Hi Mark, in regards to this part ' Move the USDT to BitOffer and open a 3x leveraged short position on bitcoin. Once bitcoin’s price falls into the “buy” zone of my plan, I’ll cash out the short position and buy bitcoin with the proceeds.' Would you be able to give a few tips on how to do this?
Hello Mark, as I am quite new to this, need to make things super simple while sticking to your plan. All I have is some bitcoins (no altcoins) on Ledger, with accounts on Coinbase and Binance. What better fits to me seems sending bitcoins to Coinbase, maybe now just to be sure, and trade BCs to USDC, then back again to BCs at the proper time. Do you see any downside to this? Please note that my original plan was HODLing for 10+ years no matter what, and just decided to change it after reading your story.
No downside, but use Coinbase Pro so you pay less fees. I don't see a reason to move your bitcoin onto an exchange until you sell, which is hopefully not for while (ideally never).
What are the consequences and potential losses if I won't sell anything now/soon even if the best selling time period is around the corner? What If I just wait out (~1-3 years) until the unstoppable value of the most strong cryptos will return again? I understand to buy into the market when things have crashed significantly and mass faith is low (that's assuming I have some spare cash to do so). Mhhhh..
hey Mark, this is great. SO appreciate this. The exit is my greatest angst! It’s one thing to put together a great portfolio, but that’s only 1/2 the job ;)
What do you mean by:
Move the USDT to BitOffer and open a 3x leveraged short position on bitcoin. Once bitcoin’s price falls into the “buy” zone of my plan, I’ll cash out the short position and buy bitcoin with the proceeds.
Thanks for replying. Doesn't this mean that if you get the peak incorrect (I hope you don't but I'm also realistic) and take profits you risk losing the potential gain but also risk your short losing as well? Alternatively the bitcoin you still hold will rise and cancel out the short?
That won't happen. I will sell 50% continuously until I see signs the peak has passed us, never get to that point of full exit and short the market. We would just keep selling 50% forever. Fountain of financial youth!
In getting ready for the "sell" phase and being a big time newbie, is there somewhere a very simple explanation of how to convert my various coins to stablecoins when the time comes? I have coins on Coinbase and Binance and struggling to figure out what I thought would be simple - convert altcoin > stablecoin. Glad I've not got a huge amount of coins to worry about as I'm just dabbling right now haha
Hi Nick. It depends on the exchange so I'm not sure exactly what steps to take. Sorry. Yes, on Binance you sell your altcoin for BUSD (as US resident I can't use Binance). Or you can sell for BTC and then swap for USDT or something. Does Binance have savings for BUSD? That might make sense for you, one less step. I wouldn't know.
Mark, you have stated your time frame as early April being the blowout top for BTC and your triggers tripped. Does this notice advance the timetable? My take is that you are systematically prepping us to take steps to get ready to exit.
No, no timeframe. At this pace, next month is realistic. Early April seems too soon, but you just don’t know. It’s the pace that concerns me, not the price or timeframe. Ideally, we can crash or chill around $40-60k for a while, that would put my at ease.
Either way I have noticed the market moves very fast, and I don’t want to get left behind. This is evergreen information, put it in your back pocket so you’re prepared for whatever comes.
Hi Mark, in regards to this part ' Move the USDT to BitOffer and open a 3x leveraged short position on bitcoin. Once bitcoin’s price falls into the “buy” zone of my plan, I’ll cash out the short position and buy bitcoin with the proceeds.' Would you be able to give a few tips on how to do this?
Yes when the time comes I'll record a video about it
hello. I can't see the option for "3x leveraged short" on BitOffer. Where is that?
Hello Mark, as I am quite new to this, need to make things super simple while sticking to your plan. All I have is some bitcoins (no altcoins) on Ledger, with accounts on Coinbase and Binance. What better fits to me seems sending bitcoins to Coinbase, maybe now just to be sure, and trade BCs to USDC, then back again to BCs at the proper time. Do you see any downside to this? Please note that my original plan was HODLing for 10+ years no matter what, and just decided to change it after reading your story.
No downside, but use Coinbase Pro so you pay less fees. I don't see a reason to move your bitcoin onto an exchange until you sell, which is hopefully not for while (ideally never).
What are the consequences and potential losses if I won't sell anything now/soon even if the best selling time period is around the corner? What If I just wait out (~1-3 years) until the unstoppable value of the most strong cryptos will return again? I understand to buy into the market when things have crashed significantly and mass faith is low (that's assuming I have some spare cash to do so). Mhhhh..
Good question. I'm not sure but from purely the capital gains side, you don't have any taxable event until you sell.
hey Mark, this is great. SO appreciate this. The exit is my greatest angst! It’s one thing to put together a great portfolio, but that’s only 1/2 the job ;)
What do you mean by:
Move the USDT to BitOffer and open a 3x leveraged short position on bitcoin. Once bitcoin’s price falls into the “buy” zone of my plan, I’ll cash out the short position and buy bitcoin with the proceeds.
Thank you Suzanne!
It means shorting the market. When bitcoin's price falls 1% the value of my position will rise 3% for as long as I keep the position open.
That takes some balls )) Although I note you will only do that with a certain percentage.
Low-risk trade after a peak. Dangerous before.
Thanks for replying. Doesn't this mean that if you get the peak incorrect (I hope you don't but I'm also realistic) and take profits you risk losing the potential gain but also risk your short losing as well? Alternatively the bitcoin you still hold will rise and cancel out the short?
That won't happen. I will sell 50% continuously until I see signs the peak has passed us, never get to that point of full exit and short the market. We would just keep selling 50% forever. Fountain of financial youth!
Ok, need to work out how to do that ;) thanks 🙏
In getting ready for the "sell" phase and being a big time newbie, is there somewhere a very simple explanation of how to convert my various coins to stablecoins when the time comes? I have coins on Coinbase and Binance and struggling to figure out what I thought would be simple - convert altcoin > stablecoin. Glad I've not got a huge amount of coins to worry about as I'm just dabbling right now haha
Hi Nick. It depends on the exchange so I'm not sure exactly what steps to take. Sorry. Yes, on Binance you sell your altcoin for BUSD (as US resident I can't use Binance). Or you can sell for BTC and then swap for USDT or something. Does Binance have savings for BUSD? That might make sense for you, one less step. I wouldn't know.
Glad you figured out Coinbase.
And on Binance - I think! You sell your altcoin and buy BUSD.
I figured out Coinbase! :)
Mark, you have stated your time frame as early April being the blowout top for BTC and your triggers tripped. Does this notice advance the timetable? My take is that you are systematically prepping us to take steps to get ready to exit.
No, no timeframe. At this pace, next month is realistic. Early April seems too soon, but you just don’t know. It’s the pace that concerns me, not the price or timeframe. Ideally, we can crash or chill around $40-60k for a while, that would put my at ease.
Either way I have noticed the market moves very fast, and I don’t want to get left behind. This is evergreen information, put it in your back pocket so you’re prepared for whatever comes.