Bitcoin - Time to Sell?

[NYEXPAT]

I sold 25% of my position in various crypto's here. I will add back if we get a decent pullback, otherwise will hold the rest for $100,000+.

 

[captain3d]

That sounds wise. Ease out on the way up because we know there will be a dramatic down before too long

 

[Markola]

What? Sell your bits of decade-old computer code that has thousands of competitors and is outlawed in 20% of the world so far?

 

[Teacher Terry]

I still have a little bit left and my son has more. He has been the brains of the operation for 9 years but for a initial investment of 5k we have cashed out about 50k. The remainder of mine is being split with my ex like all the other assets. My son expects a good size jump before the end of the year. The downside of course is that he has to pay taxes on it and hire a firm that specializes in crypto. The sad thing is that if we hadn’t cashed out enough to take a big trip about 5 years ago we would have been millionaires. We always considered it risky which is why we never invested much. We were mining for a number of years.

 

[triangle]

I still have not joined the bitcoin or crypto party. The closest I have gotten is considering purchasing a few shares of Coinbase ($COIN). The aspects that have kept me away include the volatility and seemingly fragile nature. Fragile in that the holder is depending on third-parties to make it work. Isn't by definition (to make things function) the protocol and nodes well known enough that government powers could shut it down next week if they choose? At least impair it to the point where the remaining nodes get overwhelmed and exploit some vulnerabilities in the protocol. I don't know where the majority of the nodes are located, how many are in US, China, Europe, Russia, etc. but seems like a few authoritarian governments could start their own national crypto and declare the others verboten. Making it very difficult to transact legally or physically.

I have been curious of whether most people who hold it, do they keep their own wallets in personal possession? If so are they not concerned with keeping up with software updates around their app/wallet, keeping their private keys secure, etc. Or alternatively if stored on an exchange are they not worried about threats there? I saw headlines about Mt. Gox and about some brothers in a South African exchange run off with all the bitcoin, implying the owners did not hold their own wallets.

All that just highlights my ignorance of bitcoin and other cryptos, but the complexity of it all becomes a barrier. I don't need to read whitepapers or understand the internals of most investments to the level that is needed for crypto.

 

[captain3d]

Yes there are many barriers but they get smaller each year. They also mean you are investing earlier than the crowd even though Bitcoin is 12 years old now.

If you can buy a stock at an online broker you have the skills to buy crypto at coinbase with a bit of YouTube research.

 

[sengsational]

Infinite Profit

Venmo said if I bought $25 worth of Bitcoin through them, they'd give me $25. And they did!

So I now have a Bitcoin stash that has infinite (or undefined) profit percentage! I wish they'd have given me $24.99 instead.

 

[kyzymurgist]

Venmo said if I bought $25 worth of Bitcoin through them, they'd give me $25. And they did!

So I now have a Bitcoin stash that has infinite (or undefined) profit percentage! I wish they'd have given me $24.99 instead.

Check your PayPal email too. They are making the same offer. Nothing to lose and we're already up a few bucks. So much for TANSTAAFL.

Circle gave away $5 of Bitcoin with a similar offer many years ago. In hindsight, DW and I erred cashing out at 25x profit.

But there's no way I'm putting any real money into this 'asset class'. Maybe when Amazon introduces AmazonCoin where each coin is worth a share of stock. I like Blockchain to track ownership but want my ownership to represent something real.

Or even better....Vanguard Total Market Coin. Best inflation hedge ever

 

[captain3d]

I own some US treasuries. I am not sure I consider them any more real than Bitcoin.

 

[supersaver]

I put in 1% of my portfolio a few months ago. Don't mind if it goes to 0 (it won't), and there is always the off chance of another spike. Doesn't hurt.

 

[Luvtoride]

I understand all of the skepticism around Cryptocurrency and blockchain technology. It does seem as if it is an asset NOT BACKED by something real and more akin to walking into a casino (and its reputation for being used for illicit commerce).

I would encourage anyone to do some research and learn about Cryptocurrency, decentralized finance and blockchain technology and how it is being used to change economics and financial markets all over the world. It is not going away and is being implemented in commerce, governments and industry worldwide. As you and others have indicated, even major financial institutions like PayPal, Venmo, VISA and most major banks are adopting Crypto currency.

It doesn't mean you have to invest or commit any of your assets to it, but those of us who are potentially making some significant profits in this area. I have found that spending/ investing (pick whichever term you want) a small amount of my money into Cryptocurrency through a Coinbase account makes learning about it easier and more interesting (and profitable).

 

[bada bing]

I've had 2.4 BTC sitting idle for years. It is the leftover from an online purchase of a bottle of Scotch that offered a discount for using crypto. I purchased 4 BTC for just over $500. I used 1.6 BTC to buy a $125 bottle of Scotch and the rest was intended for future purchases. That $125 bottle of Scotch cost $100K in todays BTC value. My one and only foray into the world of crypto commerce.

I don't use crypto, I don't know anything about crypto. What can I say, I'm a boomer . I do have my wallet and keys backed up redundantly every which way. I was recently told by my nephew that I'm a "whole coiner". Or maybe he was saying "hole coiner". dunno.

 

[NYEXPAT]

I've had 2.4 BTC sitting idle for years. It is the leftover from an online purchase of a bottle of Scotch that offered a discount for using crypto. I purchased 4 BTC for just over $500. I used 1.6 BTC to buy a $125 bottle of Scotch and the rest was intended for future purchases. That $125 bottle of Scotch cost $100K in todays BTC value. My one and only foray into the world of crypto commerce.

I don't use crypto, I don't know anything about crypto. What can I say, I'm a boomer . I do have my wallet and keys backed up redundantly every which way. I was recently told by my nephew that I'm a "whole coiner". Or maybe he was saying "hole coiner". dunno.

Your still better off than Lazlo, who spent $550 Million for two Papa Johns Pizza's!

 

[Chuckanut]

So is it time to sell now or do we see $100k by the end of the year?

Come on YouTube hopium suppliers. Let’s see an all time high soon.

BTC at $54k now

My charts tell me that nothing will be more profitable than Bitcoin over the next 6 months.

 

[braumeister]

My charts tell me that nothing will be more profitable than Bitcoin over the next 6 months.

Cool! Let's go for it!

Want to invest in Nothing?

Carl Pei, co-founder of OnePlus, knows a thing or two about communities. At the Chinese smartphone maker, Pei fielded product and feature ideas from fans and held frequent gatherings to hear their feedback. At his new venture, Nothing, Pei is going a step further.

The London-headquartered firm said on Tuesday it will allow its community to invest $1.5 million in the company through a community equity round early next month.

 

[triangle]

I've had 2.4 BTC sitting idle for years. It is the leftover from an online purchase of a bottle of Scotch that offered a discount for using crypto. I purchased 4 BTC for just over $500. I used 1.6 BTC to buy a $125 bottle of Scotch and the rest was intended for future purchases. That $125 bottle of Scotch cost $100K in todays BTC value. My one and only foray into the world of crypto commerce.

I don't use crypto, I don't know anything about crypto. What can I say, I'm a boomer . I do have my wallet and keys backed up redundantly every which way. I was recently told by my nephew that I'm a "whole coiner". Or maybe he was saying "hole coiner". dunno.

That is quite impressive. Reminds me of this personal story which I do not clearly remember but the outline was something like....Many years ago, must have been at least 5 years ago or so, someone reported that they bought something like $25-50 in bitcoin very early on. in an effort to understand it. This was before most people had heard about it. He was a finance or technical reporter and bought it as part of doing research to write the article. He forgot about it for years until there was a big spike in bitcoin and he went back and found the wallet sitting on an old computer. The value had risen to the point that he could use that initial purchase to buy a condo in Amsterdam (which he did). I must misremember a lot of the details, as I could not find the article when doing a search recently, but it was so long ago that if true, he could have bought multiple condos today.

 

[braumeister]

Mod Note:
We recognize there is interest in our community on the topic of digital currency including Bitcoin, Blockchain, etc. However, to avoid confusion, we have decided a single dedicated thread makes the most sense at this time.

Accordingly, this and other current threads have been closed, and continuing discussion should take place here:

The Cryptocurrency Thread