Long term view on Bitcoin

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Where to go long and where to short (though I have no current plans to short). I hope to sell %50 of my bitcoin             between $2400/2700, sometime within the next few years. Anything above that is after gold             breaks through its price manipulation and soars to >$5000, when price inflation finally takes over due to the malinvestment of QE money, which is currently preventing the economy from collapsing/markets from correcting (ECB & JCB are buying around $150b/month of bonds and equities). It's only a matter of time until permanent money creation becomes canon             and inflation becomes completely inevitable, I couldn't guess as to when it ultimately takes off though. It's possible bitcoin             gets to ~2500 on hype alone, and selling at ~$800-900 is good too if things change in the future. I doubt it's going under $570 barring some extreme event like gov't regulation or an unfound zeroday, making it a pretty decent option against market catastrophe over the next 3-7 years. BTC             as %2-5 of your portfolio is very effective.

This idea is tentative to future edits.
So why sell at 2400/2700? I recently started with an S9 miner and also buying Bitcoin on the side. Lots of people are in for the long haul but what will cause them to eventiually sell?
@tantra12, How much btc are you currently mining with the S9 please?
tantra12 Crypto.888
@Crypto.888, In first full 2 months, .80 BTC however this does not account for the electricity of roughly $95 per month based on the rates where we live. The cost of the miner being about $1800, and the cost to hire electrician to run 220v breaker and electrical of $190 puts it at roughly $2000 to make $200 per month with current difficulty and the pool I am using. If you have more questions let me know.

pjlbtv tantra12
@tantra12, Yeah, I could never justify the cost for mining, you would've made more just buying the bitcoin directly. PoS variants will ultimately come to replace PoW i think.

The 2400-2700 sell target is a loose figure, I looked at the previous pump in 2013, went from 200 to 1200, roughly a 6x increase. Last point price levelled off was around 400-450, so 450*6 = ~2700. Not saying that's a ceiling for bitcoin, I think it will go much higher than that, along with things like gold, when inflation finally takes over. But when an asset is gaining %1000+, whatever whale is behind that price movement wants to build as cheap a position as possible, so if btc or gold or whatever is to reprice a huge deal, they'll take out all asks up to a certain point, stop buying and let the market settle so more asks build up (shake out weak hands), then buy those and move the market higher. Arguably this has been happening with bitcoin since 2012. Only after you've pumped it as much as possible is it time to sell (nasdaq/tech bubble, housing bubble, any bubble really). Bubbles or price distortion can last years, even decades.

Once bitcoin busts through it's all time high (around 1180) there's no way to tell how high it can go. It's just important to have a price to take profits, to keep you getting caught up in the hype and stay strictly profitable.
tantra12 pjlbtv
@pjlbtv, Thanks for the insight. A few years ago some friends and I owned a few "we buy gold" locations that seemed to sprout up everywhere so I have a little in both gold and silver- man I wish I had sold the silver when it was at $45ish. I was holding out for $50 to sell but that never happened and now we're at $16. I have a voice in head that keeps saying "there's nothing wrong with taking profits!"

The reason I got the miner was to really teach my 9 year old about Bitcoin and have some fun doing it. She made some videos and she earns 10% of what the miner generates the until I recoup my money.

I did start buying bitcoin literally less than 2 weeks ago so I am definitely coming in late and the price is high but I have to look at where it will be in a year or two. I don't think I can go wrong buying and holding but I'm still thinking about getting another miner. Hell if John McAfee (and Bitmain) are adding 2000 S9 miners- how can I go wrong with just 2? LOL
pjlbtv tantra12
@tantra12, buy peercoin, cheapest it ever sold was 21c april last year, currently ~24c, 6m market cap, worth a lot more. peercoin was the one to introduce proof-of-stake and the developer is still maintaining the client. it's worth way more than a $6m market cap. %30 btc %70 ppc would be very effective right now, probably a 1 month window at least until these trends shift. i'd buy soon.
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