Topic: If you want to be rich, don't sell bitcoins, do this instead…. (Read 701 times)

It's your own opinion, but it does not seem right to me

I think if you mine with your without going to the cloud mining its less risk and i think you can increase more your bitcoins if you mine with your own buy your own hardware to mine bitcoin or build your own rig to mine altcoin that you can sell in bitcoin so you can gain more profit than just you are investing your money in bitcoin for a long time you are losing opportunity for every price increase so i think if the price is really high better to sell few bitcoins or there is a bad news about bitcoin expect that we will see huge price fall  so if you didn't sell your bitcoin you lose opportunity to buy low price of bitcoin..
So if there is a  chance if the price is high sell it and  wait for the price low to buy again to gain  more profit..

The world renowned motivational writer, once said "if you can not save money for capital gains it means the seed of greatness is not in you"  after reading " millionaire next door " I find out that the rich don't use their investment capital for any thing except there is an opportunity for diversification. The poor sell there bitcoin to buy cars,  travelling for entertainment and buying most of unneeded items, but the rich use the appreciationn on their assets to buy what ever they wanted.

i don't understand you say "don't take the profit out" and "invest it back in" but you say to "lend bitcoin" as investment. that doesn't sound like a good idea to me. and it is not a bad idea to take some money out in my opinion.

for example you invest $10,000 and make $1000 profit. it is not such a bad idea to take $100-200 out and enjoy it and invest back the $900-800.
and as for investment, i say it is best to continue doing what you did to make that $1000 profit. lending is not such a good idea even with valid collateral, it is a lot of work and the risk is still pretty high.
to be honest i prefer trading, or if you are a business owner it is best to invest it back into your own business and expand it more.

Lending without security is risky, especially if you look at it in the nature of an asset that is irrecoverable. Capital gains only apply after a certain slab of income, and further, as already pointed out, you would need the money irl. So, an easier way would be to continue holding your btc and trading on it on the platforms that you have mentioned, while liquidating some now and them for maximum benefit. This will also minimize your risk towards the exchanges themselves, which may cease to exist or be seized by the State.

Well said bro. Bitcoin is on itself is both a currency and an investment. OP focuses too much on Bitcoin being an investment which really lessen his point of view.

I agree with the idea of not selling your bitcoin for capital gains but I do not agree that lending is the ideal way to make your bitcoin grow. There are lots of investment opportunities out there that can make your bitcoin grow though they also have some risks associated with it. But without taking risks, there will be no profit. Me personally, I prefer trading them to alts, back and forth or investing them on some chosen ICOs.

Lending, not a good deal, I'd prefer investment in form of other stuff than this one. I actually prefer to invest into a stock and kickstarter aswell as ICO project.
But more preferably, owning few percent of shares from a growing company might be a really good thing than lending.

That's true. The same goes for anyone who is trying to put out loans on the forum as well. People can easily take the money and just leave if they don't leave collateral (which often times, they don't even have). The lending business is pretty risky overall in my opinion and it's not the best way to make money off of bitcoin. There are better options out there like altcoin trading and such.

all you said is true but you said all of that to come to this sentence which is not such a good suggestion.
when using these centralized places, you are practically taking a huge risk because at any moment they can stop existing. bitfinex (or any other service for that matter) can go up in smokes in a blinking of an eye. it has already happened multiple times with many different exchanges that claimed to be hacked or simply ran away (bitfinex included) and you lose your "capital"!

But that only works if you are already rich, how many people can live out of 1% to 3% of their current holdings, very few I guess, so your strategy is not bad but it is for someone that is already rich or on his way to become rich, for the rest of us the best option is to sell our bitcoin when it reaches very high prices and then buy other assets with it to make our lives easier and more comfortable.

mining is not a solution for now and most of them are scammer,
even a reputable company like Genesis mining hardly survive in this area and most of them running their service using a pyramid system.
loaning it is a good idea but it's very risky because you may lose it all,
other than that some people someday will need an urgent money and because of that they need to sell it,but what will happen if you loaned them ?
everything has its own advantage and disadvantage,
but for me the best way and the wisest way to do it is by converting it to an altcoin or trading it.
holding it without using it is not a good idea,because we may lose an opportunity in front of our eyes.

Partial investment with the bitcoin will give better opportunity to increase the amount of bitcoin have and you will be able to use it for your personal usages as well. Here this guy case is looking to hold the bitcoin for long term to make the money without doing any works.

If you want to do lending service that will not much effective to make money and some may scam us too. I suggest to invest your bitcoins in the mining or trading these option will give income far enough then the lending options.

I think there are definitely some caveats to this. When you really need the money for real life, are you just going to keep your bitcoin and not sell at all even if you're at your last straw? I personally think that your looking at Bitcoin too much as an investment and not enough as a currency. Bitcoin is both of them; it's a fairly new idea and that's why it's been taking off.

The mega rich didn’t get rich by selling assets, they got rich by accruing them. Sure you can trade from one asset to another (diversify), and getting large capital gains is part of the game, but, the rich don’t get rich by selling the things that make them rich. When the rich spend money on lifestyle (cars, mansions, etc) the money they use is from yield, not capital gains, capital gains is almost always reinvested or simply never realised.

My strategy is this - never sell any bitcoins for 2 reasons:

   1) I will miss out on any further potential capital gains
   2) I will have to pay a lot of tax on those capital gains

Instead I will realise my wealth, via yield on my bitcoins. How do you get yield on a bitcoin you might be wondering? Simple, loaning them out, which, can already be done on bitfinex and other platforms. This sounds risky, and I think it is at the moment, so, I won't be doing that. However, when bitcoin goes mainstream the entire financial system will be using it one way or another and I reckon lending your bitcoin out at that point will be just as safe as having your fiat in a savings account (which isn’t 100% safe but pretty decent still).

Capital gains tax is the big killer, and I think that alone justifies waiting for proper regulated and insured lending markets. What does everyone else think? sell down your assets to spend, or, wait for proper lending markets and generate a never ending income stream? Hell, Do you even think there will ever be regulated safe lending markets?