Why You Should Never Sell Your Bitcoins Ever - page 166.

Sugarape

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Quote from: BitProdigy on July 19, 2015, 10:43:04 PM

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.

It wont. 10k isn't a ridiculous number but it wont take hyperinflation to reach that level. IF the demand for bitcoin is very great and has been adopted by the mainstream then 10k would be a reasonable price in my opinion. I agree with you that I would rather spend my coins but when people say they will cash out likely what they mean is they will start spending it, whether that be to purchase things or trade it for fiat cash.

NorrisK

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Quote from: Somekindabitcoin on July 20, 2015, 06:09:37 AM

Quote from: TrueBeliever on July 20, 2015, 06:02:31 AM

fully agree with OP. the heading is a little bit confusing, hence the debate. the point is if (when) BTC goes up in value then at the same time it is more likely to become a common payment method. So no don't sell BTC for fiat, use BTC directly to buy goods

What if I sell just $5 and get fiat so I can buy a cake? I will still have my BTC and a cake.

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).

Somekindabitcoin

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Quote from: TrueBeliever on July 20, 2015, 06:02:31 AM

fully agree with OP. the heading is a little bit confusing, hence the debate. the point is if (when) BTC goes up in value then at the same time it is more likely to become a common payment method. So no don't sell BTC for fiat, use BTC directly to buy goods

What if I sell just $5 and get fiat so I can buy a cake? I will still have my BTC and a cake.

TrueBeliever

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fully agree with OP. the heading is a little bit confusing, hence the debate. the point is if (when) BTC goes up in value then at the same time it is more likely to become a common payment method. So no don't sell BTC for fiat, use BTC directly to buy goods

randy8777

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Quote from: Somekindabitcoin on July 20, 2015, 05:16:31 AM

It would be nice if everyone took Bitcoin as a normal currency, not just Bitcoin to Dollar and Dollar to Bitcoin.
When I'm doing some stuff for people here, like coding or whatever I just say "Give me 0.2 BTC", I don't care about price when doing this. But this won't never happen, sadly Sad

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.

Somekindabitcoin

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Quote from: neoneros on July 20, 2015, 05:22:46 AM

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.

I hope your Bitcoin pizza tasted good!

neoneros

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I can draw your avatar!

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.

acquafredda

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Quote from: Hazir on July 20, 2015, 05:11:16 AM

Quote from: S4VV4S on July 20, 2015, 04:29:01 AM

OP, I understand your point, however, you must understand that there are necessary things that you cannot buy with Bitcoins yet.
We need food and shelter, and unfortunately that is paid for in cash for the moment.
So, we need both, mass adoption from consumers AND businesses.
If businesses do not accept Bitcoin then it wont really be worth much to that regard.

This is correct. And also bitcoin purpose is constantly changing. For now Bitcoin is still considered an investment asset and speculative tool.
In the future with the inevitable mass adoption approaching it will evolve to more like standard currency and payment method - the only question is how much it will 1 BTC cost then.

The other day I paid a coffee 420000 Satoshis
Cheesy

or 0.0042 btc

It was easy to do that.

If one day BTC price will go up I probably would have paid that coffee a lot.
But that's ok. RIght now is already possible to use it. We know it. It's not that easy of course.

Anyway, I decided to hold a good amount and to use a tiny bit as pocket money.

It's a nice feeling to have abitcoin coffee.

You guys should try...

Somekindabitcoin

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It would be nice if everyone took Bitcoin as a normal currency, not just Bitcoin to Dollar and Dollar to Bitcoin.
When I'm doing some stuff for people here, like coding or whatever I just say "Give me 0.2 BTC", I don't care about price when doing this. But this won't never happen, sadly Sad

Hazir

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Quote from: S4VV4S on July 20, 2015, 04:29:01 AM

OP, I understand your point, however, you must understand that there are necessary things that you cannot buy with Bitcoins yet.
We need food and shelter, and unfortunately that is paid for in cash for the moment.
So, we need both, mass adoption from consumers AND businesses.
If businesses do not accept Bitcoin then it wont really be worth much to that regard.

This is correct. And also bitcoin purpose is constantly changing. For now Bitcoin is still considered an investment asset and speculative tool.
In the future with the inevitable mass adoption approaching it will evolve to more like standard currency and payment method - the only question is how much it will 1 BTC cost then.

S4VV4S

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OP, I understand your point, however, you must understand that there are necessary things that you cannot buy with Bitcoins yet.
We need food and shelter, and unfortunately that is paid for in cash for the moment.
So, we need both, mass adoption from consumers AND businesses.
If businesses do not accept Bitcoin then it wont really be worth much to that regard.

titulng

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HubrisOne

I think the the fact is opposite, we should buy and sell bitcoin always so that we can never loss even profits/

Amph

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Quote from: crazyivan on July 20, 2015, 03:41:22 AM

So the discussion should be about when to spend BTC and not when to sell it for fiat. Right?

the answer is easy, everyone should wait untill fully adoption, to spend it everywhere, for now you can spend it only in the shop that accept it, and if you need somethign that isn't in those shop, then you use you other money called fiat....

shorena

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Quote from: BitProdigy on July 19, 2015, 10:43:04 PM

-snip-
Point being, selling bitcoin for dollars seems counterproductive.
-snip-

crazyivan

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So the discussion should be about when to spend BTC and not when to sell it for fiat. Right?

Amph

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no one said that he will necessarily sell them, but that he is only waiting for that target price for use his bitcoin, at least this is true for me, just hope that bitcoin will be used for everything when the time comes, otherwise many will be forced to sell

there was another thread that was asking if people would pay in bitcoin only if it was accepted everywhere, so the problem is always that global acceptance, not the price

Hopalong

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Quote from: fryarminer on July 20, 2015, 01:30:23 AM

OP, you get it. You understand Bitcoin.

Even though if Bitcoin reaches those prices it will not be because of fiat being useless, it will simply be because of the sheer mass of people using it.

How would the sheer masses get to using bitcoins if you follow op´s advice. If you wont sell your coins for fiat then the people using fiat will continue with that. If that fiat got problems with hyperinflation or other things they would not be able to buy bitcoin since noone will sell bitcoin for a useless currency.

You end up holding a currency noone but you and a few others see the value in when the masses will move to something else. You will be like a stamp collector who has used a fortune getting his collection complete and then trying to sell it only to realize that nobody want to buy it.

MadAlpha

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Quote from: Kprawn on July 20, 2015, 02:06:04 AM

OP, have you been around when the Bitcoin price hit $1000 before? There was NO fiat collapse when it happened... The fiat price was unchanged during that period... it was just the Bitcoin price that climbed.

But there were plenty of those who expected the dollar to collapse any day. They look pretty dumb now, don't they? But wait, those people are still around. And they still think the dollar will collapse any day now...

Kprawn

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OP, have you been around when the Bitcoin price hit $1000 before? There was NO fiat collapse when it happened... The fiat price was unchanged during that period... it was just the Bitcoin price that climbed.

Some blame the Willy Bot... but for whatever reason.. Bitcoin was more valueble than any fiat currency, even gold.

Most of the people in that thread, assume that the situation would repeat itself... Fiat price stay the same, and the Bitcoin price skyrockets. Wink

Some services do not accept Bitcoin, so for those things, people would convert to fiat... for the rest, people would spend in Bitcoin. Grin

pooya87

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In my opinion when asked "I would sell all my bitcoins if…" answer from an speculation standpoint and look at the near future (maybe not more than one year) and say we will sell out bitcoin.
on the other hand a lot of it is because of the bitcoin price history . many are expecting another rise (pump) to the moon and after that they expect that history repeats itself which means another crash! as the result they will consider selling at high prices to gain this profit and get out before the crash.

but what you are saying is a scenario in which bitcoin price actually goes up and not just get pumped to the moon. in that case i personally don't see myself even considering selling my bitcoin because it would be the most valuable thing in the world!

Topic: Why You Should Never Sell Your Bitcoins Ever - page 166. (Read 270138 times)