I've just discovered this thread after stumbling upon it from the main board. This is all very interesting and you explain things well. What do you have against Coinbase?
There's two kinds of people. Those who understand Bitcoin is the apex property and those who don't. There is no price I would sell at. Why? Because you sell your weakest assets first and your strongest last. There is no stronger asset than Bitcoin. It is the end game. There is no "next step" beyond it to leapfrog to. I will only sell my Bitcoin if my life and/or family's life depended on it, and even then I would probably just take leverage against it. If you look back 4~ years in this thread you'll see that I sold a large chunk of BTC to put a down payment on my home. Even though that was a monumentally important purchase in my life, I regret selling my Bitcoin to fund it. What I sold then is worth 5x now. I was not educated enough to know I was selling my best/strongest asset and should have instead sold other, weaker ones.
But eventually you have to sell right. Not saying today or 50 years from now but at one point.. Even the rarest things on earth are bought and sold..
When I retire I will start living off my Bitcoin (mostly leverage), but until then, I ain't selling. Funding retirement qualifies as "my life depends on it" FYI lol. When I die it goes to my heirs, whom I will probably bar from selling it via a trust. Hopefully I don't die before I can teach them about money.
So wouldn't that be considered taking profits? I don't get the mockery of people who are selling some BTC now. They seem to be ridiculed for "taking profits". They are using it like they are supposed to...arent they? Or do we all wait for the last BTC to be mined, agree on a price and then sell when needed. Sorry if these are stupid questions. Buddy and I were talking about it and this was something I didn't know the answer to.
How often do you hear the phrase "take profits" used to describe someone liquidating an asset to fund their retirement? "Taking profits" as I understand it means you are leaving an investment (and presumably entering a new one) because the perceived risk-to-return ratio has gotten beyond your appetite. I don't put retirees simply funding their lives and traders to be doing the same thing when they sell. That's because it's a mistake that signals ignorance. If you're selling your Bitcoin, it should only be to prevent significant harm to your life or the lives of those closest to you, and only after you have exhausted ALL other funding options. Sell the weaker asset first, sell the strongest asset last. Bitcoin is the strongest asset. It's simple as that. Please explain what you mean by "supposed to". If you want to spend Bitcoin that's your own decision. It's objectively the wrong thing to do if you want to maximally accrue value, but for some people maybe creating a circular Bitcoin economy is more important to them. The "Bitcoin is meant to be spent" folks IMO are simply not being patient enough. We'll spend Bitcoin like a currency whenever two things have happened A) it has flushed all the bad money out of the market and B) proper secondary and tertiary technology layers have been stood up to facilitate transactions at scale and speed. It's no longer a question of 'if', but more a question of 'when'. Nobody knows, and humans are notoriously bad about predicting the tech of the future.
