I just invested $400,000 into Bitcoin
proof: 1DDWEQM11uMUKiqpGEWvBT2at3CjCw3Vra
Topic: Who's brave/stupid enough to invest their life savings into Bitcoin? - page 27. (Read 33509 times)
July 27, 2014, 11:52:42 AM
July 27, 2014, 11:46:57 AM
Would it be safer than storing your wealth in the bank? I mean how often does a bank shut down? the value of bitcoin could go to 0 any minute!
That's a good comparison. I don't know whether it's 'safer' but I would prefer losing my money due to my own decision rather than having it taken by a multi millionaire company.
In the US every bank account is insured up to $100,000 to $500,000. If the bank goes down due to faulty or fraudulent decisions by the bank most consumers would be protected.
That's just in the US a lot of countries don't offer this type of insurance I know a lot of countries have it so that if the bank declares bankrupts you can't touch them and it's happened many times before. I'm not 100% sure the policy in the US as I don't live there or own a US bank account.
What I explained first protects account holders in the US from a bank going bankrupt. It started after the "run on the banks" in the 1920's/30's. Universal trust is needed to keep a banking system alive and the FDIC provides that trust in the US.
I was just saying that there's less risk to be in a bank vs. BTC in the US.
July 27, 2014, 11:41:20 AM
Bitcoin is way too new and too speculative to do something like this. There is a good chance that an investor in bitcoin could lose all of their investment. I don't think it will happen, but there is still the risk.
July 27, 2014, 11:35:41 AM
Would it be safer than storing your wealth in the bank? I mean how often does a bank shut down? the value of bitcoin could go to 0 any minute!
That's a good comparison. I don't know whether it's 'safer' but I would prefer losing my money due to my own decision rather than having it taken by a multi millionaire company.
In the US every bank account is insured up to $100,000 to $500,000. If the bank goes down due to faulty or fraudulent decisions by the bank most consumers would be protected.
That's just in the US a lot of countries don't offer this type of insurance I know a lot of countries have it so that if the bank declares bankrupts you can't touch them and it's happened many times before. I'm not 100% sure the policy in the US as I don't live there or own a US bank account.
July 27, 2014, 11:33:09 AM
Would it be safer than storing your wealth in the bank? I mean how often does a bank shut down? the value of bitcoin could go to 0 any minute!
That's a good comparison. I don't know whether it's 'safer' but I would prefer losing my money due to my own decision rather than having it taken by a multi millionaire company.
In the US every bank account is insured up to $100,000 to $500,000. If the bank goes down due to faulty or fraudulent decisions by the bank most consumers would be protected.
July 27, 2014, 11:28:45 AM
I'm sure there are many people who are brave (or stupid enough) to put all their money into btc. As with any investments its a risk, but it'll probably pay off. It's just a question of do you have the balls to take the gamble?
What makes you think "it will probably pay off"?
If it'll probably pay off that it isn't much of a risk.
July 27, 2014, 11:22:49 AM
does hoarding thousands of BTC, whilst having a fiat bank account balance of under £30(~$50 after bills) count
hmm realizing its a sunday and pay day tomorrow....
45 minutes later
ok my bank balance is zero..... mmmmm pizza and beer
so i guess i am heavily invested in bitcoin..
hmm realizing its a sunday and pay day tomorrow....
45 minutes later
ok my bank balance is zero..... mmmmm pizza and beer
so i guess i am heavily invested in bitcoin..
Yeah sure that counts your in a very strong position with that amount invested.
July 27, 2014, 10:38:56 AM
Investing your life savings into Bitcoin is borderline retarded and indicative of a low financial intelligence.
That statement is so true it hurts.
So what do you think is a safe/good amount of your savings to invest in Bitcoin? 20, 30 over 50 percent?
The key here is it all depends on how much savings you've got. Most people I know have life savings of less than a year's salary, and don't own any assets. For them, it would probably make sense to invest a lot, >50%, because they could make the money back by living very economically for a few years.
If you have a million dollars in the bank, then it would be pretty dumb to invest >50% of it IMO, I would say no more than 15%, more like 5%
But if you have a million dollars and own 10 houses worth a million each, why not invest 100% of your money? If it fails, sell one of your houses and you'll have your money back.
July 27, 2014, 10:38:33 AM
does hoarding thousands of BTC, whilst having a fiat bank account balance of under £30(~$50 after bills) count
hmm realizing its a sunday and pay day tomorrow....
45 minutes later
ok my bank balance is zero..... mmmmm pizza and beer
so i guess i am heavily invested in bitcoin..
hmm realizing its a sunday and pay day tomorrow....
45 minutes later
ok my bank balance is zero..... mmmmm pizza and beer
so i guess i am heavily invested in bitcoin..
July 27, 2014, 10:37:35 AM
Would it be safer than storing your wealth in the bank? I mean how often does a bank shut down? the value of bitcoin could go to 0 any minute!
That's a good comparison. I don't know whether it's 'safer' but I would prefer losing my money due to my own decision rather than having it taken by a multi millionaire company.
July 27, 2014, 10:35:25 AM
So what do you think is a safe/good amount of your savings to invest in Bitcoin? 20, 30 over 50 percent?
I would've thought many who invest might allocate 1-5% of their funds for truly speculative/ volatile investments.
I've gone for rather more than that myself. I find it very hard to get excited about much else out there.
I was thinking of investing 20% of my current savings which isn't a awful lot but enough to benefit from it something does come on it and it is bearable if I do lose that money.
July 27, 2014, 10:31:14 AM
So what do you think is a safe/good amount of your savings to invest in Bitcoin? 20, 30 over 50 percent?
I would've thought many who invest might allocate 1-5% of their funds for truly speculative/ volatile investments.
I've gone for rather more than that myself. I find it very hard to get excited about much else out there.
July 27, 2014, 10:26:20 AM
I'm not brave enough but i do invest still. I might get lucky if it reach thousands once again.
July 27, 2014, 10:17:47 AM
So what do you think is a safe/good amount of your savings to invest in Bitcoin? 20, 30 over 50 percent?
July 27, 2014, 10:08:05 AM
Investing your life savings into Bitcoin is borderline retarded and indicative of a low financial intelligence.
That statement is so true it hurts.
July 27, 2014, 10:03:41 AM
Changed the title to brave/stupid enough as I can see a lot of people think it is stupid to invest the whole of your savings and I would have to agree.
July 27, 2014, 10:01:51 AM
I would not dare to put my whole savings.
July 27, 2014, 10:01:28 AM
just know that this BTC is high risk and could be near zero next week.
i would only invest what i can afford to lose.
i would only invest what i can afford to lose.
July 27, 2014, 09:59:53 AM
If young and employed and little life savings, I guess it makes sense. If any of those cinditions is untrue, I'd call it unwise to foolish.
Yes, it depends if you can recover from loosing all your savings. Although I'm an optimist regarding bitcoins' future I would not take irrational risks that would ruin my life if future does not turn out as hoped. Past performance is not an indication of future gains. Bitcoin is still beta software and not established. It can still fail.
There is no "sure thing".
ya.ya.yo!
July 27, 2014, 09:54:22 AM
I personally believe that the price will increase by at least a factor of 100 over the next 2 years. Therefore, investing all your life savings would be a very wise decision.
Jump to: