Topic: Borrowed $1,000,000 (1 million dollars) from my dad to invest in BTC (serious) - page 8. (Read 18460 times)

Dafar,

Whatever you do don't take any advice from anyone who uses extra large, colored lettering or both. On internet forums using large lettering is considered shouting and therefore offensive. How would you like it if someone shouted advice in your face in real life whilst showering you in spit from their filthy obnoxious mouths?

If you come across such people politely tell them to jog on.

did you hit the buy button yet?

Dafar,
Take some free advice:

NEVER, NEVER, NEVER trust a proposal for help, assistance or anything of any user of the forum, which has less than 600 comments and who is registered after 01.06.2012!
If you want help or advice, turn to theymos (https://bitcointalksearch.org/user/theymos-35) Administrator here. I'm sure he will give you the most appropriate advice on how to invest your money.

If you ignore my advice is 99.99% likely to be deceived!

Being warned, best regards.

What? you don't think 6 months from now will feel just as spectacular as it does today?

lol this

i'm so jealous...

Taking you at your word...this won't end well.

Even if the price of bitcoin does rise in 2014.

+ 1 for security immediately create a cloud wallet and load your funds. Make sure you create an ultra strong password I'd be happy for you to send me the first half of this password by pm then I'd recommend you sending the other half of the password too [email protected] (wait 30 mins as I don't think he's set up this email yet). This way you know you're secured peer to peer in the spirit of Bitcoin itself.

Storing a million on any exchange for selling is just stupid.

Figure out how to make a super secure offline wallet.

Get a safety deposit box, store a copy there, encrypt a second copy to all hell and secure it on some sort of data centre.

Than buy slowly and transfer to your offline wallet/wallets. I woudnlt entrust that much to any exchange lol

Oh, one more thing: STAY AWAY FROM SCAMMERS! Now that you've made public you've got lots of cash to buy BTCs, they'll come around you with outrageous claims/offers. If those offers/claims seem too good to be true, they're DEFINITELY TOO GOOD TO BE TRUE!

Yes, you have to pay capital gains on the profit.  If you cash out through an exchange, they could report you to IRS, or your bank could report you if they think your transactions are suspicious.

Alright so, i'm not sure where i stand on this thread, but my spider-senses tells me you are an obvious troll. Mostly backed by my impression of how you seemingly toss $1 million around like it's salad, yet you say things like this:


However, i'll give you the benefit of doubt and actually answer your questions to the best of my ability, just in case you're the real deal here.

1. Personally, i believe bitcoin could exceed your ambition of $1500/BTC easily next year. However, only time will tell. - There is an ever-pressing concern of political influence and potential bad news that could crush or limit bitcoin in the future. These facts should be of great concern when you're considering investing $1m

2. There are services out there who would take your offer seriously, and thus i propose you look for some more information regarding this. I'm not a specialist on investments of this magnitude, so i'd make sure i do proper research on this subject before even attempting to make contact with any site or third party.

3. Depending on where you want to spend your $million, there will be a long list of sell-orders waiting for you to purchase. If you were to use sites like Coinbase, Bitstamp or Mtgox, you'll have to expect the average price per bitcoin to be up to ~5% higher than the current price for those last few hundred bitcoins of your $1million purchase. An example: A few days ago i saw someone buy out 940BTC from Mtgox. This order ate up every sell-order from $1040 all the way up to $1070, thus driving the price up $30. I would consider buying in portions. Perhaps buy ~100BTC every hour for 10 hours or so?

4. You should make sure the government knows of your investment whenever you plan on cashing out (if ever, of course) - avoiding capital gains tax of this magnitude is serious trouble. - It is also the right thing to do, as with any other legal investment.

A few last notes here. I would strongly recommend reading up on bitcoin some more. You seem like someone with an okay understanding of bitcoin, but i'm sure there is plenty you have let to discover and learn. Make sure you are confident in your investment before you decide to go on with this, and don't hesitate to ask questions on these forums, or other forums for that matter. - Personally, i would have perhaps waited for $1500-1600, as you say you intend, and then cash out for $1.1million (thus satisfying your deal with your father) - and keep the rest in bitcoin, if things still look good with the stance of bitcoin at the respective time.

I sincerely hope you are not some troll wasting our time, but i'll give you the benefit of the doubt and wish you good luck, and make sure you do your research!

Your dad will be very upset when he finds out his money was wasted on some new digital currency.... IMO now is not the time to buy when there is a lot of Hype and the price jumped nearly 10x in such a short amount of time.

Anyone know if this dude is legit? I feel like I'm being scammed.


I currently have some BTCs in coinbase that I bought with my own money. Is it not secure? I still don't quite understand the concept of putting it in a "wallet" that resides in your harddrive.... I feel like that is more risky. What if the file accidentally gets deleted or my computer crashes?



I don't really want to day trade, like I said, I rather buy at the price it is now before it slowly starts going up..... not only is that lost profit but it would make it more likely that the price will go down. Right now I feel like it has to at least surpass where we already were. Of course no one knows but it's just my gut feeling.

Why not invest in a startup? I have nothing in mind... no opportunities at all. BTC might be the only way I will "make it big" in life. I feel bad about lying to him but if I actually make a lot of profit I can tell him the truth and he will forgive me.

  Before buying tons of BTC ,  it seems you need to know how to cold storage your bitcoin .

BTW: 1 million USD invest in BTC is not a bad idea  

put in 100k and go chill in miami or ibiza for a year or better yet acquire some skills. come back year later to 100k x 10 with the rest of saved money which would be roughly 600-800k assuming more or less moderate spending during chilling

spoilt bastard!

Man if only you had tried doing this 6 months ago, just think about what that million would be today.

Yes to that! You don't know what would happen if you lose those Bitcoins. What would you tell your dad?   Better be cautious... I'd definitely find a secure way of putting them in a very safe place.

Hi Dafar,

• Do not entrust your money with a single exchange. Use multiple exchanges.
• Do not keep unnecessarily high amount of funds on exchange.
• Do not buy all at once. Do not fly into the sell side. (As an investor I don't mind if you do.)
• Do not sell all at once. Do not fly into the buy side. (As an investor I hope you don't.)
• Do it in stages, and time it well, preferably at dips.
• Keep a reserve for buying in at flash crashes.

Best of luck

There is one correct answer to this question: "Nobody knows." It's kind of like the stock market, and kind of like the currency exchange market, and nobody knows which direction those will go either.

Yes, it depends on who's selling, but many people on the exchanges have limit orders that will stay around until they are fulfilled or cancelled. When you place on order to buy, the exchange finds the lowest-priced orders that will meet your quantity. This means that when you buy a higher quantity, the price will be higher, because the lower-priced orders are "used up."

Yes. If the IRS audits you, they can see your bank accounts, which presumably will show money coming in from an exchange.

See the answer to question number 1.