Knowing when to say when: Some reflections and other random stuff
Before I get into the heart of my post today, I wanted to share this piece that I picked up last week at my local bullion store. I had seen something similar to it here on Hive in the past. I've also seen some advertisements for pieces like this on social media.
Anyway, when I stopped in the store and saw one sitting there along with a similar 1 oz round, I knew I had to pick it up. The only thing that could have made it better is if it had the sugar skull motif. Despite having zero Latin DNA @mrsbozz is a big fan of that theme.
As you can see, this is a one ounce bar and as usual it is .999 fine silver. It has a picture of Cuauhtemoc on the back. He was the Aztec ruler from 1520 to 1521. The name literally means "one who has descended like an eagle". Thanks to Wikipedia for that. If you want to read all about Cuauhtemoc, you can find it here. It's a pretty sweet piece and I am glad I picked it up.
If you had asked me, I would have guessed that was the Mayan calendar on the other side, but it clearly is the Aztec calendar. I would venture to guess there are some similarities between the two.
This is probably one of the last pieces of silver I will be purchasing for a while. I need to focus some of my money into crypto given the massive dump we just witnessed this morning.
Let's be honest though, the price of BTC will probably be back above $45K by the end of the day.
Which brings me to my next topic:
You need to tell us when to get out
I was talking with my extended family over the holiday weekend and the phrase above was said to me. It was just a short time ago back in 2017 that we were all gifted our first bit of Bitcoin from @mrsbozz's cousin who is no longer active here on Hive.
While we all received that initial gift of BTC, not all of us have embraced crypto the way that I have. My brother in law to some degree has, but he is an accountant so he can appreciate cryptocurrency a bit more than the other ones.
The rest of them are basically just holding theirs until they are ready to get out. Most of the time they don't even pay attention to the price. Every now and then they will say "hey @bozz (except they use my real name), how is our Bitcoin doing?".
It's been a wild ride the past six years. Most of the time I have gotten to tell them it is up, but there was a while there it wasn't so good.
With the impending bull cycle, I have a feeling they are going to be a bit more interested than they have been in the past. Which opens a can of worms I am not quite sure I am ready for.
I made the mistake of asking my sister and brother in law the other day at what point they wanted to get out. It seemed like a good idea at the time, but I don't think I was fully ready for the implications of that question.
For me, it's a pretty easy answer, I probably don't plan on ever getting out of BTC. I'm a believer in the collateral scenario that a lot of people seem to be accepting. I think it will be important to hold BTC in the future so that you can borrow against it for other things.
People who aren't as invested in crypto, probably don't feel the same way. It's not that my inlaws are flippers looking for a quick buck, but right now, they just don't see the potential in crypto like I do. They are part of that 80% of the population who is indifferent about crypto. Meanwhile, the 10% that are all in and the 10% that will never accept it are digging in their heels.
I finally got them to admit that a 10x on their initial investment would be acceptable to them. Fine, they started with $500, they would be happy exiting at $5000.
Which raises another problem. I'm going to have to be the one to exit for them since none of them have accounts that give them gateways to fiat. Which means the tax burden will be on me as well as finding the cash to give them in return for their BTC. While I don't mind holding more BTC, if all of them decide to get out at the same time, I'm suddenly on the hook for $15,000 that I may or may not have access to.
Believe it or not, I'm almost dreading the next bull cycle because it might mean I have to make some very difficult decisions or moves that impact more than just myself and my wife.
I don't like that feeling.
The last thing I need is for them to be upset that they could have seen 20x gains, but they settled for 10x gains.
"You need to tell us when to get out".
What if I don't want to?
I think ultimately I will probably have to bake in the tax piece. Perhaps sell at 12x or 13x gain so they can see the full 10x gain that they were expecting.
I understand now why so many people are so hesitant to give financial advice here on Hive. It's a minefield for sure!
Maybe I will get lucky, they will change their mind and decide to hold for the long term. Wouldn't that be nice?!
Sports Talk Social - @bozz.sports
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Such a beautiful piece. There is a great store in Winchester, Indiana called SilverTowne if you're ever that way. Also check out Wick's Pies while you're there. If you ever make the trip, let me know and I'll meet you and treat for the pie!
Sounds like a plan. I think I have some market pieces from SilverTowne. I believe they resell them on APMEX.
I think there is never a right or wrong answer to when is the right time to sell the assets. It's quite subjective and depends on individual life circumstances.
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True, I am just hoping it doesn't all happen at once.
👍
Yeah, if someone doesnt want to open a binance or coinbase account so they can get their crypto on or off, it probably is not making sense to buy family or friends crypto. Better if they bought some custodial bitcoin from their brokerage and not burden yourself with it.
Very true, but none of that existed back then. I mean Coinbase did, but other than that it was all back alley deals. I am hoping to avoid that.
Some people just don't get crypto.... Us long term holders don't want a quick flip. The nightmare you have there is the tax liability, and predicting the best exit for them. I don't envy you there!
Nice silver, I've always loved that design based on the old Mexican coin. The Aztec calendar makes for some pretty silver!
Yeah, I have a feeling it is going to get messy when the time really comes. My hope is that by then I will have done well enough on my other crypto investments that I can cover it pretty easily for them.
That’s a nice Aztec bar from the Golden State Mint. How could anyone argue with a 10X return….. I’ve been pondering the thought that if my alt coins do a 10-15X and Bitcoin only does a 2x to dump it all into Bitcoin.
That doesn't really seem like a bad idea because you know BTC is going to keep going up eventually.
The coin looks good
I think I prefer this shape to the normal silver coin I usually see most times
The bars are pretty cool for sure. I have been getting quite a few of them over the last couple of years.
It's odd that they are relying on you to help them get out even though you were not the one that go them in. I understand, family and all, and you're "in the know". Maybe it would be good to explain (in person or an email), all the issues you mention here now, so they are not surprised later. Good luck!
I think what I might do is just have them create a Coinbase account. Then they can handle the burden themselves. I like that idea better than me needing to come up with money to make them whole at the potential top of BTC.
I like that idea, "open an account now then when you want to sell I'll come over and walk you through it." Good luck!
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Yeah, I think that is going to be my best bet.
Ouch, you having to eat the tax! Walked into that one.
I have the bigger 5 troy oz. round Cuauhtemoc/Aztec Calendar with depth and detail that's noticeably better than the One Troy oz. size. I believe they are from the Golden State Mint in Florida.
Oh really? That sounds cool. I guess I never thought about the fact that the bigger pieces might have more detail. That would be amazing to see. I might have to keep an eye out for one when I get some money saved back up!
You can watch the world end with this one 🤣 sick bar bro !BBH
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Thanks!
Nice piece of bullion !
I don't envy you being the voice of wisdom for the family on BTC. When to cash out is a very hard thing to predict. Sticking with a price point to achieve a total amount like makes sense. Although I'd probably be a bit more straight with them on the tax side, and tell them it's their burden. You didn't get them into it, so why is it your problem. Best of luck either way!
Thank you! I guess we will cross that bridge when we get to it. I am really hoping that things become more clear over time. I might just make them create their own Coinbase account if I have to.
That's a nice bar!
Yeah, that's kind of a bad situation you are in. I don't want to be involved with finance for my family or friends. Too much potential for bad feelings and anger all around. I wish you the best of luck in navigating that difficult path!
I don't think they will get mad. This was basically free money for all of us, but I just am not looking forward to juggling all the balls when they are ready to say "I'm done".
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