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What would you do with a bitcoin windfall? (lemmy.world)

submitted 3 months ago* (last edited 3 months ago) by EvacuateSoul@lemmy.world to c/asklemmy@lemmy.ml

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I'm not a true believer in crypto, but I used to play around with it. I have received a 5-figure USD sum of bitcoin from the MtGox settlement, and I'm considering my options. It is a true windfall. It was worth maybe $100-200 when I used to play daytrader and shop silk road with it.

We are on track for early retirement as it is, but my "smart money" intuition says pay the long-term capital gains and invest in funds, how we do everything else. More money earlier is always good.

My gambler side says to withdraw some maybe, but split the rest into a half dozen likely candidates for someday real world crypto use which may take off. I don't stay up to date on them anymore, so this would take some real research.

The weird Trumpy stuff going on with BTC makes me think it couldn't hurt to hold through the election in case prepper types panic buy it lol.

My wife says it's unexpected so just leave it as a high-risk part of our whole portfolio, but I worry she underestimates the risk and scamminess of it all.

Update: I sold the account down to 0.1 BTC today. I may sell more later on. Thanks everyone for your input.

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[–] Beardwin@lemmy.world 77 points 3 months ago* (last edited 3 months ago) (2 children)

Take your free money and put into something with real, actual backing value. Ignore the gambler side - it’s just the devil on your shoulder. This is free money. Let it work for you over the next couple decades.

[–] EvacuateSoul@lemmy.world 6 points 3 months ago (1 children)

This seems to be the majority opinion. I'm thinking moving the majority to sound investments is my likely course. I do think keeping a little that wouldn't sting badly to lose still scratches the itch without risking regret.

[–] Mubelotix@jlai.lu 1 points 3 months ago (1 children)

You got the money in the first place because you stood apart from the majority. Don't assume they are better than you

[–] EvacuateSoul@lemmy.world 5 points 3 months ago

I would not have kept it this long. I remember being mad it was gone when it hit $1000, because that seemed insane. It's realistic to think I would have sold then.

[–] index@sh.itjust.works 1 points 3 months ago (1 children)

something with real, actual backing value. Ignore the gambler side - it’s just the devil on your shoulder.

The stock market or real estate are yet another form of gambling and another face of the devil

[–] Beardwin@lemmy.world 3 points 3 months ago (1 children)

In the short term, sure. In the long term the S&P 500 averages 8%/year for 100 years. I would argue that is a much, much smaller gamble.

[–] index@sh.itjust.works 1 points 3 months ago (1 children)

Bitcoin were designed so that you own them. Trusting your money on for profit corporations isn't going to pay off in the long term, i think you want to look a little further than your own wallet

[–] Beardwin@lemmy.world 1 points 3 months ago (1 children)

I don’t understand your argument. Wall street was designed so that you and i could own actual shares in companies. Companies which produce goods and/or services. What is the backing value of bitcoin other than others possibly wanting bitcoin? What backs it other than demand?

I have owned crypto. I have made a lot of money off crypto. But to think it is safer than traditional investing i think is a bit naive. It’s, so far, a supposed solution looking for a problem.

[–] index@sh.itjust.works 1 points 3 months ago (1 children)

I have owned crypto. I have made a lot of money off crypto.

Sounds like you never own many, someone else owned them for you. I encourage you to learn better how cryptocurrencies works

[–] Beardwin@lemmy.world 1 points 3 months ago (1 children)

Sounds like you don’t have much left to say and can’t back up your point, so you get personal.

[–] index@sh.itjust.works 0 points 3 months ago* (last edited 3 months ago) (1 children)

You still don't have idea what i'm talking about because you still haven't put 5 minutes to learn about cryptocurrencies.

https://archive.org/details/bitcoin-whitepaper

Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

[–] Beardwin@lemmy.world 1 points 3 months ago

Lol ok.