What would it take for you to pour entire life savings into Bitcoins?

FreeMoney

legendary

Activity: 1246

Merit: 1016

Strength in numbers

Quote from: Astrohacker on June 29, 2011, 12:22:10 AM

1. It would have to solve the double-spending problem in a decentralized way (so that it has no single point of failure).

2. It would have to have desirable economic properties, like having a constant number of monetary units, and solving the problem of distributing the initial coins in a reasonably fair way.

2. It would have to show significant evidence of a dedicated and growing developer base (both for the core client and the endless applications).

4. It would have to be undervalued compared to its potential.

...and I actually have invested all of my savings into bitcoin.

A+

Astrohacker

full member

Activity: 156

Merit: 102

1. It would have to solve the double-spending problem in a decentralized way (so that it has no single point of failure).

2. It would have to have desirable economic properties, like having a constant number of monetary units, and solving the problem of distributing the initial coins in a reasonably fair way.

3. It would have to show significant evidence of a dedicated and growing developer base (both for the core client and the endless applications).

4. It would have to be undervalued compared to its potential.

...and I actually have invested all of my savings into bitcoin.

muscles

newbie

Activity: 28

Merit: 0

Quote from: wumpus on June 28, 2011, 09:48:26 PM

I'd never put all my eggs into one basket.

I'm willing to bet that almost all your eggs are already in the USD basket...

tanerlorn

member

Activity: 109

Merit: 10

Already have.

It was only 20 bucks though. At 1.80 each though, im sitting on a nice almost 1000% return!

MeSarah

full member

Activity: 154

Merit: 100

A gun to my head or family member. But I would concider it if I could remove this JoelKatz for President tatoo.. I wont make that mistake again.

KMBTC11

newbie

Activity: 57

Merit: 0

Another, more serious answer:

http://images.sodahead.com/polls/001872937/5538361988_brass_balls_xlarge.jpeg

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

It depends. There is a large market to educate first. Buying bitcoins is useless if it never gets adopted. It won't get adopted until someone goes out and sells it. Salesmen won't go out and sell unless they have a product they believe in. Bitcoin needs products and support services that have enough profitability to sell. Actually, I don't think it would take much more than a few viral apps to make me change careers and steam into bitcoin, at least as a part time venture.

KMBTC11

newbie

Activity: 57

Merit: 0

Head trauma. I view this market as gambling. If you view it as investment then remember what Mark Twain said, "Golf is a good walk spoiled..."

Wait. Not sure that was the right quote. Something about eggs and frogs. Or baskets.

Anyway my head hurts and I just invested my savings, mortgaged my house and maxed out my cards to invest in Bitcoins. Little Johnny's education is on the line too.

Crystal Excursion

member

Activity: 98

Merit: 10

I'm Crazy about Bitcoin, trading Quartz for BTC

Like an Ancient Mariner upon an uncharted Sea, look to the Stars, Moon, and Sun !

For the Lowdown on Bitcoin read The Bitcoin Sun !!!

wumpus

hero member

Activity: 812

Merit: 1022

No Maps for These Territories

I'd never put all my eggs into one basket.

DamienBlack

jr. member

Activity: 56

Merit: 1

Most of my money is already in bitcoins. But that is because I don't have much money.

Ricochet

sr. member

Activity: 373

Merit: 250

As optimistic as I am about the future of Bitcoin, realistically my answer is "nothing"

Bitcoin is fail-resistant, but not failproof, and I can't risk my life savings on it because of that.

goldbit

newbie

Activity: 23

Merit: 0

Quote from: cmh on June 28, 2011, 08:59:42 PM

A time machine to go back two years.

Three months is good enough for me

cmh

newbie

Activity: 21

Merit: 0

A time machine to go back two years.

Klestin

hero member

Activity: 493

Merit: 500

Quote from: finack on June 28, 2011, 08:19:02 PM

Cheap drugs or possibly a head injury.

You have won one free Internets.

Tx2000

full member

Activity: 182

Merit: 100

Bottom line is that most people, as some have mentioned, don't really have this purported (or at least intended) "life savings" you speak of. Aside of that, it's craziness to dump everything into one thing of value. It's best to diversify. But just to play along with your question, I'd have to think that first Bitcoin would need to be something that is relatively wide in adoption.

If I were to pour all of my "money" or "assets" into Bitcoin, would I be able to buy groceries of varying sorts in my city? Would I be able to buy gas in my area and the places I travel? Etc etc etc.

Until that scale of adoption occurs, dumping in and strictly holding to Bitcoins and away from any and all other currency / assets of value, is illogical.

unbuttered_toast

newbie

Activity: 47

Merit: 0

Say I had inside knowledge that Apple and Dominoes Pizza were both about to launch advertising campaigns announcing their support of and undying love for Bitcoin. I'd speculate all the money I could get my hands on. Short of that, s'not likely.

billyjoeallen

legendary

Activity: 1106

Merit: 1007

Hide your women

One thing: asymmetric (inside) information.

elggawf

sr. member

Activity: 308

Merit: 250

If my "life savings" amounted to $50 or less.

I really want this shit to work out, but I'm not going to gamble on it. I understand that fortune favors the bold and that speculators have a potential to be filthy stinking rich off BTC, but I'll just let someone else be bold.

BitcoinPorn

hero member

Activity: 630

Merit: 500

Posts: 69

I would first have to acquire this 'life savings' that supposedly has value.

Topic: What would it take for you to pour entire life savings into Bitcoins? (Read 2466 times)