Would you trade your watch for Bitcoin, Doge coin or any other crypto currency

[Cravings7]

I bought some bitcoin in January 2016 at $390 and it's current value is up to around $49000, compared to the watches I have purchased from 2016 till date bitcoin has been a better investment.

So from a investment standpoint would you rather keep your watch or trade if for some bitcoin, Dogecoin or any crypto currency

[AgentRob]

I wouldn’t accept a meme coin like doge. But from an investment standup crypto, and even most stocks are a better roi than a watch. A watch is meant to be worn and enjoyed not used as a way of making a profit anyways


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[Rivdog]

Originally Posted by AgentRob

I wouldn’t accept a meme coin like doge. But from an investment standup crypto, and even most stocks are a better roi than a watch. A watch is meant to be worn and enjoyed not used as a way of making a profit anyways


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100% seems like a no brainer here.

[SearChart]

No, I would not.

[JodyHighroller]

I wouldn’t sell hard assets to invest in crypto. Only invest money you can afford to lose.

[Mifune]

it's rather surprising tome that many retailers... including watch greys are beginning to accept doge.
please people, stay away from non-utility meme coins... unless you are a day trader that is into momentum plays.

[Cowley]

I wouldn’t trade my watch for Bitcoin at this moment

[TC94]

Originally Posted by Mifune

it's rather surprising tome that many retailers... including watch greys are beginning to accept doge.
please people, stay away from non-utility meme coins... unless you are a day trader that is into momentum plays.

Retailers that accept crypto for payments are immediately converting to fiat currency. So there’s no risk of loss or potential of gain. It’s just another form of payment.

As far as the title question, you aren’t “trading” a watch for crypto, you’re selling a watch for crypto. Which you can then choose to keep as an investment or convert to cash immediately.

Why not keep the watch and just buy the crypto you want for investment?

[Mifune]

Originally Posted by TC94

Retailers that accept crypto for payments are immediately converting to fiat currency. So there’s no risk of loss or potential of gain. It’s just another form of payment.

that is NOT a truism... there is no incentive for a grey market or retail seller to convert bitcoin (or to a lessor extent, ethereum) to fiat. in fact, that makes zero sense.

converting your infinitely 'hard' deflationary asset into a >15%-20% debasing fiat currency is a horrendous financial decision. the ONLY reason someone would convert an asset into a currency is because they were operating with minimal reserves.

Not only are you incurring a tax when you sell an asset, you are giving up any hope of making a secondary gain as a hedge against what the central government is doing... regardless of which fiat currency you happen to partake in.

[huncho]

Originally Posted by TC94

Retailers that accept crypto for payments are immediately converting to fiat currency. So there’s no risk of loss or potential of gain. It’s just another form of payment.

As far as the title question, you aren’t “trading” a watch for crypto, you’re selling a watch for crypto. Which you can then choose to keep as an investment or convert to cash immediately.

Why not keep the watch and just buy the crypto you want for investment?

crm jewelers said they're now keeping a % of their treasury in bitcoin so who knows how many others are doing the same or keeping a small amount of each btc transaction as an investment

[Pw92676]

No.

I don’t think watches are an asset class until you start factoring in the many nuances of estate planning and numbers 100 fold of what you are talking about. This isn’t investing, it’s playing with chump change.

[mountainjogger]

Since my watches are not "investments" cannot answer the question.

[brandrea]

I don’t invest in things I don’t understand and Bitcoin falls into that category

If you've done that well in 5 years I’d be inclined to go the other way and sell the BC and use the funds to buy a watch.

If it’s an investment, I’d by a piece of real estate or some good dividend growth stocks.

[GreatScott]

They are like baseball cards, without the cards. There is nothing.

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[Carrera911]

watch = jewelry
DOGE/BTC/ETH = investment

These are two totally different things for me. I do not intend on selling my watch anytime soon for any type of currency.

[jwill051]

Originally Posted by brandrea

I don’t invest in things I don’t understand and Bitcoin falls into that category

If you've done that well in 5 years I’d be inclined to go the other way and sell the BC and use the funds to buy a watch.

If it’s an investment, I’d by a piece of real estate or some good dividend growth stocks.

Well said and I agree!!

[TC94]

Originally Posted by Mifune

that is NOT a truism... there is no incentive for a grey market or retail seller to convert bitcoin (or to a lessor extent, ethereum) to fiat. in fact, that makes zero sense.

converting your infinitely 'hard' deflationary asset into a >15%-20% debasing fiat currency is a horrendous financial decision. the ONLY reason someone would convert an asset into a currency is because they were operating with minimal reserves.

Not only are you incurring a tax when you sell an asset, you are giving up any hope of making a secondary gain as a hedge against what the central government is doing... regardless of which fiat currency you happen to partake in.

You incur an income tax when you receive payment for your watch. If you sell crypto for fiat at the same price as it was received, you won’t have any additional cap gains tax. Retailers have to pay suppliers, employees, taxes, utilities and so on. For those things, they need fiat. They also have to realize a profit for paying themselves. For that, they also need fiat.

Some retailers may keep bitcoin. Certainly a choice. But for running a business, the infrastructure still isn’t there for all the other things.

Keep in mind I’m hugely involved in crypto, run a website dedicated to it, and have made quite a large sum on my positions over the last 14 months.

But the realities are that you can’t currently run a business solely from crypto payments.

[Mifune]

jesus... there is so much wrong with those statements.

NO watch retailer operates exclusively with crypto. I am guessing, but I would assume it may constitute between 10-20% of all sales for some. the rest is legacy fiat transactions, financing, and credit card interactions.

[TC94]

Originally Posted by Mifune

jesus... there is so much wrong with those statements.

NO watch retailer operates exclusively with crypto. I am guessing, but I would assume it may constitute between 10-20% of all sales for some. the rest is legacy fiat transactions, financing, and credit card interactions.

There is not a single thing incorrect in what I posted. Not one single inaccuracy.

Retailers pay tax on their profits regardless of what form of currency they received. If crypto is received and immediately exchanged for fiat, there is no 2nd layer of tax because there has been no price appreciation.

I’ve written a full tax guide on cryptocurrency and US policies. I have published 100+ articles in my name on various crypto topics. Point out the specific facts I’ve gotten wrong there rather than making a broad baseless claim. .

Where is your proof that retailers that accept crypto are NOT converting to fiat currency for operations?

Where is the data showing businesses are paying expenses, taxes, and for inventory using bitcoin?

[47Fountain]

Originally Posted by JodyHighroller

I wouldn’t sell hard assets to invest in crypto. Only invest money you can afford to lose.

This. A made up "currency" trading only on the hype of people. There is absolutely nothing behind it. One tweet from a major influence "musk for instance" can inflate or destroy it.

[TC94]

Originally Posted by 47Fountain

This. A made up "currency" trading only on the hype of people. There is absolutely nothing behind it. One tweet from a major influence "musk for instance" can inflate or destroy it.

Unfortunately the term cryptocurrency is a misnomer. These are actually platforms in which functions and applications are being built. Some of those will be simple transactions. Others can include complex logistics and tracking, authentication of goods including not only luxury items but also pharmaceuticals and food products, decentralized financing, record keeping of land ownership, transfer of assets between owners without use of middle men banks and lawyers, movement of huge amounts of money across borders and between different fiat currencies in seconds and only for a few dollars in fees, storage and retrieval of medical records from anywhere in the world, and immutable ledgers of trades that can’t be controlled or “altered” by a single bad actor.

The term cryptocurrency makes it seem like all of these are competing to become the next method of payment, which is nowhere near the truth. There will be huge utility from some of these created very soon, and that utility will find acceptance and therefore have value.

All Musk is doing is screwing with people using Doge memes and tweets. The true story is much more compelling.

[BNA/LION]

Nope!

[47Fountain]

And as I stated earlier today, "someone influential like musk" can control it with a simple tweet.
This is exactly what happened this afternoon.

[Gab27]

No, I bought my Rolex to enjoy. I purchased my crypto as a speculative investment that I was willing to lose completely and prefer to invest in crypto platforms with stronger real-world usage scenarios (e.g., VeChain and Ethereum). I'm not incredibly worried about Musk.

[kieselguhr]

Nope

[Rashid.bk]

Absolutely not, because my watches that I buy are not viewed by me as an investment or asset class. They have a different relevance and emotional significance.
If you're view is solely based on dollars then you're just hustling around looking for the next "hit".

[Andy0331]

I would, but only if it were an unfair trade in my favor; i.e. 2-1 USD equivalent, which theoretically would be enough to offset any near term downturn. I simply don't trust the volatility otherwise.

That said, I'm not liquidating any of my watches to invest in crypto, so it's largely irrelevant.

[beshannon]

No

[gabrielnovar]

yes. so much more fun watching the price move vs second hands on a watch

[logo]

If we are talking about keeping a 15k watch vs sell it and put the 15k in crypto, I choose the watch every time. To be perfectly frank, even if BTC “goes to 500k bro”, that’s only a ~150k ROI - large sum of money for sure, and a 10x gain, but not life changing in total $ amount and therefore I would not sell a watch I love for that “chance,” as it’s by no means a guarantee. Plus, this scenario assumes all I have to work with is 15k, either in watch form or cash. I would never liquidate assets I already own and like for crypto, but would consider allocating other unused cash. As an aside, any investment that swings 20% daily based on the ramblings of a lunatic on Twitter are not for me.