Cash out my Bitcoin?

[Mightymogs]

This may have been discussed before, but the lull and subsequent annoyingly predictive daily up and down of Bitcoin has left me less than Impressed. Question is, do I just cut the albeit small losses and just buy PM with it all or leave it alone? 

[AurumArgenti]

Only you can answer this because everyone's personal circumstances are different.

Everyone's financial situation is different. Everyone's risk appetite is different.

Crypto in generally is very volatile and that's where the money is lost and made. 

Financial advice and news on the internet is dog 💩 in general. And on the Tv come to think of it. 🤷‍♂️

 

Edited July 31, 2022 by AurumArgenti

[Mightymogs]

That's why I asked. I'd put more trust in people's opinions on here than any pro or anti BC site. And sorry to the admin for quite possibly the incorrect section. But I can't help liking shiny stuff more than virtual things 🤗

Edited July 31, 2022 by Mightymogs

[Bigmarc]

I ventured into the crypto market last year. I have been in metals for 20 years. I am treating my losses on crypto as an education, I will hold and never sell at a loss. I have cash waiting for silver bottom but fear I have missed it, but who knows? 

[Scuzzle]

If you are cashing out at a loss then I would leave it alone if you are not desperate for the money.  The Bank of International Settlements just allowed banks to keep 1% of assets in bitcoin so this suggest's it's going to be around for the long term.  I see cryptos as no different to the dot.com bubble, the vast majoriy will be swept away but a chosen few will become mainstays.

https://finbold.com/bank-for-international-settlements-to-allow-banks-to-keep-1-of-reserves-in-bitcoin/

Edited July 31, 2022 by Scuzzle

[modofantasma]

As somebody said earlier it's not for anyone else to decide but you.

Personally I have rules for different assets and always have targets based on something before I get involved (as opposed to say round numbers picked out of the air.)

For BTC I personally consider it trading as I've no intention to hold long term just take my slice from the price action and leave some for the next man. (I don't like BTC as I can't value it, compared to say a property or a share in a business etc)

On trades, I'd cut losses quickly and move on. So many opportunities in the markets on a weekly basis I see no sense in sitting in the red, get out take a couple % hit and be on to the next trade. 

Hopefully that gives some context in my decision making. 

[CANV]

Most personal traders get emotionally attached to certain investments… and price levels.  Try to avoid both traps 

[LawrenceChard]

1 hour ago, Mightymogs said:

This may have been discussed before, but the lull and subsequent annoyingly predictive daily up and down of Bitcoin has left me less than Impressed. Question is, do I just cut the albeit small losses and just buy PM with it all or leave it alone? 

I have been telling a few people for perhaps the last year or so that BitCoin and most cryptocurrencies are almost certainly bubbles waiting to burst.

If people were "smart", "lucky", and had sufficient "balls" to buy in when Bitcoins was $5, $50, $500, 5000, or other early price points, then they should be happy to take profits.

Either liquidate totally, despite any tax bill, or sell at least half, then paly it from there.

Some did, but others, were too "high" on their success, and their quasi-religious belief in crypto, would not. One friend who I only see occasionally had about £3 million (mainly profit) in Bitccoin and other crypto some months ago (I don't recall eny exact timelines). Last time we spoke, he was down to about £500K, but still determined to stay in long term.

If you have only "invested" recently, even if you are on a loss, my advice would still be get out while you can, and don't wait for bounces and recovery.

I could be wrong, and please don't try to hold me responsible if I am, but those are my thoughts.

BTW: I have not looked at any crypto prices for at least a month!

😎

[Mightymogs]

Thanks guys certainly food for thought... Its appreciated 👍

[Stacktastic]

2 hours ago, Scuzzle said:

I see cryptos as no different to the dot.com bubble

Its eerily like the .com bubble & most things are cycles, thats how fibinachy is so powerful. 
I would not touch any other cryptos other than Etherium maybe as a few will rise from the ashes animist will go to $0.0000

so If its actual bitcoin you own then thats not so bad. 
I would ask the question, can I afford to double triple or quadruple up if it gets to (roughly). 
And is it money you can afford to loose!! If your leveraged up and on a loan - then ditch it now. 

$13k
$10k
$7k
and so on.

Might be worth selling a decent proportion if your instincts say no - its a loss on paper, but:
If it goes down to $13k you will more than make it back - assuming it goes up again that is. 😛 

I have been saying I will be buying at $13k for quite some time now as I trust the charts now - very accurate
its basically correlated to the QQQ and they are going a lot lower by this time next year. 
Im not sure it will go that far below 10k mind you  unless they ban it in the USA/Europe which is VERY probable. 

Then your looking at 3k!! Very rough lines, but this is not a bullish chart. 😛 

Edited July 31, 2022 by Stacktastic

[Bigmarc]

10 hours ago, LawrenceChard said:

I have been telling a few people for perhaps the last year or so that BitCoin and most cryptocurrencies are almost certainly bubbles waiting to burst.

If people were "smart", "lucky", and had sufficient "balls" to buy in when Bitcoins was $5, $50, $500, 5000, or other early price points, then they should be happy to take profits.

Either liquidate totally, despite any tax bill, or sell at least half, then paly it from there.

Some did, but others, were too "high" on their success, and their quasi-religious belief in crypto, would not. One friend who I only see occasionally had about £3 million (mainly profit) in Bitccoin and other crypto some months ago (I don't recall eny exact timelines). Last time we spoke, he was down to about £500K, but still determined to stay in long term.

If you have only "invested" recently, even if you are on a loss, my advice would still be get out while you can, and don't wait for bounces and recovery.

I could be wrong, and please don't try to hold me responsible if I am, but those are my thoughts.

BTW: I have not looked at any crypto prices for at least a month!

😎

Do you own any crypto?

[Arganto]

11 hours ago, Bigmarc said:

I will hold and never sell at a loss.

This. Unless it's your only way of accessing funds that are needed ASAP taking a loss on something that has a potential up side doesn't make sense. As you rightly say it's volatile, yes it could get worse but it could also climb past the point of your initial cash investment. At that point you can cash out in profit/break even if desired.

[LawrenceChard]

1 hour ago, Bigmarc said:

Do you own any crypto?

No, although our company does have a very small holding, but it is solely to facilitate quick and easy conversion when we accept crypto for purchases.

😎

[cravethatcoin]

I would say it's too hard to make a recommendation as it would depend on your situation, goals, expectations, risk tolerance etc.

If you are heavy in crypto and low in metals then maybe it makes sense. If you have a good balance and can afford to risk the investment it's not a bad time to hold onto crypto. Certainly far off the highs.

[Mightymogs]

One of my main concerns would be cbdc overtaking it and rendering it obsolete. 

[Bigmarc]

36 minutes ago, Mightymogs said:

One of my main concerns would be cbdc overtaking it and rendering it obsolete. 

Who decides the price of gold and silver? Is it central based? Is it digital? 

I can't see any problem with cbdc personally, if anything it maybe a driving force to push the industry further. If you are worried about it then just leave in money you can afford to loose, but don't go blindly jumping into the metals market.

[Mightymogs]

13 minutes ago, Bigmarc said:

Who decides the price of gold and silver? Is it central based? Is it digital? 

I can't see any problem with cbdc personally, if anything it maybe a driving force to push the industry further. If you are worried about it then just leave in money you can afford to loose, but don't go blindly jumping into the metals market.

I think I get the general consensus here. I'll maintain and see what happens with BC and keep building the metals. Many thanks all.

[Groundup]

BTC to  8-10K... then × 8-10 pump... then dump..... Then zero.... Buy when the market is fearful . sell when the market greedy. 

Right now I'm fearful so I buy PM's..

 

 

Edited August 1, 2022 by Groundup

[LawrenceChard]

17 hours ago, Bigmarc said:

I ventured into the crypto market last year. I have been in metals for 20 years. I am treating my losses on crypto as an education, I will hold and never sell at a loss. I have cash waiting for silver bottom but fear I have missed it, but who knows? 

 

17 hours ago, Scuzzle said:

If you are cashing out at a loss then I would leave it alone if you are not desperate for the money.  The Bank of International Settlements just allowed banks to keep 1% of assets in bitcoin so this suggest's it's going to be around for the long term.  I see cryptos as no different to the dot.com bubble, the vast majoriy will be swept away but a chosen few will become mainstays.

https://finbold.com/bank-for-international-settlements-to-allow-banks-to-keep-1-of-reserves-in-bitcoin/

 

17 hours ago, CANV said:

Most personal traders get emotionally attached to certain investments… and price levels.  Try to avoid both traps 

 

5 hours ago, Arganto said:

This. Unless it's your only way of accessing funds that are needed ASAP taking a loss on something that has a potential up side doesn't make sense. As you rightly say it's volatile, yes it could get worse but it could also climb past the point of your initial cash investment. At that point you can cash out in profit/break even if desired.

@CANV summed up much of what I was thinking of saying.

Many investors act emotionally, rather then scientifically or logically. While this obviously can work, any success is probably more due to good luck.

While it is quite natural and intuitive to feel reluctant to crystalise a loss, thie is emotional behaviour and mis-placed in any investment context.

Forget what you paid for something, just look at what it's current value /  price is, and what its future prospects. Take any buying or selling decision based on the actual current price and likely future value.

For anyone who wants to know, I and my company take losses quite frequently. If we refused to accept any losses, we would have to stop trading before too long, as most of our capital would be tied up in potential loss positions.

I will try to construct a simple imaginary example:

Gold is £1000.

We buy 100 ounces.

Next day gold is £950.

Assume our dealing buy / sell spread is £10 in either direction.

On day 2 above (gold at £950, our normal dealing position would be buy £940, sell £960.

If we sell any at that, we are crystalising a £40 loss, but that loss in not on doing the sale, it is on our overnight holding, on which we are actually running a £50 per ounce loss.

When we sell at £960, we view that as making a £10 profit.

Much of this assumes that we "cover" our gold trading position, in one way or another.

Of course our buy / sell spread means that overall, and averaged out, we should theoretically make a profit over anything but the shortest time frames, which I am happy to say we usually do, but there have been exceptions. It could be compared with a bookmaker or casino, where the "house" has a small inbuilt advantage, although they lose very frequently.

It is clearly different for investors, stackers, and collectors, who do not need to have their working capital perpetually churning away, but similar principles do apply.

I hope the above helps.

😎

[LemmyMcGregor]

If I knew the answer I would have not come on The Silver Forum to learn about precious metals, I'd be on a tropical island with a piña colada.

[James32]

4 minutes ago, LemmyMcGregor said:

If I knew the answer I would have not come on The Silver Forum to learn about precious metals, I'd be on a tropical island with a piña colada.

Could get a sand box and a bottle of club orange?

[Scuzzle]

3 hours ago, Mightymogs said:

One of my main concerns would be cbdc overtaking it and rendering it obsolete. 

This is a valid point, the banking cabal does not usually suffer competition to their product.  I said in an earlier post that I can see Bitcoin being around for the long term because the banks have been given the go ahead to hold it, it's entirely possible that the banks will get to trade in the actual Bitcoin and the plebs will get some kind of derivatised product instead easily kept in a range much like silver is.  I have learned never to underestimate the ability of the control structure to change the rules to suit themselves when need be.  I have a decent amount of Theta and part of the decision making process with this was that it's not a currency it's a bandwith solution so the banking cabal don't need to come after it because it's not competition to their CBDCs.

[Bigmarc]

36 minutes ago, LemmyMcGregor said:

If I knew the answer I would have not come on The Silver Forum to learn about precious metals, I'd be on a tropical island with a piña colada.

It's easy, no need for research, no need to put your own money in, no need to learn the market at all. All you need is a graph, some gossip for the guy down the pub and your an expert. 

 

[LawrenceChard]

4 hours ago, Mightymogs said:

One of my main concerns would be cbdc overtaking it and rendering it obsolete. 

Probably a very reasonable cause for concern.

I can't envisage anything making gold obsolete anytime soon.

😎

[LawrenceChard]

2 minutes ago, Bigmarc said:

It's easy, no need for research, no need to put your own money in, no need to learn the market at all. All you need is a graph, some gossip for the guy down the pub and your an expert. 

 

That is one of the clearest and most sensible pieces😎 of "technical analysis" or "charting" I have ever seen!