

Electricity is becoming more expensive in Germany because of transition to renewables. Online shopping becoming extinct.
Ok, i might have made up the last part.

You can start here:
http://blog.bitpay.com/2013/04/bitpay-eclipses-silk-road-in-bitcoin.html

There are other, probably better articles, but I really don't care to prove anything to you when you can do a little legwork yourself.

FTFY  

Seriously though, others have made that same statement but there seems no actual proof.

I disagree. I don't regret any purchase I've made with bitcoins or any exchange for fiat that was used to make a purchase.

Case in point. I sold about 1.1 bitcoins recently at $280 USD/BTC to buy a transmission jack and a few other handy things. I was low on fiat at the time and needed some dough quick. My clutch is fuxx0red and I don't want to pay someone $900 to fix it. And if I didn't fix it I wouldn't be able to drive to work, and make money with which to buy more bitcoins and watch my net worth increase exponentially. So I'm not sitting here banging my head against the desk thinking "No, that could be worth $445 now! Or $5000 in a month and a half! Nooooooo I've squandered away my retirement fund!" No, I'll just put a few hundred back in BTC in a couple weeks, sure there will be a comparable loss, but not compared to if I was rendered immobile and couldn't go to work.

So you see? No regrets at all.

I bought some gold and silver a while back. Sure, it's in a bear market. But if there was an unknown bug and the bitcoin procotol broke, I'd still have far more than my initial BTC investment. And if I kept cash I'd just end up spending it. Still no regrets. Of course, I'm not buying any more gold or silver right now, but I have just enough so that I wouldn't be jumping off a bridge if Bitcoin broke tomorrow.

Different strokes for different folks. I hope you stop regretting your bitcoin purchases and exchanges! I buy things with BTC when my need for something in the present moment is greater than the potential gain of holding out for the period of time it would take for me to re-invest that same amount in BTC. Simple as that.

They're waiting for it to "stabilize" before they start spending.   Seems obvious it's not going to stabilize as long as people keep hoarding it, but somehow this fact seems to escape many around here...

Merchant reports claim that spending goes up when price increases.

So many of you confirm this writers theory as to why Bitcoin will fail as a transaction currency.  The more expensive it becomes, the less you spend.  Interesting.   

http://www.businessinsider.com/if-you-believe-in-bitcoin-you-should-never-buy-anything-in-bitcoin-2013-11#ixzz2kM39YlIJ

Imho there are still far to many variables out there.
Lets take a weird constructed example.
Day 1: The Fed gives out a press release they bought 50 PH/s worth of miners and $your_favorite_asic_supplier confirms this. The fed can now do a 51% attack any time they want to. PANIC SELL.
Day 7: The Fed announces it will indefinately buy BTC at a value of $2000 (or any arbitrary value) each giving it a minimum value and announces it will be official currency for (whatever transactions need to be transparent, e.g. would obsolete something like the US-EU Swift Treaty). And bascily screws everyone that sold.

I mean, you can replace Fed with any institution with appropriate financial means, as well as the reason for the "purchase". Startups have already been bought for more than the current value of all BTC combined.
And well, even if the day 1 scenario ever happens there is no guarantee the day 7 scenario happens.
Well, long term sustainability of btc is a fair bet, but definately not guarenteed.

I didn't say I do not - "Unless you really need to". For me, until I would need to spend my reserves, bitcoin is a pure store of wealth, an amazing financial experiment to participate in, and a source of several years of entertainment thus far. It also serves very nicely for international transactions, but that is a rare occasion and I also would not call it smooth as educating the other party takes more time than going to a bank, for now.

Actually its even worse. If you dont use it, it will eventually become worthless. A block (25BTC) is generated every ten minutes. Daily average for transaction payments doesnt seem to be worth more than 50BTC, or 20 minutes of block generation in other words. Unless bitcoin gets used the network will collapse and no one will be mining (which isnt anything different from signing transactions). And what do you expect a bitcoin that cannot be moved will be worth? So well, i´m pretty sure that old principle that "money must flow" will apply to bitcoin as well. But well, its still like 20 years until all the bitcoins have been mined ...

Or, to put it more simply. If you have goods that can be bought via bitcoin, do so. You dont have to spend bitcoin. Just keep re-buying the bitcoins you spent on your pruchase with fiat. That way the network will grow in importance. And quite possibly, increase the price of bitcoin at the same time, since there are only so many bitcoins that can flow at any given time.

Miners have to recoup (half of) their costs.

But if you hadn't spent those coins thus spreading them out amongst more people, we wouldn't be where we are today.

Imagine if Satoshi had never told anyone about his creation. He'd have all the coins but they'd be worth sweet fuck all.