Want to sell my Bitcoin, but when?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
coalcracker
Posts: 355
Joined: Sat Feb 04, 2012 12:25 pm

Want to sell my Bitcoin, but when?

Post by coalcracker » Fri Dec 01, 2017 7:04 pm

I bought about $7000 worth of Bitcoin and Ethereum in July as an experiment and learning process. Well, it is now worth about $21,000.

I had planned to buy and hold until July 2018 so any gains would be long-term, but the recent run-up has me worrying the bubble pop may come sooner. I can afford to lose the initial investment (I kind of expected to), but would rather not :D .

I have long-term capital losses that could offset $3000 of gains both in 2017 and 2018. I am in the highest marginal income tax bracket for short-term gains.

As I see it, I have a few options.

1. Sell it all in 2017. Incur $14,000 in gains and offset $3000.
2. Sell half in 2017, half in January 2018. Incur $14,000 gains and offset $6000.
3. Ride the rollercoaster until July 2018 and sell then.

Any soothsayers out there? What would you do in my situation?

Thanks,
cc

quantAndHold
Posts: 1108
Joined: Thu Sep 17, 2015 10:39 pm

Re: Want to sell my Bitcoin, but when?

Post by quantAndHold » Fri Dec 01, 2017 7:12 pm

Where does bitcoin fit in your overall asset allocation?

MotoTrojan
Posts: 874
Joined: Wed Feb 01, 2017 8:39 pm

Re: Want to sell my Bitcoin, but when?

Post by MotoTrojan » Fri Dec 01, 2017 7:14 pm

Sell enough to cover the $7K after-tax, and then let it ride :). Maybe decide on an exit.

coalcracker
Posts: 355
Joined: Sat Feb 04, 2012 12:25 pm

Re: Want to sell my Bitcoin, but when?

Post by coalcracker » Fri Dec 01, 2017 7:15 pm

quantAndHold wrote:
Fri Dec 01, 2017 7:12 pm
Where does bitcoin fit in your overall asset allocation?
Play money. The initial investment was less than a biweekly paycheck. It's current value is about 0.5% of my net worth.

User avatar
inittowinit
Posts: 96
Joined: Thu Jul 05, 2012 6:37 pm

Re: Want to sell my Bitcoin, but when?

Post by inittowinit » Fri Dec 01, 2017 7:15 pm

If your Bitcoin were magically converted into cash today, would you use that cash to buy Bitcoin?

If not, the answer is to sell today.

brad.clarkston
Posts: 588
Joined: Fri Jan 03, 2014 8:31 pm
Location: Kansas City, MO

Re: Want to sell my Bitcoin, but when?

Post by brad.clarkston » Fri Dec 01, 2017 7:18 pm

Nope I fully exited when the price hit $7k and wont go back now that it's in the secondary market (less miners more purchasers) and the sorry state of cryptocurrency encryption code or lack there of.

Don't even get me started on the wallet code, hopefully you have yours in a offline hard drive wallet.

Grt2bOutdoors
Posts: 17259
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: Want to sell my Bitcoin, but when?

Post by Grt2bOutdoors » Fri Dec 01, 2017 7:19 pm

Someone magically drops 14,000 in your lap, BUT there's a catch! The catch is you have to pay a 44% tax (39.6%+3.8%+0.9%) if you want to keep most of it. Bird in hand is better than two in a bush. Pay the toll and exit right.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

brad.clarkston
Posts: 588
Joined: Fri Jan 03, 2014 8:31 pm
Location: Kansas City, MO

Re: Want to sell my Bitcoin, but when?

Post by brad.clarkston » Fri Dec 01, 2017 7:22 pm

Grt2bOutdoors wrote:
Fri Dec 01, 2017 7:19 pm
Someone magically drops 14,000 in your lap, BUT there's a catch! The catch is you have to pay a 44% tax (39.6%+3.8%+0.9%) if you want to keep most of it. Bird in hand is better than two in a bush. Pay the toll and exit right.
Yep dropped the gift limit into a 529 and maxed a HSA with some to spare. Called it a happy day.

User avatar
whodidntante
Posts: 2335
Joined: Thu Jan 21, 2016 11:11 pm

Re: Want to sell my Bitcoin, but when?

Post by whodidntante » Sat Dec 02, 2017 1:42 am

I would sell it today unless you need to spend bitcoin for some reason. Similar to how I don't keep 21 grand in euros in a locked box.

41Fin
Posts: 60
Joined: Thu Aug 18, 2016 3:01 pm

Re: Want to sell my Bitcoin, but when?

Post by 41Fin » Sat Dec 02, 2017 8:36 am

Since it’s play money I’d sell enough to recoup your initial investment and let the rest ride the roller coaster.

Malinois000
Posts: 93
Joined: Sun Feb 26, 2017 6:08 pm

Re: Want to sell my Bitcoin, but when?

Post by Malinois000 » Sat Dec 02, 2017 1:28 pm

Hodl!!!

am
Posts: 2400
Joined: Sun Sep 30, 2007 9:55 am

Re: Want to sell my Bitcoin, but when?

Post by am » Sat Dec 02, 2017 2:10 pm

Let it all ride since the loss will not have consequences. Missing out on a significant gain may make you have regrets for a long time. Even though it may be a bubble, it may go on for years to come (or maybe not).

ccieemeritus
Posts: 440
Joined: Thu Mar 06, 2014 10:43 pm

Re: Want to sell my Bitcoin, but when?

Post by ccieemeritus » Sat Dec 02, 2017 4:44 pm

In the OPs situation I would sell it all now. Of course I never would have bought it in the first place.

As Jack Aubrey says, “There is not a moment to lose!”

Call_Me_Op
Posts: 6584
Joined: Mon Sep 07, 2009 2:57 pm
Location: Milky Way

Re: Want to sell my Bitcoin, but when?

Post by Call_Me_Op » Sun Dec 03, 2017 8:28 am

Interesting. A young coworker of mine purchased $7k in Bitcoin in (I believe) 2014 and it is now worth close to $250k. As far as I know, he plans to let it ride.

Gambling does, on occasion, pay off.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein

Yooper
Posts: 281
Joined: Fri May 21, 2010 7:25 am
Location: Nothern Michigan

Re: Want to sell my Bitcoin, but when?

Post by Yooper » Sun Dec 03, 2017 9:21 am

I'm risk adverse. I'd sell $7000 now to recoup my initial money. Now I'm even (and have my emotions under control). Then I'd simply start taking out any future gains on the remainder on a weekly basis. Once it dropped a predetermined amount (just for giggles and grins lets say I decided 10%) I'd sell the remainder. If it continues to go up, I win. If it starts to drop I cash out - and I win.

Soon2BXProgrammer
Posts: 316
Joined: Mon Nov 24, 2014 11:30 pm

Re: Want to sell my Bitcoin, but when?

Post by Soon2BXProgrammer » Sun Dec 03, 2017 9:26 am

i would suggest. selling some immediately to cover your 7k.. then in the new year... i'd sell more to get down to 7k in bitcoin.

at this point you would have covered your "experiment" and got that money back. Taken a profit.. And still retain the amount of bitcoin you where willing to do an experiment with.

Then periodically, i'd check in on that remaining bitcoin, and if appropriate (loaded word)... i'd continue to take profits to reduce my risk back towards that 7k figure i was willing to go to Las Vegas with.

retiredjg
Posts: 30852
Joined: Thu Jan 10, 2008 12:56 pm

Re: Want to sell my Bitcoin, but when?

Post by retiredjg » Sun Dec 03, 2017 9:32 am

coalcracker wrote:
Fri Dec 01, 2017 7:15 pm
quantAndHold wrote:
Fri Dec 01, 2017 7:12 pm
Where does bitcoin fit in your overall asset allocation?
Play money.
Depending on things we don't know, your "play" money may actually be causing more stress than fun.

Interesting concept. And may not apply to you at all, but I'm sure it applies to somebody somewhere. :happy

An idea - sell half now and pay the high tax and be happy you made money. Keep the other half and see if it makes it to long term cap gains. Then you'll know for sure which was the better decision that you got half the benefit of. Seems like a win-win to me.

goingup
Posts: 2838
Joined: Tue Jan 26, 2010 1:02 pm

Re: Want to sell my Bitcoin, but when?

Post by goingup » Sun Dec 03, 2017 9:42 am

coalcracker wrote:
Fri Dec 01, 2017 7:04 pm
I had planned to buy and hold until July 2018 so any gains would be long-term...
If it were my experiment I'd stick to the original plan. Sell in July.

User avatar
ruralavalon
Posts: 11907
Joined: Sat Feb 02, 2008 10:29 am
Location: Illinois

Re: Want to sell my Bitcoin, but when?

Post by ruralavalon » Sun Dec 03, 2017 10:36 am

coalcracker wrote:
Fri Dec 01, 2017 7:04 pm
I bought about $7000 worth of Bitcoin and Ethereum in July as an experiment and learning process. Well, it is now worth about $21,000.

I had planned to buy and hold until July 2018 so any gains would be long-term, but the recent run-up has me worrying the bubble pop may come sooner. I can afford to lose the initial investment (I kind of expected to), but would rather not :D .

I have long-term capital losses that could offset $3000 of gains both in 2017 and 2018. I am in the highest marginal income tax bracket for short-term gains.

As I see it, I have a few options.

1. Sell it all in 2017. Incur $14,000 in gains and offset $3000.
2. Sell half in 2017, half in January 2018. Incur $14,000 gains and offset $6000.
3. Ride the rollercoaster until July 2018 and sell then.

Any soothsayers out there? What would you do in my situation?

Thanks,
cc
Why not reverse dollar-cost average out of Bitcoin? Sell $4.5k this month, and an equal amount every following month until you are out of Bitcoin.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

retiredjg
Posts: 30852
Joined: Thu Jan 10, 2008 12:56 pm

Re: Want to sell my Bitcoin, but when?

Post by retiredjg » Sun Dec 03, 2017 10:41 am

coalcracker wrote:
Fri Dec 01, 2017 7:04 pm
As I see it, I have a few options.

1. Sell it all in 2017. Incur $14,000 in gains and offset $3000.
2. Sell half in 2017, half in January 2018. Incur $14,000 gains and offset $6000.
3. Ride the rollercoaster until July 2018 and sell then.
Something doesn't seem right here. I think you could sell it all today and use the entire $6k. I think the $3k limit each year is against ordinary income, not agains capital gains. However, I don't do any of this and could be wrong.

User avatar
8foot7
Posts: 588
Joined: Mon Jan 05, 2015 7:29 pm

Re: Want to sell my Bitcoin, but when?

Post by 8foot7 » Sun Dec 03, 2017 11:15 am

If it were me I'd sell it all on January 1.

TheAncientOne
Posts: 77
Joined: Wed Jul 19, 2017 8:53 pm

Re: Want to sell my Bitcoin, but when?

Post by TheAncientOne » Sun Dec 03, 2017 11:30 am

I'd sell first thing tomorrow morning. Forget about tax planning, you tripled your investment in something which you (and everyone else who's bought them) know nothing about.

Okievester
Posts: 1
Joined: Sun Nov 26, 2017 1:48 pm

Re: Want to sell my Bitcoin, but when?

Post by Okievester » Sun Dec 03, 2017 12:49 pm

I'm in nearly the exact same boat. I bought mine last March as basically a lottery ticket (using a tiny percentage of my portfolio that I was perfectly willing to risk). My thought being that I'd hate to have missed out on the "opportunity of a lifetime" when the entry point was fairly modest. What I hadn't counted on was all of this near term upside. I really had no exit strategy.

I now feel like I'm on "Let's make a deal". I can cash out now for a really nice gain or I can choose door #2.

I really like the idea of taking ongoing periodic withdrawals in order to hold the line at the original spend. Maybe I'll start that next week...or the week after. :wink:

Jonathan
Posts: 391
Joined: Tue Apr 30, 2013 5:36 pm

Re: Want to sell my Bitcoin, but when?

Post by Jonathan » Sun Dec 03, 2017 12:56 pm

There isn't a great answer to these "When should I sell my bitcoin?" questions, or their sibling: "Is now a good time to buy bitcoin?" Per Boglehead philosophy:

-Pre-determine your desired asset allocation into bitcoin, and rebalance regularly to maintain that same allocation.
-Pre-answer specific questions like: "If my bitcoin increases 10X, how much will I sell?"

You don't have to chain yourself to your historical answers. However, at least you'll have an anchor point to reference, from before your critical thinking was clouded by your gains.

Valuethinker
Posts: 33428
Joined: Fri May 11, 2007 11:07 am

Re: Want to sell my Bitcoin, but when?

Post by Valuethinker » Sun Dec 03, 2017 1:51 pm

coalcracker wrote:
Fri Dec 01, 2017 7:04 pm
I bought about $7000 worth of Bitcoin and Ethereum in July as an experiment and learning process. Well, it is now worth about $21,000.

I had planned to buy and hold until July 2018 so any gains would be long-term, but the recent run-up has me worrying the bubble pop may come sooner. I can afford to lose the initial investment (I kind of expected to), but would rather not :D .

I have long-term capital losses that could offset $3000 of gains both in 2017 and 2018. I am in the highest marginal income tax bracket for short-term gains.

As I see it, I have a few options.

1. Sell it all in 2017. Incur $14,000 in gains and offset $3000.
2. Sell half in 2017, half in January 2018. Incur $14,000 gains and offset $6000.
3. Ride the rollercoaster until July 2018 and sell then.

Any soothsayers out there? What would you do in my situation?

Thanks,
cc
Based on my own dot com experience (my employer's stock went way high, dropped in half, I did not sell, eventually sold for maybe 10% of peak).

I would sell half right now. You have not made money at the casino until you have taken some off the table.

The rest you can ride until July of next year.

Until you have taken some out you have not made any money on this. Half a pie is better than no pie (and the whole pie is not twice as happy as half a pie).

Oh yes, I am not US based, but I had tax reasons not to sell, too.

bawr
Posts: 50
Joined: Thu May 19, 2011 9:10 pm

Re: Want to sell my Bitcoin, but when?

Post by bawr » Tue Dec 05, 2017 1:05 am

coalcracker wrote:
Fri Dec 01, 2017 7:04 pm
I bought about $7000 worth of Bitcoin and Ethereum in July as an experiment and learning process. Well, it is now worth about $21,000.
...
coalcracker,

Don't forget that, depending on how you are holding your bitcoins, you may be entitled to one Bitcoin Cash and one Bitcoin Gold token for each BTC you own.

Call_Me_Op
Posts: 6584
Joined: Mon Sep 07, 2009 2:57 pm
Location: Milky Way

Re: Want to sell my Bitcoin, but when?

Post by Call_Me_Op » Tue Dec 05, 2017 9:10 am

I find it interesting that everyone holding bitcoins is valuing the bitcoins in terms of dollars and wondering how many dollars they will get when they sell. That in itself tells you a lot.

On the flip side, I have not heard anyone with a lot of cash wondering how many bitcoins their cash is worth.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein

RadAudit
Posts: 2680
Joined: Mon May 26, 2008 10:20 am
Location: Second star on the right and straight on 'til morning

Re: Want to sell my Bitcoin, but when?

Post by RadAudit » Tue Dec 05, 2017 9:19 am

Hold on as long as you like; but, sell before it tanks.

I'm a little unsure of the timing of those events so you're on your own. :happy
FI is the best revenge. LBYM. Invest the rest. Stay the course.

User avatar
grayfox
Posts: 4627
Joined: Sat Sep 15, 2007 4:30 am
Location: Earth

Re: Want to sell my Bitcoin, but when?

Post by grayfox » Tue Dec 05, 2017 11:28 am

coalcracker wrote:
Fri Dec 01, 2017 7:04 pm
I bought about $7000 worth of Bitcoin and Ethereum in July as an experiment and learning process. Well, it is now worth about $21,000.

I had planned to buy and hold until July 2018 so any gains would be long-term, but the recent run-up has me worrying the bubble pop may come sooner. I can afford to lose the initial investment (I kind of expected to), but would rather not :D .

I have long-term capital losses that could offset $3000 of gains both in 2017 and 2018. I am in the highest marginal income tax bracket for short-term gains.

As I see it, I have a few options.

1. Sell it all in 2017. Incur $14,000 in gains and offset $3000.
2. Sell half in 2017, half in January 2018. Incur $14,000 gains and offset $6000.
3. Ride the rollercoaster until July 2018 and sell then.

Any soothsayers out there? What would you do in my situation?

Thanks,
cc
Since your investment tripled, you are in the catbird seat. At this point, you should take action so that no matter what happens you will feel like a winner.

If you sell nothing and it crashes you will lose everything including your initial $7,000. :thumbsdown
If you sell everything and it continues up, you will be have 3x, but no more participation if it goes up 10x. :|
If you sell $7,000 and it crashes you will have no gain or loss. :thumbsdown
If you sell $14,000 you have locked in a 2x gain. and still have a chance for more gains. :thumbsup

I would not let taxes drive my decision.
Gott mit uns.

Iruntons
Posts: 26
Joined: Mon Mar 20, 2017 8:54 pm

Re: Want to sell my Bitcoin, but when?

Post by Iruntons » Tue Dec 05, 2017 4:13 pm

I would let it ride and continue adding to the investment with a set percentage of your income. Thats what I do. I took my original investment out long ago. Now, I wish I hadn't.

an_asker
Posts: 1927
Joined: Thu Jun 27, 2013 2:15 pm

Re: Want to sell my Bitcoin, but when?

Post by an_asker » Tue Dec 05, 2017 4:23 pm

coalcracker wrote:
Fri Dec 01, 2017 7:15 pm
quantAndHold wrote:
Fri Dec 01, 2017 7:12 pm
Where does bitcoin fit in your overall asset allocation?
Play money. The initial investment was less than a biweekly paycheck. It's current value is about 0.5% of my net worth.
With those two points, my answer would be any time is a good time (or you can hold it to eternity!).

User avatar
David Jay
Posts: 4099
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: Want to sell my Bitcoin, but when?

Post by David Jay » Tue Dec 05, 2017 6:50 pm

Call_Me_Op wrote:
Sun Dec 03, 2017 8:28 am
Interesting. A young coworker of mine purchased $7k in Bitcoin in (I believe) 2014 and it is now worth close to $250k. As far as I know, he plans to let it ride.

Gambling does, on occasion, pay off.
A reminder that it hasn't paid off yet...
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

User avatar
jimb_fromATL
Posts: 2193
Joined: Sun Nov 10, 2013 12:00 pm
Location: Atlanta area & Piedmont Triad NC and Interstate 85 in between.

Re: Want to sell my Bitcoin, but when?

Post by jimb_fromATL » Tue Dec 05, 2017 6:57 pm

I'd sell ASAP. But then I'd never own it the first place.

It has had some incredible gains, but so do lottery tickets.

IMO it's more like gambling on getting into a pyramid scheme and getting back out before it collapses. You'd probably need a crystal ball to make even a wild guess about how it might do in the future either up or down. It has NO intrinsic value that can be used to evaluate it, so it all depends on what the next speculator will be willing to pay.

One day last week it dropped over 20% in 90 minutes. It has dropped as much as about 57% in a single day, and something like 75% in the worst 3 and 6 months periods. Not my kind of investment.

But not to worry. I seem to remember reading that John Bogle thinks it will level out at maybe $100 someday, but according to Portfolio Visualizer so far it has never lost more than about 83% of its value, and that took 5 months (From July to November 2011). That time it only took 1 year 7 months to recover.

The second worst drop was only about 79.8% (in 1 year 9 months from Dec 2013 to Aug 2015). Then it took 3 years 3 months to recover.

I suspect that if you had it in a pile of cash and set it on fire, you'd probably need to soak it in gasoline first and fan the flame to make sure it would lose as much as it has done by itself in a single day.

Here are some gee-whiz number showing the worst days. This is daily data from yahoo.

Code: Select all

,,	BTC-USD	  --- worst to best daily gain/loss -----		
,,	Date	    Close   	previous % change
1	2/20/2014	$111.92	$261.53	-57.21%
2	2/24/2014	$174.00	$310.17	-43.90%
3	6/10/2011	$14.65	$23.95	-38.83%
4	7/21/2010	$0.05	$0.08	-36.25%
5	8/5/2011	$6.55	$9.80	-33.16%
6	8/18/2012	$8.00	$11.61	-31.09%
7	11/8/2010	$0.24	$0.34	-28.53%
8	4/9/2013	$165.00	$230.00	-28.26%
9	10/16/2011	$2.56	$3.56	-28.09%
10	11/14/2011	$2.22	$3.00	-26.00%
11	1/14/2015	$164.92	$221.29	-25.47%
12	12/18/2013	$540.98	$714.97	-24.34%
13	4/10/2013	$124.90	$165.00	-24.30%
14	12/6/2013	$845.02	$1,106.35	-23.62%
15	8/2/2011	$9.26	$12.05	-23.15%
16	9/8/2011	$5.03	$6.53	-22.97%
17	2/25/2014	$135.78	$174.00	-21.97%
18	4/12/2013	$93.00	$117.00	-20.51%
19	10/23/2011	$2.55	$3.17	-19.56%
20	2/16/2014	$299.80	$371.07	-19.21%
21	12/4/2010	$0.21	$0.25	-18.33%
22	3/27/2014	$460.45	$562.45	-18.13%
23	5/19/2011	$5.59	$6.81	-17.91%
24	1/13/2015	$221.29	$269.33	-17.84%
25	11/19/2013	$645.69	$785.43	-17.79%
26	12/7/2013	$697.02	$845.02	-17.51%
27	12/16/2013	$759.92	$919.88	-17.39%
28	6/9/2011	$23.95	$28.92	-17.19%
29	4/15/2013	$68.36	$82.39	-17.03%
30	11/16/2010	$0.22	$0.27	-16.85%
jimb

skepticalobserver
Posts: 852
Joined: Tue Jul 29, 2014 11:29 am

Re: Want to sell my Bitcoin, but when?

Post by skepticalobserver » Tue Dec 05, 2017 7:10 pm

But when? Yesterday. And get paid in cash.

emanuel_v19
Posts: 124
Joined: Thu Oct 20, 2016 11:15 am

Re: Want to sell my Bitcoin, but when?

Post by emanuel_v19 » Tue Dec 05, 2017 8:25 pm

I would give my opinion but I am still trying to figure how to sell it!

harvestbook
Posts: 335
Joined: Sat Mar 18, 2017 7:12 pm

Re: Want to sell my Bitcoin, but when?

Post by harvestbook » Tue Dec 05, 2017 9:40 pm

My wife almost talked me into getting a bitcoin about a year ago when it popped up on NPR and I was investigating it because it sounded cool. I am pretty sure I would've sold it after a 25 percent gain and called myself lucky. I'd be wacky if I had kept it.

We just talked about it a few minutes ago. I was like, "You know 'Fear of missing out''? I don't have that. I don't regret not buying it, because if I had kept it, I'd be watching the price nonstop. Where's the value in that?"

Something to be said for simplification. Good luck.
I'm not smart enough to know, and I can't afford to guess.

Jack FFR1846
Posts: 5887
Joined: Tue Dec 31, 2013 7:05 am

Re: Want to sell my Bitcoin, but when?

Post by Jack FFR1846 » Tue Dec 05, 2017 10:12 pm

brad.clarkston wrote:
Fri Dec 01, 2017 7:18 pm
Nope I fully exited when the price hit $7k and wont go back now that it's in the secondary market (less miners more purchasers) and the sorry state of cryptocurrency encryption code or lack there of.

Don't even get me started on the wallet code, hopefully you have yours in a offline hard drive wallet.
Happened to my son and his friend who mined in the early days (09, 10) when it was easy and quick with a slow machine to fill up the wallet. Then they lost the wallet (or password or whatever). Could have paid for college. Oh well.
Bogle: Smart Beta is stupid

akpataego
Posts: 3
Joined: Sun Nov 26, 2017 8:43 pm

Re: Want to sell my Bitcoin, but when?

Post by akpataego » Tue Dec 05, 2017 11:23 pm

Honestly, if I were in your situation and the initial investment was 2% of my networth...I would either sell to get 7K back and ride it out to the end, or just ride it out to the end.

You're in a great position. :sharebeer

queso
Posts: 391
Joined: Thu Jan 07, 2016 3:52 pm

Re: Want to sell my Bitcoin, but when?

Post by queso » Wed Dec 06, 2017 7:55 am

Not a soothsayer, but, like you, I am holding a small position in crypto (BTC, ETH, LTC and BTG). Looking at it today and something in me is screaming "sell", but I don't think I can (lol..). I kind of feel like a member of the Titanic's band, but I kind of think I'll just ride it out a bit and see where it goes. I thought about taking the original investment off the table and leaving the gains, but, as you point out, it's not a lot of money in the grand scheme of things and if the upside is something ridiculous then I'll really be kicking myself for pulling the original out. Then again, if it goes to zero I'll really be kicking myself for not pulling it out. Thank goodness almost everything else is in index funds. :happy

Good luck!

coalcracker
Posts: 355
Joined: Sat Feb 04, 2012 12:25 pm

Re: Want to sell my Bitcoin, but when?

Post by coalcracker » Wed Dec 06, 2017 8:41 am

queso wrote:
Wed Dec 06, 2017 7:55 am
Not a soothsayer, but, like you, I am holding a small position in crypto (BTC, ETH, LTC and BTG). Looking at it today and something in me is screaming "sell", but I don't think I can (lol..). I kind of feel like a member of the Titanic's band, but I kind of think I'll just ride it out a bit and see where it goes. I thought about taking the original investment off the table and leaving the gains, but, as you point out, it's not a lot of money in the grand scheme of things and if the upside is something ridiculous then I'll really be kicking myself for pulling the original out. Then again, if it goes to zero I'll really be kicking myself for not pulling it out. Thank goodness almost everything else is in index funds. :happy

Good luck!
OP here.

I would kick myself more if I don't sell and it goes to zero than if I do sell and it continues to rise. I have convinced myself with the comments here that it's time to cash in and walk away. It was a worthwhile exercise for sure.

Thanks,
cc

queso
Posts: 391
Joined: Thu Jan 07, 2016 3:52 pm

Re: Want to sell my Bitcoin, but when?

Post by queso » Wed Dec 06, 2017 8:42 am

coalcracker wrote:
Wed Dec 06, 2017 8:41 am
queso wrote:
Wed Dec 06, 2017 7:55 am
Not a soothsayer, but, like you, I am holding a small position in crypto (BTC, ETH, LTC and BTG). Looking at it today and something in me is screaming "sell", but I don't think I can (lol..). I kind of feel like a member of the Titanic's band, but I kind of think I'll just ride it out a bit and see where it goes. I thought about taking the original investment off the table and leaving the gains, but, as you point out, it's not a lot of money in the grand scheme of things and if the upside is something ridiculous then I'll really be kicking myself for pulling the original out. Then again, if it goes to zero I'll really be kicking myself for not pulling it out. Thank goodness almost everything else is in index funds. :happy

Good luck!
OP here.

I would kick myself more if I don't sell and it goes to zero than if I do sell and it continues to rise. I have convinced myself with the comments here that it's time to cash in and walk away. It was a worthwhile exercise for sure.

Thanks,
cc
Darn you... I had just made up my mind too. :wink:

lolbatross
Posts: 91
Joined: Thu Feb 20, 2014 10:36 pm

Re: Want to sell my Bitcoin, but when?

Post by lolbatross » Wed Dec 06, 2017 8:51 am

coalcracker wrote:
Wed Dec 06, 2017 8:41 am
queso wrote:
Wed Dec 06, 2017 7:55 am
Not a soothsayer, but, like you, I am holding a small position in crypto (BTC, ETH, LTC and BTG). Looking at it today and something in me is screaming "sell", but I don't think I can (lol..). I kind of feel like a member of the Titanic's band, but I kind of think I'll just ride it out a bit and see where it goes. I thought about taking the original investment off the table and leaving the gains, but, as you point out, it's not a lot of money in the grand scheme of things and if the upside is something ridiculous then I'll really be kicking myself for pulling the original out. Then again, if it goes to zero I'll really be kicking myself for not pulling it out. Thank goodness almost everything else is in index funds. :happy

Good luck!
OP here.

I would kick myself more if I don't sell and it goes to zero than if I do sell and it continues to rise. I have convinced myself with the comments here that it's time to cash in and walk away. It was a worthwhile exercise for sure.

Thanks,
cc
I bought some btc yesterday. Glad to be the next sucker to support your exit! Thank you for your post as a reminder that having a strategy ahead of time makes the sell decisions easier. FWIW my btc is 0.3% of my "investments".
Last edited by lolbatross on Wed Dec 06, 2017 8:55 am, edited 1 time in total.

Call_Me_Op
Posts: 6584
Joined: Mon Sep 07, 2009 2:57 pm
Location: Milky Way

Re: Want to sell my Bitcoin, but when?

Post by Call_Me_Op » Wed Dec 06, 2017 8:55 am

David Jay wrote:
Tue Dec 05, 2017 6:50 pm
Call_Me_Op wrote:
Sun Dec 03, 2017 8:28 am
Interesting. A young coworker of mine purchased $7k in Bitcoin in (I believe) 2014 and it is now worth close to $250k. As far as I know, he plans to let it ride.

Gambling does, on occasion, pay off.
A reminder that it hasn't paid off yet...
It has for some - those who have sold recently.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein

sabtastic
Posts: 6
Joined: Tue Dec 03, 2013 1:00 am

Re: Want to sell my Bitcoin, but when?

Post by sabtastic » Wed Dec 06, 2017 8:56 am

This kind of thing can be a lot of fun. My guess is it is near the end of a bubble cycle since suddenly everyone I know is talking about it and thinking about "investing". It is amazing watching people do the mental gymnastics to justify getting in. In my experience, once you get that last big push from all the copycats who hear about it on the morning news it is usually the best time to bail.

RRAAYY3
Posts: 206
Joined: Thu Jan 17, 2013 12:32 pm

Re: Want to sell my Bitcoin, but when?

Post by RRAAYY3 » Wed Dec 06, 2017 9:10 am

“Should I sell this gimmick and guarantee a ridiculous return on investment or should I be greedy and risk losing once the inevitable bubble bursts?”

Tough decision

ddurrett896
Posts: 666
Joined: Wed Nov 05, 2014 3:23 pm

Re: Want to sell my Bitcoin, but when?

Post by ddurrett896 » Wed Dec 06, 2017 9:15 am

coalcracker wrote:
Fri Dec 01, 2017 7:04 pm
2. Sell half in 2017, half in January 2018. Incur $14,000 gains and offset $6000.
This

queso
Posts: 391
Joined: Thu Jan 07, 2016 3:52 pm

Re: Want to sell my Bitcoin, but when?

Post by queso » Wed Dec 06, 2017 9:36 am

RRAAYY3 wrote:
Wed Dec 06, 2017 9:10 am
“Should I sell this gimmick and guarantee a ridiculous return on investment or should I be greedy and risk losing once the inevitable bubble bursts?”

Tough decision
lol...yeah, when you put it like that.. I think I'll give it a few days and see what the CBOE futures do to the price. I may move some off my Trezor and into an online wallet/exchange so I can be ready to pull the plug.

User avatar
matjen
Posts: 1706
Joined: Sun Nov 20, 2011 11:30 pm

Re: Want to sell my Bitcoin, but when?

Post by matjen » Wed Dec 06, 2017 9:43 am

Sell a chunk soon. The coming Bitcoin Futures at CME will allow people/pros to much more easily go short. That will start happening.
A man is rich in proportion to the number of things he can afford to let alone.

User avatar
SquawkIdent
Posts: 343
Joined: Tue Dec 23, 2008 7:14 pm

Re: Want to sell my Bitcoin, but when?

Post by SquawkIdent » Wed Dec 06, 2017 10:13 am

Remember the stock CMGI? You don't have gains and actual $$ until you sell. I don't know what the future holds but with large gains and a questionable future, don't ride this into the ground. FWIW, I would be selling large junks of it. I learned from my past mistakes. Good luck.

fatlever
Posts: 107
Joined: Sat Apr 16, 2011 8:37 am

Re: Want to sell my Bitcoin, but when?

Post by fatlever » Wed Dec 06, 2017 10:43 am

coalcracker wrote:
Fri Dec 01, 2017 7:04 pm
I bought about $7000 worth of Bitcoin and Ethereum in July as an experiment and learning process. Well, it is now worth about $21,000.

It's been like a week, what is with now $30,000? :mrgreen:

Post Reply