Topic: Should i allocate 100% of my savings to bitcoin ? - page 5. (Read 8037 times)
looks like you'll only put 35% according to the poll... probably a good thing.
I think the best outcome of this experiment for you in the long term would be if the poll said yes; you then followed it, invested all and subsequently lost it all. I am not saying this out of malice but because my fear is the more times this kind of thing works for you the more likely you are to think it's a good idea. If a sharp shock is what it would take you to realise how crazy this plan is then that is what I wish for you.
Unfortunately for you I suspect if the majority said yes and you did follow the advice you would do very well from it if you were prepared to ride out subsequent temporary dips. But there are also some circumstances the consequence of which would be a non-recovering plummeting Bitcoin value in relation to FRNs.
Some more reasons not to base your decision on the poll results:
May I strongly suggest you add a third option to your poll to say:
"Don't be so ridiculous. Do what you need to do to learn enough about the subject to make your own informed judgement and more importantly do what you need to do to trust your own judgement over random others'."
That's where my vote would go.
Unfortunately for you I suspect if the majority said yes and you did follow the advice you would do very well from it if you were prepared to ride out subsequent temporary dips. But there are also some circumstances the consequence of which would be a non-recovering plummeting Bitcoin value in relation to FRNs.
Some more reasons not to base your decision on the poll results:
- I suspect a significant number of those on this forum whose judgement you may most highly value won't participate.
- Those who do may vote in a way that serves their best interest or purely out of mischief
- As some have pointed out there is no indication in the OP as to your personal circumstances e.g. whether you have dependents, what the ratio of these savings v. the your income (i.e. how long would it take to save the same again), how you personally deal with risk both for your emotional well being for the duration of the highest risk period and for the likelihood of your sticking with your decision if/when the going gets tough.
May I strongly suggest you add a third option to your poll to say:
"Don't be so ridiculous. Do what you need to do to learn enough about the subject to make your own informed judgement and more importantly do what you need to do to trust your own judgement over random others'."
That's where my vote would go.
I mean, In my humble opinion, BTC will reach 100$ (before, ((if it does anytime)) go back to 10$) !
I do invest any $ I can spare on BTC, each month.
Yes, but the question is if you can cash out once it reaches $USD 100, are there going to be any buyers? Will you put it all for sale on an exchange like MTGox? Can you trust them with a big chunck of your savings? How will you get your money out?I do invest any $ I can spare on BTC, each month.
And if you cash out, do you want to put it in gold or silver or FRN? Or back into more BTC?
Diversify, while Bitcoin is a fantastic idea that I'm optimistic about there are things that can go wrong and you also have to take into account incredibly basic things security wise like hacking, nothing much happens now but I guarantee you if you keep a large amount of Bitcoins on your PC with an internet connection someone will eventually sniff it out in the future and you'll be one of those people rage posting on this forum about how you lost all your Bitcoins because you didn't keep them offline.
From the conversation everyone seems to be having I would definitely pick Bitcoin over bullshit like government treasuries or paper money.
From the conversation everyone seems to be having I would definitely pick Bitcoin over bullshit like government treasuries or paper money.
Sure !
Unless you can afford to lose it all over night !
I mean, In my humble opinion, BTC will reach 100$ (before, ((if it does anytime)) go back to 10$) !
I do invest any $ I can spare on BTC, each month.
Unless you can afford to lose it all over night !
I mean, In my humble opinion, BTC will reach 100$ (before, ((if it does anytime)) go back to 10$) !
I do invest any $ I can spare on BTC, each month.
Once again i'll submit to whatever the poll tells me to. ie: If 75% say yes it means i'll allocate 75% of my avail resources to bitcoin.
So you're letting total strangers decide what you're going to do with your savings? Unbelievable.
Yes, it's okay with me if you do that. I don't really have time to watch over you and see if you're making a good decision or not, but I don't mind if you do it. 
OP,
Yes! And go be homeless for now!
Yes! And go be homeless for now!
Do you like to gamble with your savings? It is historically true that the value of bitcoin, and almost everything else, retraces as it finds new value. A better strategy, in my opinion, would be to buy in small chunks over time. That way, in the unlikely event that price rises continuously, you are still profiting. However, in the more likely event that price drops before rising again, you won't lose so much because you will have better entry points. It is a more balanced approach. Balance is smart when you're talking about your savings.
i'm skeptical about 'price-averaging'. given a stochastic market, aren't the chances that you end up with an average price higher than whatever initial buy-in price equal to the chances that you can achieve a lower average price?
i understand that large buys are prone to slippage, and that is one advantage of multiple smaller bids, but does the technique really average dollar cost?
Never put all your eggs in one basket.
The wise man puts all his eggs in one basket and watches the basket. -Andrew CarnegieAnyone who cannot cope with mathematics is not fully human. At best he is a tolerable subhuman who has learned to wear shoes, bathe and not make messes in the house.
--Lazarus Long, "Time Enough for Love", (Robert A. Heinlein)
I know the phrase: "Only invest money that you can burn imediantly without any regrets."
I mean, if you lose a big part or everything, i doesn't have to intimidate your lifestyle or family. BitCoin has a risk to lose a big part of your money. It's a high-risk investment. The fact that someone does the right decision in the past and buy bitcoins at 5$ or 10$ is not indicator for doing any success in this investment. Tomorrow the worth can be down 20%, tomorrow the worth can be up 20%. Bitcoin is a high volantile.
The right way is to spread your investment. Put something in bitcoin, put something in stock, put something in real estate and put something in gold or platinum or something.
But it's also the fact, that sometimes i doesn't hear on my own advise and i'm playing risky, but not with all my money...
greetz
DM
I mean, if you lose a big part or everything, i doesn't have to intimidate your lifestyle or family. BitCoin has a risk to lose a big part of your money. It's a high-risk investment. The fact that someone does the right decision in the past and buy bitcoins at 5$ or 10$ is not indicator for doing any success in this investment. Tomorrow the worth can be down 20%, tomorrow the worth can be up 20%. Bitcoin is a high volantile.
The right way is to spread your investment. Put something in bitcoin, put something in stock, put something in real estate and put something in gold or platinum or something.
But it's also the fact, that sometimes i doesn't hear on my own advise and i'm playing risky, but not with all my money...
greetz
DM
Never put all your eggs in one basket.
No, never invest what you cannot lose.
If you are young enough to recover if it goes up in smoke tomorrow, then by all means, go for it. I have 85% of my holdings in btc, bought in stagggered increments between 5-11 and I'm pretty happy I did.
That being said, we are at an acceleration point right now in the curve and this is when all of the emotional money is coming in. After we hit 20+, I'm guessing we will correct to somewhere around this neighborhood. So either do it quick like or wait for the correction.
That being said, we are at an acceleration point right now in the curve and this is when all of the emotional money is coming in. After we hit 20+, I'm guessing we will correct to somewhere around this neighborhood. So either do it quick like or wait for the correction.
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Should I allocate all my savings to
NoHear hear.
Don't put all eggs in one basket, it's not very smart.
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Should I allocate all my savings to
No
I do, but I think long term even if it's for my kids. I've been waiting 30 years for an opportunity like Bitcoin. What makes it different than all the other fads and scams, is that it is so much more than a technology. Technology can be monopolized and regulated, but an open sourced math algorithm is just too ridiculously intangible for anyone to control. Bitcoin is the slipperiest pig anyone would ever try to catch. It will be like watching the Keystone Cops trying to regulate Bitcoin. I'm all in just for the laughs if nothing else.
If your total savings amount is something you could regain pretty easily and you don't need it, sure, you could bet with everything.
Otherwise, I personally wouldn't do it. The risk for it to become worthless is too big imho. Of course, its a decision everyone has to make for him/herself.
EDIT: I think my answer sounded too positive, I generally wouldn't recommend anyone to go all-in on bitcoins.
I did exactly this at $5. I do not regret it.
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