Topic: Gold collapsing. Bitcoin UP. - page 1243. (Read 2032266 times)

ew fiat 
draw fiat from BTC stash when needed, Bitcoin is your new retirement account

To retire comfortably and still stay in the game, you'd need to come up with a sum that you could withdraw the market, pay capital gains tax on and stick in a brokerage account to accumulate interest. Here's what I came up with:

$1,500,000 USD, pay capital gains tax of approximately 19%, leaves $1,215,000 USD. At a typical ROI of 7% on the market, that's $85,050 USD gross, or $56,133 USD net after approximately 34% tax as those would not be long-term capital gains. That's an income that would be quite comfortable in the rural US or in SE asia or in Latin America or in Eastern Europe. Now, because you don't want to blow your chance on multi-million dollar coins, you'd want to make sure that you don't liquidate all your position. So, you'd want to have roughly $3,000,000 USD in value before calling it quits in the rat race (to leave half your coins for speculation). So, then it just depends on the timing of your entry. If you'd bought 1000 coins at $2 a pop back in 2011, then realistically you'd be able to retire next year as historically BTC has a roughly 1000% return per year. If you bought 10 coins today at $250 a pop, then you'd be looking at roughly 3 years to be able to quit comfortably, when your coins are worth $300,000 USD apiece. That's a figure that rpietila already famously calculated as being the gold store of value replacement amount, so not entirely unrealistic.

Yes I misread that and I agree (although maybe not the majority. A significant portion either way )

how much do you think BTC needs to be before this is reality? (really hope your correct as i have allot more than BTC10...)

He said it is risky NOT to be in bitcoin. And I agree with him. Anyone in the bottom 50 percent who does not have a family to take care of would be smart to invest the majority of their money in bitcoin. If it realizes its potential as many of us think it will, their lives will be radically changed for the better. If bitcoin fails, they will still be in the same position they are now, working every day just to get by. Nothing to lose.

I started transformation in 2011. This shit is taking too long. I can barely work any more but still refuse to live off my coins.

Gold collapsing. Bitcoin UP.

If you don't have much to lose, how is it risky?

I know a person who invested a sum, comparable to perhaps buying BTC10 now, into bitcoin, saying: "finally - I will never again need to work for money". And he hasn't.

My advice is, buy BTC10 and start mentally transforming yourself, because the day is sooner than you expect.

What's the minimum value reached after the 2011 bubble?

It's not just direct government employees but whole industries that are a part of the public work force.

For example I'd consider all university employees to be public workers. The entire industry is supported by cheap unsustainable government backed loans. Imagine if the loans disappeared, college would crash. Housing is another example. These are all "public" backed industies at this point.

The list of true private sector employees holding the whole thing together is unprecedented, it is a shocking transformation over just 1 or 2 generations.

Quite a lot, but still not so many. To comfortably retire you need at least BTC10, it's not getting much easier than that. So it will be 100,000s of people at most, not millions.

Unless bitcoin rises really high, that is.

Wonder how many people on this thread/forum will join the non-labor force not too far from now.

"Labor force" by standard definitions includes government employees and defence contractors. The actual size of the private sector is frighteningly small.

Official labor force numbers are bs since they don't count any off books work.  Most modern economies have so many benefits it's profitable not to work.  I read that in California, USA the total benefits of not working come to over 40K USD per year.

Yeah, that's a good one. Key numbers on that chart are probably high 50s, which just eyeballing the longer-term chart (here: http://en.wikipedia.org/wiki/Labor_force), were pretty constant from the 1940s through mid-1970s, when women started making up a significant % of the labor force and drove the whole number higher. Get much below mid 50s on that stat, and we're in uncharted territory.

Have you checked the labor participation rate recently?



Obviously there's no way to know exactly when it all falls apart, but I expect some excitement within the next 5 years, 10 at the longest.

Heh... I get where you're coming from. It does look imminent via many measures. The obvious ones like debt-to-gdp and the trajectory thereof, then things like housing as a % of income, income distribution, financial sector as % of total gdp, % of population paying taxes, etc...

Still, there have been (many) bleaker times without fundamental change. This country *is*, at its core, quite productive, and that kernel can probably be milked for a while longer through increasingly creative financial and political means (at great long-term cost to the majority, of course).

In short, I used to look at the math and think collapse was imminent. Now I'm actually *more* cynical in a way, with the opinion that the abuse can get worse and last longer before the market/people force a significant change to the dynamic.

What does this story tell you about the mindset of the upper management in the US Government right now?

http://usnews.nbcnews.com/_news/2012/04/16/11228993-ex-gsa-head-apologizes-for-823000-las-vegas-spending-spree

The rise of Bitcoin isn't due to the collapse of fiat, but it is helped by it. And fiat is going to collapse sooner than inertia would predict. Too much is happening too fast in too many spheres, and the dollar is a key domino on the brink. When suddenly things are way different, people will turn to the Internet and find a huge built-up contingent of people talking about Austrian economics, the right to exit, decentralization, and the obvious superiority of Bitcoin. Change will come ever faster, as a precipitous slide of established power structures and deafening roar of creative destruction.