Investing your life savings into Bitcoin is borderline retarded and indicative of a low financial intelligence.
This is me. I invested over 80% so far. HODLING but yeah. I'm too scared to cut my losses, so I just HODL.
Topic: Who's brave/stupid enough to invest their life savings into Bitcoin? - page 19. (Read 33530 times)
August 15, 2014, 08:42:02 AM
This is me. I invested over 80% so far. HODLING but yeah. I'm too scared to cut my losses, so I just HODL.
August 15, 2014, 08:03:14 AM
Buying and/or using bitcoin is not at all gambling, as it does have a lot of long term potential, although it will likely have a lot of price swings before it reaches it's ideal level of adoption.
With that being said, borrowing money for no reason other then to buy bitcoin with the hopes that it's price will rise is nothing more then speculation and is very risky.
With that being said, borrowing money for no reason other then to buy bitcoin with the hopes that it's price will rise is nothing more then speculation and is very risky.
Of course Buying Bitcoin is gambling....how is it not? You are spending money in hopes you return more money without doing anything....Pretty much the definition of gambling....just like the stock market.
August 14, 2014, 05:47:59 PM
I think bitcoin is gambling.
So far, it seems to me, I can borrow money (while making sure I can pay it back even without bitcoin), buy bitcoins, then either further invest it somewhere else, or just hold it, then pay off the loan slowly. Over several months, your principal amount should have shrunk but your bitcoin holdings or investments would remain.
At the end of the term, you would have paid off your debt, but still have some bitcoin left over, which could be worth what you put into it, or even more. It's possible it might be worth less, but over 2 or 3 years?
When I look at it that way, it doesn't seem that foolish, but it still is.
Buying and/or using bitcoin is not at all gambling, as it does have a lot of long term potential, although it will likely have a lot of price swings before it reaches it's ideal level of adoption. So far, it seems to me, I can borrow money (while making sure I can pay it back even without bitcoin), buy bitcoins, then either further invest it somewhere else, or just hold it, then pay off the loan slowly. Over several months, your principal amount should have shrunk but your bitcoin holdings or investments would remain.
At the end of the term, you would have paid off your debt, but still have some bitcoin left over, which could be worth what you put into it, or even more. It's possible it might be worth less, but over 2 or 3 years?
When I look at it that way, it doesn't seem that foolish, but it still is.
With that being said, borrowing money for no reason other then to buy bitcoin with the hopes that it's price will rise is nothing more then speculation and is very risky.
August 13, 2014, 11:26:09 AM
I think bitcoin is gambling.
So far, it seems to me, I can borrow money (while making sure I can pay it back even without bitcoin), buy bitcoins, then either further invest it somewhere else, or just hold it, then pay off the loan slowly. Over several months, your principal amount should have shrunk but your bitcoin holdings or investments would remain.
At the end of the term, you would have paid off your debt, but still have some bitcoin left over, which could be worth what you put into it, or even more. It's possible it might be worth less, but over 2 or 3 years?
When I look at it that way, it doesn't seem that foolish, but it still is.
So far, it seems to me, I can borrow money (while making sure I can pay it back even without bitcoin), buy bitcoins, then either further invest it somewhere else, or just hold it, then pay off the loan slowly. Over several months, your principal amount should have shrunk but your bitcoin holdings or investments would remain.
At the end of the term, you would have paid off your debt, but still have some bitcoin left over, which could be worth what you put into it, or even more. It's possible it might be worth less, but over 2 or 3 years?
When I look at it that way, it doesn't seem that foolish, but it still is.
August 13, 2014, 10:51:52 AM
Any business, no matter how big or important, even national banks and huge world companies, even countries, can financially collapse at any moment.
So, to invest everything in something at such early stage, as bitcoin, will be foolish.
Invest just amount you can afford to loose.
So, to invest everything in something at such early stage, as bitcoin, will be foolish.
Invest just amount you can afford to loose.
This over and over. I have been stressing it since day 1. Here is the thing, if you invest in bitcoins even moderately, if it takes off you will still be doing just fine. Greed is influencing so many people to make it tough for them to think. If you invest everything in it and it crashes, well I feel bad for you:(
August 09, 2014, 09:57:04 AM
Any business, no matter how big or important, even national banks and huge world companies, even countries, can financially collapse at any moment.
So, to invest everything in something at such early stage, as bitcoin, will be foolish.
Invest just amount you can afford to loose.
So, to invest everything in something at such early stage, as bitcoin, will be foolish.
Invest just amount you can afford to loose.
August 09, 2014, 09:54:55 AM
Part of me thinks it would be a good idea to invest a lot of money in bitcoins as I see the potential and think its going to rise greatly, yet I also know it's unwise to invest a lot in something so risky, so I'd say it's a mix of bravery and stupidity hehe.
I'm coming into a small windfall and it is tempting to dump into a buy all at once, but don't. Always use dollar cost averaging and keep cash on hand for opportunities with flash crashes.
August 09, 2014, 07:59:37 AM
Part of me thinks it would be a good idea to invest a lot of money in bitcoins as I see the potential and think its going to rise greatly, yet I also know it's unwise to invest a lot in something so risky, so I'd say it's a mix of bravery and stupidity hehe.
I'm coming into a small windfall and it is tempting to dump into a buy all at once, but don't. Always use dollar cost averaging and keep cash on hand for opportunities with flash crashes. August 09, 2014, 06:43:16 AM
Part of me thinks it would be a good idea to invest a lot of money in bitcoins as I see the potential and think its going to rise greatly, yet I also know it's unwise to invest a lot in something so risky, so I'd say it's a mix of bravery and stupidity hehe.
August 09, 2014, 06:39:38 AM
Time to take out some bank loans and put it all into BTC. Fuck it. All or nothing. Ride til you die.
I would like to do that as well, at least for 20-50k$
I just bought over 5k BTC today via second market. It isn't quite my life savings but it is a big chunk of it.
Yeah - I think the market might have done something if you bought 5000 coins. :-)
On second market it wouldn't directly affect the price
August 08, 2014, 11:07:53 PM
I just bought over 5k BTC today via second market. It isn't quite my life savings but it is a big chunk of it.
Yeah - I think the market might have done something if you bought 5000 coins. :-)
August 08, 2014, 10:13:13 PM
I just bought over 5k BTC today via second market. It isn't quite my life savings but it is a big chunk of it.
Yeah - I think the market might have done something if you bought 5000 coins. :-)
August 08, 2014, 09:37:39 PM
I'd say I have just about all of my liquid assets in Bitcoin. You might say, I'm "all in."
Non-liquid assets I can't touch at the moment are tied up in real estate and a trust. Maybe for the better because I would liquidate those too if I could and put it into Bitcoin.
Non-liquid assets I can't touch at the moment are tied up in real estate and a trust. Maybe for the better because I would liquidate those too if I could and put it into Bitcoin.
August 08, 2014, 09:31:29 PM
I just bought over 5k BTC today via second market. It isn't quite my life savings but it is a big chunk of it.
August 08, 2014, 09:28:53 PM
Investing your life savings into Bitcoin is indicative of having a different tolerance for risk than I have.
FTFY
August 08, 2014, 09:23:14 PM
Time to take out some bank loans and put it all into BTC. Fuck it. All or nothing. Ride til you die.
August 08, 2014, 09:03:03 PM
I think it is all about risk vs reward. If you have good reason to do something so rash I'd say you better know what your getting into. If your young and your life savings is an amount you think you make back if you lost it and not be financially devastated for a long time to come then I'm going to say it's not the worse thing you could do and also not the smartest. However if you were right then it would not be as important in hindsight.
But to answer the question posed by the OP. I'd have to say Satoshi Nakamoto is the only person I can imagine would do this.
But to answer the question posed by the OP. I'd have to say Satoshi Nakamoto is the only person I can imagine would do this.
August 08, 2014, 06:47:46 PM
I pretty much did, but as a student that's not a lot of money. I lost it all gambling on bitcoin dice 
Greatest lesson of my life
Greatest lesson of my life
Being a student, and young, you can recover from things like this and chalk it up as a lesson learned. If you are at an older stage in your life, and have others relying on you for financial stability, putting all your eggs in one basket is one of the biggest mistakes you can make.
August 08, 2014, 06:32:14 PM
I'm sure there are some people, personally not in the camp of putting all your eggs in one basket. Bitcoin is definitely worthy of a portion of your savings, in my opinion.
August 08, 2014, 06:30:03 PM
only risk what your prepared to loose. e.g. 10% of your asset base which means a rich guy could afford $10M if he had $100M but average Joe might only put forward $1k of his $10k of savings.
me personally, I have ~5% in BTC with a rolling plan of re-investment producing 250% BTC gains per year
me personally, I have ~5% in BTC with a rolling plan of re-investment producing 250% BTC gains per year
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