Topic: Why You Should Never Sell Your Bitcoins Ever - page 165. (Read 270173 times)

Reading the responses to the recent topic titled, "I would sell all my bitcoins if…." has left me concerned.

The kinds of responses on that thread reveal a deep misunderstanding of bitcoin and the current monetary system in many of those who are speculating. Let's consider the scenario in which bitcoin reaches $1000 or let's say $10,000 per bitcoin. Many have said they will cash out if bitcoin reaches this point. Why??

If bitcoin reaches $10,000 it will have to be because the fiat currencies of the world are tumbling to worthlessness via a hyperinflation type scenario and bitcoin is the safe haven, which if you know anything about the current monetary systems of the world, you know this is inevitable. (there have been 3800 fiat currencies throughout history and EVERY SINGLE LAST ONE has crashed to worthlessness; a value of zero) Why would you then sell all of your sound money (Bitcoin) for a bunch of fiat money that is inevitably becoming worthless? I don't understand the logic in doing that.

If bitcoin ever reaches $10,000 per bitcoin, you will NEVER see me selling for fiat paper money. You may however see me having a shopping spree at Overstock.com or TigerDirect.com or NewEgg.com! I will be buying things I want with my bitcoin profits DIRECTLY WITH BITCOIN, not selling my bitcoin for paper fiat. Hopefully by then there will be many more options, perhaps even Amazon.com will be accepting bitcoin for goods and I can have my shopping spree there.

Point being, selling bitcoin for dollars seems counterproductive. Why convert your paper fiat currency into sound value storing superior bitcoin, only to sell all of your superior bitcoin back for worthless antiquated fiat currency again? Why not just spend the bitcoin itself to buy what you want instead of taking a loss by converting back into dollars which will inflate away eventually anyway?

Reading the responses to the recent topic titled, "I would sell all my bitcoins if…." has left me concerned.

The kinds of responses on that thread reveal a deep misunderstanding of bitcoin and the current monetary system in many of those who are speculating. Let's consider the scenario in which bitcoin reaches $1000 or let's say $10,000 per bitcoin. Many have said they will cash out if bitcoin reaches this point. Why??

If bitcoin reaches $10,000 it will have to be because the fiat currencies of the world are tumbling to worthlessness via a hyperinflation type scenario and bitcoin is the safe haven, which if you know anything about the current monetary systems of the world, you know this is inevitable. (there have been 3800 fiat currencies throughout history and EVERY SINGLE LAST ONE has crashed to worthlessness; a value of zero) Why would you then sell all of your sound money (Bitcoin) for a bunch of fiat money that is inevitably becoming worthless? I don't understand the logic in doing that.

If bitcoin ever reaches $10,000 per bitcoin, you will NEVER see me selling for fiat paper money. You may however see me having a shopping spree at Overstock.com or TigerDirect.com or NewEgg.com! I will be buying things I want with my bitcoin profits DIRECTLY WITH BITCOIN, not selling my bitcoin for paper fiat. Hopefully by then there will be many more options, perhaps even Amazon.com will be accepting bitcoin for goods and I can have my shopping spree there.

Point being, selling bitcoin for dollars seems counterproductive. Why convert your paper fiat currency into sound value storing superior bitcoin, only to sell all of your superior bitcoin back for worthless antiquated fiat currency again? Why not just spend the bitcoin itself to buy what you want instead of taking a loss by converting back into dollars which will inflate away eventually anyway?

Reading the responses to the recent topic titled, "I would sell all my bitcoins if…." has left me concerned.

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If bitcoin reaches $10,000 it will have to be because the fiat currencies of the world are tumbling to worthlessness via a hyperinflation type scenario and bitcoin is the safe haven, which if you know anything about the current monetary systems of the world, you know this is inevitable. (there have been 3800 fiat currencies throughout history and EVERY SINGLE LAST ONE has crashed to worthlessness; a value of zero) Why would you then sell all of your sound money (Bitcoin) for a bunch of fiat money that is inevitably becoming worthless? I don't understand the logic in doing that.
....

Whenever I can I sell some when they're high enough and I rebuy them when they're low.
I always try to keep my btc stash and, when I can, to increase it.

But, as for the coffee, and a dinner I started to use them.

It feels nice...

Most of time I try to keep my bitcoins in my wallet but in some bad time I sell them and try to bring back as rate came down I have full faith in this so I try I never sell them

If anything at all I want to spend my coins, not sell them, I am not a coin collector. I bought some pizza and it tasted extra good, just like the coffee of acquafredda

If the price goes up, it would mean I can spend even more bitcoin and buy more stuff, hooray for consumerism!

it is the dawn of bitcoin, still, so the most people can do is hold and hope or if they are in it for a quick buck buy and sell to make some more.

The example you say about the fiat currencies eventually tumbling to zero can be flipped on Bitcoin the exact same way. If Bitcoin were to reach 10,000 a coin, you assume that it would remain steady and that no one should convert to fiat, but realistically you can't be precise if the price wouldn't crash. When we were at 1,000+ a coin, many speculated we would be "to the moon" a year from that, and the direct opposite happened. I don't blame anyone for wanting to convert to fiat at 10k per coin. It's taking the safe way out (believe it or not) which isn't a bad thing.

good post OP, I would like to add the following points:

1. fiat need not collapse in order to have a BTC boom.

2. if BTC explodes in value, no point to sell unless you believe it's a bubble.
But even that is risky, you are in effect going from a long term holder
to an active trader and can easily make a mistake by cashing out too early.

3.  As BTC rises, you can sell small portions of your BTC to take some
profits while keeping the bulk of your holdings.  Ironically, the higher BTC
goes, the less you need to sell of it to create some serious paper (fiat)
while continuing to HODL bigtime.

If bitcoin reaches $10,000 it will have to be because the fiat currencies of the world are tumbling to worthlessness via a hyperinflation...

they simply see 0.2btc as $58 and not 0.2btc as 0.2btc, you can't blame people for that. if they really start to appreciate bitcoin, then they will start seeing bitcoin differently.

But if I buy a cake with BTC, and if BTC would be worth 10 times I still paid the same amount. The point is to keep majority of BTC.

There is always of possibility that BTC will reach price in the future. And even if BTC will cost $1000 next year some people would wait for it to reach even more.
This game is not about waiting forever for THE BEST BTC price. You can't be perfect. If you can wait and not spent your coins - good for you, but try to use it before you die at least.

But if I buy a cake with BTC, and if BTC would be worth 10 times I still paid the same amount. The point is to keep majority of BTC.

try to use it before you die at least.

But what if that BTC you converted would be worth 10 cakes in a year? Than it would ve been better to use your fiat which would buy you only 99/100th of a cake next year (assuming 1% inflation ;P).

But what if that BTC you converted would be worth 10 cakes in a year? Than it would ve been better to use your fiat which would buy you only 99/100th of a cake next year (assuming 1% inflation ;P).