The price...
FML
May is too far away. I need to buy a few things now.
I guess I convert from my US dollars to bitcoins to baht instead of just selling at these prices.
I am sorry to hear that Elwar.
I had rather assumed that you, chasing your dreams with such abandon, were well and truly set up from the previous runups.
Perhaps you are more courageous than I realized.
I don't understand any clear explanation regarding how someone like Elwar could be doing very badly, unless there is some part of the story that is left out.
Seems to me that he made a really BIG gamble when BTC prices were in the $500s and even overleveraged into BTC, but why wouldn't that overleveraging have paid off, even if he has to shave off some BTC from time to time in order to cover expenses and even if he is only getting 6x or 7x returns rather than 30x?
Any of us who chose to place a very large amount of our total reserves into bitcoin is going to have to cash out from time to time because the world remains run on fiat and priced in fiat, at least expected for a considerable time into the future.
Personally, I believe that it remains much more prudent to have some of your cashflow figured out in fiat for 6-12 months in advance - and if bear trends continue for longer, then the next plan is going to involve dipping into bitcoin, especially if you have caused such a situation in your own way of keeping a large amount of your total value in BTC.
So far in BTC's history, such a plan to keep a large amount of value in BTC will have worked for a large number of folks, if they front load, and if their cashing out plan has at least a few years. Actually, if there was front loading in late 2013 in the supra $1k price territory, it would have taken 4 years to get into the break even territory, but then to really prosper after that, as long as there was an ability to hang on for a bit longer.
Who knows if such plans to frontload and to have 3-4 year plus timelines will continue to pay off in bitcoin in the coming years? Does seem that odds remain decently well in such plans and practices continuing to be quite profitable, even though risky, but there likely could be a need to have several years in the personal plan's timeline in order to be able to really insure that the reaping of benefits is going to be profitable without being forced to withdraw too much of the value during low price periods.
I need to buy a boat soon...I don't want to sell at the bottom.
I have cash set aside that I can live on through 2020...but not "I can buy a sail boat" cash...puts me closer to living through 2019.
Then again...on the seastead I will only need to pay for food that I don't catch. And about $12 for Internet each month.
No property taxes, electric, water...
Occassional propane and gasoline re-fill. So maybe I am putting myself to 2025 funds...
There is surely a timing thing, and a gamble about whether you get more bang for your bitcoin by waiting and whether it is worth it to wait. Either way, when you are cashing out of your bitcoin for the BIG expenses (such as the boat), you are still cashing out at considerable profits - its just a matter of whether it might be a bit more prudent to wait a bit longer (and whether you feel that you are ready, willing and able to wait).
I personally, had some building expenses that came due after the BTC price dropped below $6k, and there is only so much that I can do in order to NOT cash out some BTC to pay for some of the expenses. It remains a bit nerve racking because I personally had a fiat cushion that was clearly able to pay for a decent portion of my BIG expenses, but if I spent all my fiat to pay those expenses, then I would be left without any fiat reserves (which is always a practice of mine to keep a decent amount of reserves in order to be able to buy more BTC if the price goes down to levels that are quite likely to be bargain basement levels).
So, yeah, each of our situations are different, and for me, with the passage of time, I continue to have fiat coming in from various income sources (and traditional investments) and I can stack away the fiat to become more and more and more, so if the BTC price stays down, then I pretty much buy back most if not all the BTC that I sold at less preferable prices.
I had kind of placed you in the category of going "too much 'in' " bitcoin, and therefore, you might not have safeguarded enough of your fiat flow. Surely, that is for you to determine, but if anyone attempts to go too much in bitcoin, then the downwards volatility is going to stress them out a whole hell of a lot more than someone who has preserved some of the fiat value (and/or fiat cashflow to account for expenses in the coming 6-12 months).
