Topic: Spend Point (Read 1508 times)
simple: really need to buy something expensive which already costs less than 50% of your coins? go for it. not yet? wait. then repeat.
How will you begin to spend once you have reached the right price?
My plan involves half of my bitcoins being worth 1 million USD. If/when that happens, I'll start spending the first half of my coins while leaving the other half to continue appreciating.
How about you?
My plan involves half of my bitcoins being worth 1 million USD. If/when that happens, I'll start spending the first half of my coins while leaving the other half to continue appreciating.
How about you?
I'm already spending... but I have something specific that I want to buy, and I'll do it when it costs me less than 0.1 BTC.. right now it's slightly above it.
That sounds pretty sketch. Any chance you'd tell us what it is?I'm already spending... but I have something specific that I want to buy, and I'll do it when it costs me less than 0.1 BTC.. right now it's slightly above it.
That sounds pretty sketch. Any chance you'd tell us what it is? I think somewhere about $100000 to $200000 per coin would be enough to buy a life without working.
But then again only cash out what you need
But then again only cash out what you need
You either have only 2-3 coins or live in most expensive place on Earth.
What do you mean by that?
When I retire, i'll probably need $1.5 Million at least just to survive off of that. If you're a lot younger than that you'll need several million dollars to live off of.
This is based on North American standards of life.
I live in Sweden, and a rough estimate of what I would need to retire right now and never have to work another day in my life (I'm 30) would be about $800k. That's if I stay in Sweden, remain single, and don't have kids. Otherwise probably triple that if my would be wife didn't want to work either. Now, seeing as I actually want to work 3-4 hours a day with something meaningful.. I would only need about half of that in savings. As for houses.. you can get one for less than $150k where I live.
But... if bitcoin actually takes off for real I would probably not stay here. I'd spend at least 5 months of the year abroad, most likely in a cheaper country with warm weather (Peru, Philippines, etc.). I could cut my costs quite a bit doing that (as long as I sell or rent out my apartment/house in Sweden while I'm gone).
I think somewhere about $100000 to $200000 per coin would be enough to buy a life without working.
But then again only cash out what you need
But then again only cash out what you need
You either have only 2-3 coins or live in most expensive place on Earth.
What do you mean by that?
When I retire, i'll probably need $1.5 Million at least just to survive off of that. If you're a lot younger than that you'll need several million dollars to live off of.
This is based on North American standards of life.
Probably above 10k usd
Will buy smaller things below if I need them
Will buy smaller things below if I need them
At $5000 I would spend 5% of my bitcoins to buy a new home
I also look forward to buying a home and skipping that whole mortgage thing, but I will need a much higher price than $5000, maybe $50,000?
btw, even typing the word "mortgage" makes my skin crawl.
I think somewhere about $100000 to $200000 per coin would be enough to buy a life without working.
But then again only cash out what you need
But then again only cash out what you need
You either have only two to three coins or live in most expensive place on Earth.
Most people I know of can make comfortable living on less than half million dollars. Its quite easy outside of London, New York or Dubai. For couple of decades, man. For couple of decades.
I'm already spending... but I have something specific that I want to buy, and I'll do it when it costs me less than 0.1 BTC.. right now it's slightly above it.
Rather than spend my fiat income directly, I spend bitcoin now whenever I can to buy what I need. This helps the bitcoin economy. Then I use my fiat income to buy more bitcoins. But I do try to live frugally now and for the next couple years to buy as many bitcoins as I can. When the price exceeds 10,000 dollars then I will start to live a bit more comfortably.
I think it all depends on timing for me. All of the money I've invested in BTC i don't need, so if there was a situation where I needed to purchase something liarge, like a house, and I needed some extra cash for it, then i'd cash out.
But i don't think i'd ever take 100% out in case it keeps increasing in value. There's always the fear that you'll miss out.
But i don't think i'd ever take 100% out in case it keeps increasing in value. There's always the fear that you'll miss out.
There is also the fear it will crash. Money is worthless if you never spend it.
I cashed out about 30% at about 400. Of course, I wish I had waited till 800, but there was no way of knowing what would happen. So I'm happy with the profit I have and also happy I still have coins left. The answer is to sell slow as it rises so you'll never be left with nothing if we experience another huge crash again.
I think it all depends on timing for me. All of the money I've invested in BTC i don't need, so if there was a situation where I needed to purchase something liarge, like a house, and I needed some extra cash for it, then i'd cash out.
But i don't think i'd ever take 100% out in case it keeps increasing in value. There's always the fear that you'll miss out.
But i don't think i'd ever take 100% out in case it keeps increasing in value. There's always the fear that you'll miss out.
The issue is getting fiat and then investing it for some return when bitcoin as an investment is just magnitudes better than even producing cocaine. I could buy gold, but golds utility is almost zero.
At $5000 I would spend 5% of my bitcoins to buy a new home
I guess I will spend slowly as the price increases (hopefully)
When the position becomes too large in my portfolio
I think somewhere about $100000 to $200000 per coin would be enough to buy a life without working.
But then again only cash out what you need
But then again only cash out what you need
For the buy and holders,
what is the minimum price before you start to spend/cash out?
what is the minimum price before you start to spend/cash out?
Jump to: