What to do with my 600 or so coins?!?

mralbi

sr. member

Activity: 271

Merit: 250

Quote from: Surpbitcoin on March 09, 2013, 08:01:52 AM

Thanks for all the good advise guys, I actually took my buddy out last night for some drinks and...well... hoes! I even paid the evening and gave him some cash. Needless to say his debt to me is clear and he is happier then a pig in shit.

Now that that's taken care of it only leaves me with a few options.

Asic mining if I can ever get my hands on some rigs.

Laptop, because you can never go wrong with a good laptop.

A trip around the world which I've always wanted to take but would cost nearly all my bitcoins if I did it right! I've also been looking into BTCjam and I may open an account and start lending, not for the interest but to help the community.

Anyone here know of any good start-ups or organizations that are in need of a little cash influx?

Well, the bitmarket.eu bankruptcy could use some coins, lol.

I am currently trying to reopen the service so that we have a chance to "earn" or frozen coins back which the previous admin "lost"

SRG

full member

Activity: 127

Merit: 100

Quote from: Surpbitcoin on March 09, 2013, 08:01:52 AM

Thanks for all the good advise guys, I actually took my buddy out last night for some drinks and...well... hoes! I even paid the evening and gave him some cash. Needless to say his debt to me is clear and he is happier then a pig in shit.

That is awesome, excellent!

The key problem is that bitcoin is a deflationary currency, more so even than gold or silver, even if its number of users was constant, you should expect it to hold its value relative to fiat currencies, e.g. USD. Given that more and more people are getting into bitcoin, as you discovered between January and now, you are fine doing very little.

So maybe sell a few to cover any needs you have but, ironically, many investments may actually underperform just holding the BTC, i.e. unlike fiat currencies bitcoin is itself a decent "investment."

Congratulations on your windfall and good luck going forward.

Surpbitcoin

member

Activity: 112

Merit: 10

Thanks for all the good advise guys, I actually took my buddy out last night for some drinks and...well... hoes! I even paid the evening and gave him some cash. Needless to say his debt to me is clear and he is happier then a pig in shit.

Now that that's taken care of it only leaves me with a few options.

Asic mining if I can ever get my hands on some rigs.

Laptop, because you can never go wrong with a good laptop.

A trip around the world which I've always wanted to take but would cost nearly all my bitcoins if I did it right! I've also been looking into BTCjam and I may open an account and start lending, not for the interest but to help the community.

Anyone here know of any good start-ups or organizations that are in need of a little cash influx?

TheButterZone

legendary

Activity: 3038

Merit: 1032

RIP Mommy

Quote from: cedivad on March 09, 2013, 02:11:17 AM

I would sell the amount required to pay in full the debt of your friend and obliterate that debt. Hoard the remaining coins and forget about it for the next 5 years.

That^

mralbi

sr. member

Activity: 271

Merit: 250

there is only one basic rule for bitcoin:
Buy bitcoin with all excess money you have
Sell bitcoin only if you need.

Tigggger

legendary

Activity: 1098

Merit: 1000

I'd be inclined to hedge my bets.

keep 200, sell 200, invest 200 in asics.

As they've tripled in value, the ones you sell ensure you are already even.

silverfuture

legendary

Activity: 947

Merit: 1008

central banking = outdated protocol

Quote from: iwilcox on March 09, 2013, 12:06:23 AM

Practise a random act of selfless beauty and write off the debt your friend owes you?

I was wondering when someone was going to mention that. The guy pays in bitcoin and they triple in value...cut the friend some slack for sure or become Mr. Burns incarnate.

Quote from: cedivad on March 09, 2013, 02:11:17 AM

I would sell the amount required to pay in full the debt of your friend and obliterate that debt. Hoard the remaining coins and forget about it for the next 5 years.

This!

BTCvFiat

member

Activity: 112

Merit: 10

Personally what I would do (not financial advise, not sure on legalities of that with Bitcoin but meh).

Hold a portion of them.
Spend some on the investment vehicles (my pick would be Precious Metals) and other things of interest in that regard (any credit card debt you could pay off here).
Most important, treat yourself to something nice (I think I skimmed over mention of a new laptop, good example) or a holiday (whichever fits into the budget and your interests).

Of course, you could always share a few around the forums (<-- only because it feels mandatory to mention in such threads) Tongue

cedivad

legendary

Activity: 1176

Merit: 1001

I would sell the amount required to pay in full the debt of your friend and obliterate that debt. Hoard the remaining coins and forget about it for the next 5 years.

imardern

member

Activity: 72

Merit: 10

I would sell them. You'll make a fortune right now selling even half of that, 300 coins. Boy am I jealous.

iwilcox

newbie

Activity: 24

Merit: 0

Practise a random act of selfless beauty and write off the debt your friend owes you?

downying

member

Activity: 68

Merit: 10

buy asicminer share

bitlybit

newbie

Activity: 14

Merit: 0

hold

Surpbitcoin

member

Activity: 112

Merit: 10

Quote from: mmmerlin on March 08, 2013, 02:13:42 PM

If you were going to spend them on ASICs, who would you go with? BFL? Avalon? One of the hundreds of new scams that are springing up? Wink

Both?!?! maybe! Try to minimize any risk, but at this point it looks like ordering from avalon will get you up and running before BFL by a long shot!

mmmerlin

sr. member

Activity: 266

Merit: 250

If you were going to spend them on ASICs, who would you go with? BFL? Avalon? One of the hundreds of new scams that are springing up? Wink

mrp

newbie

Activity: 7

Merit: 0

Create your own business?

Warhawk24

sr. member

Activity: 241

Merit: 252

id sell a few. feel a correction coming sometime in the near future

mralbi

sr. member

Activity: 271

Merit: 250

Quote from: tkbx on March 08, 2013, 09:55:47 AM

Quote from: mralbi on March 08, 2013, 09:36:40 AM

changing back to FIAT currency is definetly not what i would recommend. When the debt based monatry system crashes 1 USD equals basically 0 USD, while 1 BTC equals 1 BTC.

I would just buy more from the FIAT you have left

While it's theoretically got the potential to be much more stable, and remain much more valuable, than USD, it' stil fiat. Anything not directly backed by something like metal, with a set exchange rate (such as "1 BTC = 1 t oz of silver") is fiat. Because of currencies like the USD, "fiat" has a negative connotation (usually for good reason), but a fiat currency (like btc) can be stable and successful.

NO! Bitcoin is NOT FIAT (Fiat money is money that derives its value from government regulation or law). It is a virtual commodity not backed up by anything.

But on the other hand, this is the same as for silver or gold. Gold or silver are NOT backed up by anything. 1 gramm Gold is one gramm Gold and 1 Bitcoin is 1 Bitcoin. It is simply a "convention" that people beleive this has value and are willing to give you something for it. But this is the same for Bitcoin. It is backed up by the convention of people like me and you beleive that this thing has value because of the intrinsic properties (rare, other people accept it, unfakeable, cheap, anonymous etc.)

Surpbitcoin

member

Activity: 112

Merit: 10

Quote from: Lethn on March 08, 2013, 09:40:05 AM

Why not lend out a portion to help businesses start up or let people loan money and get interest in return? I think that's the best thing to do with any surplus you have because you'll help the Bitcoin economy grow, of course, make sure you store the Bitcoins you don't want being used offline but I'm sure you know that already.

Already in the works, and no doubt the coins are kept offline and in a safe place!

Surpbitcoin

member

Activity: 112

Merit: 10

Quote from: edd on March 08, 2013, 09:42:40 AM

You could help the economy by spending some. At the current exchange rate, even just a handful can get you some cool stuff.

There are also plenty of bitcoin startups looking for investors. I know I have plenty of ideas that just need some funding to get them off the ground.

I actually am planning on buying a new Asus i7 from bitcoinstore! maybe even two in case I need an extra one, there prices are amazing and if there's ever a time to spend some coin its now.

I also have a few bitcoin business in the works but it's gonna be some time before I network with the right people to make it happen. I'm alwasy looking for ways to make monet though so if you have any ideas feel free to send some my way!
Wink

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