How many Bitcoins needed to retire in 5-6 years? - page 3.

Wary

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Quote from: DannyElfman on August 10, 2014, 07:02:40 PM

Quote from: Wary on August 10, 2014, 06:59:52 PM

Quote from: DannyElfman on August 10, 2014, 06:49:53 PM

I just talked to a economics Phd and we analyzed some stats surrounding BTC. We made some good/worst case scenarios and took the average of those scenarios.

Our price prediction for 2020 = 10,750 USD Wink

It's a really good economist if s/he can predict price in 6 years time up to 5th decimal sign. Wink

As I said, we made some assumptions for worst /best turnouts and averaged those. This practise is called educated guessing and the finance world doesn't do much more than that Wink

and 10750$ no 10$75 cents

It's just a common practice to give as much digits as you sure of. That is 10,750 would mean something between 10,740 and 10,760. While you probably meant to say something like "in range of 10K". Sorry for nitpicking.

DannyElfman

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Quote from: Wary on August 10, 2014, 06:59:52 PM

Quote from: DannyElfman on August 10, 2014, 06:49:53 PM

I just talked to a economics Phd and we analyzed some stats surrounding BTC. We made some good/worst case scenarios and took the average of those scenarios.

Our price prediction for 2020 = 10,750 USD Wink

It's a really good economist if s/he can predict price in 6 years time up to 5th decimal sign. Wink

As I said, we made some assumptions for worst /best turnouts and averaged those. This practise is called educated guessing and the finance world doesn't do much more than that Wink

and 10750$ no 10$75 cents

Wary

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Quote from: DannyElfman on August 10, 2014, 06:49:53 PM

I just talked to a economics Phd and we analyzed some stats surrounding BTC. We made some good/worst case scenarios and took the average of those scenarios.

Our price prediction for 2020 = 10,750 USD Wink

It's a really good economist if s/he can predict price in 6 years time up to 5th decimal sign. Wink

DannyElfman

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I just talked to a economics Phd and we analyzed some stats surrounding BTC. We made some good/worst case scenarios and took the average of those scenarios.

Our price prediction for 2020 = 10,750 USD Wink

Wexlike

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Quote from: JayJuanGee on August 10, 2014, 05:27:41 PM

Quote from: Wexlike on August 10, 2014, 05:12:46 PM

Seriously, what is wrong with you guys ? Cheesy

Why do you need such crazy amounts to retire ? I d be totally happy with 10k $ per coin.

With that price it would push everyones life(who is involved in bitcoins) in a better direction. I am going all-in with my bitcoin investment strategy, i just hope it is worth it in the long run.

My friends and family already tread me like a crazy one and laugh at me because bitcoin is just not moving in neither direction. Anyway, i am hodling strong no matter what comes for the next years. I will only sell if there is absolutely no other way to survive while growing my small stash of bitcoins over time.

Back to topic: My dream price would be 40k / coin and ~1 million to retire. But i don't have high life standards, an own apartment with Internet is practically enough to make me happy for the rest of my life.

Are you going to be able to accumulate more than 25 BTC before BTC prices become a lot more expensive? I say 25 BTC, b/c that is how many coins you would need to have in order to make $1million out of $40k coins.

$10k per coin is only going to get you $250K in principle with those same 25BTC... but surely we shouldn't be complaining about $10k per coin if we are buying now... that is nearly 17x appreciation from today's prices.... Maybe it would be good to invest at or near $15k today for the 25 BTC.. and then just wait it out....

I am really NOT sure, though. My advice, to the extent that I attempt to dish out such would be if a person wanted to get to 25 BTC... but had difficult finances and was NOT sure about being able to invest a whole $15k... would be to invest as much as possible, hopefully, near $7.5k or more and then attempt to keep buying while the money comes in... to attempt to get to 25 BTC within a reasonably accelerated time-frame... then slow down investing in BTC on a dollar cost average basis thereafter.

That is a good question Jay. I am really not sure if i can accumulate 25 bitcoins before the value accelerates. But i think that is not the point, as long as you try as hard as possible to get as many as possible. Right now i increase my bitcoin stash at a speed of ~0.4 btc per month.
With my optimistic(realistic?

) point of view i will not be able to collect 25 bitcoins, because the process will be so much harder to collect more coins when they are worth over 10k$/each. That means 1 million are out of reach for me and remain as a dream. But if i manage to collect >15 bitcoins till then, i will still be happy.

Goddammit, i am such a fucked up superbull. xD

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Quote from: Wexlike on August 10, 2014, 05:12:46 PM

Seriously, what is wrong with you guys ? Cheesy

Why do you need such crazy amounts to retire ? I d be totally happy with 10k $ per coin.

With that price it would push everyones life(who is involved in bitcoins) in a better direction. I am going all-in with my bitcoin investment strategy, i just hope it is worth it in the long run.

My friends and family already tread me like a crazy one and laugh at me because bitcoin is just not moving in neither direction. Anyway, i am hodling strong no matter what comes for the next years. I will only sell if there is absolutely no other way to survive while growing my small stash of bitcoins over time.

Back to topic: My dream price would be 40k / coin and ~1 million to retire. But i don't have high life standards, an own apartment with Internet is practically enough to make me happy for the rest of my life.

Are you going to be able to accumulate more than 25 BTC before BTC prices become a lot more expensive? I say 25 BTC, b/c that is how many coins you would need to have in order to make $1million out of $40k coins.

$10k per coin is only going to get you $250K in principle with those same 25BTC... but surely we shouldn't be complaining about $10k per coin if we are buying now... that is nearly 17x appreciation from today's prices.... Maybe it would be good to invest at or near $15k today for the 25 BTC.. and then just wait it out....

I am really NOT sure, though. My advice, to the extent that I attempt to dish out such would be if a person wanted to get to 25 BTC... but had difficult finances and was NOT sure about being able to invest a whole $15k... would be to invest as much as possible, hopefully, near $7.5k or more and then attempt to keep buying while the money comes in... to attempt to get to 25 BTC within a reasonably accelerated time-frame... then slow down investing in BTC on a dollar cost average basis thereafter.

JayJuanGee

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Quote from: bananaControl on August 10, 2014, 04:37:29 PM

Quote from: Buo on August 10, 2014, 04:22:08 PM

I have read every type of predictions here, so here is mine, worthless like most of the others:
we will need 100 bitcoins to retire because the value will be about 200.000$.

Because less than $20,000,000 just isn't enough to get by? 20 BTC ought to be enough for most of us if it ever gets to $200,000

+1 - Exactamente!!!

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Seriously, what is wrong with you guys ? Cheesy

Why do you need such crazy amounts to retire ? I d be totally happy with 10k $ per coin.

With that price it would push everyones life(who is involved in bitcoins) in a better direction. I am going all-in with my bitcoin investment strategy, i just hope it is worth it in the long run.

My friends and family already tread me like a crazy one and laugh at me because bitcoin is just not moving in neither direction. Anyway, i am hodling strong no matter what comes for the next years. I will only sell if there is absolutely no other way to survive while growing my small stash of bitcoins over time.

Back to topic: My dream price would be 40k / coin and ~1 million to retire. But i don't have high life standards, an own apartment with Internet is practically enough to make me happy for the rest of my life.

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Quote from: Buo on August 10, 2014, 04:22:08 PM

I have read every type of predictions here, so here is mine, worthless like most of the others:
we will need 100 bitcoins to retire because the value will be about 200.000$.

Because less than $20,000,000 just isn't enough to get by? 20 BTC ought to be enough for most of us if it ever gets to $200,000

Buo

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I have read every type of predictions here, so here is mine, worthless like most of the others:
we will need 100 bitcoins to retire because the value will be about 200.000$.

Mobius

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Quote from: Kipsy89 on August 10, 2014, 10:48:29 AM

Quote from: Crindon on August 03, 2014, 02:48:05 PM

In your opinion how many Bitcoins would someone need today in order to retire by August 03 2019 or Aug 03 2020?

Assume average North American, requiring $30,000 per year of today's purchasing power, no other debt.

Woah, difficult. I think you'll need about 73 BTC on August 3 2019 and approximately 82.9 BTC a year later. I may be off by a few %, though. This isn't exact science, to be honest. And I'm kinda confused at the moment Wink

What assumptions are you using to make these statements? Most people would likely argue that the later in time, the less BTC you would need to retire as BTC will likely increase in value over time and your savings will need to last a shorter amount of time the later you start drawing on it.

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Quote from: Carra23 on August 10, 2014, 12:37:14 PM

Quote from: JayJuanGee on August 09, 2014, 04:32:43 PM

You are correct that it seems that we are going in circles, yet I must clarify my understanding that "living with in your means" and "living large" are NOT mutually exclusive concepts.

In fact, it is my sense that "living within your means" can ensure that you are ABLE TO "live large" for a very long, long time.. b/c you did NOT blow all your wadd in blind exuberance.

Good luck on getting to your 5m target, and good luck to me on my 20m retirement fund. Lets meet in 10 years on an island somewhere Grin

Bitcoin might not make us rich. May be something else, like crypto google or crypto facebook.

I appreciate your well-wishing, and thanks even your invitation for a 10 year follow-up; however, I did NOT state anything about any goals that I have regarding quantity of fiat equivalent that I would like to accumulate.. My main point was to raise questions to anybody's bare assertion that the ONLY way that they would retire and feel happy was with a $20million principle package. Additionaly, I concede that I did I talked about various principle sufficiency considerations that would vary from person to person.. and even sufficiency considerations that are within modern day decent standards of living... such as little as $5million in principle and I even implied that amounts lower than that could be sufficient for NOT working while maintaining decent standards of living.

JayJuanGee

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Quote from: Kipsy89 on August 10, 2014, 10:48:29 AM

Quote from: Crindon on August 03, 2014, 02:48:05 PM

In your opinion how many Bitcoins would someone need today in order to retire by August 03 2019 or Aug 03 2020?

Assume average North American, requiring $30,000 per year of today's purchasing power, no other debt.

Woah, difficult. I think you'll need about 73 BTC on August 3 2019 and approximately 82.9 BTC a year later. I may be off by a few %, though. This isn't exact science, to be honest. And I'm kinda confused at the moment Wink

Wow!!!! You are predicting a 13.5% crash between August 2019 and August 2020. Woah Zaaaah!!!

JayJuanGee

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Quote from: Ayers on August 10, 2014, 09:57:37 AM

Quote from: JayJuanGee on August 10, 2014, 04:32:00 AM

Quote from: mraveragejoe on August 10, 2014, 03:24:20 AM

I would like to have 10 btc and bury them for 6 years... I think they should be enough to retire.

That seems to be a completely doable goal, b/c at the moment 10BTC would only cost about $6K. How many BTC do you have right now, and if you do NOT have 10BTC are you able to acquire 10BTC in the near future?

but waiting until 100k value is a very long waiting, given the possibility that bitcoin may crash, 10 btc are too little to hope for a retirement, you need an amount between 50-100 to be more safe

Actually, I agree with you Ayers. My comment regarding "doable" was directed mostly at Mravagejoe's plan to accumulate 10BTC. I agree that 10 BTC may NOT be enough to retire - depending upon how all these price matters unravel and also depending upon how much dollar equivalent mravagejoe believes he needs in 6 years. Nonetheless, 10 BTC could be a good supplement of income, but safer to attempt to accumulate more... yet if mravagejoe only has the means (or the risk aversion) to acquire 10BTC... , then he will need to have some back up plans in the event that BTC does NOT appreciate sufficiently to meet the particulars of his future goals.

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Quote from: JayJuanGee on August 09, 2014, 04:32:43 PM

You are correct that it seems that we are going in circles, yet I must clarify my understanding that "living with in your means" and "living large" are NOT mutually exclusive concepts.

In fact, it is my sense that "living within your means" can ensure that you are ABLE TO "live large" for a very long, long time.. b/c you did NOT blow all your wadd in blind exuberance.

Good luck on getting to your 5m target, and good luck to me on my 20m retirement fund. Lets meet in 10 years on an island somewhere Grin

Bitcoin might not make us rich. May be something else, like crypto google or crypto facebook.

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Quote from: Crindon on August 03, 2014, 02:48:05 PM

In your opinion how many Bitcoins would someone need today in order to retire by August 03 2019 or Aug 03 2020?

Assume average North American, requiring $30,000 per year of today's purchasing power, no other debt.

Woah, difficult. I think you'll need about 73 BTC on August 3 2019 and approximately 82.9 BTC a year later. I may be off by a few %, though. This isn't exact science, to be honest. And I'm kinda confused at the moment Wink

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Quote from: JayJuanGee on August 10, 2014, 04:32:00 AM

Quote from: mraveragejoe on August 10, 2014, 03:24:20 AM

I would like to have 10 btc and bury them for 6 years... I think they should be enough to retire.

That seems to be a completely doable goal, b/c at the moment 10BTC would only cost about $6K. How many BTC do you have right now, and if you do NOT have 10BTC are you able to acquire 10BTC in the near future?

but waiting until 100k value is a very long waiting, given the possibility that bitcoin may crash, 10 btc are too little to hope for a retirement, you need an amount between 50-100 to be more safe

JayJuanGee

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Quote from: mraveragejoe on August 10, 2014, 03:24:20 AM

I would like to have 10 btc and bury them for 6 years... I think they should be enough to retire.

That seems to be a completely doable goal, b/c at the moment 10BTC would only cost about $6K. How many BTC do you have right now, and if you do NOT have 10BTC are you able to acquire 10BTC in the near future?

JayJuanGee

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Quote from: Benjig on August 10, 2014, 01:20:13 AM

Quote from: JayJuanGee on August 09, 2014, 06:20:14 PM

Quote from: BTCfaucetTIME on August 09, 2014, 05:45:29 PM

I am hoping no more then 8 or 9 as that is how many I have now Wink

In other words, in the next 6 years, you are going to put your 8.5 BTC in storage, and come back to the situation in 6 years?

Are you planning to be making other investments during this time? if so, what would those be?

Maybe we can invest in some other innovative system or coin that comes up, im not talking of bitcoin clones and scam coins, only if someone really fills my expectations.

There is NOTHING wrong with being of the belief to buy a set number of coins, and then to let them sit for 6 years, and then to look for other investments during that time. Personally, at the moment, I think BTC is one of the better places to put extra Fiat... but in the next 1 month or 2 years or 4 years, I may NOT believe the same thing, and that it why we need to pay some attention to our investment. BTC seems to be especially important in the monitoring necessity b/c it is a unique kind of asset with considerable volatility and a lot of politics and paradigm changing, in several regards. Accordingly, in order to be a pragmatic BTC investor, BTC requires more attention than most regular investments (such as an index fund or gold or even stock in a particular company).

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Quote from: KIRAZ on August 10, 2014, 12:03:59 AM

I don't think 8 or 9 gona do much, I'm gona say 60+ could be more but who knows where btc gona be in 6 years.

This is part of the reason why posters need to give some particulars about what they expect to do with 8.5BTC or 60+ BTC. If you say that you expect the price to be X and you expect to have Y quantity of BTC, then providing some further details can be helpful, too, such as are you front loading or buying them in the next 6 years.

Topic: How many Bitcoins needed to retire in 5-6 years? - page 3. (Read 14028 times)