Page 5 of 6 FirstFirst ... 3456 LastLast
Results 41 to 50 of 54

Thread: BitCoins

  1. #41
    Electrum TroyOz's Avatar
    Join Date
    Dec 2016
    Posts
    208
    Thanks
    452
    Thanked 210 Times in 113 Posts

    Re: BitCoins

    Quote Originally Posted by Hitch View Post
    How long do you "sit tight" for though? Do you sit tight until you die, or do you sit tight until you can cash out of the whole mess and buy a house?

    If you can sell bitcoin and buy a house outright....do it!! You've already sat tight enough. Enjoy having a home, paid for, you've earned that.
    The "sit tight" is until you reach the goals you set out before you invested. When I started investing in silver when it was under $5, I set a goal of 4x's my initial investment. What ended up happening was just as I was about to sell @$21 - the market crashed back to around $7. It was several years until it reached that price again.

    One of the problems with cashing out Bitcoin and buying a house is taxes. To buy a house, you will have to convert Bitcoin into Dollars and enter the banking system and government reporting. What is the Capital gains tax on the profits? That could be a major deterrent for those with large gains.

  2. #42
    Dangerous Donald Neuro's Avatar
    Join Date
    Apr 2010
    Location
    Absurdistan
    Posts
    21,221
    Thanks
    8,798
    Thanked 7,785 Times in 4,994 Posts

    Re: BitCoins

    Quote Originally Posted by Jewboo View Post
    The low on bitcoin was around $200 some 2-3 years ago and the high around $11,000 today , so that's a 55x increase. In line with the tulip mania of 1622, or a bit higher...
    Cultural Marxism: -The idea that good, hard working, white people should pay for those who are not, and thus in the name of equality create the conditions for their own genetic annihilation

  3. #43
    Unobtanium EE_'s Avatar
    Join Date
    Apr 2010
    Posts
    16,263
    Thanks
    1,086
    Thanked 7,956 Times in 4,576 Posts

    Re: BitCoins

    Updated graph
    DON'T TAKE THE VACCINE!

    THE SHIT HAS HIT THE FAN!

  4. #44
    Dangerous Donald Neuro's Avatar
    Join Date
    Apr 2010
    Location
    Absurdistan
    Posts
    21,221
    Thanks
    8,798
    Thanked 7,785 Times in 4,994 Posts

    Re: BitCoins



    Now we are in the denial stage at the blow off phase...
    Cultural Marxism: -The idea that good, hard working, white people should pay for those who are not, and thus in the name of equality create the conditions for their own genetic annihilation

  5. #45
    Dangerous Donald Neuro's Avatar
    Join Date
    Apr 2010
    Location
    Absurdistan
    Posts
    21,221
    Thanks
    8,798
    Thanked 7,785 Times in 4,994 Posts

    Re: BitCoins

    Quote Originally Posted by TroyOz View Post
    The "sit tight" is until you reach the goals you set out before you invested. When I started investing in silver when it was under $5, I set a goal of 4x's my initial investment. What ended up happening was just as I was about to sell @$21 - the market crashed back to around $7. It was several years until it reached that price again.

    One of the problems with cashing out Bitcoin and buying a house is taxes. To buy a house, you will have to convert Bitcoin into Dollars and enter the banking system and government reporting. What is the Capital gains tax on the profits? That could be a major deterrent for those with large gains.
    So you are saying don't take a profit because you have to pay taxes on profits?
    Cultural Marxism: -The idea that good, hard working, white people should pay for those who are not, and thus in the name of equality create the conditions for their own genetic annihilation

  6. #46
    Electrum TroyOz's Avatar
    Join Date
    Dec 2016
    Posts
    208
    Thanks
    452
    Thanked 210 Times in 113 Posts

    Re: BitCoins

    Quote Originally Posted by Neuro View Post
    So you are saying don't take a profit because you have to pay taxes on profits?
    No, just that it is a deterrent. It's a big chunk on the gains Bitcoin has experienced.

    If I didn't have a house and had the ability to own a house on bitcoin profits, I would do it.

  7. The Following User Says Thank You to TroyOz For This Useful Post:

    Neuro (5th December 2017)

  8. #47
    Iridium
    Join Date
    Feb 2013
    Posts
    8,005
    Thanks
    3,951
    Thanked 3,691 Times in 2,328 Posts

    Re: BitCoins

    Quote Originally Posted by TroyOz View Post
    The "sit tight" is until you reach the goals you set out before you invested. When I started investing in silver when it was under $5, I set a goal of 4x's my initial investment. What ended up happening was just as I was about to sell @$21 - the market crashed back to around $7. It was several years until it reached that price again.

    One of the problems with cashing out Bitcoin and buying a house is taxes. To buy a house, you will have to convert Bitcoin into Dollars and enter the banking system and government reporting. What is the Capital gains tax on the profits? That could be a major deterrent for those with large gains.
    That's good advise, but applying it to bitcoin is a challenge. For example, if someone bought 100 bitcoins back when they were $20 a coin, for $2,000. Now, they are worth over 1 million dollars. I doubt anyone at that time really saw that kind of growth possible with bitcoin, and would have likely cashed out much sooner with a "sit tight"strategy.

    If I even had one bitcoin, I'd dump it so fast right now and cash out without even thinking about it. In fact, thinking of one bitcoin being worth over $10K just makes me nervous, even the thought of having just one coin.
    life is good.

  9. The Following 2 Users Say Thank You to Hitch For This Useful Post:

    Joshua01 (30th November 2017),TroyOz (2nd December 2017)

  10. #48
    Iridium monty's Avatar
    Join Date
    Apr 2010
    Location
    Nevada
    Posts
    8,940
    Thanks
    7,785
    Thanked 8,331 Times in 5,107 Posts

    Re: BitCoins

    Quote Originally Posted by Hitch View Post
    That's good advise, but applying it to bitcoin is a challenge. For example, if someone bought 100 bitcoins back when they were $20 a coin, for $2,000. Now, they are worth over 1 million dollars. I doubt anyone at that time really saw that kind of growth possible with bitcoin, and would have likely cashed out much sooner with a "sit tight"strategy.

    If I even had one bitcoin, I'd dump it so fast right now and cash out without even thinking about it. In fact, thinking of one bitcoin being worth over $10K just makes me nervous, even the thought of having just one coin.
    Sitting tight is difficult. I bought 3.something bitcoins in January 2015 for $750.00. Traded them in July 2015 for 120 ounces of silver. I have no regrets.
    The only thing declared necessary in the Constitution & Bill of Rights is the #2A Militia of the several States.
    “A well regulated militia being necessary to the security of a freeState”
    https://ConstitutionalMilitia.org


  11. The Following 3 Users Say Thank You to monty For This Useful Post:

    Joshua01 (1st December 2017),madfranks (30th November 2017),TroyOz (2nd December 2017)

  12. #49
    Dangerous Donald Neuro's Avatar
    Join Date
    Apr 2010
    Location
    Absurdistan
    Posts
    21,221
    Thanks
    8,798
    Thanked 7,785 Times in 4,994 Posts

    Re: BitCoins

    Quote Originally Posted by monty View Post
    Sitting tight is difficult. I bought 3.something bitcoins in January 2015 for $750.00. Traded them in July 2015 for 120 ounces of silver. I have no regrets.
    No one got poor from taking a profit once in a while...
    Cultural Marxism: -The idea that good, hard working, white people should pay for those who are not, and thus in the name of equality create the conditions for their own genetic annihilation

  13. The Following 2 Users Say Thank You to Neuro For This Useful Post:

    monty (2nd December 2017),TroyOz (2nd December 2017)

  14. #50
    Dangerous Donald Neuro's Avatar
    Join Date
    Apr 2010
    Location
    Absurdistan
    Posts
    21,221
    Thanks
    8,798
    Thanked 7,785 Times in 4,994 Posts

    Re: BitCoins

    Quote Originally Posted by Neuro View Post
    No one got poor from taking a profit once in a while...
    Wouldn't be surprised if the bitcoin miners will drive up the price of silver, probably quite a lot used in the hardware
    Cultural Marxism: -The idea that good, hard working, white people should pay for those who are not, and thus in the name of equality create the conditions for their own genetic annihilation

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •