Who's brave/stupid enough to invest their life savings into Bitcoin? - page 4.

itod

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Quote from: Gyfts on December 27, 2014, 05:49:04 PM

That's stupid. Never invest your full life savings in ANYTHING. Providing no security if things go south...For someone to invest after the crash last year, they would see and prove to themselves it was a stupid decision.

Well you have to invest it in *something*. If you invest it in currency, you have to keep it in the bank if you don't want to get robbed, and we've seen money in the bank can turn out to be really ugly really quick. Remember USA in the 1930's when 10% is confiscated or Cyprus few years ago when 30% was confiscated by the state. In USA people couldn't even open their safe deposit boxes without the IRS official who was entitled to take 10% out of them. All that in the best case scenario than your bank never fails, which also is not 100% sure.

picolo

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Quote from: Gyfts on December 27, 2014, 05:49:04 PM

That's stupid. Never invest your full life savings in ANYTHING. Providing no security if things go south...For someone to invest after the crash last year, they would see and prove to themselves it was a stupid decision.

Future will tell if it was a successful trade or not but I agree you should not generally invest all your life savings in one asset if your life savings are sizable. I have seen people invest their whole wealth in an asset and do great though because they know the asset and can extract a lot of value from it.

Gyfts

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That's stupid. Never invest your full life savings in ANYTHING. Providing no security if things go south...For someone to invest after the crash last year, they would see and prove to themselves it was a stupid decision.

heartastack

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I bitcoined my entire bitcoin in bitcoin and all I can bitcoin is that it's been bitcoin

picolo

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Quote from: botany on December 27, 2014, 04:50:28 AM

Quote from: leex1528 on December 26, 2014, 01:21:56 PM

It looks like if you got into Bitcoins late, you lost. Grats to those who did it early enough to make some fiat, for those that held on, I suggest you sell now so you can get max amount of money back!

Sell now? People who saw bitcoin go up to $1200 won't sell at $300.
They expect the next bull run to be just around the corner.

Bitcoin could go to 1000$ in 2 or 3 months if the USD crash and if it becomes a seller market.

botany

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Quote from: leex1528 on December 26, 2014, 01:21:56 PM

It looks like if you got into Bitcoins late, you lost. Grats to those who did it early enough to make some fiat, for those that held on, I suggest you sell now so you can get max amount of money back!

Sell now? People who saw bitcoin go up to $1200 won't sell at $300.
They expect the next bull run to be just around the corner.

leex1528

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It looks like if you got into Bitcoins late, you lost. Grats to those who did it early enough to make some fiat, for those that held on, I suggest you sell now so you can get max amount of money back!

botany

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Quote from: picolo on December 24, 2014, 08:29:31 PM

Quote from: Flashman on December 24, 2014, 02:10:16 PM

Quote from: picolo on December 24, 2014, 11:55:15 AM

Why 300$ to get 100$ into it?

Intermediaries, unless you were in US or Japan, you probably had to go through a several scammy/scummy different services like liberty reserve, and $10 or so, 5% or so each hop you'd not end up with much at end. Depending on timing it might not have been a wise decision to deal with Gox even when apparently functioning though.

Quote

If you bought 100$ worth of bitcoins back then you would have been very tempted to sell after a x10 or x100

Also very true.

The risk was very high and it looked likely that Bitcoin will fail soon.

Those who were really lucky were those paid in bitcoins or mined bitcoins very early on then forgot about their bitcoins

There are some who not only forgot about their bitcoins, they forgot their private keys as well.
Can't really envy their position. Grin

picolo

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Quote from: Flashman on December 24, 2014, 02:10:16 PM

Quote from: picolo on December 24, 2014, 11:55:15 AM

Why 300$ to get 100$ into it?

Intermediaries, unless you were in US or Japan, you probably had to go through a several scammy/scummy different services like liberty reserve, and $10 or so, 5% or so each hop you'd not end up with much at end. Depending on timing it might not have been a wise decision to deal with Gox even when apparently functioning though.

Quote

If you bought 100$ worth of bitcoins back then you would have been very tempted to sell after a x10 or x100

Also very true.

The risk was very high and it looked likely that Bitcoin will fail soon.

Those who were really lucky were those paid in bitcoins or mined bitcoins very early on then forgot about their bitcoins

Flashman

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Hodl!

Quote from: picolo on December 24, 2014, 11:55:15 AM

Why 300$ to get 100$ into it?

Intermediaries, unless you were in US or Japan, you probably had to go through a several scammy/scummy different services like liberty reserve, and $10 or so, 5% or so each hop you'd not end up with much at end. Depending on timing it might not have been a wise decision to deal with Gox even when apparently functioning though.

Quote

If you bought 100$ worth of bitcoins back then you would have been very tempted to sell after a x10 or x100

Also very true.

picolo

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Quote from: Flashman on December 24, 2014, 10:09:02 AM

Quote from: malaimult on December 23, 2014, 11:57:27 PM

I somewhat doubt that many people were able to do this

That "able" was a thing, I first heard of it when it was first establishing value, and would have bought $100 for a "what if" back then, but found you had to know the right people, no infrastructure... I think Gox had just kicked off, but you could probably have spent $300 to get $100 into it then.

Why 300$ to get 100$ into it?

If you bought 100$ worth of bitcoins back then you would have been very tempted to sell after a x10 or x100

Flashman

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Hodl!

Quote from: malaimult on December 23, 2014, 11:57:27 PM

I somewhat doubt that many people were able to do this

That "able" was a thing, I first heard of it when it was first establishing value, and would have bought $100 for a "what if" back then, but found you had to know the right people, no infrastructure... I think Gox had just kicked off, but you could probably have spent $300 to get $100 into it then.

picolo

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Quote from: malaimult on December 23, 2014, 11:57:27 PM

Quote from: Flashman on December 18, 2014, 08:26:14 PM

Quote from: smoothie on December 18, 2014, 07:54:26 PM

lol people who bought BTC at $0.10 are golden.

Imagine a 12 year old who blew the whole $100 he had to his name that his grandma gave him for Christmas and birthdays.... HE'S not worried about how to afford higher education right now.

I don't think many people would fit this category. I do think it would be very 'romantic' to be able to buy bitcoin at the right time and have the foresight to not sell until now, I somewhat doubt that many people were able to do this

A few were able to do this. If you got thousands of bitcoins for free you probably sold them at 1-5$ and if you didn't you sold them at 10$. If you had any left at 30$ you unloaded there.

It is amazing that some kept them until now!

malaimult

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Quote from: Flashman on December 18, 2014, 08:26:14 PM

Quote from: smoothie on December 18, 2014, 07:54:26 PM

lol people who bought BTC at $0.10 are golden.

Imagine a 12 year old who blew the whole $100 he had to his name that his grandma gave him for Christmas and birthdays.... HE'S not worried about how to afford higher education right now.

I don't think many people would fit this category. I do think it would be very 'romantic' to be able to buy bitcoin at the right time and have the foresight to not sell until now, I somewhat doubt that many people were able to do this

Rassah

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Quote from: caga on December 21, 2014, 03:57:08 AM

Quote from: cryptocoiner on December 20, 2014, 09:26:11 PM

Investing in bitcon still kinda strange idea for me. It's unpredictable.

You better start using bitcoin as money. Sell stuff and services for bitcoins. Just use it as currency. Same as dollars/euro etc

And save bitcoins. If expect them to rise in price.

Maybe once the difficulty goes up and the adoption phase happens,
only then can we say that the price would not be as volatile as it is now.
That would be the best time to get in.

What does the difficulty going up have to do with anything?

caga

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Quote from: cryptocoiner on December 20, 2014, 09:26:11 PM

Investing in bitcon still kinda strange idea for me. It's unpredictable.

You better start using bitcoin as money. Sell stuff and services for bitcoins. Just use it as currency. Same as dollars/euro etc

And save bitcoins. If expect them to rise in price.

Maybe once the difficulty goes up and the adoption phase happens,
only then can we say that the price would not be as volatile as it is now.
That would be the best time to get in.

cryptocoiner

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hyperboria - next internet

Investing in bitcon still kinda strange idea for me. It's unpredictable.

You better start using bitcoin as money. Sell stuff and services for bitcoins. Just use it as currency. Same as dollars/euro etc

And save bitcoins. If expect them to rise in price.

picolo

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Quote from: botany on December 19, 2014, 10:50:41 PM

Quote from: picolo on December 19, 2014, 12:06:09 AM

Quote from: botany on December 17, 2014, 02:03:10 AM

Quote from: LordSonjai on December 15, 2014, 07:38:49 PM

brave enough or suicidal?
You never invest all your money into one category that is rule number 0 it goes without being said.

Bitcoin would never form more than 1% of your portfolio, if you took investment advice.
However, every one of us has a gambling streak within.

If your live savings are 500$ and you pour 100$ in Bitcoin it's not a huge risk if you don't desperately need the 100$ and you can work for 5$ or more an hour.

That is true. I was talking about the percentage you would invest in Bitcoin continuously, as you earn.
I guess you would be comfortable investing 1% whether you earn $10K or $100K.
Some people would have higher risk appetite and higher thresholds.

If you earn 1000$/month and you are able to save 50$/month but expect higher wages in the future, buying 50$ worth of Bitcoin every month doesn't seem that risky.

It's only 50$ and you are likely to earn more in the future so you will be able to save on other commodities.

botany

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Quote from: picolo on December 19, 2014, 12:06:09 AM

Quote from: botany on December 17, 2014, 02:03:10 AM

Quote from: LordSonjai on December 15, 2014, 07:38:49 PM

brave enough or suicidal?
You never invest all your money into one category that is rule number 0 it goes without being said.

Bitcoin would never form more than 1% of your portfolio, if you took investment advice.
However, every one of us has a gambling streak within.

If your live savings are 500$ and you pour 100$ in Bitcoin it's not a huge risk if you don't desperately need the 100$ and you can work for 5$ or more an hour.

That is true. I was talking about the percentage you would invest in Bitcoin continuously, as you earn.
I guess you would be comfortable investing 1% whether you earn $10K or $100K.
Some people would have higher risk appetite and higher thresholds.

picolo

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Quote from: botany on December 17, 2014, 02:03:10 AM

Quote from: LordSonjai on December 15, 2014, 07:38:49 PM

brave enough or suicidal?
You never invest all your money into one category that is rule number 0 it goes without being said.

Bitcoin would never form more than 1% of your portfolio, if you took investment advice.
However, every one of us has a gambling streak within.

If your live savings are 500$ and you pour 100$ in Bitcoin it's not a huge risk if you don't desperately need the 100$ and you can work for 5$ or more an hour.

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