Topic: Borrowed $1,000,000 (1 million dollars) from my dad to invest in BTC (serious) - page 3. (Read 18460 times)

Haha, I like your attitude



But yeah, I'm really glad I didn't do it yet. I need to look more into the risk and security stuff people mentioned in this thread. And then i'll start small like $50k, hopefully I'll get in before it starts going up again. I think my greed level is too high right now, I should probably take a step back and meditate on it

I kind of do actually, but i wanna see if it gets around 500/600 before the end of the year... that would be a good time to get in. I'm pretty sure it'll hit a new milestone in 2014






Not sure what your point but please gtfo

Wait.  We need 3 or 4 million dollars a day coming in to buy up the newly minted coins, because the newly minted coins aren't being sold?

Million Dollar Baby...really? You guys might want to read this lol 

So troll, do you still want to spend a million of daddy's money on Bitcoin? Wait till this time tomorrow and you may only need $100k to buy the same amount as when you started this thread.

wait for it , wait for it....



buy buy buy buy buy buy buy buy!

Yes seriously if you want to gold for a couple of months NOW is the time, ignore this and you will remember it in the future... Lophie told me to buy....... I did not.....

Acta Est Fabula...

now would be a good time to buy! 

Can I make a suggestion?

If your Dad has $1 million to lend you for a year, surely you could just borrow $50k more or less indefinitely. You will find this much easier to invest in one go. Try to buy on a dip. Sit on it for at least 1 year, no matter what (preferably 2 years). Follow the market closely but don't sell in a panic. Be prepared to lose the full amount (you would have to be prepared to lose the $1m, so this is less of a risk).

Okay, if Bitcoin really takes off in the next few years, we may well see a further 20x, and you get your $1m. Pay your Dad back and enjoy your newfound wealth.

If it fails, you owe your Dad $50k - a failed business venture. You have some hope of paying that back, or perhaps if he is as wealthy as your post suggests, he may write off the debt.

I suspect this thread is a troll, but if not, that's a lot of money to be throwing at something which you obviously don't have much understanding of.

Lol bullshit. You are living in poverty and can barely pay rent? Yet your parents will give you a million dollars to gamble? You make it seem like your parents don't give a shit about your living conditions but will give you a million dollars to make a bet.

plz save us all and buy all in for $1M ASAP   

That was a troll.

Did you read that story of the 13 year old wanting to invest his college fund in bitcions?

Of course it could be a troll, more likely than not probably, but even so stories like this are entirely possible and have probably happened before and will again. It's a worthy discussion.

good buying opportunity may be on the horizon

Answers below:


1. (a) The word "stupid" in investing is doing things that are provably incorrect. What you are doing is speculative, not provably incorrect.

    (b) Noone can predict the future, so it is unknown what the future price of a coin will be. Personally I think it is likely the value of coins will increase because currently the capitalization of btc is around $10 billion and there is a lot more money than this looking for a good home. I think a capitalization of between $100 and $400 billion can be expected eventually assuming the BTC protocol and cryptography remain unbroken. If they break, everybody loses all their money.

   (c) The risks you have are (1) bitcoin crypto is broken, you lose everything (2) world banks/govts attack BTC agressively, possible loss in value temporarily (3) you mishandle your coins (get hacked for example), you lose everything (4) somebody cracks your personal key somehow (never been done except with badly chosen manual keys), you lose everything (5) you enter into a bad transaction or put your coins in a faulty exchange or entrust coins/money to scammer, you lose everything

2. MtGox trades without limit but will not remit to US citizens.

3. Your best bet is to locate a dealer who will buy them for you and buy in limited batches at a time, say $10,000 or $20,000 worth. Make sure the dealer sends them to you. Don't let him hold onto your coins for you. Obviously you will need to master the details of cold storage and using BTC software. Alternatively, if you know a non-US citizen whom you completely trust, they can set up a verified MtGox account and buy the coins for you.

4. The US monitors all wire transfers. If you get a wire transfer to your account they will know. It is unclear whether BTC counts as a currency gain or income under US tax law. So you may owe full taxes. Logically speaking it should be taxed as a currency appreciation because the SEC has deemed it as "money", but there is no telling what the IRS may rule. Expect a ruling sometime in the next few months.

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Other comments:

* It is very unwise to obtain money under false pretences. You would be well to come clean with any "investors" you have, so they know exactly where their money is going. Violating this basic principle will result in damaging your reputation in ways you can't even imagine.

* Before messing with bitcoins, it is a good idea to learn how they work in detail.

To all the members that got trolled in this thread,


please search the OP's post history b4 you actually believe a word he said.


After reading the OP i knew hes trolling all you guys.... skimp thro post history and .... yeah lol .... ppl actually missed this?

One point no-one has raised yet:

Eventually, your Dad may say "So, tell me about this start up!? Where's your operation? How much business/employees have you been turning over?"

This is a problem, whatever your strategy throughout 2014. The longer you stall and provide zero evidence, the more suspicious he might get.


Can you get through 2014 without him insisting on some demonstrative progress? Piling prevarication upon prevarication will not work forever. Even if it gets to Christmas time next year and he's got his $1 million back, what are you gonna say, "Oh, the startup folded. Decided to move onto something else with my profit". He (and those he talks to about it) might think you're being too secretive, they might think you're doing something of questionable morality with his investment money.

Will he be okay with it if you tell him the truth at some point? If not, you're playing serious games with family relationships just to make money (I can imagine that maybe if Dad doesn't like the way you went about your plan, some other family members could maybe take that side too?)

No you didn't negate my argument, you confirmed it.

Miners are like you hoarding because they see huge gain on paper, this means that virtually none of the newly mined coins are sold and thus the stock of circulating coins doesn't grow, it actually shrinks as people buy them up.  We have been at under 1 week worth of mined coins available to buy now for some time.  But miners can not hoard coins forever, they have costs which always rise to match their marginal costs.

Millions are indeed not a lot when it comes to investment capitol, but the idea that investment capitol is whats supporting BTC prices is absurd, it's still driven by small-fry people investing on media hype or ideological reasons.

I don't sell what I mine, I'm going to go out on a limb and say that I'm probably not the only one.

I realise that doesn't negate your argument, but its a factor worth considering. Then there is this idea that $3.6m is a lot of money.

To me and you maybe. As a fraction of 'investment capital' being thrown around every day, maybe not so much?