personal dilemma - page 2. | Bitcointalksearch.org

Hawker

legendary

Activity: 1218

Merit: 1001

Quote from: beetcoin on November 09, 2013, 03:59:40 AM

the worst thing is that you'll be reminded of how you sold 500 BTC for the car you see every day Tongue

but the bright side is that you most likely have a lot more than i do Cool

I have 1870 left. Waking up in the mornings the Btc price is first thing I check and for last few weeks I have been smiling ear to ear for rest of day

beetcoin

sr. member

Activity: 434

Merit: 250

the worst thing is that you'll be reminded of how you sold 500 BTC for the car you see every day Tongue

but the bright side is that you most likely have a lot more than i do Cool

Shermo

sr. member

Activity: 272

Merit: 250

That's still a pretty sweet ride, I was looking at something a little more tame like a Peugeot 208 or Audi A1

Hawker

legendary

Activity: 1218

Merit: 1001

Quote from: Shermo on November 08, 2013, 01:23:12 PM

Quote from: Hawker on November 08, 2013, 12:26:11 PM

I sold 500 Btc for 119.999 to buy a car.

Worst decision I have ever made. The effective cost of that car is $175000. Do you want to be in the same position when Bitcoin goes over $1000? Or over $10k which you know will happen in the next few years?

Don't sell!

$100,000 for a car? What did you buy? Cheesy

Also, I take your point, unless I had a Ferrari or Lambo I would be very grumpy if it effectively cost me a fortune for a regular car.

I bought http://www.lexus.co.uk/car-models/rx/rx-450h/#/FSport with all the bells and whistles.

The increase in the price of Bitcoin is what pushed the price up. It cost 500 Bitcoin and some change. The 500 Bitcoin would be worth 250% more now so its a damn expensive car.

Still, I love it so all is good.

indianplayers

member

Activity: 113

Merit: 10

Lose the GF! This will save a lot $$$

Shermo

sr. member

Activity: 272

Merit: 250

Quote from: ?? on ??

What sort of repairs? Some stuff becomes a money pit while others are good for as many years again once they're done. +1 to others here, hang on a while and get a porsche for pocket change

Clutch is on its way out, repairing it won't be cheap and I'd rather spend the £500 or so on my next car than keeping this one running. This will be the second time I've replaced it since I've had the car, this time probably because I taught my girlfriend to drive in it Cheesy

Shermo

sr. member

Activity: 272

Merit: 250

Quote from: Hawker on November 08, 2013, 12:26:11 PM

I sold 500 Btc for 119.999 to buy a car.

Worst decision I have ever made. The effective cost of that car is $175000. Do you want to be in the same position when Bitcoin goes over $1000? Or over $10k which you know will happen in the next few years?

Don't sell!

$100,000 for a car? What did you buy? Cheesy

Also, I take your point, unless I had a Ferrari or Lambo I would be very grumpy if it effectively cost me a fortune for a regular car.

Hawker

legendary

Activity: 1218

Merit: 1001

I sold 500 Btc for 119.999 to buy a car.

Worst decision I have ever made. The effective cost of that car is $175000. Do you want to be in the same position when Bitcoin goes over $1000? Or over $10k which you know will happen in the next few years?

Don't sell!

Shermo

sr. member

Activity: 272

Merit: 250

Well I never thought it would have gone this fast else I would have gone all in at £6 last November! I'm not sure what the future of BTC is, it has the potential to be 100x the current value, it also could drop down to nothing as well.

I think I will hold tight and see what happens, hopefully turning what is a nice chunk of profit into something that could buy a house in 5-10 years time.

Financial risk is not something I am fond of, I don't like debts, which aside from a mortgage I am free of now.

xDan

hero member

Activity: 688

Merit: 500

ヽ( ㅇㅅㅇ)ﾉ ~!!

Quote from: philip2000uk on November 08, 2013, 07:47:33 AM

pretend you never had bitcoin, keep it in there if you can afford to be without it. I'm staying for 2 years, even more but probably 75% withdrawn when it gets to 100,000 pounds per bitcoin but imagine if countries currency became bitcoin or at least half the vendors of the countries accepted bitcoin. I could keep half in bitcoin half in currency.

this

personally, I wouldn't take any risks with BTC. Even being able to pay off a loan with BTC is a risk I would not take. It could crash to nothing before you have time to cash out.

It's pure profit, so live life as before and pretend you don't have it.

There's a continuum:

Do you believe Bitcoin will crash and fail soon? In which case, sell all.
Do you believe it will go to the moon over the next 5-10 years? Hold all.

For me, it's somewhere in between, could go either way, so I'll sell certain fractions as the price increases. But certainly will never sell all any time soon; I'd like to keep at least 50% of my current stash for the longest time, as a sort of lottery ticket.

philip2000uk

sr. member

Activity: 276

Merit: 250

pretend you never had bitcoin, keep it in there if you can afford to be without it. I'm staying for 2 years, even more but probably 75% withdrawn when it gets to 100,000 pounds per bitcoin but imagine if countries currency became bitcoin or at least half the vendors of the countries accepted bitcoin. I could keep half in bitcoin half in currency.

Siegfried

sr. member

Activity: 266

Merit: 250

Quote from: Shermo on November 08, 2013, 07:08:40 AM

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

Yes.

Shermo

sr. member

Activity: 272

Merit: 250

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

Topic: personal dilemma - page 2. (Read 2936 times)