Topic: Future Bitcoin millionaires - will you cash out when you hit $1M? - page 4. (Read 13791 times)
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%.
April 08, 2013, 12:16:20 PM
I already cashed out. I cashed out of dollars into Bitcoin.
April 08, 2013, 12:10:35 PM
That actually isn't such a bad idea, in fact it's great. BTC<->Gold but not in the form of physical ownership, not till you decide to "withdraw" at least.
It is an idea we (Tangible Cryptography not MtGox) have been discussing at owners meetings. Of course taking physical delivery would be an option also.
Something like this https://www.bullionvault.com/ but obviously on a smaller scale, with the gold reserve held by a trust in a private vault with periodic audits.
Actually it would be beyond awesome if bullionvault simply added BTC as a market. The commodity side is the hard part and they already have all that in place.
legendary
Activity: 1862
Merit: 1014
Reverse engineer from time to time
April 08, 2013, 12:08:09 PM
I didn't say worthless just worth ... LESS. Even the Zimbabwae dollar isn't worthless just not worth much. Worst case scenario US coins have a decent amount of commodity value. If all fiat currrencies because absolutely worthless (not just devalued) at the same time. I am sure MtGox would put up a BTC/GLD market.
That actually isn't such a bad idea, in fact it's great. BTC<->Gold but not in the form of physical ownership, not till you decide to "withdraw" at least. April 08, 2013, 12:07:50 PM
If it hit $1M then it means bitcoin is the currency of the world, and that there would be nothing to cash it out, everything would be traded in bitcoin 
I don't think he means an exchange rate of $1,000,000 USD per BTC but rather if someone personal holdings were worth $1M. Like if you had $1M worth of gold would you sell the gold?
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.
April 08, 2013, 12:06:45 PM
If it hit $1M then it means bitcoin is the currency of the world, and that there would be nothing to cash it out, everything would be traded in bitcoin
April 08, 2013, 12:03:24 PM
I didn't say worthless just worth ... LESS. Worst case scenario US coins have a decent amount of commodity value. If all fiat currencies simultaneously because absolutely worthless (not just devalued), I am sure MtGox would put up a BTC/GLD market (or maybe a BTC/H20 one).
legendary
Activity: 1862
Merit: 1014
Reverse engineer from time to time
April 08, 2013, 12:01:07 PM
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).
When your fiat becomes worthless paper it doomes the BTC economy because BTC<->USD is the main currency traded between bitcoiners. Bitcoin will be as worthless then. 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).
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).
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).
legendary
Activity: 1862
Merit: 1014
Reverse engineer from time to time
April 08, 2013, 11:55:53 AM
The millionaires will hoard coins till their last breath.
April 08, 2013, 11:53:11 AM
Just assume that whatever amount of Bitcoins you have, no matter how small, are worth $1M one day. What will you do?
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