Bitcoin as a Retirement Account - page 3.

maculeth

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BountyMarketCap

Quote from: qwk on October 29, 2014, 12:57:36 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.

Intriguing, but probably won't fly.
All Bitcoin-Hype aside, for easiness' sake, let's assume we're doing this with our own, special coin, let's call it RetirementCoin(RC).

In the beginning, people will need a lot of RC to pay into the pension fund. RC is new, its price is low, i.e., for a given amount of e.g. US Dollars, you'll have to buy a lot of RC and lock them in your address. Exchange rate of RC will go "to the moon"™, leading to lower amounts of RC required to put into your retirement address.

The years go by.

Finally, when pay-outs start, huge amounts of RC from the first pay-ins will pour into the market, pushing the exchange rate down.
Your second pay-out will be substantially less RC at a substantially lower exchange rate. You'll be practically broke once you retire.

and why don't we just hold bitcoin forever until we retire? RC does not guarantee the exchange rate will always grow in the long run. bitcoin also does not guarantee, therefore I say that there is no guarantee of a good pension in the crypto world. except if we work in certain government or company institutions.

Persiontateneis

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It will create world domination in currency but that is unrealistic, and it s just an alternative not a replacement. Success would happen when you understand your investment rather than just put money in it.

Marcsymon

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Quote from: yonjitsu on September 12, 2018, 06:30:09 AM

If you are in your twenties right now while you are doing your regular job, it would really be great if you are also having a blockchain portfolio with you aside from saving money in your bank accounts or other insurance company. It will be timely that when you retire, your portfolio will be so mature with a very huge market value.

Good perception and advice mate. In addition blockchain portfolio would be going bigger and bigger because cryptocurrency will evolves and many industries or banks will purely accepted it in a lawful means. So with this happening might be the whole world would be recognized and regulate cryptos to make it safe from frauds and hackers anywhere in the places where we lived that patronizing crypto. In this way great holders of bitcoin who prepared for their retirement would feel great security with their stock in portfolio.

yonjitsu

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www.daxico.com

If you are in your twenties right now while you are doing your regular job, it would really be great if you are also having a blockchain portfolio with you aside from saving money in your bank accounts or other insurance company. It will be timely that when you retire, your portfolio will be so mature with a very huge market value.

Rastafarian

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After getting retired from work, you need to get at least some source of financial support to keep you moving and I think bitcoin account will be the best for you to concentrate on.

Quehuongchenoi

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People save because they need to as when they retire they wont have any money otherwise. Sure, keeping your money in bitcoin is risky but so is keeping it in a pension or in your bank in some cases. I think putting some money into bitcoin could pay dividends by the time you retire but nothing is guarnteed.

setialovers

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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 think thats good idea for retirement plan. Bitcoin is long term investment and if we put aside small bitcoin into locked bitcoin wallet, it will be worth millions in the future and its good pension plan

Nucunsimeo

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That's risky and safe at the same time. Why would anyone want to to lock the funds, if he/ she cannot use it in the times of need. But yeah in a way, a future planning is happening.

UmitatsuKen

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By that age I think bitcoin could be worth many times what it is now. Keeping the other half in fiat would be advisable too but we all know money depreciated drastically especially when they keep printing more and more of it.

Visteryy

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Quote from: pamsugas on August 21, 2018, 01:14:01 AM

I would say bitcoin is perfect for investing. we know bitcoin grew in 2009 the price was only 0.01 $, see now bitcoin is priced at $ 6k. maybe in 2022 bitcoin can reach 100k usd

I hope it will be the same as you say. Because I know the stability of bitcoin will be very strong. So if it has a price of 100k you will be very rich. Grin

kripkiki12

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Actually, it makes some sense. For intstance, in my country you can never be sure about your pension as things are going nowadays. So perhaps Bitcoin is a safer way to keep money in

jambul_kribo

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Quote from: Riddikulo on August 24, 2018, 08:12:09 AM

Quote from: Pattart on August 20, 2018, 08:55:40 PM

Quote from: binghope on August 08, 2018, 10:10:17 AM

Should not, because their prices are constantly fluctuating, until you retired perhaps the BTC is just a pile of debris, no longer worth to sell so you will lose everything.

For the short term I admit that it will be risky due to fluctuations, but for the long term, I don't think so. the development of bitcoin shows a positive thing many people around the world are interested in using bitcoin and that is the key to the future growth of bitcoin prices that will make you profitable..

This is true but you did not think about one thing. How old are people that get their pension? Retired people are over 65. Most of them are very conservative, and it will be almost not possible to convince them dealing with BTC, not fiat.

that wrong opinion i think.althoug more 65 years old, they still can use bitcoin as retirement asset.if not for them, it can used for their children or grandchild

dulinivanrus

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By the way, this is a very interesting opinion ! People who are afraid to take risks can just buy bitcoin at 2% of the salary and it can bear fruit !

Riddikulo

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Quote from: Pattart on August 20, 2018, 08:55:40 PM

Quote from: binghope on August 08, 2018, 10:10:17 AM

Should not, because their prices are constantly fluctuating, until you retired perhaps the BTC is just a pile of debris, no longer worth to sell so you will lose everything.

For the short term I admit that it will be risky due to fluctuations, but for the long term, I don't think so. the development of bitcoin shows a positive thing many people around the world are interested in using bitcoin and that is the key to the future growth of bitcoin prices that will make you profitable..

This is true but you did not think about one thing. How old are people that get their pension? Retired people are over 65. Most of them are very conservative, and it will be almost not possible to convince them dealing with BTC, not fiat.

Looden

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Still way to viable for me to consider it a part of my retirement investment portfolio, more power to you if you press it home and are successful but right now this method a risky.

bitcon

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Quote from: Kawatan Ug Manok on August 20, 2018, 08:42:31 PM

This is an obvious act of IDIOCY Grin

Why would your employer do such an irrational thing? Huh

It is a joke when I first heard it. Because if you will retire, there are a lot of tendencies to happen. Like: what if bitcoin that time already died? It is not impossible because there are a lot of new coins on the market nowadays. Also if that happens, how could you support yourself if your salary will go to that wallet? Grin

This is funny thing you know.

Although you sound a bit rude, you write here the right things. This is a great risk both for the organization or the employer who is going on to pay the pension for the person and for the retired guy as well.

Masongrae

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I think many will like it if bitcoin is not volatile but because of its volatility many will not agree with it. Its hard to find out eventually that you don’t have money at all for your retirement or your expectation in your computation of your retirement was less than what is expected. Just my opinion anyway.

yatogami

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bvo.trybravo.com

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.

Things have definitely changed a lot since 2014 when this post was written.
It could be a nice idea, but only after the price of btc stabilizes so that there are no complaints like "oops, I just lost around 30% of my retirement savings because of yet another market crash".

squog

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ANONYMOUS MOBILE PAYMENTS

That is good actually. But what would happen if yhe employee decided to resign his position? Or move to another company? What would happen to the account? What would happen to an untimely demise what would happen to the account? I think it's much better if the employee handles the account themselves.

Cobrak777

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Invest some of your fiat in bitcoin, it still worth and you may get a lot of profit from it, 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 will you be able to live with peace and a clear conscience with your retirement full of crypto currency which won't be worth shit.

Topic: Bitcoin as a Retirement Account - page 3. (Read 22749 times)