Bitcoin as a Retirement Account - page 17.

manselr

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Quote from: retrend on June 16, 2015, 11:05:34 AM

I work for a firm that sets up corporate pension schemes.

I think telling anyone to invest their pension into bitcoin is beyond risky, as evidenced by how much money people would have lost by doing this since the original post.

I don't think I've processed a risk profile that would come near this amount of risk and it's not really the sort of thing you want to find out at the time you made a huge mistake with.

Obviously BTC should be treated as it is, a highly risky asset at experimental early day status, just like holding an apple stock was considered risky back in 1980, but fortune never benefits the ones that never take risks.
If you want a moderate pension stick to other things, if you want a roller coaster of emotions with a possibility to make it big, bet on Bitcoin and be ready for anything.

retrend

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I work for a firm that sets up corporate pension schemes.

I think telling anyone to invest their pension into bitcoin is beyond risky, as evidenced by how much money people would have lost by doing this since the original post.

I don't think I've processed a risk profile that would come near this amount of risk and it's not really the sort of thing you want to find out at the time you made a huge mistake with.

stallion

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Quote from: lucasjkr on October 29, 2014, 02:18:13 PM

Are there such things as time locked transactions with a single key? Do they send the transaction with a date in the future? What happens if you lose the key the coins are destined for before you reach retirement age?

Did you get an answer to this query? I need the same answer.

Yeezus

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Quote from: Dalord1 on June 13, 2015, 01:07:24 PM

i don't really think using bitcoin as a retirement account is the best option because the future of bitcoin is not certain as nobody really the future. Predictions is possible but it is not 100%. It could be profitable at the longrun or not profitable at all. Well, everything has risk, you just have to gauge the risk very well before taking the decision.

You could argue the same about fiat money. Most people find their money has devalued over time and just look at pensions. Some people pay into them their whole life but when they get to retirement age they can't even afford to live on them because of inflation.

https://en.wikipedia.org/wiki/Pensions_crisis

Amph

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Quote from: Dalord1 on June 13, 2015, 01:07:24 PM

i don't really think using bitcoin as a retirement account is the best option because the future of bitcoin is not certain as nobody really the future. Predictions is possible but it is not 100%. It could be profitable at the longrun or not profitable at all. Well, everything has risk, you just have to gauge the risk very well before taking the decision.

the future is not certain for any assets, and bitcoin at this point isn't any different, it could go wrong like it could go well, it is just a matter of perspective, and belef

if you really don't see any other better alternatives than using bitcoin as a retirement account, then go for it without thinking, otherwise you can sit on a more traditional method

hunnaryb

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Quote from: Dalord1 on June 13, 2015, 01:07:24 PM

i don't really think using bitcoin as a retirement account is the best option because the future of bitcoin is not certain as nobody really the future. Predictions is possible but it is not 100%. It could be profitable at the longrun or not profitable at all. Well, everything has risk, you just have to gauge the risk very well before taking the decision.

If you hold 60 to 70 BTC then I believe it is enough for you at the time of retirement. You don't need to hold anything else or you don't need to invest anywhere else and this would give you the best return on investments in the future just wait for next 5 to 6 years and you will be the wealthy man.

nerFohanzo

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Quote from: Dalord1 on June 13, 2015, 01:07:24 PM

i don't really think using bitcoin as a retirement account is the best option because the future of bitcoin is not certain as nobody really the future. Predictions is possible but it is not 100%. It could be profitable at the longrun or not profitable at all. Well, everything has risk, you just have to gauge the risk very well before taking the decision.

Nothing is sure with related to investment at present Either you go for gold or real estate no one guarantees you the profits but you can trust bitcoin over the gold or land as the financial gurus have predicted that it is the future currency but you need to follow your heart and your mind to get into a particular decision.

The Sceptical Chymist

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Quote from: Pab on June 01, 2015, 05:20:24 PM

Bitcoin is not so much safe,even internet if will be not strengthen will crash after 8 years

and what will happen with btc whan all btc will be mained,bitcoin has to much problem to be safe

This sounds like something Mushmouth from the Fat Albert show would speak. Well said and thank you for scunting up the bitcoin forums. Where's that signature campaign when I need one?

Dalord1

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i don't really think using bitcoin as a retirement account is the best option because the future of bitcoin is not certain as nobody really the future. Predictions is possible but it is not 100%. It could be profitable at the longrun or not profitable at all. Well, everything has risk, you just have to gauge the risk very well before taking the decision.

gripflierGO

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Quote from: Pab on June 01, 2015, 05:20:24 PM

Bitcoin is not so much safe,even internet if will be not strengthen will crash after 8 years

and what will happen with btc whan all btc will be mained,bitcoin has to much problem to be safe

Yes and i dont think that its an good idea to have bitcoin as an retirement account. The future of bitcoin is uncertain so i think we should hold bitcoin for few more years and then sell when the right price is available that is the best way to earn profits out of it rather then waiting for next 25 years.

Pab

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Bitcoin is not so much safe,even internet if will be not strengthen will crash after 8 years

and what will happen with btc whan all btc will be mained,bitcoin has to much problem to be safe

Amph

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Quote from: cellard on May 31, 2015, 07:02:09 PM

To think about retirement + Bitcoin you need to have clear the fact that we are still discussing hard forks, in other words we are still in the very early stages of BTC. We have yet to find a formula and solution to make it scalable so you can star thinking about Bitcoin has something that will predictably have 100+ years of life and beyond. Once they fix this, i'll put most of my wealth on it, until then, I will treat it has something exciting but not think about it as a retirement tool.

the possibility of a fork happening even when bitcoin will reach fully adoption isn't so unlikely, so i don't see the reason to not invest now for you retirment, instead of investing when bitcoin may look more finished

Quote from: johnyj on May 31, 2015, 07:25:51 PM

Quote from: cellard on May 31, 2015, 07:02:09 PM

To think about retirement + Bitcoin you need to have clear the fact that we are still discussing hard forks, in other words we are still in the very early stages of BTC. We have yet to find a formula and solution to make it scalable so you can star thinking about Bitcoin has something that will predictably have 100+ years of life and beyond. Once they fix this, i'll put most of my wealth on it, until then, I will treat it has something exciting but not think about it as a retirement tool.

Retirement account seldom need transaction for weeks and even years, so the scalability for that purpose is quite good even if all the earth's population is counted

Fork is annoying, but those who have experienced 2013 fork will understand that it is not that dangerous like it sounds

i missed that fork, it happened after my registration on this forum, i wasn't aware of it, it look to be on the same entity at the upcoming fork, but while that fork was a mistake, this is intended

gkv9

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!!! RiSe aBovE ThE StoRm !!!

Quote from: SOAD on May 28, 2015, 10:51:53 AM

Quote from: gkv9 on May 28, 2015, 10:12:30 AM

Quote from: SOAD on May 28, 2015, 09:58:06 AM

Quote from: gkv9 on May 28, 2015, 05:57:43 AM

This would actually be good, but who is going to take such an initiative to get this thing going???
Bitcoins for retirement would be great, but either we would need Governments to get involved into this, or some really trustworthy authorities to take the responsibility to do so like the Bitcoin Foundation...

How the hell do you need governments to get involved? Do you need a government to look after your coins and wallet right now? Just save the money for your retirement fund yourself and put a bit away each month or whenever you can afford. You need no third parties for this. I'd rather keep and have access to my own funds myself rather than trusting a gov with them.

I did not say like that, I said that we should have someone really trustworthy in order to start an initiative in these regards...

I'm not sure I understand you or what you mean by 'initiative'. Why would we need any 'trustworthy' third parties involved at all?

By Initiative, I mean some authorities, highly trustworthy, the ones who are related to Bitcoins and have fame in the same field, should start such a program which would give everyone an opportunity to store their coins with them...

I am only saying this because there are people who either lose their money due to exchange hacks or due to gambling them away...
Only a few are wise enough to either put all their coins in Paper wallets or safe somewhere in offline wallets...

johnyj

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Quote from: cellard on May 31, 2015, 07:02:09 PM

To think about retirement + Bitcoin you need to have clear the fact that we are still discussing hard forks, in other words we are still in the very early stages of BTC. We have yet to find a formula and solution to make it scalable so you can star thinking about Bitcoin has something that will predictably have 100+ years of life and beyond. Once they fix this, i'll put most of my wealth on it, until then, I will treat it has something exciting but not think about it as a retirement tool.

Retirement account seldom need transaction for weeks and even years, so the scalability for that purpose is quite good even if all the earth's population is counted

Fork is annoying, but those who have experienced 2013 fork will understand that it is not that dangerous like it sounds

cellard

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To think about retirement + Bitcoin you need to have clear the fact that we are still discussing hard forks, in other words we are still in the very early stages of BTC. We have yet to find a formula and solution to make it scalable so you can star thinking about Bitcoin has something that will predictably have 100+ years of life and beyond. Once they fix this, i'll put most of my wealth on it, until then, I will treat it has something exciting but not think about it as a retirement tool.

operrajunk74

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Quote from: gkv9 on May 28, 2015, 10:12:30 AM

Quote from: SOAD on May 28, 2015, 09:58:06 AM

Quote from: gkv9 on May 28, 2015, 05:57:43 AM

This would actually be good, but who is going to take such an initiative to get this thing going???
Bitcoins for retirement would be great, but either we would need Governments to get involved into this, or some really trustworthy authorities to take the responsibility to do so like the Bitcoin Foundation...

How the hell do you need governments to get involved? Do you need a government to look after your coins and wallet right now? Just save the money for your retirement fund yourself and put a bit away each month or whenever you can afford. You need no third parties for this. I'd rather keep and have access to my own funds myself rather than trusting a gov with them.

I did not say like that, I said that we should have someone really trustworthy in order to start an initiative in these regards...

Yeah you cannot afford to trust government when it comes to bitcoin as we are aware the government will never support the bitcoin so it is useless to expect that government will come in support of bitcoin and you cannot trust anyone when it comes to your own money just trust yourself and move ahead.

BillyBobZorton

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Quote from: alh on May 30, 2015, 03:32:30 PM

Quote from: tyz on May 29, 2015, 04:17:12 PM

Bitcoin as a retirement account is very very risky but if you can afford a total loss you can try it. if Bitcoin will succeed you will really have a good retirement time Grin

How good can it be, if there are less than than 21 million coins in circulation when you retire (i.e. this century)? Oh, and by the way, there about another million folks wanting the same thing out of that 21 million coins.

If there is higher demand price automatically goes up. 21 million coin limit is never a problem either moneary and or technically. It's a self regulated system in all spects, except when devs fight over blocksize limit. That is not so self regulated.

Amph

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Quote from: alh on May 30, 2015, 03:32:30 PM

Quote from: tyz on May 29, 2015, 04:17:12 PM

Bitcoin as a retirement account is very very risky but if you can afford a total loss you can try it. if Bitcoin will succeed you will really have a good retirement time Grin

How good can it be, if there are less than than 21 million coins in circulation when you retire (i.e. this century)? Oh, and by the way, there about another million folks wanting the same thing out of that 21 million coins.

those milllion folk are only holding few pennies in bitcoin, the great numbers are still in the hands of a few, ,i doubt the first will dump anytime soon, seeing how they hold nothing basically, their holding cannot even be considered for retirement, unless bitcoin reach 100k...

alh

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Quote from: tyz on May 29, 2015, 04:17:12 PM

Bitcoin as a retirement account is very very risky but if you can afford a total loss you can try it. if Bitcoin will succeed you will really have a good retirement time Grin

How good can it be, if there are less than than 21 million coins in circulation when you retire (i.e. this century)? Oh, and by the way, there about another million folks wanting the same thing out of that 21 million coins.

neurotypical

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Whatever you end up doing, if you just want to store BTC for 10+ years, by all means do it through cold storage and get your paper wallets sealed with inflammable resistant material, and make several copies. This way your BTC are safe as long as you keep them safe.

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