Investing what you CAN'T afford to lose crew - page 4.

7Priest7

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Quote from: Dafar on January 06, 2014, 10:15:12 PM

So I guess no one else put in more that they are willing to lose?

I put nothing into BTC,
I've mined/earned all my BTC during my free time.

There are some threads by dummies who put more in then cashed out too late during the $1,200 burst.

Have you heard of vanitygen?
Do you know what ASIC stands for?

A ASIC could be created to brute force BTC private keys.

billyjoeallen

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"Good for you for holding on to your bitcoin for so long even after that insane crash. The risk was much higher back then so you definitely deserve the fortune you have right now. Are you planning on cashing out anytime soon (if you haven't already) or do you still feel like growing your small fortune even more? "

Every time BTC goes up 10%, I sell about 8% of my stash and then whenever it dips 10% I buy back about 70% of what I sold. My BTC holdings are slowly going down, but the dollar value of my BTC holdings are going up.

Dafar

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Quote from: mskryxz on January 06, 2014, 10:47:47 PM

if btc goes to 2k, well you double your investment from 17k to 34k

17k - 8k debt = 9 k profit

if you think bitcoin will reach 2k then stay and cash out by then to be safe. or if you think its gonna go higher to 3k, 5k, 10k, keep holding.

However, I highly suggest cashing out a portion once it reaches around 1.5k or 2k and pay off your debts. that way, even if bitcoin goes to 0, at least you're debt free

Quote from: calian on January 06, 2014, 10:52:53 PM

Like most people if you have the discipline to stick with it you could probably do well with a version of the SSS plan. I'm holding an amount of coin to be sold to repay debt at a price that will likely take a few years to reach. Yeah I'd be sad if bitcoin faded away but the more it's worth the more people have skin in the game to ensure it works. Whether it will continue to be easily convertible for national currencies is harder to predict.

That's a good idea, thanks. I'm was thinking of selling my first 2 coins after it reaches 10k... but maybe this is too optimistic? I have calculated that after all my other expenses, I will be able to pay off my debt by May, which I'm okay with. I will have to live paycheck to paycheck until then.

Quote from: billyjoeallen on January 06, 2014, 10:59:09 PM

I actually bought in in 2011 using credit cards and a signature loan. I looked like a genius at $31/BTC and a moron when it crashed to $3. it took 18 MONTHS to break even when you include the interest. So yes, it's possible, but I was either really lucky and unreasonably stubborn or blinded my my ideological commitment to the cause. I had to live with my parents for a while (and I'm over 40) but now I'm sitting on a small fortune. So go for it if you believe in it but not for greed. I looked at it like putting money in the collection plate at church. I don't go to church, so this was my contribution to a better world. The bitcoin gods smiled on me and I am sitting on a medium sized pile now, even with stolen coins, closed exchanges, hacks and a really nasty ex-wife. You got those kind of balls? I didn't pay back those loans or credit cards until November 2013. How much is your piece of mind worth? Mine, apparently not so much.

Good for you for holding on to your bitcoin for so long even after that insane crash. The risk was much higher back then so you definitely deserve the fortune you have right now. Are you planning on cashing out anytime soon (if you haven't already) or do you still feel like growing your small fortune even more?

Quote from: MrPalmer on January 06, 2014, 11:16:30 PM

I guess you could say I'm also in this camp... depends who you ask, me or the wife. Tongue

That said, in life - you have to take risk, and I have never been one to take foolish risks. I feel pretty good about BTC, and if it ends up blowing up in my face - yea, it would suck for a while, but it's an experience, and it could turn out to be the inverse. That's a chance I'm willing to take, even if I can't currently afford to "lose" much.

You just described exactly how I feel. We ride together or we die together, crypto bros for life! Grin

MrPalmer

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I guess you could say I'm also in this camp... depends who you ask, me or the wife. Tongue

That said, in life - you have to take risk, and I have never been one to take foolish risks. I feel pretty good about BTC, and if it ends up blowing up in my face - yea, it would suck for a while, but it's an experience, and it could turn out to be the inverse. That's a chance I'm willing to take, even if I can't currently afford to "lose" much.

billyjoeallen

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Hide your women

I actually bought in in 2011 using credit cards and a signature loan. I looked like a genius at $31/BTC and a moron when it crashed to $3. it took 18 MONTHS to break even when you include the interest. So yes, it's possible, but I was either really lucky and unreasonably stubborn or blinded my my ideological commitment to the cause. I had to live with my parents for a while (and I'm over 40) but now I'm sitting on a small fortune. So go for it if you believe in it but not for greed. I looked at it like putting money in the collection plate at church. I don't go to church, so this was my contribution to a better world. The bitcoin gods smiled on me and I am sitting on a medium sized pile now, even with stolen coins, closed exchanges, hacks and a really nasty ex-wife. You got those kind of balls? I didn't pay back those loans or credit cards until November 2013. How much is your piece of mind worth? Mine, apparently not so much.

calian

sr. member

Activity: 354

Merit: 250

Like most people if you have the discipline to stick with it you could probably do well with a version of the SSS plan. I'm holding an amount of coin to be sold to repay debt at a price that will likely take a few years to reach. Yeah I'd be sad if bitcoin faded away but the more it's worth the more people have skin in the game to ensure it works. Whether it will continue to be easily convertible for national currencies is harder to predict.

mskryxz

sr. member

Activity: 433

Merit: 250

if btc goes to 2k, well you double your investment from 17k to 34k

17k - 8k debt = 9 k profit

if you think bitcoin will reach 2k then stay and cash out by then to be safe. or if you think its gonna go higher to 3k, 5k, 10k, keep holding.

However, I highly suggest cashing out a portion once it reaches around 1.5k or 2k and pay off your debts. that way, even if bitcoin goes to 0, at least you're debt free

Dafar

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Quote from: Kungfucheez on January 06, 2014, 06:02:03 PM

Investing is a gamble. No one can say with any certainty what the price of BTC will be in a year from now. Sure, everyone will give you their opinion, but no one really knows, which is why it's a gamble. Would you gamble with all your money at the casino you couldn't afford to lose?

Same thing.

I agree it is unlikely the price would ever go anywhere below $500 USD which it hovered about at the end of last year, but you nor I nor anyone else in the world can be 100% certain of that

You're right. I think I should just keep what I have right now and focus on saving USD from my paychecks as a safety net, instead of buying more BTC with it...

Quote from: jonanon on January 06, 2014, 09:23:52 PM

I tend to think that 'can't afford' to lose actual implies that you would not be able to continue with everyday life - however if you managed to gamble money in Bitcoin then surely you can afford to lose it as it is not needed to cover basic expenses? What you're really saying is that you're investing what you would be devastated to lose - in this instance I think your gamble is worth

Well at the end of the day money is just money... if I lose it I won't die. But I will lose most of my savings. So what do people mean when they say invest what you're willing to lose? Are people here really comfortable losing a few thousand dollars? I'm sure most of you here have more than 1 BTC... is this money that you wipe your ass with?

Quote from: Frost000 on January 06, 2014, 09:36:00 PM

Whatever floats your boat and makes sense for you is the way to go. I would never put in $17k unless I'd feel comfortable losing it (which isn't the case) but who am I to say that your tactic is wrong?

Besides, high risk = high reward...

That's my main motivation. But some people say (and I kinda agree) that I have a problem that I don't value money. I mean I do want money and I want a lot of it, but I end up tossing it around without much care (refer to the other guy's quote about a fool and his money). I still think it's better than caring about money too much or being "cheap"

Quote from: 7Priest7 on January 06, 2014, 09:47:03 PM

Quote from: Peter R on January 06, 2014, 09:35:09 PM

And this includes dollars.

I agree, If one wants the best way to store/increase value,
Gold is the safest thing to store value in.

I dunno about that...

So I guess no one else put in more that they are willing to lose?

7Priest7

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Activity: 392

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Quote from: Peter R on January 06, 2014, 09:35:09 PM

And this includes dollars.

I agree, If one wants the best way to store/increase value,
Gold is the safest thing to store value in.

Quote from: bitcoincito on January 06, 2014, 09:43:04 PM

Up-too-late metaphysical question: Is it possible to invest what you can't afford to lose? Or does the act of investing something mean, by nature, that we can afford to "lose" it?

The fact: you need food, and water.
Everything else is just extra.

An educated human can survive with very little.
At one point our species was nomadic and we did not need the luxuries of the modern society.

bitcoincito

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Up-too-late metaphysical question: Is it possible to invest what you can't afford to lose? Or does the act of investing something mean, by nature, that we can afford to "lose" it?

On a more serious note: If you are "invested" in bitcoin - in its meaning, its value, its possibility, then you cannot lose. Even if the value of your investment goes down, the act of investing in something meaningful is in fact a win.

Frost000

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Whatever floats your boat and makes sense for you is the way to go. I would never put in $17k unless I'd feel comfortable losing it (which isn't the case) but who am I to say that your tactic is wrong?

Besides, high risk = high reward...

Peter R

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Quote from: 7Priest7 on January 06, 2014, 09:30:08 PM

Investing a large amount of money in anything is foolish.

And this includes dollars.

7Priest7

sr. member

Activity: 392

Merit: 250

People could learn much from a popular utah/morman saying,
"Live within your means."

The saying simply means do not spend more than you have.
If I want something expensive, I save for it.

Investing a large amount of money in anything is foolish.

Another saying "A fool and his money are soon parted."
Any stock can fail, any asset can be made worthless.
Gold and bitcoins are no exception.
Tomorrow the key to a philosopher's stone might be found.
The next day, a individual may release a asic designed to quickly brute force private keys.

jonanon

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I tend to think that 'can't afford' to lose actual implies that you would not be able to continue with everyday life - however if you managed to gamble money in Bitcoin then surely you can afford to lose it as it is not needed to cover basic expenses? What you're really saying is that you're investing what you would be devastated to lose - in this instance I think your gamble is worth

2tights

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I like big BITS and I cannot lie.

Quote from: Dafar on January 06, 2014, 05:51:49 PM

I hear everyone say "don't put in more than you can afford to lose", but is anyone else putting in more, as in what you can't afford to lose? Or am I the only idiot with too much balls..

I have around $17 grand into BTC/LTC... this is NOT money I can just afford to lose. I have around $8000 of debt but I'm paying it off bi-weekly with every paycheck. I'm devoting myself to cutting down useless spending this year and keeping track of my money better so I can maintain or acquire more bitcoin. I'll probably have to cut down going out on weekends and making trips this year, but I'm okay with that. Bitcoin being killed off at this point and going to $0 is unlikely in my view, but I guess anything can still happen. But on the other hand if it skyrockets..... well I'll be a very happy guy.

Anyone else putting in way more than they can afford to lose? I just wanna see who you are so in case we crash and burn I'll have some shoulders to cry on.

It's an interesting question. I certainly won't be very happy if I lose the money I "invested" (speculated with). I think you're 100% wrong that you're the only one with huge fucking balls because you decided to make a stupid decision. Yes, I believe you are incredibly stupid to invest $$ which shouldn't be. But, then again stupid people every days spend 120% of their income and dig themselves a financial grave so your behavior doesn't surprise me. And to be more specific, I believe anyone who speculates on Bitcoin has balls, whether they are aware of their gamble or not. I'm in for a lot of money for my Neptune, to me, although I know some people who have purchased 10 or 20 of the Neptunes, so do that math really quickly and tell me how big their balls are. Its the same bet for them as myself, only they're in WAY deeper.

It may be the difference between how you are qualifying. In your left hand is $ to gamble with and the right hand has other $ as something you shouldn't gamble, but do anyway. Totally nuts, why even think? Why not just run around with fists full of cash and buy every shiny thing you see. Cheesy

Kungfucheez

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Investing is a gamble. No one can say with any certainty what the price of BTC will be in a year from now. Sure, everyone will give you their opinion, but no one really knows, which is why it's a gamble. Would you gamble with all your money at the casino you couldn't afford to lose?

Same thing.

I agree it is unlikely the price would ever go anywhere below $500 USD which it hovered about at the end of last year, but you nor I nor anyone else in the world can be 100% certain of that

Dafar

legendary

Activity: 1330

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I hear everyone say "don't put in more than you can afford to lose", but is anyone else putting in more, as in what you can't afford to lose? Or am I the only idiot with too much balls..

I have around $17 grand into BTC/LTC... this is NOT money I can just afford to lose. I have around $8000 of debt but I'm paying it off bi-weekly with every paycheck. I'm devoting myself to cutting down useless spending this year and keeping track of my money better so I can maintain or acquire more bitcoin. I'll probably have to cut down going out on weekends and making trips this year, but I'm okay with that. Bitcoin being killed off at this point and going to $0 is unlikely in my view, but I guess anything can still happen. But on the other hand if it skyrockets..... well I'll be a very happy guy.

Anyone else putting in way more than they can afford to lose? I just wanna see who you are so in case we crash and burn I'll have some shoulders to cry on.

Topic: Investing what you CAN'T afford to lose crew - page 4. (Read 7489 times)