Future Bitcoin millionaires - will you cash out when you hit $1M? - page 2.

Luckybit

hero member

Activity: 714

Merit: 510

Quote from: Remember remember the 5th of November on April 08, 2013, 11:55:53 AM

The millionaires will hoard coins till their last breath.

Why cash out? So we can be paying taxes? College loan debt? And have higher rent?

The smartest thing to do is never cash out. Just buy and become part of the Bitcoin economy permanently. Start working for or running businesses which accept Bitcoin.

ABitBack

hero member

Activity: 524

Merit: 502

Quote from: oaxaca on April 09, 2013, 12:07:55 PM

$1M should be enough to run away and hide (if that is what you want). I saw a nice property in Central America that would cost 1/10 of that.

The real question would be cash out into what, not when. Anybody got a tax-free, no-questions-asked exit strategy?

Couldn't you create a hip website, then make a competition to win $$$, then make yourself win. Winnings aren't taxable. Correct me if I'm wrong. Surly this can't work?

Mike Christ

legendary

Activity: 1078

Merit: 1003

My 1 million dollars of tomorrow is only buying $990,000 today. No thanks! I'll stick with the coin.

virtualmaster

hero member

Activity: 504

Merit: 500

I like that the majority trust in bitcoin more than in fiat.
That's correct. If you cash out you just need to pay a lot of taxes and answer a lot of unpleasant questions.
Better if you keep it and cash out only what you need.

Bitcoinm

member

Activity: 87

Merit: 10

If it hit $1m I would probably only turn anything into USD if I needed USD for some odd reason.

SgtSpike

legendary

Activity: 1400

Merit: 1005

Quote from: jaime on April 09, 2013, 01:25:27 PM

Cash out to what? Maybe gold if you want to diversify, but if bitcoin hits the 1M mark it's because fiat currencies are becoming totally worthless.

Sure, gold, becoming debt-free, buying a nice house, purchasing up rental properties, whatever. I know I certainly won't be keeping my money in USD, but buying $1M worth of rental property with cash is a rather attractive proposition.

jaime

sr. member

Activity: 339

Merit: 250

División de Poderes s.XXI es Descentralización

Cash out to what? Maybe gold if you want to diversify, but if bitcoin hits the 1M mark it's because fiat currencies are becoming totally worthless.

Explodicle

hero member

Activity: 950

Merit: 1001

Quote from: Klestin on April 08, 2013, 12:41:28 PM

When I have enough to pay off my house with 50% of my holdings, I will cash out that 50%.

Quote from: HappyBitCoinUser on April 09, 2013, 05:07:09 AM

Cash out at $1M is good idea, but into US Dollar is bad idea.

These. I'm not 100% certain that Bitcoin will last as long as I will, and would love to get my family out of debt before a possible bitcoin crash. But I don't want to sell them all, in the off chance Bitcoin DOES revolutionize the world economy.

But I'm just as doubtful of the USD, so I'd probably diversify into stocks and commodities.

Nemesis

sr. member

Activity: 462

Merit: 250

Quote from: DeathAndTaxes on April 08, 2013, 11:57:18 AM

There really is no reason to "cash out". If you want to pay for something (goods, services, paying off debt) and you can't using BTC then selling enough BTC to pay for it indirectly is an option.

I have had my eye on a boat for a while. I doubt many boat dealers will be taking Bitcoins anytime soon. If the exchange rate went up enough I would gladly sell some of my coins to buy the boat I wanted. To cash out just to hold cash? I wouldn't do that at $1M, $100M $1B, $1T. Why? To hold paper which becomes worth less and less every year.

I would prefer to buy assets directly (BTC -> asset) but if I can't indirectly works too (BTC -> USD -> asset).

Are you still mining?

Congrazt D&T, you deserved this wealth.

fivemileshigh

full member

Activity: 136

Merit: 100

A million dollars isn't what it used to be.

oaxaca

hero member

Activity: 671

Merit: 500

$1M should be enough to run away and hide (if that is what you want). I saw a nice property in Central America that would cost 1/10 of that.

The real question would be cash out into what, not when. Anybody got a tax-free, no-questions-asked exit strategy?

arklan

legendary

Activity: 1778

Merit: 1008

i'd not necessarily cash out in the sense of selling btc for fiat, but i sure as hell would spend some, even if that required conversion to fiat. i mean, house, car, more mining hardware...

HappyBitCoinUser

full member

Activity: 182

Merit: 100

Cash out at $1M is good idea, but into US Dollar is bad idea.

jerkoff

newbie

Activity: 42

Merit: 0

Quote from: Operatr on April 09, 2013, 12:39:49 AM

Cash out to what? $1,000,000 of soon to be worthless currency when China blows up and takes the rest of the world's economy with it? Do some research, this is actually happening right now as I type this. China's artificial boom will bust this year in all likelihood, which will then trigger a chain reaction meltdown moving to a commodities slump, housing slump, and the US itself will be bankrupt when US Medical care and student loan debt pop, and the US housing crash 2.0 to follow, rampant joblessness as the downsizing occurs....the USD and Euro may not exist anymore, and Bitcoin is the system that will vacuum up the pieces left. More and more people disgusted with shady banks and the shadow government (when groups of the most powerful people on Earth meet up once a year for a discussion, what do you think they talk about? More control and power for themselves).

If the whole world ends, countries go bankrupt and everyone sits in a shack on a hill with an ak47 and a year supply of food, who's going to run the internet that your bitcoins are based on ?

jubalix

legendary

Activity: 2660

Merit: 1023

Quote from: crazy_rabbit on April 08, 2013, 02:13:10 PM

Considering how few coins I have, if I'm worth a $1 Million then Bitcoin is a success and I'm leaving it in bitcoin.

few coins? I am sure you are in the Vladamir Club at least

SgtSpike

legendary

Activity: 1400

Merit: 1005

Quote from: pennywise on April 09, 2013, 02:05:41 AM

Quote

will you cash out when you hit $1M?

A flawed question. If BTC ever hits $1M, then I won't have to cash out. Perhaps I'll then just cash out of the rest of the fiat.

Quote

Cash out to what? $1,000,000 of soon to be worthless currency when China blows up and takes the rest of the world's economy with it? Do some research, this is actually happening right now as I type this. China's artificial boom will bust this year in all likelihood, which will then trigger a chain reaction meltdown moving to a commodities slump, housing slump, and the US itself will be bankrupt when US Medical care and student loan debt pop, and the US housing crash 2.0 to follow, rampant joblessness as the downsizing occurs....the USD and Euro may not exist anymore, and Bitcoin is the system that will vacuum up the pieces left. More and more people disgusted with shady banks and the shadow government (when groups of the most powerful people on Earth meet up once a year for a discussion, what do you think they talk about? More control and power for themselves).

I very much agree with this.

It's not if BTC hits $1M. It's when your holdings hit $1M.

pennywise

member

Activity: 73

Merit: 10

Quote

will you cash out when you hit $1M?

A flawed question. If BTC ever hits $1M, then I won't have to cash out. Perhaps I'll then just cash out of the rest of the fiat.

Quote

Cash out to what? $1,000,000 of soon to be worthless currency when China blows up and takes the rest of the world's economy with it? Do some research, this is actually happening right now as I type this. China's artificial boom will bust this year in all likelihood, which will then trigger a chain reaction meltdown moving to a commodities slump, housing slump, and the US itself will be bankrupt when US Medical care and student loan debt pop, and the US housing crash 2.0 to follow, rampant joblessness as the downsizing occurs....the USD and Euro may not exist anymore, and Bitcoin is the system that will vacuum up the pieces left. More and more people disgusted with shady banks and the shadow government (when groups of the most powerful people on Earth meet up once a year for a discussion, what do you think they talk about? More control and power for themselves).

I very much agree with this.

jubalix

legendary

Activity: 2660

Merit: 1023

Quote from: warpio on April 08, 2013, 12:07:28 PM

I intend to keep 50% in BTC, 30% in fiat, and 20% in altcoins regardless of what happens. The future is too uncertain to go "all in" to a single currency.

wise words I think

Wekkel

legendary

Activity: 3122

Merit: 1538

yes

Getting rid of debt is a noble cause.

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

You may as well ask if people who use dollars plan on cashing out to Yens or Rubles once they reach 1M.

Topic: Future Bitcoin millionaires - will you cash out when you hit $1M? - page 2. (Read 13783 times)