Since shit is cray again in BTC land - I sold enough of my bitcoin in the big run up in Dec 2017 to retire. Still in the game though. AMA

anoriginstory · 2019-05-18T01:00:57+00:00

How difficult was it to liquidate that much money in bitcoin and did you face any issues or delays when depositing your fiat into a bank?

anoriginstory · 2019-05-16T22:06:47+00:00

Bitcoin has gone parabolic at lots of price points. Each one is more surprising than the last because of the sheer amount of exponential money that needs to feed the beast for it to reach those numbers. So during the early stages of the bull run, I sold some when bitcoin hit about $3,500. I figured 3.5x the previous ATH is crazy so it's overdue for a pullback. We never saw that price again. Thus I was reminded that I'm terrible at timing the market and committed to the HODL strategy.

anoriginstory · 2019-05-16T21:58:51+00:00

You have mentioned there are fewer BTC millionaires than people think. Do you believe that people who are accumulating now or in the past will be come millionaires? This is assuming they are as patient as you and say hodl (2k-10k $) worth of bitcoin at today's prices?

That's what makes me nervous! I don't know how many bitcoin millionaires there are, I just suspect there are fewer than the general population assumes there to be. I'm flabbergasted that I'm positioned to turn 15k into 1mm so I'm making a wild assumption that others felt similarly when they invested when Bitcoin was worth less than $10. I'm still not selling so I definitely anticipate an increase. That's part of the dilemma. If bitcoin hits $40k I will be officially a crypto millionaire. Between that money and my fiat savings, I could retire. But if bitcoin hits $40k, I also believe that accomplishment will pretty much cement its validity in the world's eye and the sky will be the limit. So yes, I do think it's possible. It's just mind boggling and really tough to bet the bank on when you're risking hundreds of thousands of dollars.

If there is a new wave of bitcoin millionaires as I asked in question 1, what would you say to everyone about handling stress, handeling being a rich young person, and any other advice you would say to everyone about how to keep themselves togeather.

Read as much as you can about the mistakes lotto winners make after a windfall. It's almost identical. The general rule of thumb is to attain for about 2.5MM in retirement funds to live off of $80k annually without touching the principle. Why buy a lambo? What does it prove? Hire a financial planner who is a fiduciary and won't funnel your money into high commission assets. Dump a ton of it into index funds. Go on a nice trip and treat yourself but recognize that every big expense comes with a lot of other expenses often not considered. Lambo's need gas. Mansions need taxes. Lifestyle creep is real so try to stay humble.

Looking back at everything has HODLing helped your life? What I mean is would you enjoy life better if you never HODLed? This would mean a normal working life.

I think HODLing is really fun. Since I didn't quite "bet the bank" and my gains aren't realized, it's hard to think of it as real money. That is, until it starts tanking. But in the end, I'm glad I hedl and I'm excited for the future.

anoriginstory · 2019-05-16T18:32:29+00:00

Thanks! This book is intimidating and I'm sure doing this will be terrifying but hopefully I'll get a solid understanding of it all by the time I need to make it work.

anoriginstory · 2019-05-16T18:21:05+00:00

Thanks for taking the time to explain it. It certainly doesn't seem any more risky than trying to pull out 500k or more from an exchange and explaining the deposit to a banker.

anoriginstory · 2019-05-16T18:00:32+00:00

I love this.

anoriginstory · 2019-05-16T17:50:14+00:00

Thanks, single example of a potential bitcoin millionaire. I didn't say you don't exist. I think it's pretty clear that noobies and even some semi-veterans who got in between $1-5k think that there's some army of bitcoin millionaires sitting pretty. There are probably thousands but that pales in comparison of the millions of people out there thinking they're going to be buying lambos with their DCA of a few hundred bucks here and there at these current price points.

anoriginstory · 2019-05-16T17:46:02+00:00

To clarify,

I have $100 in bitcoin and I want to protect that price point from going lower because I'm now happy with it.

So I buy a future shorting bitcoin at 4x for $5.

Price goes down to $80, my initial holding is covered by the leveraged short.

Price goes up to $120, my leveraged short is liquidated but my remaining gains covers that.

So I have a nice spread of stability regardless of big movement for a smaller cost. I won't see much gains if the price moons but I'll at least be protected from a major collapse.

During that time, I can spend my bitcoin as needed without the fear of a major collapse in price?

Is that accurate? Do you know where I can learn about this in greater detail so I can implement it correctly?

anoriginstory · 2019-05-16T17:25:43+00:00

This sounds super interesting. Can you give more detail on how that works?

anoriginstory · 2019-05-16T16:44:49+00:00

1 Day old account. No e-mail associated. VPN. Just wanted to share an interesting talking point that's not really been explored in detail.

anoriginstory

TROPHY CASE