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Comment Cashing out (Score 2) 339

Speaking as a small-time "old money" person (wearing my "I remember when a Bitcoin only cost a nickel" T-shirt), I think you're wrong. If you've got a lot of bitcoins, then it is dumb to sell them all at once. You drive the price down and end up with either a huge capital gains tax bill that you have to pay or a huge potential problem if the IRS audits you and asks you where you got the $50,000 that suddenly appeared in your bank account. Much better to sell slowly over time. And even better to just use your bitcoin wealth to purchase things that you can buy with bitcoin, so you avoid exchange and wire transfer fees. More bitcoin trade helps make your remaining bitcoins more valuable, too...
Bitcoin

Bitcoin Hits New All-time High of $32 339

Sabbetus writes "Bitcoin tops its previous all-time high of $31.91 and in doing so it proves to be quite a resilient virtual currency. To the supporters of Bitcoin this does not come as a surprise, since we have seen the likes of WordPress, Reddit and Mega embrace it. Recently Namecheap also confirmed that they will start accepting bitcoins. The new record price was reached on the same day that Mt. Gox, the world's largest Bitcoin exchange, reached an agreement with CoinLab to manage the exchange's operations in the U.S. and Canada." A far cry from the end of 2011.

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Man is an animal that makes bargains: no other animal does this-- no dog exchanges bones with another. -- Adam Smith

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