When will you sell your Bitcoin?

Discussion in 'Digital Currencies' started by hawkeye1, Feb 18, 2021.

  1. hawkeye1

    hawkeye1 Active Member

    Joined:
    Dec 26, 2020
    Messages:
    169
    Likes Received:
    153
    Trophy Points:
    43
    Location:
    Perth
    More and more I am thinking that the answer to this question is going to be never.

    Apart from the fact that I obviously wouldn't have CGT to worry about, once the price gets to a certain level, I can just use it as collateral to finance me for the rest of my life. It's almost certainly going to keep accumulating, if slower eventually, due to government monetary operations.

    Got the idea from Saylor, but just thinking through the calculations makes me think it is worth it to get the steady income stream rather than the one big hit and then having to worry about getting a yield in Aussie dollars.

    I'm not giving up my percentage of that 21 million.
     
    neonuke and mmm....shiney! like this.
  2. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,987
    Likes Received:
    3,389
    Trophy Points:
    113
    Location:
    Melbourne
    are there actually institutions that will accept your bitcoin as collateral for finance? how does that even work? do you send the coins to their wallet and hope when you pay off the loan that they will send it back?
     
  3. bubblebobble2

    bubblebobble2 Administrator Staff Member Silver Stacker

    Joined:
    Feb 6, 2012
    Messages:
    5,340
    Likes Received:
    3,450
    Trophy Points:
    113
    Location:
    P!MP land-Seedeneey
    After 100K USD!
     
  4. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,987
    Likes Received:
    3,389
    Trophy Points:
    113
    Location:
    Melbourne
     
    neonuke likes this.
  5. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    2,649
    Likes Received:
    3,019
    Trophy Points:
    113
    Location:
    Melbourne
    So the '21 million' thing... 100 million Satoshis per bitcoin so bitcoin when fully mined is actually 2 100 000 000 000 000 currency units.
     
  6. Brendio

    Brendio Active Member

    Joined:
    Oct 4, 2017
    Messages:
    140
    Likes Received:
    91
    Trophy Points:
    43
    Location:
    Wide Bay
    Yes, I used NEXO a year ago to get a loan to convert some share options. In hindsight, I should have let my options lapse, because I lost money on that, but I would have lost more in opportunity cost if I had sold BTC to get the funds. Nexo is now also paying me interest on my excess collateral, and with the price increase, that interest is actually more than the interest on my loan.

    Loan is denominated in USD, but they wired it straight to my Westpac account.
     
    precious roar likes this.
  7. dozerz

    dozerz Well-Known Member Silver Stacker

    Joined:
    May 21, 2013
    Messages:
    2,248
    Likes Received:
    1,204
    Trophy Points:
    113
    Location:
    straya
    binance loan usdt on bitcoin deposits.
     
  8. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,987
    Likes Received:
    3,389
    Trophy Points:
    113
    Location:
    Melbourne
    That honestly makes me sick to the stomach. I didn't know the casino economy was that perverse.
     
  9. SilverHaas

    SilverHaas Member

    Joined:
    Jan 10, 2021
    Messages:
    66
    Likes Received:
    33
    Trophy Points:
    18
    Sold yesterday. All in silver now
     
    heartastack and GOLD1 like this.
  10. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,607
    Likes Received:
    4,392
    Trophy Points:
    113
    DEFI, nothing perverse about it.

    And "casino economy"? You better get on board. Or that'll be two ships you'll have watched sailed. ;)
     
  11. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,607
    Likes Received:
    4,392
    Trophy Points:
    113
    B e your own Central Bank. :)
     
    hawkeye1 likes this.
  12. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,987
    Likes Received:
    3,389
    Trophy Points:
    113
    Location:
    Melbourne

    You can have your sinking ship, I'm already in the life raft heading back to shore.
     
    Ag bullet likes this.
  13. dollars

    dollars Active Member Silver Stacker

    Joined:
    Aug 31, 2010
    Messages:
    909
    Likes Received:
    174
    Trophy Points:
    43
    Location:
    Western Australia
    I remember when GP CK and a few other stackers went to a coin show in Berlin, probably around the time of the dragon release and they were withdrawing cash out of a Bitcoin ATM and buying drinks at the bar, (GP put out some pictures or a small video )
    Just wondering what the drink bill was then relative to the Bitcoin prices we see today!!!
     
    Last edited: Feb 18, 2021
    wrcmad and mmm....shiney! like this.
  14. dozerz

    dozerz Well-Known Member Silver Stacker

    Joined:
    May 21, 2013
    Messages:
    2,248
    Likes Received:
    1,204
    Trophy Points:
    113
    Location:
    straya
    binance turns over more than any of the top 4 here daily, you can withdraw under 2btc with no kyc. better performance, uptime and access to real assets than anything in this arse end backwater.
     
    Ivykoin likes this.
  15. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,607
    Likes Received:
    4,392
    Trophy Points:
    113
    And the attraction is?

    Screen Shot 2021-02-18 at 10.20.03 pm.png
     
  16. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2019
    Messages:
    3,553
    Likes Received:
    3,397
    Trophy Points:
    113
    Location:
    Colorado USA
    Not sure. Finger always on the sell button.
    If it craters I will sell and buy back in later on most likely.
    I'd rather keep my gains and not watch them trickle away slowly. It's never wrong to pull some profit.
    I dont have btc right now, just litecoin and ethereum.
    Cryptos will most likely get dragged down in the next market drop so I'm keeping an eye on that.
     
    Last edited: Feb 18, 2021
  17. Goldmiester

    Goldmiester Active Member

    Joined:
    Jan 3, 2021
    Messages:
    103
    Likes Received:
    46
    Trophy Points:
    28
    I have learnt my lesson from 2018. Had just got in to Crypto and HODL'd all the way thinking it would keep going up. It didn't. So now I always take profits. everytime BTC has hit an ATH I've been taking profits and now have a healthy amount with a good amount of BTC still left over. My advice would be to always take profits when you can.
     
    madaw1, Jason1 and ParanoidAndroid like this.
  18. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,607
    Likes Received:
    4,392
    Trophy Points:
    113
    I've read stats that would suggest otherwise, that if you HODLed you'd be better off.
     
    Bullion Stax and Goldmiester like this.
  19. Goldmiester

    Goldmiester Active Member

    Joined:
    Jan 3, 2021
    Messages:
    103
    Likes Received:
    46
    Trophy Points:
    28
    Maybe, but at some point you need to convert those numbers on screen to cold hard cash!
     
    mmm....shiney! likes this.
  20. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,607
    Likes Received:
    4,392
    Trophy Points:
    113
    If you stake you keep your asset base and spend (or add to your asset base) your earnings.
     
    beyondfiat and Goldmiester like this.

Share This Page