Topic: Do you plan to get out of bitcoin? (Read 5748 times)

I will keep and use my BTC.

I'm an altcoiner. My mob -- won't be so uncool as to name them -- is community-rich in guys (a lot of boomers with interests in bullion) who see GFC Two bearing down on us like a tsunami bears down on sunbathers on towels on the sand.

If even a fraction of global wealth 'sloshes' into cryptos, we'll all be flyin' around in cashmere helicopters.

Mark Blair (IndiaMiikeZulu), Australia

Er no.

Care to give us a link?

Most of us love btc, but it's clear now that btc worth is a sum of all purchases being made with btc, and it is very tiny amount of money for now

I just watched another one of Andreas Antonopoulos his talks, so I voted no, obviously. 

(note the date on that last quote)

That's when you're too late

If the price starts skyrocketing and keeps on skyrocketing for long enough even you might be tempted to buy.

I am out since month. who would hold or buy btc these still inflated prices?

Everyone knows that another year like 2013 will come along eventually.  A year when demand absolutely skyrockets again.  It's bound to happen.  It's not a matter of if, it's just a matter of when.  And it won't just be once more, it's bound to happen again and again over the next decade.  

Who in their right mind would want to be "out of bitcoin" when that happens?  I sure wouldn't.  Scaling out on the graphs, the exponential growth of bitcoin will be obvious in hindsight.

Fiat money should be thing that people are afraid of.  Also the stock market. But not bitcoin.

Fuck no

already out, for the time being that is.  I'm still not convinced we aren't going down to $100's in the next few months

I already paying my time for bitcoin.
the answer is NO

No because i don't much of it, but if I had a LOT, it would take way too many balls to simply sit back and relax and see what happens.

I suspect plenty of early adopters sold at the wrong time and failed to buy back in at the right time. I head Jed McCaleb sold a load of bitcoins to Mark Karpeles for a dollar each when he sold Mt. Gox to him, although he still holds a 12 percent stake of shares in the company.

The early adopters went through the exact same thought process you and I did when we first discovered bitcoin. Just earlier

Nothing has changed with bitcoin since then except that it's now far more likely to succeed, which is reflected in its exchange price.

If it continues to be used as a investment medium, if user adoption continues in fits and starts then the price has to rise further. I wouldn't bet the farm on it but it is worth a sizeable punt

no
but i m planning to increase my holding for next few months

The early adopters are smart. The early adopters are not on, here, though unless they are just bored. Yes, getting in on the first major digital currency in its infancy, even if that digital currency carries on, is replaced, or is stifled by regulation and outside forces, was very smart. I don't think that is relevant to the present day, though. In the present day, there are two major questions: (1) How much of the price run-up was bubble froth and how much of it was "true" (for lack of a better word); and (2) Will there be another (or other) demand spike events/will the user base increase in a punctuated equilibrium fashion -- stagnate, stagnate, stagnate, boom, stagnate, stagnate, stagnate, boom... etc.

I've heard decent arguments in either direction... but then I've heard even more just crazy $10000000000 coin madness.

I'd probably sell a load if the price skyrocketed but I'd rather bitcoin have slow growth so I can spend them on things rather than sell them for fiat.

Yeah so the early adopters in 2009 who grasped the idea, mined the coins, bought coins in the early years which had no economic purpose whatsoever were idiots.

The people who bought bitcoins when they were 10$, such idiots!

I am guessing everyone who has accrued any wealth is an idiot!

no

I'll only trade bitcoin for goods and services, never for paper money.

I already out but I plan go "go in" again

The thing is Bitcoin is an adventure unlike any other. Money and social interactions are almost mutually exclusive and Bitcoin manages to bring people from these two worlds together.
This is reinforced by the fact that a lot of 'common people' have made decent money with Bitcoin, money they probably couldn't dream of having in the real world. I think this unusual bond is likely to last longer than skeptics claim.

Food for thought.

(SSS) - A Sane and Simple bitcoin Savings plan

I have no idea what I plan to do. I'd probably sell half of my stash if the coins reached a handsome price. I'd like to keep some just in case the price doubled or tripled again in the future. Only time will tell.

It really amazes me, when i look at a few hundred euro bills i don't feel anything special. Because i know that someone else can print as much of them as he wants.

No excitement when i get a few euros on my paypal acc. But on the other hand, explosions when i get a few bits in my wallet - lol.

I'm a long term holder and I see no reason to get out. If you're here to convert to fiat one day after making a large profit, I think you're missing the overall point of Bitcoin.

Why would I want to get out of bitcoin?
I just got into it after so much effort. 

How kind of you to share your personal outlook. 

Which one?



So many Bitcoin bubbles.

Already out. The bubble has burst

Exhibit A: The psychology of an idiot

I don't give a fuck about the price. The concept of bitcoin is just so damn cool. I don't care whether it's actually useful to anyone or not. I just love the name 'bitcoin'. I'll pay anything to own a bitcoin, I don't care!!! Who cares, it's only money!! Not like it's useful for anything else. If I have bitcoin, who needs money anyway! Bitcoin is better than money, even though nobody accepts it. It's just because they're uneducated and they don't understand its worth $10,000 even though the market price is $10. I don't care what other people think, they're wrong!! In 100 years I'll still own my bitcoin - that's all that matters! Even if it goes to $10, I'll still hold.

Show me a lady that doesn't want money.

When the ladies start wearing bitcoins formed into jewelry, then I'll buy into that argument, lol.

no

I don't give up on things that give me money, you know
Might not put more money on it though

The nice thing with local exchanges and localbitcoins, is that the coins are now hyper liquid. So I can drain down my bank account to a bare minimum, still I have fiat not far away if need should arise.

Yes, we can get semantic about it. The point is that he fails to consider where money's value actually comes from.



Well, you could argue that it's useful for storing data in a robust way, or things along those lines. Turns out that memory function is a superset of money, so...



Szabo and Wences Casares (among others) make the point that we only used gold as jewelry *because* it was monetarily valuable, so that mucks with the idea of jewelry being an "intrinsic" use for gold.
http://szabo.best.vwh.net/shell.html
http://www.youtube.com/watch?v=NERAN-89j8M



Yes, fully agree. Gold is a reasonable example. It'd be used in electronics more if it wasn't so damned expensive (with most of the expense coming from the investment demand). So society would be able to allocate resources more efficiently if there was an alternative to gold that had all of gold's properties but was nearly useless for industrial purposes.

No, I'm buying more. Professionals are accumulating silently. The signs are there in the charts if you know how to look for them and understand how smart money operates. These are the cheap coins, my friends. If you're lucky you'll see $300 one more time but don't count on it.

Well, you can define "intrinsic value" as the value an asset would have on the market, if it was only produced, traded and exchanged for the purpose of using it as a consumption good or as a capital good (capital as in production capital), and not as a store of value of any kind.

Bitcoin has no intrinsic value at all, and gold has only a very limited intrinsic value: to make jewelry (in as much as it is only used to be worn as jewelry, and not as an investment or store of value), and a few industrial uses.  Fiat has no intrinsic value either.

The total market value of an asset is the intrinsic value combined with its speculative value as a monetary asset.  For bitcoin and fiat, the total market value is entirely made up of the speculative value.  For gold, it is mainly made up of the speculative value.

But you could think that in primitive economies, cereals could be not only food, but also an intermediate exchange good (money).  As such, a certain quantity of cereals would then be held purely for monetary reasons, which would make their demand higher on the market than if it would only be demanded to make food.  The price increase due to the extra demand for monetary reasons, is the speculative monetary value ; the market price if the demand were only for making food, would be the intrinsic value.

It is a good thing that money has no intrinsic value ; because due to the monetary function, the market price is higher than the intrinsic value, which would damage the real use of the asset.  If cereals would have a very high monetary price, everybody would hoard them, and people would starve because cereals would become too expensive to make food of.

Exactly, that's the great thing about technology... Someone with use the good things from bitcoin & merge it with real money and better newer currencies!

probably not. I never buy bitcoin currency. so even if prices did not rise was not very influential. within the next 3 months I am sure there will be a new thing here. and it will be more interesting

+1
thats the spirit and same here

How much do you want to sell if the price will arrive to 2-3k dollar ?

I will at 2-3k. But not all of course.

Greed is stronger than rational mind

This post is pointless on this forum since most will continue to buy even when BTC is approaching 0.0001

The blockchain gives the answer to your question OP, and the answer is no:

Great technique , I think to do the same but at the moment I'm "convert" only the btc that I need do use ( nothing more).

I just change a % of my month income from $ to BTC.
Did not planned to get out soon, I consider BTC a nice asset.

"Do you plan to get out of bitcoin in the next 3 months with at least 70% of your holdings if you see no price increase?"

No, but I might have to in five months.

Intrinsic value is not as important as people think it is. Gold is often used as an example of a medium of exchange with intrinsic value, but most of it's value is a result of perceived value. Much of this perceived value is a result of the same quality that Bitcoin possesses: It is a good store of value.

Yeah. And in thinking that the term "intrinsic value" is meaningful, revealed himself as a weak-thinker.

Watch out. Willem Buiter just told us Bitcoin has no intrinsic value 

Actually, as of today I have more Bitcoin than ever before. I don't plan on selling any time soon either.

no why the fuck would i only wait three months. what a rediculous question.

2 !

I don't think so if the price goes up to something crazy sure i will sell some but i don't wana jump out the ship that soon.

I'm in the lucky position that I don't own enough Bitcoin to worry about the price...

So the answer is a clear no. All Bitcoin I acquire, are acquired with the intent to never exchange them back into fiat again. So I will never acquire more than I can afford to loose without regret.

My strategy: Relax & HODL.

ya.ya.yo!

Great pic, I think matrix exactly described the reality here, eventually everyone will wake up from their fiat money slavery dream

Getting out of fiat money scam over a 10 years period

Bingo.

I voted no , because   :

no

The only reason for me would be to get out of fiat debt. On the other hand: if Bitcoin makes it big, current fiat debt at then current values may not be a big burden at all.

Get out of Bitcoin into what?

Are merchants starting to accept gold online or something?

You are making this too easy:

It did well during about 5000 years.  Now it is only a store of value, based upon that historical record and the trust it engenders.

I even sold other peoples bitcoin 

Being honest, for me it depends how low or high the prices go. I bet plenty of people would dump if bitcoin went down to $100, conversely I bet plenty of people would buy if bitcoin had a slow steady rise to $5000. Nevertheless there will always be people who find it less nerve wracking to just hold and not worry about the price.

 

You couldn't be more wrong.

How's gold merchant adoption doing?

I don't see why, honestly.  Merchant adoption doesn't care much about the actual price (usually converted from the actual exchange rate).  I would think that the actual fundamental of bitcoin in merchant adoption is probably less than $100.- at the moment.  But that doesn't stop adoption as a means of payment.  

It could be that merchant adoption doesn't work out.  And then, *in any case* bitcoin is over in the long run.  Nobody's gonna hold coins with which you can't buy anything ever.  And most hodlers do so with speculative hopes of "the moon", not as a "stable" store of value without much hope of just getting out what they put in.  The real share of the gold market is also small for the moment.

Bitcoin will live (and rise to the moon), or fall into oblivion with merchant adoption.

I am a delusional crypto-anarchist.

I will never sell.

Below 100 allowing you to buy in cheap then to the moon right? Hilarious that fail to see value here (at the market price) yet in the same breath think it is revolutionary.

it will recover even if it crashes to $10 because I can see the potential the bitcoin protocol has. It seems that you can't see the true value of bitcoin.

You mean 275?

Thought about it a lot of times last month ended up making a paper wallet so nope i will suck up the price fluctuation for now. 

That's the theory. In practice it takes a long time (could be months) between most people losing hope and reaching THE bottom.

Permabull detected... if it goes down to $100 then we are probably fucked

He will buy when the dam finally breaks and the price stairsteps higher. He will then mindlessly cheerlead the bull run and wonder why he didn't buy up coins in the 27x and 3xx range.

You're an idiot if you think bitcoin would recover from a crash to below $100 all the way up to $10K.  If it would recover at all.

when people lose hope you know it's the time to buy. I'll happily buy bitcoins at below $100 from the bag holders. Then I'll sell the same bitcoins for the same bagholders when 1BTC is $10,000

I think it's very telling when, with the exception of 1 or 2, the majority of posters on this thread are in reality just troll day traders.

I already posted this link in the wall observer thread, but nobody cared about the gist of it.
70% of the November 2013 bagholders' coins (mostly in China) are still waiting, could be dumped when owners lose hope.
http://www.coindesk.com/analysis-around-70-bitcoins-dormant-least-six-months/

You trade your meagre savings away to nothing.

People holding bitcoin are what support its price by limiting the coins used to set the price. With just 1-2 million people using btc now what the general public do is irrelevent. It won't be the public who drive the next price jump, just a few million interested people globally. By the time Joe public gets onboard volatility will have smoothed considerably.

Try and keep up.

There is a similar poll running here, but with more options:
https://bitcointalksearch.org/topic/bear-market-to-continue-thru-october-2015-852011

If he only invested what he can afford to loose easily, he can hold on bitcoin till "the end". I guess some traders simply can not understand this attitude, as they have a different perspective on what is happening in the world (don't want to say shortsighted here). For many people bitcoin is not about a quick buck, but about an evolvement of society. 

What the fuck are you talking about..... you don't care if your purchasing power loses 70% of its value? I don't understand this mindset... what is the point if it's costing you money? This is not a good attitude to have and it's the kind of talk that will keep newcomers out because you sound like a delusional pro-bitcoin anarchist... to promote bitcoin it needs to help everyone, it needs to be useful and worth it to the common person... as it is designed as long as the price gradually goes up


And one day you realize you lost all your money because the price never stopped going down, great plan 

Price doesn't matter that much to me, I will not even sell my cold wallet coins if Bitcoin reaches $1000 tomorrow.

And if the price goes down I simply buy more

I don't expect a significant price increase in 3 months time.   Bitcoin is a long, long term investment.  I would get out of bitcoin if there wasn't a price increase in 20 years :-)

I don't give a crap about price. I will be using bitcoin for the rest of my life. If you are just interested in dollars then by all means go.

As if by magic.

Do you plan to get out of bitcoin in the next 3 months with at least 70% of your holdings if you see no price increase?