50 votes

I Sold My Bitcoin -Guess What I Bought

I bought my Bitcoin at $45.... I cashed it out to buy my wife some new cloths and.............

2 - 10 OZ hand poured bars!!!!



Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

I hate to be that guy but... How's that investment working out?

?

20oz of silver lost 20 $ in value.

Meanwhile bitcoin is up 100% at 850 as I write this.

Tools of war are not always obvious. The worst weapon is an idea planted in the mind of man. Prejudices can kill, suspicion can destroy, and a thoughtless, frightened search for a scapegoat has an everlasting fallout all of its own.

When did you buy your bitcoins for $45?

Thanks in advance for your answer.

I think

back in March of this year.

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

So I am guessing you bought one bitcoin.

Since it fluctuated somewhere between 34-50 dollars.

Is that correct?

2 - 20oz bars at the time of sale was probably $450 - $500.

Throw in a "C" note or two for clothes.

Am I about right?

Yeah dude

You are actually 100% correct.... Nice

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

Don't forget that come January ...

you are going to owe the IRS a little over $100 for that transaction, assuming you are a U.S. customer.

And if you are a U.S. customer you obviously had to submit your bank account info, fingerprints, recent utility bills, and possibly a facial scan so you are not annonymous and they will come after you for it.

God Bless.

Get another $45 worth...

And let it "ride" to the next stop. ;-)

Bad move.. Look at the

Bad move.. Look at the charts... Silver down 1-2 points, bitcoin up to almost 800.

The ONLY way to make money is

The ONLY way to make money is to sell high and buy low! That's exactly what he did and it was the right move! A LOT of people will be left holding the bag regarding Bitcoins! It is a bubble and there will be a panic, and it will, unfortunately, go the way of beanie babies.

Awesome!... Where? and How?

Where did you buy your bitcoins?
How did you cash them out?

Coinbase and Coinbase

I did not keep them in my coinbase wallet all this time though. I transferred them and kept them offline and made a backup ;)

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

...

Good play.

All rights reserved and no rights waived.

Trading virtual currencies

I realize trading anything has its risk, including gold and silver, but who's knowledgeable on trading virtual currencies? The dos, don'ts and how-tos? What software? Is mining still a good option? Any help and links would be greatly appreciated.

The reddit bitcoin forum is a good place

Just about every bitcoin related question has been answered there.

http://www.reddit.com/r/Bitcoin/

YOU FOOL!

I WOULD HAVE BOUGHT A TALKING HORSE.

YOU HOPELESS LOSER NOW YOU CAN'T SPEND THE MONEY TWICE AND HERE YOU ARE TRYING TO FACE REALITY WITH NO TALKING HORSE.

WELL YOU ARE TRULY SCREWED NOW, PAL.

CAN'T DO NOTHING FOR YOU MAN.

Be brave, be brave, the Myan pilot needs no aeroplane.

I'm telling you! BUY NOW!

Bit coins are really just a ponzi scheme, although i like the idea of freedom of currency. So, I'm going to start my old bitcoin idea: Paddys Gold! I'm imagining 1,000 of them, and the bidding starts at $100 a piece. Just send your money to my paypal account, and you'll get a certified authentic picture of a cool photoshopped gold coin with my face "beveled" in it, where you can download and save on your Paddy Pouch on your desktop! Each one will bare a secret mark that only I can tell if it's the real one... All will be marked from 1 to 1,000. You can then sell to your friends and family for like... say... $500... and get 10% of their sales. And they can sell theirs for like... $5,000, and you get 10% of that. So the first ones to buy will make the most money... Just like the Federal Reserve is doing to the Banksters and Wallstreet! Woot! You can be a bankster too!

Now for the sane people... Silver and Gold are dropping... just like after the housing bubble. If you look at the 10 year trend, it will fall, and then when this bond/derivatives/fiat currency ponzi scheme bubble bursts, there will be no recovery. Buy Gold and Silver NOW. NOW. NOW. In two years it will reach $4,500. I predicted $1,500 for gold, and it went to $1,900 before it fell to paper currency.

When did common sense become a super power? –Patrick F. Holman

Was with you till the end.

Why would gold and silver go up in a depression? Wouldn't it go down?

I don't disagree with your "buy" strategy, because even if the "price" of gold goes down, it would buy the same tomorrow as today, regardless of there's a depression or hyperinflation. The gold doesn't change and what you get for an ounce doesn't change, only the dollar measurement does around it.

But, no, if there's a depression the dollar price of gold will go down. But who cares?

Also seems odd to hold gold or silver as a real physical asset

yet base it's value on the failing currency system it will replace, no? I agree, who cares. Just have some.

"We are not human beings having a spiritual experience; we are spiritual beings having a human experience"—Pierre Teilhard de Chardin

i made a similar mistake, only worse

what i meant to say was....good for you, assuming this is your first silver purchase and you aren't already sitting on a few hundred oz.

i bought at $30 btc and traded when it hit $75 btc for silver at around $28 or so. now i'm selling that silver at a huge loss on ebay to pay bills with. while some sell bitcoins for silver others sell silver and hoard bitcions. only time will tell who's right. bookmarked

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

oh yeah

I took care of mercury dimes and 1oz pieces.... Now I can buy the big pieces :)

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

love them mercury dimes

i sold a few dime rolls at around $34 spot earlier this year but i'm keeping the rest. i sold a lot of my generic raw silver pieces the last 2 years at a profit and now my silver stack is mostly just a collection. i like collecting the semi numismatics/collectables like pandas, koalas, kookaburras, kokesh for congress etc and don't plan to sell those.

lol i did just sell 2 10 oz bars last week though.
i like the 10 oz Scottsdale stackers and plan to pick one more up at some point.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

Time to return to common sense economics! Bitcoin is tulips!

Don't rest that Bitcoin has a fixed number to trade... there are a million 'Knock-offs' just around the corner of the bit-tulip mania called bitcoin... and a million knock-offs means there are far, far more 'coins' than either tulips or FRNS!

On the other hand, mankind has tried to make knock-off's of gold and silver for years, even out of lead, but despite the ease of access to the patent office and trademarks, no one has succeeded as yet!

So, sell your tulips while you can, especially before Tulip2 or bitcoinX...nth appears out of the free market blue sky! Of course the biggest selling E-coin will be the one which spends the most on advertising, or is the nicest color, or, whatever.

But, of one thing you can be sure... the 'founders' of bitcoin1 have dozens of bitcoinX...nth already in mind as they sell off at a million percent profit, to buy into their newest tulip color!

Good luck E-coin/forex trading... we kind of know how that has gone and for whom!

Remember also, E-anything has only been an exchange of ideas, not commodity, for the idea disappears when the power goes off!

Agreed...

i just wrote pretty much the same thing... except it was satirical.

When did common sense become a super power? –Patrick F. Holman

Bernanke gets it. Banks do crypto transfers daily.

There is no what-ness to their currency either.

If I call in an order on my credit card the cc company charges the seller 6% of sale.

Instead or $1,000 the seller gets $940.

Personal Checks or Money Orders. How are they different.

Free includes debt-free!

So, because banks...

So, because banks do crypto transfers daily, that makes Bitcoin a wise investment?

The fact that Bitcoin is being eyed and admired by Bernanke only strengthens my faith in my original gut feeling to not buy into Bitcoin.

The Bible clearly tells us that there will be a day when one man will be able to determine who can buy or sell, but that is clearly talking about the mainstream market. In times like that there is always a black market. That's where the value of your silver will come in.

There was a confiscation of gold in the past; history repeats itself, so...

Ok, all you Bitcoin miners, down vote me, I can handle it!

Freedom is the ability to do what you want to do.
Liberty is the ability to do what you ought to do.
"Where the Spirit of the Lord is, there is liberty." 2 Corinthians 3:17

I suspect Ben's statement hexed many.

Crypto-currency can provide peer 2 peer transaction verification using open source mathematics providing unambiguous "rules". Where anybody can verify and provide proof of transactions.

Have you ever had a credit card or personal check refused? Been charged a fee because the debits made before the deposit.

$FRN, Check, Credit Card, Money Order or BitCoin either have purchasing power or they don't.

States are required to use Gold and Silver Coin.

We are free to use what works.

The more reliable the better.

Lower the risk of failure.

As a seller I have been charged 6% on Credit Card transactions. If the transaction cost is less than 6% for me, then I make more money on my goods and services.

Free includes debt-free!

I bought bitcoin at about 5

I bought bitcoin at about 5 bucks and did the same thing when they were like 30 bucks. It obviously didn't get as much as you and it might have been advantageous to have held on to them until now to convert to silver, but I have no regrets :)

I like bitcoin as a means for creating transactions, just not as a store of value.

I just got my silver too..

I just got my silver too.. Id had money in bitcoin id sell as well and do the same thing.

Modern Money

You can't send silver or gold down a transmission wire. That means you'll never be able to buy a product on Amazon.com using a silver round.

In order for gold or silver to be used as a money in our digital world, it must be represented by a digital account balance. Digital account balances for gold and silver can be easily manipulated and fractionally reserved. In fact, fractional reserve banking originally started under a gold standard. As soon as gold or silver is represented by digital account, it loses all checks on inflation that the physical specie previously offered.

Bitcoin solves the problem of inflation by using a distributed encrypted ledger to record account balances, making inflation of account balances impossible. It is impossible to artificially inflate a bitcoin account balance; however, it is easy to artificiality inflate a gold account balance.

Bitcoin is what the gold standard should have been. In fact, if congress were to lock the amount of dollars in circulation to a fixed amount, a return to the gold standard would be completely unnecessary. This is essentially the system that bitcoin represents. Bitcoin production will crease once around 21 million coins have been mined up.

People who hate bitcoin but love gold simply don't understand the benefits bitcoin brings to the table yet.