Topic: Borrowed $1,000,000 (1 million dollars) from my dad to invest in BTC (serious) - page 9. (Read 18460 times)

Haha, if you are not trolling congrats on having the capital.  HOWEVER don't just put it all in, buy slowly and even look into buying on here with trusted users, not to inflate the price.  You don't want to lose more than you can afford to.

If I were in your shoes, I wouldn't invest the million.  Why not try at 100k, have you ever thought of getting into trading?  Spend some on professional training to become a better trader.  Also don't lie to your Dad about it, he has put trust in you for this startup, why not think of actually setting up a startup?  Hell, you could even buy some btc in bulk and set up a site to sell it like bittylicious or even on here.

A lot of people would love to be in your shoes, but not if you lose value.  1 million in BTC can very quickly see higher losses as well as profits.  Think this through, take the advice of others and make your own decision.

best of luck    

Well, taking you at your word, I'll say this much, before you buy $1m worth of bitcoin with your dad's money (if you end up deciding to actually do this), you better be goddamn sure you know how to secure bitcoins.

Hi Dafar,

Well done with securing that arrangement with your father.

1. I (personally) do not think this is "stupid" concept.  Note this is my opinion and does not reflect the views of ANX.HK.
2. With appropriate verification, we can offer you generous limits which would satisfy your requirements.
3. [I have sent you a private message]
4. I unfortunately do not specialize in US taxes, though we may have to cautious of the FATCA regime next year, for our US customers.  Right now however there is no regulatory obligations on our behalf.

Cheers,
Asia Nexgen - Your Bitcoin Connection
ANX.HK

I promised him I will return the money to him by the end of 2014 with an extra $100k (10% interest). It took me a lot of convincing but I somehow managed to convince him without telling him exactly what I would do with the money. He thinks it's for a start up. I did not tell him that I'm gonna throw it all into bitcoins because I'm not exactly sure he understands or knows about it too much. If he found out about the price volatility of bitcoins I really doubt he would let me invest. But I am pretty confident that the price will at least rise up above where it is now before it crashes (if it does crash). I really think it would at least go back to where it was (~$1240/btc) at its highest point once more before going down for good. That would at least be a nice ~$200k profit and I feel like it's almost guaranteed.


Which brings me to my questions...

1. Am I being really stupid and optimistic to think this way? How much of a chance/risk do you think it is for the price to not go up any higher in 2014? IMO, it almost seems guaranteed the price will at least hit $1200-$1300/btc sometime next year.... or is there a risk that I'm not aware of?

2. I have a coinbase account and it only lets me buy a max of 50 BTC at a time. Is there a place where I can buy as many as I want w/o any limits?

3. Will I even be able to buy $1mil worth of BTCs? Does it depend on who's selling right at the moment I'm trying to buy some? How does this work?

4. Will I have to pay taxes on capital gains? I don't wanna pay shit to the US gov, how would they know how much I made off BTCs?





I'm thinking of putting an automatic sell order right when BTCs hit $1500 in 2014.... is that too high or should I put a lower limit? I want to guarantee some profit before I get too greedy and potentially lose my dad's money. I figured if I sell at $1500 it would be a nice $400k profit for me, I could quit my job and chill in Miami and Ibiza for a year until I need money again.


Serious advice only please, I'm not fucking trolling