Bitcoin as a Retirement Account - page 23.

Slark

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Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

This is valid option only if take into consideration that bitcoin price at time of your retirement will be higher or the same as today. I personally wouldn't do it because bitcoin is too volatile for long time investment like that. You don't want to gamble with your future, fiat is still better for plans like that. Invest in real estate or gold instead.

gripflierGO

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I think its an individual decision to whether invest in bitcoin as a retirement account or not and it also depends upon the age of the person. Bitcoin seems to be attractive today but the same case might not be in future as it is becuase of its volatile nature. So its better to play safe.

sgk

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Quote from: BTCevo on April 28, 2015, 05:56:14 AM

Quote from: sgk on April 28, 2015, 05:18:26 AM

Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Won't be feasible for a couple of reasons:

- How do you 'lock' the address if you have the key? You will eventually get tempted to withdraw sometime before retirement.
- How do you know BTC will be worth something to support your retirement? It might happen that when you need these funds most (when you are old), Bitcoin may be worth nothing and you lose your life support.

If the price stable it will be worth to be our retirement fund and I guess people will save their retirement fund not only in this bitcoin but some others too because they wont be just hope this bitcoin in skyrocketing, they need other fund to support them too

To call Bitcoin a 'stable' investment will also be a form of gamble. With fiat you at least have something, even with inflation hitting. With Bitcoin, you may have zero value - no one can say.

It might be good idea to put very small Bitcoins to cold storage every month, just enough the amount you can afford to lose.
If the price stays stable: you gain what you invested
If the price rises: you get good profit
If the price falls: you never invested more than you could lose

BTCevo

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Quote from: sgk on April 28, 2015, 05:18:26 AM

Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Won't be feasible for a couple of reasons:

- How do you 'lock' the address if you have the key? You will eventually get tempted to withdraw sometime before retirement.
- How do you know BTC will be worth something to support your retirement? It might happen that when you need these funds most (when you are old), Bitcoin may be worth nothing and you lose your life support.

If the price stable it will be worth to be our retirement fund and I guess people will save their retirement fund not only in this bitcoin but some others too because they wont be just hope this bitcoin in skyrocketing, they need other fund to support them too

sgk

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Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Won't be feasible for a couple of reasons:

- How do you 'lock' the address if you have the key? You will eventually get tempted to withdraw sometime before retirement.
- How do you know BTC will be worth something to support your retirement? It might happen that when you need these funds most (when you are old), Bitcoin may be worth nothing and you lose your life support.

bitbunnny

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Very risky, no one would accept that

techgeek

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I dont think the employer would be okay with paying premiums for bitcoin, if there was a price spike during your employment.

It would be a huge risk for that business to pay you, cause it would be possible more pay on their part to pay you out.

Outside from the obvious price decline as well, but that fact it would consume their time to monitor prices isnt worth it to them.

pereira4

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Quote from: sdmathis on April 27, 2015, 03:10:20 PM

Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

I'm sorry, but that's a terrible idea. Bitcoin is much too volatile to be used as a retirement investment. Don't get me wrong, I love Bitcoin. But it's not the right vehicle for a retirement account.

What you see now as stable may not be as stable in the future. What's your alternative, fiat, gold? what else? The future is too uncertain for anything to be worth calling "safe retirement plan". Might as well risk becoming a millionaire with BTC.

Solange

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Quote from: sdmathis on April 27, 2015, 03:10:20 PM

Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

I'm sorry, but that's a terrible idea. Bitcoin is much too volatile to be used as a retirement investment. Don't get me wrong, I love Bitcoin. But it's not the right vehicle for a retirement account.

But just because it is too volatile now doesn't mean it wont be stable in the future. If bitcoin is the worlds first international currency adopted by billions by the time people are ready for retirement it could be a great plan.

sdmathis

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Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

I'm sorry, but that's a terrible idea. Bitcoin is much too volatile to be used as a retirement investment. Don't get me wrong, I love Bitcoin. But it's not the right vehicle for a retirement account.

Amph

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Quote from: Get-Paid.com on April 27, 2015, 06:34:10 AM

Quote from: countryfree on April 27, 2015, 06:00:38 AM

Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Actually, you don't even need an employer. You can do it all by yourself on a dedicated wallet.

What makes that dedicated wallet to be safe?
For instance, what prevents BlockChain.info website from closing its doors tomorrow?
Is it subject to any regulation?

by dedicated wallet he mean local wallet and transfer your funds on a cold storage supposedly, this is safe and fully under your control

i don't think there is anyone regulating it

also with bitcoin(if succeed) you will not need to lock it like regular fiat, to gain interest, the interest will come naturally when the price will rise

this is the beauty of a safe heaven, and even if it is not 100% safe, i find it still safer than any bank account, with the current crisis...

WhatTheGox

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Quote from: TonyT on October 29, 2014, 12:31:53 PM

Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Why would any rational business person employer do such a crazy thing? The whole purpose of a retirement fund is so that you can dip into it in times of need and/or siphon off the interest and/or play funny accounting games with the money in it? Tongue

Certainly the employees retirement is not first on the list.

Dont see any porblem with allocating a very small amount towards a bitcoin fund for retirement. I'm aiming for housing/land, precious metals, bitcoin + functioning businesses for retirement fund.

BTCevo

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Quote from: Q7 on November 01, 2014, 10:00:28 PM

Let's hope for this to be a reality when people view bitcoin as a safe storage of value. That is only possible when price stabilized

Let say it will not stable until your retirement if you really got so much bitcoin I think it will be enough for your retirement asset. Lets say that someone safe it for 1k or may be 10k of bitcoin and they sell it when their retire time. It will be enough for them with this current price

manselr

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Quote from: Stargazer on April 27, 2015, 06:55:00 AM

Asking about investing in Bitcoin won't help you decide because most people here have a positive attitude. Roughly 60-70% of people who spent at least a couple hours learning about Bitcoin will see it as a good thing. The problem is lack of knowledge and ignorance, and these two things can slow down or even stop the expansion of Bitcoin. So in other words people are worrying that blockchain may fail, but what if it's ignored and forgotten?

Bitcoin will never be "forgotten". Look at other p2p or projects that need nodes like Tor or even Freenet, there is always people willing to deliver resources to keep it alive.
The difference is with Bitcoin people will see a necessity to use it bigger than ever before, as economical control keeps increasing..

Get-Paid.com

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Quote from: erikalui on April 27, 2015, 06:45:41 AM

Similarly, Liberty Reserve as well shut down and I along with other people lost so many dollars. It's risky to keep an account locked in any wallet and it's no safe even to store amount in just 1 bank account. My family members have lost lacs due to their mistake as the 2 banks just shut down due to bankruptcy.

Yes, our business also got a hit from the fall of LibertyReserve but we lost probably a few hundred dollars. We never keep a large amount with any provider. We use PerfectMoney for instance but keep reserves of no more than $200 with that site. We learned from such incidents to never trust the website you're dealing with, since anyday it can just turn away and disappear (unlike our site where the user has virtually nothing to lose but much more to gain).

Stargazer

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Asking about investing in Bitcoin won't help you decide because most people here have a positive attitude. Roughly 60-70% of people who spent at least a couple hours learning about Bitcoin will see it as a good thing. The problem is lack of knowledge and ignorance, and these two things can slow down or even stop the expansion of Bitcoin. So in other words people are worrying that blockchain may fail, but what if it's ignored and forgotten?

erikalui

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Quote from: Get-Paid.com on April 27, 2015, 06:34:10 AM

Quote from: countryfree on April 27, 2015, 06:00:38 AM

Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Actually, you don't even need an employer. You can do it all by yourself on a dedicated wallet.

What makes that dedicated wallet to be safe?
For instance, what prevents BlockChain.info website from closing its doors tomorrow?
Is it subject to any regulation?

It's true that blockchain has no future and can shut down anytime. I have seen people saving thousands of dollars in the wallet and waiting for the price to rise. What if that website shuts down? They will lose such a huge amount.

Similarly, Liberty Reserve as well shut down and I along with other people lost so many dollars. It's risky to keep an account locked in any wallet and it's no safe even to store amount in just 1 bank account. My family members have lost lacs due to their mistake as the 2 banks just shut down due to bankruptcy.

If anyone feels that bitcoin wallets/blockchain can be used as a saving account, don't forget that the currency isn't regulated and if the website itself shuts down, you can lose everything in a second. Blockchain doesn't even have any verification process nor any other wallet has any kind of verification like PayPal/Payza and hence they aren't reliable. It's better to convert it into fiat when you receive it.

Get-Paid.com

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Quote from: countryfree on April 27, 2015, 06:00:38 AM

Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Actually, you don't even need an employer. You can do it all by yourself on a dedicated wallet.

What makes that dedicated wallet to be safe?
For instance, what prevents BlockChain.info website from closing its doors tomorrow?
Is it subject to any regulation?

countryfree

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Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Actually, you don't even need an employer. You can do it all by yourself on a dedicated wallet.

Get-Paid.com

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Quote from: worle1bm on November 01, 2014, 10:06:00 PM

Bitcoin is a serious risk, putting your retirement in BTC is inviting disaster. A small portion, though, wouldn't be that crazy.

Diversification is the key.
And the same applies to currencies.

You don't want to have your savings in one currency neither ... not implying that the "Euro" is the currency to choose from (I think it's the worst option) but you could diversify and use GBP, AUD, CNY, and not only USD. Add BTC as well into your portfolio and that is how you could get your savings to grow (e.g. on the AUD you would get high interest %).

Topic: Bitcoin as a Retirement Account - page 23. (Read 22749 times)