Post
Topic
Board Speculation
Re: Why I believe a beautiful and very bullish Bitcoin storm is forming
by
BitChick
on 16/01/2015, 19:55:46 UTC
I wouldn't count on it. Why don't you just make a compromise and sell half of your position and keep the other half? If you can't really afford Bitcoin going to 0 you have put yourself in a very dangerous position you don't want to be in when things go south again. Smiley

Why do you assume I am in a dangerous position?  Husband sold off some a while ago and it more than paid for our initial investment at this point so really the remainder coins cost us nothing.  We could lose the rest and walk away with just sadness of what could have been. Wink  Granted, the cost average of all coins we had purchased (before he sold some off) was annoyingly close to what the price is now, but even though we are well in the black even with the massive sell off.  Buying in early 2013 puts us in a good place.

I think experiencing two bubbles also helps put things in perspective.  Bitcoin is a wild ride for sure!

You said before that pretty much all your savings are in Bitcoin and that at some point you were forced to sell coins to pay off some debt and bills, so that's why I assumed you can not afford Bitcoin going to 0. If you're really okay if something were to happen and BTC went to 0 or close to it then forget I said anything. Anyway just trying to offer my perspective, it helps a lot to stay cool and level-headed when you can pretty much forget about the money you put in Bitcoin and still be perfectly fine for many years to come. I am bullish myself on BTC right now but I also recognize the possibility of it going back down to $100 and much lower. For me it wouldn't be a problem if that were to happen.

I do think that we were overextended in December.  That is why my husband forced a sell off of about 25% of our holdings.  We had a zero percent credit card with a balance that he was not comfortable with (we always pay off our cards each month.)  He figured that if Bitcoin did go to zero, or declined substantially (which it did) we would could run into some problems later on so he decided that wasn't a gamble worth taking.

Perhaps it is good that one of us is more level headed.  I do tend to be the bigger risk taker in our relationship for sure.  But we are in a good place right now.  It could go to zero and it wouldn't really affect our quality of life at all.  Pretty much back to what it was before we ever bought BTC, and at the price it is even now, even better than when we started.  

It is nice not to lose any sleep when the price tanks.

My only sadness is that we don't have much liquidity to put even more into it right now.  We did purchase a little back, but not as much as I (the obsessed bitcoin bull) would want to buy!   Cheesy