Do not sell bitcoins for fiat unless you really need to - page 3.

kingofsnake

newbie

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Quote from: wormbog on November 13, 2013, 05:25:54 PM

I regret every purchase I have ever made with bitcoin. Some highlights:

used ipod: 30 XBT, now around $12,000
27" computer monitor: 18 XBT, now $7,200
cheap no-name digital camera: 6 XBT, now $2,400
50% share of a BFL Little Single, still on backorder: 5 XBT, now $2,000
5 BTC to a Pirate Pass-Through: $2,000, and the whole thing went bust 4 days later

On the other hand, when I quit mining I sold 3 5880's for $80/each, used that to buy 18 BTC, now worth $7,200

With a deflating currency you always have to consider your buying decisions carefully. But hey, prudent people have been doing that long before bitcoin arrived.

When you think about, it doesn't really matter. So if you didn't use BTC, you would use fiat to pay for these purchases, if they were really necessary. And that fiat could've been converted to bitcoin! Every non-bitcoin money you have on your accounts is a future loss Tongue

Buying with bitcoin supports its adoption, so it's all good. I would even say that if you need to buy something and you have an option to pay with BTC, convert your fiat money to BTC and pay with it!

pand70

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Quote from: piramida on November 13, 2013, 04:59:31 PM

Just thought of this - at this moment, I regret every exchange of bitcoins for fiat that I ever performed, "locking profit", "dollar cost averaging", etc - had all the good reasons back then at $29, $99, $230. You will, too, eventually, if you sell now. So don't. You have been warned.

So if you don't sell bitcoins for fiat and you don't buy goods or services with bitcoins, what kind of value does bitcoins have for you?

cdog

hero member

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Yeah I actually have more LTC in $USD than BTC, mostly because I bought a ton when it was pennies. People think BTC's rise has been meteoric in 2013, they should look at what LTC sold for back in Jan/Feb Grin

I think there is space for more than one coin, but until Netcoin launches I wont get involved in anything else.

stikonas

newbie

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Nevertheless, the amount of bitcoins sold will always be equal to the amount of bitcoins bought. So if everybody stops selling...

An amorous cow-herder

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Quote from: piramida on November 13, 2013, 05:29:22 PM

Quote from: An amorous cow-herder on November 13, 2013, 05:21:49 PM

Dunno, i stick to a simple rule.
Sell half the BTC i mine and keep the rest. If it crashes i wont look like a complete fool and if it really continues skyrocketing that wont be bad either.

Your son would ask you one day "Dad, how come our yacht is only 80 meters long and not 160?" And you will say "Son, I had a simple rule back in 2013..."

Kidding, this might be good if you need the fiat to pay operating and living expenses. If you don't and just store value in it, you are doing it wrong I think.

You know, i may be simple, but i wouldnt care if a yacht has 80m or 160m. Or if someone else bought a larger island or whatever. The only thing i can realiably buy so far in bitcoin here (Germany) is pizza, or whatever from a food delivery service. So yeah, i wouldnt starve with bitcoins only (well, actually i would also need electricity and internet access as well to order that), but i´m not so convinced this is going to take of that big. Sure, it might, bitcoins are even considered legal private money here in Germany. But well, once i can order computer equipment from a normal webshop and pay normal bills with bitcoin i would probably break the rule about selling half the btc i mine for something as ordinary as fiat currency.

MoreFun

legendary

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WePower.red

Quote from: wormbog on November 13, 2013, 05:25:54 PM

I regret every purchase I have ever made with bitcoin. Some highlights:

used ipod: 30 XBT, now around $12,000
27" computer monitor: 18 XBT, now $7,200
cheap no-name digital camera: 6 XBT, now $2,400
50% share of a BFL Little Single, still on backorder: 5 XBT, now $2,000
5 BTC to a Pirate Pass-Through: $2,000, and the whole thing went bust 4 days later

On the other hand, when I quit mining I sold 3 5880's for $80/each, used that to buy 18 BTC, now worth $7,200

With a deflating currency you always have to consider your buying decisions carefully. But hey, prudent people have been doing that long before bitcoin arrived.

Great example to confirm my post from few days ago that spending is same as selling. Thx.

Sage

hero member

Activity: 632

Merit: 500

Moving between Bitcoin and Litecoin is a pretty good play, rather then selling for fiat.

Fiat is always going to be worth less next year. Both Bitcoin and Litecoin are on long-term upward trends. But of course they'll go through bubble cycles during that upward trend. But, usually when Bitcoin is in a bubble cycle, litecoin gets comparatively cheaper. All the stupid money moves out of litecoin to chase the Bitcoin train.... which makes a perfect play for someone who's watching the charts to sell some overpriced bitcoin and pickup some underpriced litecoin.

piramida

legendary

Activity: 1176

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Borsche

Quote from: An amorous cow-herder on November 13, 2013, 05:21:49 PM

Dunno, i stick to a simple rule.
Sell half the BTC i mine and keep the rest. If it crashes i wont look like a complete fool and if it really continues skyrocketing that wont be bad either.

Your son would ask you one day "Dad, how come our yacht is only 80 meters long and not 160?" And you will say "Son, I had a simple rule back in 2013..."

Kidding, this might be good if you need the fiat to pay operating and living expenses. If you don't and just store value in it, you are doing it wrong I think.

rebuilder

legendary

Activity: 1615

Merit: 1000

I bought a used olpc for ~200 btc back in the day. Don't regret it at all. It was the price back then.

wormbog

hero member

Activity: 561

Merit: 500

I regret every purchase I have ever made with bitcoin. Some highlights:

used ipod: 30 XBT, now around $12,000
27" computer monitor: 18 XBT, now $7,200
cheap no-name digital camera: 6 XBT, now $2,400
50% share of a BFL Little Single, still on backorder: 5 XBT, now $2,000
5 BTC to a Pirate Pass-Through: $2,000, and the whole thing went bust 4 days later

On the other hand, when I quit mining I sold 3 5880's for $80/each, used that to buy 18 BTC, now worth $7,200

With a deflating currency you always have to consider your buying decisions carefully. But hey, prudent people have been doing that long before bitcoin arrived.

An amorous cow-herder

sr. member

Activity: 322

Merit: 250

Dunno, i stick to a simple rule.
Sell half the BTC i mine and keep the rest. If it crashes i wont look like a complete fool and if it really continues skyrocketing that wont be bad either.

Rygon

hero member

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Merit: 500

It's a sure sign of the top when the sellers are going on strike. Grin

Of course, the big fishes aren't going to announce their real strategies on an internet forum, lol.

piramida

legendary

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Merit: 1010

Borsche

Quote from: calian on November 13, 2013, 05:12:06 PM

And if you do sell, don't ever, Ever, EVER sell everything. Again, you've been warned.

Yeah there were some people who sold all at $15 back in Feb *this year* just because they wanted to triple their coins once it hits $5 again. I wonder how they do feel now, must seriously suck.

Everyone should move some large portion of the coins into a cold storage that is not readily accessible, to save from panic, greed, stupidity. We do inflict most of the damage to ourselves

Quote from: TERA on November 13, 2013, 05:19:05 PM

When I read something like this my first thought is that a crash is right around the corner.

Right, crash to whatever they were one week ago. Revisit this thread in a year.

TERA

hero member

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When I read something like this my first thought is that a crash is right around the corner.

BroodAap

newbie

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There is always a risk in not selling as well. But the one thing I'm sure of is that I surely do not regret buying BTC. Grin

calian

sr. member

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And if you do sell, don't ever, Ever, EVER sell everything. Again, you've been warned.

antimattercrusader

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Thanks.

piramida

legendary

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Borsche

Just thought of this - at this moment, I regret every exchange of bitcoins for fiat that I ever performed, "locking profit", "dollar cost averaging", etc - had all the good reasons back then at $29, $99, $230. You will, too, eventually, if you sell now. So don't. You have been warned.

Topic: Do not sell bitcoins for fiat unless you really need to - page 3. (Read 3996 times)