Who's brave/stupid enough to invest their life savings into Bitcoin? - page 23.

leex1528

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Quote from: jjc326 on July 29, 2014, 09:42:29 AM

Fine fair to say Bitcoin is a currency just like dollars, etc. However to say that Bitcoin is as "safe", at this time, as dollars is just totally not true. There would have to be some sort of worldwide strife to destroy the dollar's value. On the other hand with a relatively small amount of fiat money someone could 51% attack BTC and destroy it. I think I know where I'd rather keep MOST of my money.

IMHO it is irresponsible to put all your wealth in BTC if you have anyone else relying on you such as a family.

This over and over. The thing is, one can argue BTC is not a currency at the moment, yes more and more each day people are accepting it. But I can't go to the grocery store with my bitcoins, and provide food for my family, I need fiat for that. I can't pay the Chucki cheese I go to in BTC, nor schools or anything like that.

Plus, if I have everything in there and sell BTC to get fiat each month in order to pay bills, if a 51% happens and pretty much ruins everything. All of my work goes down the drain....

pissedoff

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Quote from: Elwar on July 29, 2014, 09:39:29 AM

Or convert to the bitcoin currency and use it as much as possible. You get so many discounts from using bitcoins that using fiat currency is a disadvantage.

That's a great way of looking at it. For example, the recent news from Dell that they are accepting a 10% discount when paying with Bitcoin and of course there are many other companies offering discounts when paying with Bitcoin.

jjc326

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Fine fair to say Bitcoin is a currency just like dollars, etc. However to say that Bitcoin is as "safe", at this time, as dollars is just totally not true. There would have to be some sort of worldwide strife to destroy the dollar's value. On the other hand with a relatively small amount of fiat money someone could 51% attack BTC and destroy it. I think I know where I'd rather keep MOST of my money.

IMHO it is irresponsible to put all your wealth in BTC if you have anyone else relying on you such as a family.

Elwar

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Or convert to the bitcoin currency and use it as much as possible. You get so many discounts from using bitcoins that using fiat currency is a disadvantage.

pissedoff

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Quote from: Whitehouse on July 29, 2014, 09:31:06 AM

Quote from: pissedoff on July 29, 2014, 09:06:07 AM

I really wish I had listened to my urges to invest in Bitcoin when I first joined the community, I would be seriously benefiting now. When I first joined I was making Bitcoin from faucets which were giving good amounts (1 Btc) to anyone who used them. I was thinking of investing $300-500 in Bitcoin at the time but, never did. Now, I do regret that heavily my profit would of been through the roof. A few months after not investing I lost interest and recently have seen the amount it's shot up to.

So will I make the same mistake again? Probably.

It's unlikely that you'll be able to make anywhere near the same gains again, but investing in a few coins or as many as you can afford would be a good idea, though remember bitcoin will never be a safe or foolproof investment. People who bought in at $1000 are still out of pocket by a long shot.

That's what I meant. You probably won't make that much of a gain now, but it is still a gain at the end of the day. I really do feel sorry for the people who invested at $1000 they are probably in a state of panic. But, I really do think Bitcoin will raise beyond the expectation of $1500. We are always going to have big dips like this and we always have.

Whitehouse

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Quote from: pissedoff on July 29, 2014, 09:06:07 AM

I really wish I had listened to my urges to invest in Bitcoin when I first joined the community, I would be seriously benefiting now. When I first joined I was making Bitcoin from faucets which were giving good amounts (1 Btc) to anyone who used them. I was thinking of investing $300-500 in Bitcoin at the time but, never did. Now, I do regret that heavily my profit would of been through the roof. A few months after not investing I lost interest and recently have seen the amount it's shot up to.

So will I make the same mistake again? Probably.

It's unlikely that you'll be able to make anywhere near the same gains again, but investing in a few coins or as many as you can afford would be a good idea, though remember bitcoin will never be a safe or foolproof investment. People who bought in at $1000 are still out of pocket by a long shot.

pissedoff

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Quote from: Triacle2 on July 29, 2014, 09:26:56 AM

I would not invest all my saving into bitcoins, It really depends how much saving I got, If I would have 400k$ I would buy bitcoins for 200k$ so I don't go broke.

I would never recommend anyone investing over 50% of their savings. But, if you haven't already you should invest a fair bit now before you regret it in a few years time.

Triacle2

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I would not invest all my saving into bitcoins, It really depends how much saving I got, If I would have 400k$ I would buy bitcoins for 200k$ so I don't go broke.

pissedoff

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I really wish I had listened to my urges to invest in Bitcoin when I first joined the community, I would be seriously benefiting now. When I first joined I was making Bitcoin from faucets which were giving good amounts (1 Btc) to anyone who used them. I was thinking of investing $300-500 in Bitcoin at the time but, never did. Now, I do regret that heavily my profit would of been through the roof. A few months after not investing I lost interest and recently have seen the amount it's shot up to.

So will I make the same mistake again? Probably.

ljudotina

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@OP
Putting all your egs in one basket is really NOT smart. Even tho i'm inlove with Bitcoin, i would never transfer my complete life savings into BTC. Part of it? Sure why not. All? That's just plain and simple gambling.

Quote from: RocketSingh on July 27, 2014, 08:04:46 AM

It can probably be done in developed countries where u r secured by social securities. U'll get life's basic facilities free of cost.

Now, yes. In 10 years? A lot can change in 10 years. It's enough time to change one good standing country into piece of shit wanna be democracy where only thiefs live good lives. And you do plan to live longer i hope? As i said before....i'd never put 100% of my savings into BTC...no way...

leex1528

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Quote from: Elwar on July 29, 2014, 08:45:45 AM

Bitcoin is a currency, are Europeans stupid to have their life savings in Euros or Americans stupid to have their life savings in dollars?

Now I wouldn't call it stupid to have money in savings in actual dollars? No one knows where Bitcoin is headed for 100% certainty just as no one knows what the dollar/euro will rise/fall to.

I have some in Bitcoin and some in Dollars, The thing I like about having a bank account is if my account gets hacked, my money remains because its a lot more safe in there than any wallet you can have.

Elwar

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Bitcoin is a currency, are Europeans stupid to have their life savings in Euros or Americans stupid to have their life savings in dollars?

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: Kazimir on July 29, 2014, 05:18:29 AM

Yep, me. I have 95% of my net worth in bitcoins.

By the way it's typical how you categorize this as brave or stupid, rather than smart/wise/visionary.

Furthermore, this also leads to the question: who is brave/stupid enough to invest their live savings into fiat?

Damn near everyone is stupid enough. As for brave, well that I cannot say.

I'd argue the brave ones are the ones with the courage to pull their money out of a corrupt, broken system. That's you and I, friends.

franky1

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Quote from: BADecker on July 29, 2014, 05:20:27 AM

If you have enough life savings to buy more than one bitcoin, you must have been IN before the end of 2012!

WTF..

bitcoin is only $600.. and bitcoin was only $6 in 2012..

are you saying the world only has $6 in life savings....

.. logic boy.. get some.. your off by a long shot.

bryant.coleman

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Around 10% of all my life savings are in Bitcoin. Some 75% is in the form of real estate, and the remaining mostly is in equities and mutual funds. I am having no plans to increase this amount, as I don't want to invest more than 10% in to High-risk investments.

Kazimir

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Quote from: Whitehouse on July 29, 2014, 07:08:24 AM

Really? I'm a big believer in bitcoin but bitcoin doesn't really have a 'track record' as being stable. I think bitcoin is more of a risk than most strong fiat currencies at the moment but this could all change.

Can you name one strong fiat currency?

Certainly not the Euro or U.S. Dollar, as they are both built on a rotten, unstable, undurable, and fundamentally corrupt foundation (fractional reserve banking, monopolized by a handful of private companies).

leex1528

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Quote from: Whitehouse on July 29, 2014, 07:28:02 AM

It's not just in America this is happening. It's the same in many places and here in the uk too. Things keep getting more expensive but wages never go up and working conditions and contracts get worse with stuff like zero hour contracts where they can fire you at anytime without giving you any notice or severance pay.

Yes I wasn't sure about everywhere, I know Austrailia is doing very well but that's about it..

Things need to change and quickly but it just seems like the rich get richer and the poor get poorer..

Whitehouse

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Quote from: leex1528 on July 29, 2014, 07:25:23 AM

If we want to start talking about how Americans are getting screwed in the inflation department, I think we should make another topic about it!

I am pretty sure the minimum wage if kept up with inflation would be around 12/hr no? Instead it is nearly half of that at 7.25, completely stupid...

It's not just in America this is happening. It's the same in many places and here in the uk too. Things keep getting more expensive but wages never go up and working conditions and contracts get worse with stuff like zero hour contracts where they can fire you at anytime without giving you any notice or severance pay.

leex1528

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If we want to start talking about how Americans are getting screwed in the inflation department, I think we should make another topic about it!

I am pretty sure the minimum wage if kept up with inflation would be around 12/hr no? Instead it is nearly half of that at 7.25, completely stupid...

Whitehouse

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Quote from: Kazimir on July 29, 2014, 05:21:24 AM

Quote from: kingama on July 28, 2014, 11:33:36 PM

With Bitcoin's track record, it's hard to justify being in anything else.

This, and with the Dollar and Euro track records (and especially their bank-monopolized fundamentals of fractional reserve banking) it's hard to justify being in fiat at all, other than the necessary payments for services that don't accept Bitcoin yet (such as taxes and mortgage).

Really? I'm a big believer in bitcoin but bitcoin doesn't really have a 'track record' as being stable. I think bitcoin is more of a risk than most strong fiat currencies at the moment but this could all change.

Topic: Who's brave/stupid enough to invest their life savings into Bitcoin? - page 23. (Read 33506 times)