Topic: You will not hold tight if.... (Read 4500 times)

This neighbor business might be more realistic than this nsa business.

Bitcoins are getting RARE. Who want to get rid of them now?

Well, your neighboor can inform them that you have suddenly bought a new ferrari, Plasma TV and a pool in the garden. Or they could ask NSA.

yes, they would disagree, but how would they find out?
lol!

nice necro thread.

The IRS would certainly disagree with you there.  You still need to pay taxes on any gains under the barter tax code.

You don't pay income tax if you spend your BTC instead of selling.

But just keep in mind that the realized capital gains contribute towards that $36k limit.  So if you don't have a job, and just sell $36k worth of your bitcoin stash per year, your would pay ZERO in taxes.  That's my understanding at least, but I'm not an accountant.

So the price maintains $900 for a day or two and it's a new floor? Hehe...feel like I'm in the twilight zone.

Fuck.  I've been overpaying the IRS.

Make less than $36k/year, and hold the bitcoins for at least a year before selling. Since 2008 there have been zero taxes on capital gains in the two lowest income tax brackets.

Deterrence, the difference is it can be firmly in people's hands this time.

What good is the gold in Ft. Knox? I mean, if there is some there.

Wait, how do I get 0% capital gains tax?

LOL ....

Then what good is it? 

All I know is that 1BTC in my paper wallet will never be spent no matter what. Everything else is speculation and gradual investment.

I agree that a floor at 900 is certainly established. Just keep in mind that any market is a sum representation of psychology of all those people.

Currently you hold the dominant psychology of up, and hold.

All I say is to remain vigilant.

: )

cj

Sell now?  Why? That's beyond dumb when the new floor is $800-900, that makes peaks of $1500 quite plausible. I don't know about you, but selling for 50% less than I could if I was patient does't seem like a genius idea.

Long term capital gains (US) can be at 0% for a lot of people.

Very good speculation indeed.

Best speculation thread ever.

Remember, when selling BTC and withdrawing from exchange, you definitively have to pay income tax, so no $1000 per coin yet at all 

Still holding.

100% wrong. Holding tighter than ever.

Holding tight

a picture of a 10BTC coin with todays date be ok? never opened one of them. you are selling us cheap oak.

The higher the price goes the more legitimized I feel in this technology.  I will trade my bitcoins for land or for my kids college tuition but I will never sell.

Congratulations guys. Who cares enough to prove me wrong?

Okay, people, if the price ever passes $1000, I am gonna bump this thread, call you guys out, so that those who still survive can line up to kick my ass.

LMFAO!

If I bought all the bitcoins I could buy when I get this next batch of money coming in, which has a chance of happening...
And Bitcoin goes to $1000...

I honestly COULD NOT AFFORD TO SELL. The sheer amount of taxes I'd have to pay would make exchanger fees look like nothing. If I wanted to hedge my bets I'd open a bunch of accounts on Liberty Reserve or the like and stick some in each. Or buy gold with the bitcoins, or even just casascius coins. By that point Bitcoin would probably be accepted in many places, and I'd pay away the fiat wages I get as I got them. So yes, I'd spend some of my bitcoins: whats the point of having money if you don't spend it? But not on fiat. I'd have to be nuts to do so at that price. Plus, the exchangers would probably be suffering from ridiculous amounts of regulation by that point anyway.

Nah... I don't think there even was one 

I think you missed the point of the post.

I don't believe it.  Alpacas are more bullish.

Wait, is this ANOTHER thread, with ANOTHER idiot, who makes grand assumptions about what other people do/will do with their bitcoins?

If I have $1,000,000 worth of bitcoins when they hit $1,000 why the heck would I sell all of them at once?
Why do you assume that every single large holder (with widely varying stashes) will make exactly the amount they need to buy a lamborghini and three mansions, right when bitcoin happens to hit $1000, and will all cash out at roughly the same time, and new adoption will have slowed to the point where there are no buyers (because you know USD is gaining traction and it might just replace BTC.)

Furthermore, as if I need any more to prove the idiocracy of the original post, why $1,000 USD? Why not $1000 CND or $1000 GBP or $1000 EUR or $100000 JPY or you get the point. Why does the psychological value of the $1000 USD point matter so much more than the psychological value of other arbitrary whole number points in other currencies? This is a global market, you know.
But, whatever. Keep on pretending to know what other people do with their bitcoins, and making grand assumptions like EVERYONE will cash out at X psychologically round number because they all decide they need X material good that just happens to cost all of their bitcoin.

Every time my portfolio value reaches a nice big milestone number, I cash out a very small amount - usually no more than 5% - and buy something on my "expensive stuff that I want/need" list. That practice will continue into $1,000 and well past $1,000. Not sure why you think it will magically change at $1,000 vs. $100 or $10,000. I'm not a "hoarder" or a "spender" or a "greedy speculator" I am just a person with bitcoins. People do the same thing with USD - have a few hundred thousand in their 401(k) and savings account and perhaps a few stocks, and every once in a while may decide to "lock in some gainz." This doesn't make them bad people, good people, evil speculators, greedy hoarders, responsible spenders, but most importantly, it doesn't mean jackshit for a functioning economy.

I see what you're trying to do, but doubt that it will change anything/anyone.
That said, rah rah reverse psychology, pseudoscience as it may be.

Oh well, if bitcoin is to win any war, it wins by design, not by ideology, like how you have put it, because it's better for a number of jobs. And I wasn't saying fiats are going to die, just that the monopoly of money will be over if bitcoin goes mainstream.

I sold 4.8% of my holdings at $239.  I was able to reduce my initial USD investment by 1/3 in doing so, and dang, it feels dirty.  Of course I opened up an equivalent USD value of buy orders at various points in the $100 - $200 range.  If my holdings grow another 5x, I'll probably drop another 10% into some metals.

I like AdamstgBit's perspective, except I don't have a wife and kids.

I wasn't calling you presumptuous for assuming I'd sell; that part of your post was obviously rhetorical. I was calling you presumptuous for assuming that I gave a fig about fighting some ideological war against fiat to begin with.

But thanks for wishing my discipline well.

The presumptousness is deliberate. I seriously hope you're right and get me to eat my words.

Such presumptuousness. Don't put words in my mouth.

I think cryptocurrency is a game-changer. I think it's a better tool for certain jobs, technically speaking, than the national currency and banking system. That doesn't make me a revolutionary. I have no particular ideological desire to dismantle Gold Man-Sacks, or the Fed for that matter.

My current strategy dictates that if the USD/BTC exchange rate were to go to $1000, I would sell about half of my speculation purse. My non-speculative purse, meanwhile, would continue to be used for BTC-denominated goods and services.

That's not selling out. That's sticking to the plan. And if there is a crash, it means I'll be the strong hand into which the weak hands sell. And if there isn't, I still have substantial BTC holdings, ready for things to proceed.

I accept your challenge. Now go buy bitcoins up to $1000.

if it goes to 1000$, i'm not selling shit! i'm paying my mortgage as slow as possible, i'm spending every dime of fiat i earn, i'm having fun, but i will never ever sell a bitcoin every again!

what's the point, i mean really, what would i do with the money?

hoard gold and silver??? i might as well hoard bitcoin...
pay off my mortgage??? but everyone needs a good amount of debt in this inflationary environment ( not hard to pay back a loan in worthless dollars....)
hookers and blow??? fuck that i have a wife and kids...

No thanks, fuck that, I'm holding on to my SAVINGS account forever.

 

I believe at some point, the difficulty of going back to dollars will be more hassle than it is worth.

The tax implications alone would make my head spin. Best to just stick with one currency from now on. I already pay taxes on the dollars in my paycheck, no need to pay taxes again when I trade currencies into the Federal Reserve's domain.

Well, in that case.

Challenge accepted

It's more of a challenge than a claim.

I am looking forward to the day when bitcoin price reaches $1,000/10,000, and you still hold those shiny coins in your hand, and show them off to me, you don't need to attach a digital signature, the fact that you will still visit this forum and remain bullish will probably be proof enough.

I am serious.

I'll "cash out" 20%-30% at $1000 by going to Amagi Metals and buying a bunch of gold and silver.

I would feel dirty going back to paper in a bank.

The substance here is that the claim is the same we've always heard.  The answer to the claim is thus: it's a false claim.

Don't mess around with that number, it's the substance that matters here.

Alpaca

oh and Bitcoin is a BBBBUUUBBBBLLLEEE!

Oh, my mistake.   Excuse my ignorance, but is a llama the chicken of the camel family?

Unless ofcourse I can do that with BTC at then point. Then I wont cash out

At $50,000. I might be tempted to sell of 1 BTC.... that would pay off the rest of my student loans and buy me a nice shinny new car

Llama

Is that a camel as your avatar?  I thought it was a chicken that constantly ran around saying the sky was falling, not a camel.  would you please update?

Ummm....okay?

This may be true if we hit 1000 tomorrow.

It will not be true if we hit 1000 a few months from now.  Many people will have sold by then.  Many MORE people will have bought in by then.  Many people will have just started investing at 500, 600, 800, 999. 

$1,000 for one Bitcoin does not pay off my mortgage.

not

nope

I think we'll see the result of what you've described we'll before $1000, and it will end up being the biggest catastrophe in bitcoindom to date.

The price ever goes to $1000.

No matter how you have vowed you will never sell.

You will exchange most, if not all of your bitcoins for those filthy, worthless pieces of green, red, blue papers, coming straight our of the factories of Ben and his pals around the world, which you have so far loathed and despised.

You will forget about the plan of liberating money from the monopoly of governments and banks, like you have never believed in such an idea.

I know, I know, you need the money to start a family, you want to give your kids a better education, you have wanted that car for a long time, you can finally set your parents up...... I understand, I totally understand.

Just don't overestimate yourself.

You know who can cause a crash? Not some evil manipulators, you will cause the crash.

No, no need to prove to me anything, prove to yourself.