How much BTC do you need to live at your level rest of your live without working - page 2.

notme

legendary

Activity: 1904

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Quote from: Willowbitcoin on August 03, 2012, 12:40:56 AM

Quote from: Fjordbit on July 31, 2012, 02:40:52 PM

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

So i guess you just intend to live off your compounding bitcoins without spending any ?

That's an interesting task you have set yourself.

Just collateralize it Wink

.

Willowbitcoin

member

Activity: 114

Merit: 12

Quote from: Fjordbit on July 31, 2012, 02:40:52 PM

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

So i guess you just intend to live off your compounding bitcoins without spending any ?

That's an interesting task you have set yourself.

notme

legendary

Activity: 1904

Merit: 1002

I'll just quote myself since you insist on making the exact same point again.

Quote from: notme on August 01, 2012, 12:22:21 PM

Quote from: Yuhfhrh on August 01, 2012, 08:22:59 AM

Quote from: Fjordbit on July 31, 2012, 02:40:52 PM

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

This statement itself shows just how ridiculous pirate's operation is lol

Actually, it just shows how ridiculous assuming pirate's operation will continue as is indefinitely is.

bg002h

donator

Activity: 1463

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I outlived my lifetime membership:)

Quote from: Fjordbit on July 31, 2012, 02:40:52 PM

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

I wish more people would understand this...it doesn't take a rocket scientist to see how this will work out in the end.

kibblesnbits

hero member

Activity: 557

Merit: 500

Quote from: szuetam on July 31, 2012, 05:54:25 AM

My private economy:
I estimate that I will probably live 100 years (just to easy calculate rough number)
It is 1200 months.
I need for living at current level 1800 USD/month.

I want not to have doing nothing.

It means I need 1800USD/month * 1200months = 2 160 000 USD for that.
It gives 216 000 BTC (taking ratio 1:10).
I don't have that kind of money.

what's that? you're in your mid-20's and you want to plug in a few computers and retire?
I think the Powerball lottery is over $150 mill, so there's always that option Roll Eyes

notme

legendary

Activity: 1904

Merit: 1002

Quote from: Yuhfhrh on August 01, 2012, 08:22:59 AM

Quote from: Fjordbit on July 31, 2012, 02:40:52 PM

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

This statement itself shows just how ridiculous pirate's operation is lol

Actually, it just shows how ridiculous assuming pirate's operation will continue as is indefinitely is.

Factory

sr. member

Activity: 259

Merit: 250

Quote from: ?? on ??

With a free economy making money will be a lot easier, for example buying and selling goods will be far simpler, more profitable for everyone involved and yet far cheaper for the consumer. Goods have to be delivered though, anyone can set up an IPO or get a loan to get funding for a van and get to work. Thats just an example and probably a bad one because a lot of the earnings would have to pay for using the infrastructure (road tax or tolls), fuel and anything else that sits still long enough to have a tax put on it.

I'd guess in 10 years from now just 1btc would be enough to live a comfortable life if they are working and I hope that money will become far less important and greed will fall with it.

Why would greed diminish when fiat currency becomes less relevant? That makes no sense.

Yuhfhrh

full member

Activity: 238

Merit: 100

Quote from: Fjordbit on July 31, 2012, 02:40:52 PM

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

This statement itself shows just how ridiculous pirate's operation is lol

dree12

legendary

Activity: 1246

Merit: 1077

Quote from: notme on July 31, 2012, 04:31:32 PM

Quote from: Fjordbit on July 31, 2012, 02:40:52 PM

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

You can't assume his current rates will last forever.

(several months ago)

Bitscalper pays 5% per day compounded daily, so I just need 10000/(1.05)^365 or about 0.0002 BTC to retire. Maybe if I get 0.0005 BTC from dailybitcoins I will be rich!

notme

legendary

Activity: 1904

Merit: 1002

Quote from: Fjordbit on July 31, 2012, 02:40:52 PM

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

You can't assume his current rates will last forever.

Fjordbit

hero member

Activity: 588

Merit: 500

firstbits.com/1kznfw

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

szuetam

sr. member

Activity: 377

Merit: 253

Quote from: dree12 on July 31, 2012, 10:21:58 AM

Quote from: ?? on ??

With a free economy making money will be a lot easier, for example buying and selling goods will be far simpler, more profitable for everyone involved and yet far cheaper for the consumer. Goods have to be delivered though, anyone can set up an IPO or get a loan to get funding for a van and get to work. Thats just an example and probably a bad one because a lot of the earnings would have to pay for using the infrastructure (road tax or tolls), fuel and anything else that sits still long enough to have a tax put on it.

I'd guess in 10 years from now just 1btc would be enough to live a comfortable life if they are working and I hope that money will become far less important and greed will fall with it.

10 years from now, if you have 1 BTC, you could be the wealthy elite. Of the 7 billion people in the world, you have 1/21000000 of the wealth!

wealth hmm is bitcoin wealth it self? it is not, house car etc. are wealth so you could have 1/21000000 of BTC which is very much but it is not all wealth

dree12

legendary

Activity: 1246

Merit: 1077

Quote from: ?? on ??

With a free economy making money will be a lot easier, for example buying and selling goods will be far simpler, more profitable for everyone involved and yet far cheaper for the consumer. Goods have to be delivered though, anyone can set up an IPO or get a loan to get funding for a van and get to work. Thats just an example and probably a bad one because a lot of the earnings would have to pay for using the infrastructure (road tax or tolls), fuel and anything else that sits still long enough to have a tax put on it.

I'd guess in 10 years from now just 1btc would be enough to live a comfortable life if they are working and I hope that money will become far less important and greed will fall with it.

10 years from now, if you have 1 BTC, you could be the wealthy elite. Of the 7 billion people in the world, you have 1/21000000 of the wealth!

tiberiandusk

hero member

Activity: 575

Merit: 500

The North Remembers

I have about -$50,000 so I would need about -5376 BTC.

szuetam

sr. member

Activity: 377

Merit: 253

Quote from: unclescrooge on July 31, 2012, 05:57:33 AM

I want to be a trillionomillionaire. All the bitcoins wouldn't be enough for that Sad

If I would have all of them it would be almost enough.

unclescrooge

hero member

Activity: 868

Merit: 1000

I want to be a trillionomillionaire. All the bitcoins wouldn't be enough for that Sad

szuetam

sr. member

Activity: 377

Merit: 253

My private economy:
I estimate that I will probably live 100 years (just to easy calculate rough number)
It is 1200 months.
I need for living at current level 1800 USD/month.

I want not to have doing nothing.

It means I need 1800USD/month * 1200months = 2 160 000 USD for that.
It gives 216 000 BTC (taking ratio 1:10).
I don't have that kind of money.

If there will be big deflation in BTC and I have 10BTC (for easy scaling) it would have to be 21 600x times more valuable BTC than now in short period of time (before I will start spending them)

Is it good or bad?

It is good because I can afford even 100BTC now so it needs then only 2 160x deflation in BTC
And I estimate that if we will replace all world currencies for BTC it is minimum 60000x deflation in BTC (another thread).

How do you think how much BTC you need to collect and how long it will take for bitcoin to adopt globally?

Topic: How much BTC do you need to live at your level rest of your live without working - page 2. (Read 4417 times)