The time I start cashing out of Bitcoin, it won't be to do with the price. It will be when the market is saturated because everyone knows what Bitcoin is and anyone who wants some has some. It will be when we have a good idea of what Bitcoin is going to be mainly used for: a micropayments system, a store of value, a global dominant currency, all of the above or nothing at all.
Once Bitcoin has matured to this sort of level, when its full potential is being approached, then I will start thinking about putting my money into something else.
As it is, selling out when Bitcoin is still 99% unrealised potential seems short-sighted.
Topic: Poll: At what price will you cash out your Bitcoin stash? (Read 3654 times)
I think the survey answer could have gone up to 1m$
You'd have had less "never"
You'd have had less "never"
How awesome it would be to buy a nice house outright with BTC.
Well, there's one for sale in Alberta/Canada directly in BTC! But yes, it would be really nice to have enough BTC to cover for the price of a house.
What I would do though, is put a cash down on the house, and take a regular mortgage. Then, just cap out on the maximum allowed each year. Of course, there will be interest, but I'll keep BTC making probably a lot more than buying a house in full. Unless of course BTC end up valuing a lot more than a house, and that would represent a fraction of my total BTC
Imagine in a few years, where 1 BTC can buy you a car! Trading done in milli-BTC or micro-BTC
At what price will you cash out your Bitcoin stash?
When cashing out half our Coins gives us anough money to be "rich".Enough to buy a house (we have a specific size of house in mind) outright and have enough left over to have an income sufficient to no longer need to work.
That's pretty much how I think on this subject. The best case scenario though, would be if BTC was the standard for buying "bricks and mortar" kinds of wares. Then a cash out would not be needed.
I don't want to cash out based on price, and you should not either.
Instead, I will cash out (some) when I decide to invest in something like a house. In a year or two maybe...
Instead, I will cash out (some) when I decide to invest in something like a house. In a year or two maybe...
+1 That's my plan too - take some small profits along the way to buy little stuff I need. But hold most for things that will really make a difference, like a house. How awesome it would be to buy a nice house outright with BTC.
I don't want to cash out based on price, and you should not either.
Instead, I will cash out (some) when I decide to invest in something like a house. In a year or two maybe...
Instead, I will cash out (some) when I decide to invest in something like a house. In a year or two maybe...
Haven't voted as not sure I'd cash out my entire bitcoin stash, but I might sell some if or when i think a correction is due and likewise buy more when they seem cheap.
Price is moving so fast just now, bit too fast I think, which makes me wonder if I should think about cash some out. There will naturally be some steep corrections from time to time, if we hit a big enough bubble there will be a collapse at the end of it.
Price is moving so fast just now, bit too fast I think, which makes me wonder if I should think about cash some out. There will naturally be some steep corrections from time to time, if we hit a big enough bubble there will be a collapse at the end of it.
"When do you plan to stop buying on the way up" might be a more pertinent question :-)
Probably $100.
I'll sell 2-3 coins at $10k, and then 2-3 at $100k, and 2-3 at $1M, probably hold the rest because I think 2 million would be enough to live comfortably for awhile.
"If the price hits $100k I'll sell a bitcoin." - I feel ya...
I may sell like 0.01 btc to have 1000 usd and live like a king for a year somewhere in SE Asia
I may sell like 0.01 btc to have 1000 usd and live like a king for a year somewhere in SE Asia
I won't be cashing out. I'll be paying for my apartment in bitcoins.
If the price hits $100k I'll sell a bitcoin.
The right question: Is the price of Bitcoins currently less or equal to their true value. And that my friends is measured in utility and potential utility of Bitcoin, nothing else.
Right now the potential utility dominates the calculations i would say. That's why we have such a hard time putting the right price to a bitcoin.
Is giving all miners combined 10k$ a day for their services a lot? Probably not..
I'm assuming here that "stash" means the BTC I have in a wallet somewhere, and not the BTC I'm trading with every day.
In that case, I'll "cash out", whether to fiat or by spending them on goods/services, whenever I need a certain amount of liquidity and can't get it anywhere else. Just like any other long-term savings.
In that case, I'll "cash out", whether to fiat or by spending them on goods/services, whenever I need a certain amount of liquidity and can't get it anywhere else. Just like any other long-term savings.
Fun poll, but it would be smarter to scale out rather than sell the entire stash at one price.
At what price will you cash out your Bitcoin stash?
The wrong question. And wrong questions always give wrong results...
The right question: Is the price of Bitcoins currently less or equal to their true value. And that my friends is measured in utility and potential utility of Bitcoin, nothing else.
mp420, I used to do that too, but with the ridiculous pace of increase, my asks got bought all the time by structural increases, not even stupidly high spikes. Stopped doing even that now. Just sit and hold. We'll see were we end up.
I do not have that kind of long term strategy. My long term Bitcoin strategy is "hold until I really actually want to sell". My medium term strategy is "sell small amounts after medium term peak, buy bigger amounts after medium term bottom". My short term strategy is "keep a small emergency ask on MtGox to catch stupidly high intraday spikes and buy back after those spikes correct down". This last one is for entertainment purposes mainly.
When your cleaning lady is telling you to invest in bitcoin, then you know it's time to cash out. 
No, this would mean it's time to buy because BTC is reaching critical mass.
BTC != stocks
Anyways, if I come home from work and the price was $600 dollars, I'd cash out momentarily because, I mean, come on. That'd be outlandishly crazy. On the other hand, if it takes a year or so to reach $600 I wouldn't sell. My goal is to have BTC increase so much that I'd have zero reason at all to cashout into USD as I'd be able to just use BTC whenever/where ever/for whatever.
When your cleaning lady is telling you to invest in bitcoin, then you know it's time to cash out.
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