I own BTC and part of me doesn't want it to reach $10,000 because - page 2.

paratox

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Quote

If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.
Henry Ford

Money is not the answer... it's just a tool to get by.

And for all the enthusiast who are glued to the charts/forums:

Quote

It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.
George Lorimer

sgbett

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Quote from: byronbb on January 06, 2014, 07:59:10 PM

You can go ghetto rich and buy a Ferrari from 1991.

http://vancouver.en.craigslist.ca/van/ctd/4269042289.html

Thats awesome. If I ever get a ferrari, it would be one of these old ladies

byronbb

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HODL OR DIE

You can go ghetto rich and buy a Ferrari from 1991.

http://vancouver.en.craigslist.ca/van/ctd/4269042289.html

Richard Branson

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Screw It, Let's Do It

Quote from: wobber on January 06, 2014, 06:51:10 PM

Bet me 1 coin I could show you how to live with exact 1M?

Bet accepted. I chose the country and deliever the facts (costs of living, tax, ...).
1 Million is not enough, not for a family with a wife and 2 kids.

Alone it's possible, but that won't be fun.

Quote from: Spaceman_Spiff on January 06, 2014, 06:58:21 PM

Dude, you are making it sound like it is easy earning that amount of money. It might be for some people, and in some sectors, but that's definitely more than "normal".

There are countries with an average job wage of 50-60k USD. AVERAGE! That means including the toilet cleaning boy.
And yes, that's 20 years of working (average).

There are a lot of jobs that get the 1M earned (not to save) in less than 10 years.

BTW: Dont quote out of context! It's dependant on the country. I stated that in my posting. In a 3. world country you won't earn 1m even with a PHD.

Spaceman_Spiff

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₪``Campaign Manager´´₪

Quote from: TERA on January 06, 2014, 03:43:28 PM

I think of it like this: once Im a bitcoin millionaire, I'll have enough money so that I can feel comfortable quitting my day job. Once I've done that then I'll have the time/freedom/energy to be able to do independent contracting, start my own company, do more/better day tarding, and make brilliant inventions, which will truly make rich. Bitcoin was only the tool to release myself from bondage but it is not everything.

Agreed, although a couple of years living the good life and doing random fun stuff would probably also be part of the package for me :-).

Quote from: Richard Branson on January 06, 2014, 06:08:58 PM

With a bachelor, masters degree or a phd you will earn 1M in less than 10 years.
10M is a good sum to live a decent life. Not a great one, but a good one.

Dude, you are making it sound like it is easy earning that amount of money. It might be for some people, and in some sectors, but that's definitely more than "normal".

Hyena

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Oh, that "*** BTC" car number plate idea is totally cool Cheesy

I must do it too

OP you have not beaten the game of life, even if you get your bitcoin millions you will still face many challenges. money solves nothing, only opens new opportunities for your conscious to expand and express itself. to me bitcoin wealth is more of a jumping board than beating the system. I will still have to find the true love of my life and continue evolving into a better being.

However, some dude previously said it already but I'd like to emphasize it: with bitcoin wealth I can work on my own software projects and do stuff that I am passionate about without having to put all of my creative energy into the system that has enslaved us all.

wobber

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Quote from: Richard Branson on January 06, 2014, 06:08:58 PM

Quote from: wobber on January 06, 2014, 03:03:22 PM

I guess too many ppl have 100 coins and wait for 10,000 so they call themselves millionaires.

If you guys reach 1M, think of this: that kind of money is JUST ENOUGH for a great life for you and your loved ones. I can go into details but I'm not sure anyone will listen.

1M is not enough in most 1. world countries.
With 1M an average joe can live approx 10 years (with family).
You can't quit your job with 35 with only 1M. You had to live like a spartan.

1M is the job wage of the average worker in 20 years. With a bachelor, masters degree or a phd you will earn 1M in less than 10 years.

10M is a good sum to live a decent life. Not a great one, but a good one.

Bet me 1 coin I could show you how to live with exact 1M?

xDan

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Activity: 688

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ヽ( ㅇㅅㅇ)ﾉ ~!!

Quote from: wobber on January 06, 2014, 03:03:22 PM

I guess too many ppl have 100 coins and wait for 10,000 so they call themselves millionaires.

If you guys reach 1M, think of this: that kind of money is JUST ENOUGH for a great life for you and your loved ones. I can go into details but I'm not sure anyone will listen.

I'm listening...

gotta plan for those bajillion dollar bitcoins!

virtualfaqs

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Activity: 700

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Quote from: adamstgBit on January 06, 2014, 03:06:35 PM

Quote from: Dalmar on January 06, 2014, 02:58:48 PM

At those prices many publicly known whales will get robbed/kidnapped etc.

Never let people know your BTC net worth.

if you find your self not wanting to leave home cuz your having paranoid delusions of poeple looking to kidnapped you for your bitcoins, you probably should be a seller! Cheesy

This is the advice I give everyone too. Never tell anyone how many BTC you have or drop off 2 zeroes. If you have 100 BTC, then you say you have 1 BTC.

Dragonkiller

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Super Smash Bros. Ultimate Available Now!

Quote from: the_sunship on January 06, 2014, 06:14:54 PM

21 million possible coins and there are 7 billion people in the world.

Let's say in 10 years only 1 billion people use bitcoin

$10,000 seems too much still?

i think if we are ever going to get to $10k, it will be within 2 years max. if bitcoin is still around in 10 years, I'd expect each coin to be $100k-$1m

the_sunship

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21 million possible coins and there are 7 billion people in the world.

Let's say in 10 years only 1 billion people use bitcoin

$10,000 seems too much still?

wachtwoord

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Quote from: Richard Branson on January 06, 2014, 06:08:58 PM

Quote from: wobber on January 06, 2014, 03:03:22 PM

I guess too many ppl have 100 coins and wait for 10,000 so they call themselves millionaires.

If you guys reach 1M, think of this: that kind of money is JUST ENOUGH for a great life for you and your loved ones. I can go into details but I'm not sure anyone will listen.

1M is not enough in most 1. world countries.
With 1M an average joe can live approx 10 years (with family).
You can't quit your job with 35 with only 1M. You had to live like a spartan.

1M is the job wage of the average worker in 20 years. With a bachelor, masters degree or a phd you will earn 1M in less than 10 years.

10M is a good sum to live a decent life. Not a great one, but a good one.

So

1. $1M lasts you 10 years
2. In 10 years you'll earn 1 M a year with bachelor, master or phd

So, the plan is

1. Get $1M
2. Retire for at least 10 years Tongue

Dragonkiller

sr. member

Activity: 378

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: Richard Branson on January 06, 2014, 06:08:58 PM

Quote from: wobber on January 06, 2014, 03:03:22 PM

I guess too many ppl have 100 coins and wait for 10,000 so they call themselves millionaires.

If you guys reach 1M, think of this: that kind of money is JUST ENOUGH for a great life for you and your loved ones. I can go into details but I'm not sure anyone will listen.

1M is not enough in most 1. world countries.
With 1M an average joe can live approx 10 years (with family).
You can't quit your job with 35 with only 1M. You had to live like a spartan.

1M is the job wage of the average worker in 20 years. With a bachelor, masters degree or a phd you will earn 1M in less than 10 years.

10M is a good sum to live a decent life. Not a great one, but a good one.

but how much of that $1m earned with ten years of work is saved? also $100k a year for 10 years is not the same as $1m today. It would be better to have $1m today than $2m in 10 years.

but yeah definitely $1m isn't what it used to be

Richard Branson

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Activity: 515

Merit: 506

Screw It, Let's Do It

Quote from: wobber on January 06, 2014, 03:03:22 PM

I guess too many ppl have 100 coins and wait for 10,000 so they call themselves millionaires.

If you guys reach 1M, think of this: that kind of money is JUST ENOUGH for a great life for you and your loved ones. I can go into details but I'm not sure anyone will listen.

1M is not enough in most 1. world countries.
With 1M an average joe can live approx 10 years (with family).
You can't quit your job with 35 with only 1M. You had to live like a spartan.

1M is the job wage of the average worker in 20 years. With a bachelor, masters degree or a phd you will earn 1M in less than 10 years.

10M is a good sum to live a decent life. Not a great one, but a good one.

hope4me

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Activity: 126

Merit: 100

Quote from: wobber on January 06, 2014, 03:03:22 PM

I guess too many ppl have 100 coins and wait for 10,000 so they call themselves millionaires.

If you guys reach 1M, think of this: that kind of money is JUST ENOUGH for a great life for you and your loved ones. I can go into details but I'm not sure anyone will listen.

1M is great, but you will spend it pretty quickly with fancy lifestyle, like the proposed Lambo...

mskryxz

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Activity: 433

Merit: 250

Quote from: traderCJ on January 06, 2014, 06:01:21 PM

I just can't believe it will ever get to $10k. Then again, I never thought $1k was possible. Boggles the mind.

indeed

traderCJ

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I just can't believe it will ever get to $10k. Then again, I never thought $1k was possible. Boggles the mind.

bitrider

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sweet thread. I too am enjoying this journey so much, that there will be some sadness in moving on to the next phase - whatever that looks like. But I have no doubt my next goals and projects can be just as amazing. We are in an incredible time of exponential accelerating change in every domain of life and science. I suspect there will plenty of adventure and fun just around the corner.

Wilhelm

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Quote from: Dragonkiller on January 06, 2014, 04:26:53 PM

Quote from: wachtwoord on January 06, 2014, 04:25:17 PM

Quote from: Dragonkiller on January 06, 2014, 04:18:35 PM

Quote from: Wilhelm on January 06, 2014, 04:13:37 PM

Quote from: Dafar on January 06, 2014, 03:28:57 PM

Quote from: wobber on January 06, 2014, 03:03:22 PM

I guess too many ppl have 100 coins and wait for 10,000 so they call themselves millionaires.

If you guys reach 1M, think of this: that kind of money is JUST ENOUGH for a great life for you and your loved ones. I can go into details but I'm not sure anyone will listen.

Yes it's enough to live a great life, but I still want to own a ferrari or a lambo. What now?

If you want to scale up your life and own a Ferrari or a Lambo then you will need multiple millions unless you only want to own a Ferrari or Lambo and be broke.
I'm not an american but i will try out the calculation of scaling your life to a luxury like that. I'm using scaling since all costs surrounding a car like that are also very expensive.

Let's say you buy a normal car now you will buy one for the average of 30k and will last you 10 years if you drive it till it's end.
Let's say you have an average joe year salary of $50k

You will have earned $500000 in those 10 years and you have a 30k car.
Now you want a $250k Lambo for 5 years (these cars don't last as long as average cars).

You will need $5M to be able to afford a car like that. This translates in $4.5M in bitcoin and you still need to remain working.

I would not buy a car like that if I owned $10M I would hire one for a week or so.

not really, depending on circumstances (i.e. single, no commitments), you can own a second hand one comfortably if you're worth "as little as" $1-2m. all you really need to own a ferrari/lambo is $250k that you don't need for a while. Real cost of owning it is ~$25k year for depreciation, insurance, maintenance etc. there is also the opportunity cost of that $250k, but overall it's not as difficult to own as you make it seem.

It's unlikely I'd buy a $250k car with "only" $10M net worth. That's 2.5% of all you own just for the purchase alone.

it depends on your priorities and how badly you want the car. think in average joe terms, does his car cost 2.5% of his net worth? yeah, it probably costs a lot more than that.

Following your debate I agree with you both.

If you want a Lambo for 4 years and want to live in a crappy apartment then you can do this with $0.5M. Some people are like that, I'm not.
On the other hand if you want to adapt your full lifestyle to a 250k car and a house that comes with the territory you need more to maintain that.
My calculation was based on scaling up your life if your an average Joe and still think my calculation has some truth.

If I get a few $1M for my BTC I would buy a nice house (not to big) in a nice area with some privacy. Put in a few luxuries like a pool and jacuzzi to relax and try to invest the rest and create an empire and live off of it's procedes Cheesy

.

wachtwoord

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Quote from: Dragonkiller on January 06, 2014, 04:26:53 PM

Quote from: wachtwoord on January 06, 2014, 04:25:17 PM

Quote from: Dragonkiller on January 06, 2014, 04:18:35 PM

Quote from: Wilhelm on January 06, 2014, 04:13:37 PM

Quote from: Dafar on January 06, 2014, 03:28:57 PM

Quote from: wobber on January 06, 2014, 03:03:22 PM

I guess too many ppl have 100 coins and wait for 10,000 so they call themselves millionaires.

If you guys reach 1M, think of this: that kind of money is JUST ENOUGH for a great life for you and your loved ones. I can go into details but I'm not sure anyone will listen.

Yes it's enough to live a great life, but I still want to own a ferrari or a lambo. What now?

If you want to scale up your life and own a Ferrari or a Lambo then you will need multiple millions unless you only want to own a Ferrari or Lambo and be broke.
I'm not an american but i will try out the calculation of scaling your life to a luxury like that. I'm using scaling since all costs surrounding a car like that are also very expensive.

Let's say you buy a normal car now you will buy one for the average of 30k and will last you 10 years if you drive it till it's end.
Let's say you have an average joe year salary of $50k

You will have earned $500000 in those 10 years and you have a 30k car.
Now you want a $250k Lambo for 5 years (these cars don't last as long as average cars).

You will need $5M to be able to afford a car like that. This translates in $4.5M in bitcoin and you still need to remain working.

I would not buy a car like that if I owned $10M I would hire one for a week or so.

not really, depending on circumstances (i.e. single, no commitments), you can own a second hand one comfortably if you're worth "as little as" $1-2m. all you really need to own a ferrari/lambo is $250k that you don't need for a while. Real cost of owning it is ~$25k year for depreciation, insurance, maintenance etc. there is also the opportunity cost of that $250k, but overall it's not as difficult to own as you make it seem.

It's unlikely I'd buy a $250k car with "only" $10M net worth. That's 2.5% of all you own just for the purchase alone.

it depends on your priorities and how badly you want the car. think in average joe terms, does his car cost 2.5% of his net worth? yeah, it probably costs a lot more than that.

That's why I have never owned a car

Topic: I own BTC and part of me doesn't want it to reach $10,000 because - page 2. (Read 4411 times)