Whos cashing in their Bitcoins?

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psilosin
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Whos cashing in their Bitcoins?

Postby psilosin » Mon Nov 18, 2013 5:53 pm

With Bitcoin blasting past USD$750 who else is cashing in and retiring to Hawaii?

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Re: Whos cashing in their Bitcoins?

Postby psilosin » Tue Nov 19, 2013 3:13 pm

noone? :-(

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Re: Whos cashing in their Bitcoins?

Postby bbjr » Wed Nov 20, 2013 8:30 am

I would strongly recommend you do not.

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Re: Whos cashing in their Bitcoins?

Postby psilosin » Wed Nov 20, 2013 5:32 pm

bbjr wrote:I would strongly recommend you do not.


Why? 450,000% return on investment and never working again are both pretty nice.

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Re: Whos cashing in their Bitcoins?

Postby glenn » Wed Nov 20, 2013 8:19 pm

Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k
http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home

Is this you?

I had just imported my van in 2009, maybe there's a few under the seat.
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Re: Whos cashing in their Bitcoins?

Postby robbieg » Thu Nov 21, 2013 9:46 am

I've been talking about mining bitcoin for years.
hindsight 20/20.

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Re: Whos cashing in their Bitcoins?

Postby bbjr » Thu Nov 21, 2013 10:14 am

Well if you got in early enough to have %450,000 return, and that is enough for you to retire comfortably - absolutely make that happen for yourself.

I just see a lot of potential in BTC to continue moving up. For example Chinas largest search engine "Baidu", which is basically the google of China, just started accepting BTC transactions. Then there are services like CoinBase and BitPay, which are the worlds first zero-fee payment processors. As the masses start to realize the utility of BTC and its unlimited potential as a store of value I see alot more capital flowing into the BTC space. Then there is the larger issue of the world reserve currency being exposed as the ponzi scheme it is. There is no way that QE will ever end and talks of tapering are political mumbo-jumbo. When the US finally defaults on there bonds and all hell breaks loose people are going to be looking for ways stay a float - BTC being one of those ways (let the tinfoil hat comments commence).

Just my humble opinion.

I first heard of BTC at about the $1 price point and got in around $5, and I have no intention of selling anytime soon. Like you, I plan on these little guys funding my retirement.

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Re: Whos cashing in their Bitcoins?

Postby glenn » Thu Nov 21, 2013 11:32 am

I remember Nora Young poking fun at them only a couple years ago because they were not really viable as an alternative to dollars. They were all excited about M-pesa.

Question: I sell 95% of my work online - primarily through paypal. Should I start accepting bitcoins? My cursory look into it says - duh, yes. All those bitcoin miners are looking for ways to spend their new found wealth.
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Re: Whos cashing in their Bitcoins?

Postby bbjr » Thu Nov 21, 2013 12:36 pm

Hey there Glen, I'm very new to the forum and just checked out your website. You do fantastic work. If you start accepting Bitcoin I might be able to purchase one of those nifty lookin L400 consoles from you. How much are those going for anyways?

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Re: Whos cashing in their Bitcoins?

Postby glenn » Fri Nov 22, 2013 12:57 pm

I'm convinced. I just have to sort through how to integrate it into my site - so many options.
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Re: Whos cashing in their Bitcoins?

Postby psilosin » Mon Nov 25, 2013 12:02 pm

Hi Glenn,

Check out Coin Payments. They let you use Bitcoin and also any number of the 'alternate' coins like Litecoin (LTC), DigitalCoin (DGC), Quark (QRK) etc etc.

The ALt coins are getting some love these days but are more turbulent than bitcoin if you can believe that. QRK for example is up over 800% in just a few days.

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Re: Whos cashing in their Bitcoins?

Postby Mr. Flibble » Tue Dec 03, 2013 12:17 pm

psilosin wrote:
bbjr wrote:I would strongly recommend you do not.


Why? 450,000% return on investment and never working again are both pretty nice.



This is assuming one has the bit coins to cash in.

There are now alternative coins appearing on the market. This is like the early days of Napster, many companies popping up, only to eventually be supplanted by others over the years.

If you have bitcoins, sell them. If you don't, don't buy them.

The time to buy an investment is when it is unpopular, the time to sell it is when it is hyped.

http://www.economist.com/news/technolog ... and-highly
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Re: Whos cashing in their Bitcoins?

Postby psilosin » Fri Dec 06, 2013 10:19 pm

Quark will now reign supreme.

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Re: Whos cashing in their Bitcoins?

Postby Mr. Flibble » Sat Dec 07, 2013 8:15 pm

psilosin wrote:Quark will now reign supreme.

Image


I prefer to invest in things that have a good intrinsic value, and even then I buy at a 50% discount to intrinsic value where possible.

Mind you, I do have a number of investments that I am buying at nearly exactly intrinsic value, but you get constrained inside retirement funds. :(
Canadian living in Washington USA

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Re: Whos cashing in their Bitcoins?

Postby nxski » Tue Mar 25, 2014 12:09 pm

What do people use bitcoins for anyway? The only feasible use I've heard for them is to buy drugs.
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