Topic: Why do people sell bitcoins and move the money back to their bank? - page 2. (Read 3596 times)
June 25, 2012, 05:17:06 PM
For bitcoin miners like myself we purchased video cards with 6 month+ payoff time frames so we have to sell constantly when the price is good just to get to a break even point before we start to make real profit.
June 25, 2012, 05:14:07 PM
So you buy some bitcoins, you then sell them at a good price (you've made a profit) and then bitcoin goes down inevitably at which point you can buy more and then the price goes up and you sell them again.
At what point do you decide to quit and cash out?
At what point do you decide to quit and cash out?
When you misjudge the level of the rise. For instance, let's say I sold after figuring $6.10 was about the top of this little run we just saw. I'ld now hav to buy back at more than what I sold it for.
Predictions are hard, especially about the future.
June 25, 2012, 03:11:06 PM
Expenses
Debt
Diversification/Profit taking
Spending
Debt
Diversification/Profit taking
Spending
June 25, 2012, 03:10:23 PM
I've never cashed out. Never intend to.
+1 same here. 
June 25, 2012, 03:01:30 PM
Canada government last week adjusted the details associated with mortgages that will take effect July 9th thats two weeks from today. Therefore maybe they will be needing their own bailout. Here is an interesting article to read on one persons take of the situation.
http://www.greaterfool.ca/
http://www.greaterfool.ca/
June 25, 2012, 02:56:37 PM
As a somewhat related aside, this sort of proves that the notion of a deflationary spiral for bitcoins is just a bunch of hot air. When people need to, they spend BTC, no matter what they think it might do a week, month or year from now.
June 25, 2012, 02:07:12 PM
How do you know this is happening? Of course there are miners that sell BTC to pay expenses, but why do you think speculators cash out other than for arbitrage? I'm sure some do, but for the most part folks are in the game, win or lose.
June 25, 2012, 01:38:37 PM
I convert them to Amazon gift credit with spendbitcoins.com if the rate is around $0.50 +/- deviation for a week. You can store up gift credit on Amazon and I trust their security more than my lack of an offline wallet (not that I've ever gotten a ton of BTC to justify making one). If I hadn't converted, I only would have gained around a couple bucks total, when the rate jumped from $5.xx to $6.xx.
June 25, 2012, 01:23:06 PM
I cant wait for the day when you can pay BTC for
Basic life needs.
Basic life needs.
June 25, 2012, 01:19:04 PM
I've never cashed out. Never intend to.
June 25, 2012, 01:17:11 PM
I have bills to pay and lemons to buy sometimes.
Basic life needs for most.
June 25, 2012, 01:12:01 PM
I have bills to pay and lemons to buy sometimes.
June 25, 2012, 01:01:42 PM
It's something I don't understand.
So you buy some bitcoins, you then sell them at a good price (you've made a profit) and then bitcoin goes down inevitably at which point you can buy more and then the price goes up and you sell them again.
At what point do you decide to quit and cash out?
Is it fear of a Bitcoinica type situation?
Surely once you have Bitcoins/$ in the system you can play this game forever.
So you buy some bitcoins, you then sell them at a good price (you've made a profit) and then bitcoin goes down inevitably at which point you can buy more and then the price goes up and you sell them again.
At what point do you decide to quit and cash out?
Is it fear of a Bitcoinica type situation?
Surely once you have Bitcoins/$ in the system you can play this game forever.
Jump to: