I'm All In - Sold My House! - page 67.

kwest

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Quote from: Hyena on March 09, 2014, 03:08:24 PM

OP just has balls

"Oh life is so unfair, stupid noobs like OP get money and don't know how to use it."

Cheesy

COME ON, I think it's cool that we get some serious bitcoin business going on. High testosterone levels make males take more risks, sometimes it gets them killed but that's how nature balances things out. The fact is that if you don't take risks you will never achieve anything.

There's unnecessary risk, and there's calculated risk. IMO risking everything you have on one thing is unnecessary, at least if we are talking an amount of money that OP won't earn back in 6-12 months or so just saving a little.

There's a difference between risking everything you have if it's 20 btc... and 648 btc. The latter would take a looong time to recoup from.. possibly never. Keeping 350-400 btc and locking in the rest would at least make me sleep a lot easier.. and wake up with a smile on my face.

theonewhowaskazu

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Quote from: Biodom on March 09, 2014, 02:58:14 PM

Quote from: MatTheCat on March 09, 2014, 02:16:48 PM

Quote from: Biodom on March 09, 2014, 02:09:38 PM

The guy is 18-22 and he inherited the house. Even if he loses much of the cash value, he basically has all life of work ahead of him. It would be different if he was 50.
I say, it is a bold speculation and he will be in the news.

There was a guy in January 2013 who posted that he got 30K credit card loan and bought BTC for $13 for the whole 30K (must have been 2-2.5K coins). A couple of months later when bitcoin went to $100-200 he posted that he sold enough to cover his loan as many were suggesting. I don't know how it ended. This was only possible in 2013 and I would have never done anything like this.

With that kind of money invested wisely, the guy could live his whole live without ever having a financial worry to speak off.

You cannot invest "just" 400K in the stock market and live the rest of the life without financial worry. Numbers just don't compute.
You need ~$5 mil to generate ~200K worry free cash/year (in 30 year treasuries).

And then inflation/default in next 30 years and you're screwed again.

Hyena

legendary

Activity: 2114

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OP just has balls

"Oh life is so unfair, stupid noobs like OP get money and don't know how to use it."

Cheesy

COME ON, I think it's cool that we get some serious bitcoin business going on. High testosterone levels make males take more risks, sometimes it gets them killed but that's how nature balances things out. The fact is that if you don't take risks you will never achieve anything.

Biodom

legendary

Activity: 3990

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Quote from: MatTheCat on March 09, 2014, 02:16:48 PM

Quote from: Biodom on March 09, 2014, 02:09:38 PM

The guy is 18-22 and he inherited the house. Even if he loses much of the cash value, he basically has all life of work ahead of him. It would be different if he was 50.
I say, it is a bold speculation and he will be in the news.

There was a guy in January 2013 who posted that he got 30K credit card loan and bought BTC for $13 for the whole 30K (must have been 2-2.5K coins). A couple of months later when bitcoin went to $100-200 he posted that he sold enough to cover his loan as many were suggesting. I don't know how it ended. This was only possible in 2013 and I would have never done anything like this.

With that kind of money invested wisely, the guy could live his whole live without ever having a financial worry to speak off.

You cannot invest "just" 400K in the stock market and live the rest of the life without financial worry. Numbers just don't compute.
You need ~$5 mil to generate ~200K worry free cash/year (in 30 year treasuries).

jeomses

newbie

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"A decision without wisdom and full of greed was taken!"

Ibian

legendary

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Quote from: MatTheCat on March 09, 2014, 01:59:53 PM

Quote from: jgray on March 09, 2014, 01:01:52 PM

Hi All,

I have been following Bitcoin for over a year and was the first person ever to put my house for sale for bitcoin.

http://www.cbc.ca/newsblogs/yourcommunity/2013/03/alberta-man-accepting-bitcoins-in-exchange-for-home.html

Not sure if you followed my story from a year ago, but the house just sold on Friday, and will make the news tomorrow I suspect. When the house closed on Friday I got approximately 648 BTC for my house which is based on prices over the past 6 months when the deal was actively negotiated, legal fees, realtor fees, and a bunch of contract wording that I frankly don't understand. I am now all in! I really believe in bitcoin. It is the future of the world. I look forward to the continued price increase and one day I plan to own my own island. I will truly be a bitcoin billionaire by the time I am 25 I believe. This house was inherited from my father who passed away a few years ago and he always believed in me and told me I would make it big one day and so I shall. Wish me luck

Tay More

If you don't mind me saying....you are out your fucking mind.

As other people have suggested. Visualise your reaction if you wake up sometime next week and see Bitcoin at $450. How is that going to make you feel? What are you going to do? You realise that there are hundreds of thousands of stolen coins in circulation right now, many of them probably being prepared for a big long drawn out cashing out, don't you?

Sell at least 60% of what you have for as close to the matching equivalent cash price of your house that you can get. 200 BTC is more than enough of a wild card gamble to be taking on Bitcoin at this point in time. If Bitcoin goes to $5K, then great! But if Bitcoin happens to die a premature death for any reason, then you live and learn but you still have your shirt on your back.

Let's turn it around. How is Joe Toodumbforbitcoin going to feel when the price is in the thousands and he hears about this guy who sold his house for bitcoins when they were below 1000?

It's a bet. A bet on fundamentals and the future.

MatTheCat

hero member

Activity: 840

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Quote from: Biodom on March 09, 2014, 02:09:38 PM

The guy is 25 and he inherited the house. Even if he loses much of the cash value, he basically has all life of work ahead of him. It would be different if he was 50.
I say, it is a bold speculation and he will be in the news.

There was a guy in January 2013 who posted that he got 30K credit card loan and bought BTC for $13 for the whole 30K (must have been 2-2.5K coins). A couple of months later when bitcoin went to $100-200 he posted that he sold enough to cover his loan as many were suggesting. I don't know how it ended. This was only possible in 2013 and I would have never done anything like this.

With that kind of money invested wisely, the guy could live his whole live without ever having a financial worry to speak off. Instead, he is taking a Lamborghini's and country mansions or sweet nothing gamble. I can tell that he has absolutely no investment experience as only a n00b would pile into any asset class on an all-in basis like that, let alone into one of the most volatile and unpredictably risky asset classes on the face of the planet. He has not the slightest bit of experience of the psychological states he will have to face if say sometime next week, Bitcoin is not $636, but $536. 1/6th of his entire wealth evaporated, just like that.....but don't worry, it will soon come back, won't it!?!?!

igorr

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I do not believe you.
Do you know your dad what you write here ?

Biodom

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Quote from: MatTheCat on March 09, 2014, 01:59:53 PM

If you don't mind me saying....you are out your fucking mind.

But if Bitcoin happens to die a premature death for any reason, then you live and learn but you still have your shirt on your back.

The guy is probably 18-22 and he inherited the house. Even if he loses much of the cash value, he basically has all life of work ahead of him. It would be different if he was 50. I say, it is a bold speculation and he will be in the news.

There was a guy in January 2013 who posted that he got 30K credit card loan and bought BTC for $13 for the whole 30K (must have been 2-2.5K coins). A couple of months later when bitcoin went to $100-200 he posted that he sold enough to cover his loan as many were suggesting. I don't know how it ended. This was only possible in 2013 and I would have never done anything like this.

CoinTropolis_JustaBitTime

member

Activity: 98

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Quote from: MatTheCat on March 09, 2014, 01:59:53 PM

Quote from: jgray on March 09, 2014, 01:01:52 PM

Hi All,

I have been following Bitcoin for over a year and was the first person ever to put my house for sale for bitcoin.

http://www.cbc.ca/newsblogs/yourcommunity/2013/03/alberta-man-accepting-bitcoins-in-exchange-for-home.html

Not sure if you followed my story from a year ago, but the house just sold on Friday, and will make the news tomorrow I suspect. When the house closed on Friday I got approximately 648 BTC for my house which is based on prices over the past 6 months when the deal was actively negotiated, legal fees, realtor fees, and a bunch of contract wording that I frankly don't understand. I am now all in! I really believe in bitcoin. It is the future of the world. I look forward to the continued price increase and one day I plan to own my own island. I will truly be a bitcoin billionaire by the time I am 25 I believe. This house was inherited from my father who passed away a few years ago and he always believed in me and told me I would make it big one day and so I shall. Wish me luck

Tay More

If you don't mind me saying....you are out your fucking mind.

As other people have suggested. Visualise your reaction if you wake up sometime next week and see Bitcoin at $450. How is that going to make you feel? What are you going to do? You realise that there are hundreds of thousands of stolen coins in circulation right now, many of them probably being prepared for a big long drawn out cashing out, don't you?

Sell at least 60% of what you have for as close to the matching equivalent cash price of your house that you can get. 200 BTC is more than enough of a wild card gamble to be taking on Bitcoin at this point in time. If Bitcoin goes to $5K, then great! But if Bitcoin happens to die a premature death for any reason, then you live and learn but you still have your shirt on your back.

Some people play it safe, some people light the world on fire. Either way, good luck to him!

bitjoint

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Commander of the Hodl Legions

Congrats... a small step for a man, but a giant leap for mankind... Cheesy

MatTheCat

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Quote from: jgray on March 09, 2014, 01:01:52 PM

Hi All,

I have been following Bitcoin for over a year and was the first person ever to put my house for sale for bitcoin.

http://www.cbc.ca/newsblogs/yourcommunity/2013/03/alberta-man-accepting-bitcoins-in-exchange-for-home.html

Not sure if you followed my story from a year ago, but the house just sold on Friday, and will make the news tomorrow I suspect. When the house closed on Friday I got approximately 648 BTC for my house which is based on prices over the past 6 months when the deal was actively negotiated, legal fees, realtor fees, and a bunch of contract wording that I frankly don't understand. I am now all in! I really believe in bitcoin. It is the future of the world. I look forward to the continued price increase and one day I plan to own my own island. I will truly be a bitcoin billionaire by the time I am 25 I believe. This house was inherited from my father who passed away a few years ago and he always believed in me and told me I would make it big one day and so I shall. Wish me luck

Tay More

If you don't mind me saying....you are out your fucking mind.

As other people have suggested. Visualise your reaction if you wake up sometime next week and see Bitcoin at $450. How is that going to make you feel? What are you going to do? You realise that there are hundreds of thousands of stolen coins in circulation right now, many of them probably being prepared for a big long drawn out cashing out, don't you?

Sell at least 60% of what you have for as close to the matching equivalent cash price of your house that you can get. 200 BTC is more than enough of a wild card gamble to be taking on Bitcoin at this point in time. If Bitcoin goes to $5K, then great! But if Bitcoin happens to die a premature death for any reason, then you live and learn but you still have your shirt on your back.

Biodom

legendary

Activity: 3990

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OP, I would ask a bank or see on ICBIT if it is possible to buy futures or something equivalent to puts on bitcoin, then convert small amount of your bitcoin (2-5%) to cash and buy these hedging instruments at much lower $$ value that bitcoin currently is (for example, $200-300). If bitcoin declines catastrophically in the future, your hedge will save you. Granted, i am not sure what % you can cover this way if you spend 2-5%.

On the stock market, whenever I am too extended on the long side, I buy out of the money puts-you can read Nassim Taleb (The Black swan) re this tactics.
The critical point is to NOT overpay for such puts, though, because they rarely work, but when they do, they will save your ass.

podyx

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Quote from: Ibian on March 09, 2014, 01:38:26 PM

Quote from: raid_n on March 09, 2014, 01:34:28 PM

Quote from: jgray on March 09, 2014, 01:20:47 PM

Nobody wanted to buy it for either dollars or bitcoin. I tried believe me. It was nearly impossible to sell for bitcoin because I had to get 3 lawyers, and the real estate lady (originally it was a private sale), and it had to be $1 plus the bitcoin, as bitcoin are not legal tender in Canada so can't be used as 'consideration' in financial transactions. By the time all the smoke cleared I got 648 btc. But if it is going to $10/$100K per coin like the Winkle guys are saying and many others, then I am set for life regardless of how many I got

Look, the article says you are still quite young so I guess it is more reasonable to take greater risks (if you don't have a family to look after etc.) because you'll have time to recover if things don't work out.

One can read the enthusiasm out of your writing but don't make the mistake of building your future hopes and dreams on a gamble.
Either way good luck to you. (And do yourself the favor and don't speculate with all your new bitcoin wealth.)

It only looks like a gamble if you don't understand the fundamentals.

Good luck, and keep your keys safe.

I agree, if you legitimately think we gonna go around and use paper money, the only thing which matters, like some fucking monkeys in a fully tecnhological society in 2050 you are largely mistaken

bitcoin might not be it but it definately can fill money's purpose

Ibian

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Quote from: raid_n on March 09, 2014, 01:34:28 PM

Quote from: jgray on March 09, 2014, 01:20:47 PM

Nobody wanted to buy it for either dollars or bitcoin. I tried believe me. It was nearly impossible to sell for bitcoin because I had to get 3 lawyers, and the real estate lady (originally it was a private sale), and it had to be $1 plus the bitcoin, as bitcoin are not legal tender in Canada so can't be used as 'consideration' in financial transactions. By the time all the smoke cleared I got 648 btc. But if it is going to $10/$100K per coin like the Winkle guys are saying and many others, then I am set for life regardless of how many I got

Look, the article says you are still quite young so I guess it is more reasonable to take greater risks (if you don't have a family to look after etc.) because you'll have time to recover if things don't work out.

One can read the enthusiasm out of your writing but don't make the mistake of building your future hopes and dreams on a gamble.
Either way good luck to you. (And do yourself the favor and don't speculate with all your new bitcoin wealth.)

It only looks like a gamble if you don't understand the fundamentals.

Good luck, and keep your keys safe.

Dalmar

hero member

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Life is short, practice empathy in your life

CrusaderTim

newbie

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Your house will melt down bit by bit just as your dreams do so.
You'll regret it when bitcoin will be forgotten and your father will spin in his grave

raid_n

sr. member

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Quote from: jgray on March 09, 2014, 01:20:47 PM

Nobody wanted to buy it for either dollars or bitcoin. I tried believe me. It was nearly impossible to sell for bitcoin because I had to get 3 lawyers, and the real estate lady (originally it was a private sale), and it had to be $1 plus the bitcoin, as bitcoin are not legal tender in Canada so can't be used as 'consideration' in financial transactions. By the time all the smoke cleared I got 648 btc. But if it is going to $10/$100K per coin like the Winkle guys are saying and many others, then I am set for life regardless of how many I got

Look, the article says you are still quite young so I guess it is more reasonable to take greater risks (if you don't have a family to look after etc.) because you'll have time to recover if things don't work out.

One can read the enthusiasm out of your writing but don't make the mistake of building your future hopes and dreams on a gamble.
Either way good luck to you. (And do yourself the favor and don't speculate with all your new bitcoin wealth.)

kwest

sr. member

Activity: 476

Merit: 250

I would just ask myself one question: If bitcoin takes a dive to $300, will I panic sell?
If you feel a knot in your stomach, you are over invested and you will panic sell. In which case I would sell some now, down to a level at which that knot disappears and you're comfortable.

That's what I did.. I've been over invested and made mistakes, but now I've taken home some guaranteed profits so that if it does nose dive (temporarily or not) I won't get emotional. For me that was about 1/3 of my BTC that I needed to sell.

podyx

legendary

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good luck man

Topic: I'm All In - Sold My House! - page 67. (Read 112616 times)