Why Bitcoin might soon make your 401k obsolete - page 2.

TaunSew

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Well it's the Pareto rule. Eventually the wealth is owned by a minority.

In former Soviet bloc they implemented capitalization and wealth was evenly distributed (even to children) in the form of voucher privatization. They also received their residences for free too, IIRC.

http://en.wikipedia.org/wiki/Voucher_privatization

It would be like everyone's mortgage in America being paid off, get a free summer cabin and everyone (including your kids) receiving $200K in equity in multiple companies. So if you have 4 kids and a wife, your family would get $1.2 million overnight plus your properties.

Wealth equalization is great but hey, wait a second, why's Eastern Europe so broke and depressed?

What happened in the east? People sold their vouchers for vodka, food ,cars.. the vouchers were dumped (like people dumping Bitcoin and stocks) and this essentially crashed every economy in Eastern Europe.

Eastern Europe economy was essentially a real life aurora coin. Grin

"Air drop" didn't work in the 1990s and didn't work in 2014. Cool

factor280

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Quote from: Beliathon on June 26, 2014, 04:08:45 PM

Most Americans don't have any wealth worth mentioning in their 401k. The bottom 50% of Americans own only one half of one percent of all stocks, bonds, and mutual funds. The top 1% own 50%.

So if we even HAVE a 401k, it is already "obsolete" for the vast majority of us wage slaves. We aren't truly investing, we're only just scraping by.

Learn more...

This chart is depressing.

nwfella

legendary

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Well hello there!

As far as long term-retirement fund options go, I can't think of anything better than Bitcoin.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: cbeast on June 26, 2014, 06:20:59 PM

Bitcoin will make investing directly into assets much easier without going through brokers and fund managers. Hopefully the popular business model will be operational transparency; and profitability will no longer be dependent on accounting tricks. People will invest in their neighbors and support their communities. There will still be some risky investments, but Bitcoin could bring about a new "Builder Generation."

Man I hope so, we desperately need it...

Ron~Popeil

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I'm not liquidating my retirement fund in favor of bit coin just yet, but as my purchasing power shrinks over time it might be something worth thinking about. It is just too new to put all of my eggs into one basket just yet.

ShakyhandsBTCer

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It's Money 2.0| It’s gold for nerds | It's Bitcoin

it is very important to diversify your retirement assets. Investing all of your money in bitcoin would be very risky.

For most people it would likely be a bad idea to put any retirement funds in bitcoin

bitbouillion

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Quote from: lihuajkl on June 26, 2014, 10:07:28 PM

I t doesn't matter if you have got 401k now, you can invest a small amount of fiat to bitcoin and wait for your retirement.

Bitcoins in a 401k is are just IOUs, you don't own the coins, but the 401k fund does. Better invest after-tax money, no one can confiscate your coins. Wink

lihuajkl

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Quote from: BitCoinDream on June 26, 2014, 04:19:52 PM

Quote from: gentlemand on June 26, 2014, 04:15:10 PM

Do they all personally know these 'large numbers' of people who bought at $35 and sold at $1000?

If we're going for exact adherence to those figures I'm going to postulate that 19 people in the entire world bought at exactly 35 and sold at 1000.

Very few people who bought at 35 USD have sold at 1000 USD. Most of them sold when it touched 100 USD and most of the rest are still holding. They have no plan to sell in near future.

There were very few people who bought at ＄35. After 10 years the price will be ＄10K for 1 BTC, I think there will be many people who will regret not to buy at ＄500. I t doesn't matter if you have got 401k now, you can invest a small amount of fiat to bitcoin and wait for your retirement. We don't need to care about the price fluctuation of price everyday.

doof

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I bought at $5. Sold at various points between $181 and $950

Guido

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people can invest 401k etc straight into secondmarket bitcoin fund

https://twitter.com/barrysilbert/status/482234862909145088
http://www.etftrends.com/2014/06/the-bitcoin-etf-you-havent-heard-about/

ThomasCrowne

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★☆★ 777Coin - The Exciting Bitco

Bitcoin in fact made my own 401k obsolete the minute I found out about it!

Ron~Popeil

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Quote from: TaunSew on June 26, 2014, 06:05:41 PM

Problem with 401K is that it's not inflation proof. Your Grandmother, presumably if she's old enough, likely remembers when she only paid $0.05 for a Coca Cola in a restaurant; whereas today, a Coca Cola costs up to $2 (if not $3 in a bar). Coca Cola increased 40 to 60 times within generational memory. The samething will happen to your 401K - it'll decrease in value by 20 to 60 times by the time you collect.

Pensions suffer the same issue too, I might add, unless you have an indexed pension like government workers. The reality is most of us will probably die from starvation in our old age due to not having any money, unless we manage to keep a job somehow.

That's the reality of inflation, folks. Back in the age of prosperity, when currencies did not inflate to the moon, it wasn't uncommon for people to retire in their 50s. It's a dystopian society if we are working people to death, especially when this is contrasted by all the Paris Hiltons and other capital owning parasites

Those indexed pensions are part of the reason cities are going broke. The current rate of devaluation is just not sustainable. It is an abhorrent system that destroys the wealth of the many to benefit the few.

cbeast

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Let's talk governance, lipstick, and pigs.

Bitcoin will make investing directly into assets much easier without going through brokers and fund managers. Hopefully the popular business model will be operational transparency; and profitability will no longer be dependent on accounting tricks. People will invest in their neighbors and support their communities. There will still be some risky investments, but Bitcoin could bring about a new "Builder Generation."

TaunSew

hero member

Activity: 756

Merit: 506

Problem with 401K is that it's not inflation proof. Your Grandmother, presumably if she's old enough, likely remembers when she only paid $0.05 for a Coca Cola in a restaurant; whereas today, a Coca Cola costs up to $2 (if not $3 in a bar). Coca Cola increased 40 to 60 times within generational memory. The samething will happen to your 401K - it'll decrease in value by 20 to 60 times by the time you collect.

Pensions suffer the same issue too, I might add, unless you have an indexed pension like government workers. The reality is most of us will probably die from starvation in our old age due to not having any money, unless we manage to keep a job somehow.

That's the reality of inflation, folks. Back in the age of prosperity, when currencies did not inflate to the moon, it wasn't uncommon for people to retire in their 50s. It's a dystopian society if we are working people to death, especially when this is contrasted by all the Paris Hiltons and other capital owning parasites

smoothie

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LEALANA Bitcoin Grim Reaper

For me it already has made 401ks obsolete on the fact that you can move your money around with no red tape in the way.

Ron~Popeil

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This does kind of point out the disparity in wealth and the low wealth of average people. We not only hold the least wealth but they are also shrinking our purchasing power every day.

cryptnutter

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The way things are going with the world economy, I'll place my bet that it won't be too long until they rename the 401k to 0k.

haploid23

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Quote from: keanbosch on June 26, 2014, 03:50:49 PM

Over the last few years a large number of people were fortunate enough to buy in when Bitcoin was priced at $35 and sell when it reached $1000

Likewise, there were MORE people that didn't get a chance to buy in at $35. There is absolutely no correlation to the amount of bitcoin holding and 401k. For those that bought in at cheap btc, you won't be able to know if they have a 401k or not. On the other hand, if you have a 401k, there's no telling whether you hold bitcoins or not.

keanbosch

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Quote from: Beliathon on June 26, 2014, 04:31:01 PM

I bought at 145, holding till 145,000 $

That 1000% profit! Grin

Beliathon

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https://youtu.be/PZm8TTLR2NU

I bought at 145, holding till 145,000 $

Topic: Why Bitcoin might soon make your 401k obsolete - page 2. (Read 2794 times)