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Topic: Future Bitcoin millionaires - will you cash out when you hit $1M? - page 3. (Read 13783 times)

hero member
Activity: 798
Merit: 1000
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$1M is just a number like 21x10^6.  No real meaning.


+1

I remember withdrawing cash at an ATM in Italy in the 1990's, the current equivalent of €20 was MILLIONS of Lira. Not one million, but several. The question for me is more: which happens first, BTC holdings become worth $1M, or $1M becomes not such an idealized sum of money.

Other crypto-currencies like Litecoin could fill this role as it is intended to, silver to Bitcoin gold. More of them, worth less overall.
hero member
Activity: 798
Merit: 1000
www.DonateMedia.org
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 view Bitcoin as a liferaft, whatever I put in is staying in until BTC is the only currency left. Will that actually happen? Who knows, this is the wild west, and Bitcoin is our gun against oppression of banks and government that are literally engineering the NWO as they have for years, even proposing their own One Currency 10 years ago. I am in a big picture frame of mind with this. With the assumption that someday most of the world will convert to Bitcoin as the old economy burns, BTC will carry serious buying power in the future. This little bubble/increase right now will be trivial in comparison to what's next. Cashing out for $1,000,000 of a hyperinflating and soon to be extinct currency would be idiotic.

There seems to be two classes of Bitcoin supporters: the cash grabbers, and the true believers.

As a man made destitute by an unfair, patronizing bastard of a banking system, this is my cause, and this is my fight to help the USD find its way into a pine box along with those in control of it. Ill spend my BTC in the BTC economy as much as possible because the economy can't work practically if everyone just jumps in as a get rich quick scheme instead of staying in BTC land and buying things with it. I intend to have a liquid BTC fund to spend with, and a long term cold storage for savings.

It is my belief if things go the way I think they will this year, Bitcoin may be the only viable economy to join as one free of the debt problem and uncontrolled by any one entity. Plenty can go wrong as Bitcoin is so young, but its future potential is riveting.

Assuming all of the world's cap makes it into Bitcoin, each one would be worth about $3 Million in spending power assuming the pricing conversion holds on everyday goods. I think I'll be patient and wait, and if the market starts crashing I'll be headed to the exits like everyone else. Though it has survived a few crashes so far, rising from the 2011 one when everyone but the Bitcoin Faithful called it dead.

It will only get bigger as the economy destroys itself. A massive event is right around the bend that will rock this planet to the core, I can't wait to see what Bitcoin does then and my mining op is rolling. I can't justify putting my money anywhere else, because all of it is in massive danger. BTC is the only rising start out of this mess.
newbie
Activity: 28
Merit: 0
Ideally I would like to 'cash out' when I have enough to be able to piddle around on my remote piece of property off the grid and not have to worry about food (and having to work a menial job for it) for the rest of my life.  I don't want toys, cars, a second house or any of that.  I want to do nothing but spend my time in the woods where i live now, grow my own food, relax and not have to worry about the future.

Basically, I don't need much.  'Cashing out' for me would be using the bitcoin proceeds to purchase a few generators, a few more solar panels, a second rifle for hunting, 50 truckloads of soil and manure, a shitload of seeds and bullets (fail safe investments if I ever heard of any!), etc.  Then I would need enough to pay my monthly cell phone bill (yes, i live right on the cusp of cell service in the woods...and this is the only way i have internet), my yearly propane refill and my satellite porn.  Then I'm happy.  I've already backpacked around the whole world.

hero member
Activity: 609
Merit: 500
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).


This. +1
 
I'll "cash out" enough to pay off my mortgage when I can.  Then I'll buy a "yacht" (sailboat with a cabin - most people think yachts are big, but a yacht can be small as long as it has a head (bathroom), berth (bed), and galley (kitchen area)) - a lot of 25 foot boats fit this bill, and would fit me well here on small lakes in the middle of the country) Smiley
legendary
Activity: 4760
Merit: 1283
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).

that's my thinking

I am mindful that Bitcoin is still classified as 'experimental', and I believe even 'officially' for whatever that means.  It is certainly official that it has not been marked as 1.x.  That much we know.  Nobody knows what the various governments are going to attempt.

Not wishing to sit on fiat is probably the biggest reason I will tend to sit on more native Bitcoin for longer than I probably would otherwise, but at this point I am looking to hedge my bets to what I consider a rational degree.  That's just me though.  Everyone else should obviously do as they will.

sr. member
Activity: 294
Merit: 250
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).

that's my thinking
legendary
Activity: 3430
Merit: 3080

$1M is just a number like 21x10^6.  No real meaning.


+1

I remember withdrawing cash at an ATM in Italy in the 1990's, the current equivalent of €20 was MILLIONS of Lira. Not one million, but several. The question for me is more: which happens first, BTC holdings become worth $1M, or $1M becomes not such an idealized sum of money.
legendary
Activity: 4760
Merit: 1283

$1M is just a number like 21x10^6.  No real meaning.

I planned to be at about zero net at around the 10x mark.  Done!

I'll be progressively cashing out as we march forward.  Or backward.  From here forward I have to factor in taxes more which will play a role in my decisions.

There would be no compelling reason to sell out completely whether the values when astronomical or whether they crashed.  In the former case I won't need the money and in the latter case, why bother?

hero member
Activity: 868
Merit: 1000
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.  Smiley


I've just emailed BullionVault asking if they will do such a thing, as I would like to put a little portion of my bitcoins into silver and I'm sure many of us want to do the same.
legendary
Activity: 1204
Merit: 1002
RUM AND CARROTS: A PIRATE LIFE FOR ME
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.
jr. member
Activity: 77
Merit: 1
Because of tax reasons, I would probably try to stay in BTC as long as possible. And if we gets close to that scenario, everything could be bought for Bitcoins anyway.
donator
Activity: 784
Merit: 1000
Yes, I'll probably cash out some when 1BTC will hit $1M
full member
Activity: 238
Merit: 100
I was working on a BTC<->AU (gold) Market.
You send in gold or buy shares from others to create a gold balance (shares represented in grams) on the exchange, and trade like normal 1 gram to .33 BTC or whatever.
sr. member
Activity: 280
Merit: 250
I'm planning on spending/cashing out 1% of my BTC holdings per month when the exchange rate reaches a certain level.
sr. member
Activity: 356
Merit: 259
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.  Smiley


It's obvious the folks over at Goldmoney are going to announce something like this. After all the questionnaires, interviews, and that video partnership with bitcoin magazine.  I just hope they hurry up about it.

If it happened I would expect it to happen at Goldmoney as opposed to BullionVault, I actually heard James Turk, can't remember the interview, saying they had been considering the idea of providing this service for their Goldmoney customers.

I guess there would be a lot of legal hurdles, Jan 2012 due to regulations they even stopped the option for their customers to use their precious metals in payment for goods and services from other GoldMoney customers.
sr. member
Activity: 453
Merit: 250
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.  Smiley


It's obvious the folks over at Goldmoney are going to announce something like this. After all the questionnaires, interviews, and that video partnership with bitcoin magazine.  I just hope they hurry up about it.
full member
Activity: 280
Merit: 102
If my Bitcoin holdings reach $1 million, we've probably already reached widespread adoption, and there'd be no point for me to cash out.
hero member
Activity: 868
Merit: 1002
I already cashed out. I cashed out of dollars into Bitcoin.
I panic sold all my dollars for btc. Just in the nick of time, too. The long, agonizing downslide is turning into a freefall.
sr. member
Activity: 349
Merit: 250
I already cashed out. I cashed out of dollars into Bitcoin.

This! Why would i want to go back into fiat? Losing value every day...
sr. member
Activity: 462
Merit: 250
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.

Yes except if you cash out to fiat and then purchase an asset, like a home. A home will always be a home.... short of a major disaster, natural or otherwise. The value isn't so important.

Now when you can buy a home with Bitcoin....now we are really talking!
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