Bitcoin Forum

http://www.youtube.com/watch?v=ub0Th1ewlws

Just listened to the whole thing really interesting if you have time i do recommend it  ;)

just listened to the first 5 minutes and i am already impressed. thx dude, for sharing.

* if i am actually becoming rich through this i come back to you

I'm listening to it right now, I like it (10 minutes far).

I heard Tony Robins on a Ted talk mention Getting Rich was a science but being successful was an art. 
I am 7 minis in and already I agree I deserve to be Rich, (at what point does Bitcoin come in?)

In order to become rich all you need is a pen and a paper.

If you can write good books, movies, etc you can become rich.
If you can play soccer, run or box you can become rich.
If you can sing like a star, you can become rich.
If you can entertain with your humor, you can become rich.
If you can paint.

All of these are things you can learn or do for free.

and after 20 years I have finally got of my professional ass to write some short stories...and the 1st anthology entry I submitted has been short listed! yipeee

In order to become rich, you must first learn to spend less than you earn!  Getting rich does NOT happen by earning a lot of money.

#richdadpoordad

This I have mastered.

I have cut my earnings significantly to avoid tax, and all the while, I have consistently spent less than I earn for over 20 years. (My Cash savings have not been so diligent and have sacrum to the temptation of inflation)   

What should I do next?

i disagree.

for making money, i think the marketing of the product is more important than the product itself.

i.e. If you can sell a book, movie, etc to millions of people you can become rich. (regardless of how crap it may be).

Invest in income-generating assets.  Real estate, stocks, venture capital (if you have enough to "play with"), bitcoin mining machines, etc.  Put it into a variety of things.

Also, if you haven't read the book Rich Dad, Poor Dad, I highly recommend it.

yip read the book just a little while ago, I think the message is bang on, but I have missed the big money maker "property boom" or as I see it I am on the wrong side of the malinvestment.

My primary investments have all been income generating assets, they have contributed to the progress of civilisation and my dwindling wealth (however they are relative commodities as the industries are highly competitive) the price deflation this competition causes is nicely matched by the inflation in the money supply)  The up side is I now don't produce anything and I outsource to China and am earning more than I did as a producer, (the economy is getting stronger by the day :'( )

Real estate is spending money I don't have,

Stocks all went belly up after 911 or 2008 (if my investments can go broke why can't the banks or some EU states),

Venture capital I haven't played with Kick-starter but it has been a 50/50 endeavour, I end up investing more than just money (maybe I have issues). 

My dilemma is investing because inflation requires it, is a form of what economic theorists call malinvestment, there are some good stocks out there and I have been a little timid after making some bad calls, but I should go at it again.

My Bitcoin mining rigs are the only shining light in all this investment centric, can't save world, they keep my family warm and my office too.  They bring in about 0.4% return per day, and have paid for themselves many times over. (as Mining investing goes, I am at the edge of my comfort level, can't justify more investment without some sure sign) 
I have been hesitant to save in Bitcoin because the Keynesian myth "the paradox of thrift" is actualy alive and well in the Bitcoin economy.

Ok so I have invested what should you do next?

Thanks bro  :D

That guy just filed for bankruptcy :/

http://www.nypost.com/p/pagesix/rich_dad_bankrupt_dad_UNJgqVDYCEthW1TEAYYwXN

Thanks for the link! I love this type of information.

http://youtu.be/ub0Th1ewlws?t=58m
Bullshit.

My ears are bleeding. Yes, thank you God, you are so great. ::)
This has been written in the early 1900s and published in 1910. Just a reminder.

http://youtu.be/ub0Th1ewlws?t=75m35s

This is beginning to be laughable.

I thought this was obvious but apparently not.

You haven't missed the big money-maker property boom.  Now is the PERFECT time to invest in real estate (in my opinion)!
- Renting demand is high.
- Real estate is cheap because of the housing crash. (remember that saying, buy low, sell high?  Well now is the "buy low" period!)
- If you think we're about to enter into an era of high inflation (which I do), then think about what that'll do to real estate prices.
- Real estate is a finite resource - it will always be in increasing demand as long as world population is growing.

And then I think stocks are a good investment as well, for similar reasons to those mentioned above.  My stocks (or rather, 401k mutual funds) have been doing fine through the recession (either stagnant or growing).  All your stocks lost 100% of their value?

I agree that inflation encourages over-investment (and bad investments), because an investment that loses 2% a year is still better than losing 3% a year to inflation.  But that's all the more reason to invest in something instead of nothing if you have extra money laying around to invest with.

If I had an extra million to invest right now, here's what I'd do:
- Invest half in real estate rental property.
- Invest 1/3 in dividend-paying stocks.
- Keep 1/6 around in very liquid investments (perhaps Bitcoin) to have ready for other investment opportunities that arise.

No, one of his corporations filed for bankruptcy because it was hit with a judgement against it for far more than it could pay.

That said, I lost some respect for the guy after reading that article.  He had an agreement to pay a percentage of his earnings to said company, and reneged on it.

When I got to the god part I immediately turned it off.

~ 1:20

"purpose of nature is the advancement and unfolding of life"
no

"to be content with less is sinful"
Calvinism? I'm out.

Not by a long shot. House prices are still far too high.

"Low" for house prices means below the non-bubble prices, which for many decades meant the average house price in an area was no more than three times the average income in the area, with buyers expected to put 20% down and acceptable backend ratios.

At least in my area, we're getting close to that.  Average home price is $194k, average family salary is $49k, so just under 4x average salary.

Also, don't forget that land is a finite resource.  Land didn't used to be nearly as valuable as it is now, but cities are tightening up on the amount of land they allow to be used for residential and commercial usage.  I wouldn't expect us to ever dip back down to the 3x average income rate again, just because build-able land is becoming more and more scarce, and will only continue to do so absent some worldwide plague or nuclear war that reduces the world population significantly.

+1.

WARNING!!!

OP link JESUS ALERT!

Since when is nature not about surviving and reproducing?
 :D

http://www.crackshackormansion.com/

The average price of a house is around $1,000,000 in Vancouver (http://www.crackshackormansion.com/) and the average salary is around $45K, I think the problem is lack of innovation; one solution would be to sleep about 7 people per room.

Now I don't feel privileged any more :-\. 

Yes the demand to rent is high and the property is finite so the average Vancouverite spends over 50% of their income on rent. In Vancouver anyway, there is no free market on land anymore, it is now an oligopoly (more practically a monopoly).  This is the antithesis of free, looks a little like voluntary slavery.
 
As for investments I will go with 30% rated dividend paying stocks including banking stocks.
The rest is invested in me as a struggling entrepreneur.
My savings are the Bitcoin my rigs produce; (while I see cryptocurrency just like Bitcoin as the solution) I can't intellectually invest more in Bitcoin because of the problems I see in its distribution, this is the ultimate adoption problem. ( it is all good and well me mining a bunch and will only sell when I make good return, but this action is the action that will prevent people from parting with their Bitcoin hence adoption will be slow.)     

Ah, yes, I've heard of the crazy housing prices in Vancouver, and can understand the reluctance to invest in the market there.  I should have asked where you live first.  ;)

Regardless, is there anyplace in Canada that does not have such insane housing prices that you would feel comfortable investing in?  Or would it be possible for you to invest in real estate in the US?  I am uncertain regarding any regulations surrounding that.

I suppose my only other suggestion is putting some investment into the precious metals as a hedge, though I expect those won't do so well when economies begin the turn around.

Want to get rich, invest in the market of purest graphite mine, those pure graphite mine will be so in demand soon, because the purest graphite is needed to make affordable GRAPHENE !

wath this : http://www.youtube.com/watch?v=SXmVnHgwOZs&feature=colike

Yes, and yes. Five minutes into it I couldn't stand the pathetic shallowness any more.

Get Rich or Die Mining  ;D ;D

I dont know if everything is true but its probably the fame of mind you have to be in if you want to get rich lol

people can say nature has this or that purpose but by itself it has none (that we know of). and btw: a tree does not want to survive. It simply does - or not. Evolution is mostly a passive process.

Even truer!

Robert Kiyosaki always struck me as the worst kind of false-hope peddler. He got rich by riding a boom in housing that isn't going to be repeated any time soon and then tells everyone else that they could do the same when they obviously can't. He also wants to become a billionaire in his lifetime. Really? Is there nothing he actually wants to do with all the money except accumulate more?

In case that sounds like sour grapes, there are other get-rich-quick books I have enjoyed (like The 4 hour Work Week), but Rich Dad Poor Dad really didn't impress me.

;D

The link is dead and I couldn't find a mention in the thread - could someone tell me who the author/orator in the OP is?

Dankss

Here is the digitaly written copy:
http://images.thesecret.tv/The-Science-of-Getting-Rich.pdf

Flowz

Thanks Flowz, I remember this now. Six years later, maybe I should look over it again because I'm still not rich..

It is a matter of being good at something.. making a product/service that people want and then convincing lots of people to give you money.

Its just the last part is the tough one....

This is part of the impetus behind better education for young people (teaching them alternatives such as the Austrian School) and more socialization in general.  Getting to know each other better, so that the transactions between us become of a higher quality.  Conversing honestly, responsibly, diplomatically and logically correct.  Using our words and language (this awesome forum for communications we know as the interwebs... Is THIS really true???  consider this:  Only 20 years ago, when we answered our phones, most of the time we had NO CLUE who was going to be on the other end.  Now:  We have electronic forums, catered and specialized to whatever interest we fancy to google up, and instant access to highly knowledgeable people that we converse with just as the person sitting next to me on the couch, yet we have no clue who each other is.  We have no clue who we are, STILL, but we are learning and even creating who we are) --
One method boiling down to sales tactics:  A good salesperson has to know the customer well enough to know precisely their demands; the more detail, the more chance of a sale.  And the product is you, and me; well, our labor and products/services. But this time, our products/services will NECESSARILY HAVE TO BE what WE personally choose for ourselves -- this will be the only way to be compatible with the coming new aeon (or whatever - there's huge change coming; if you can't smell it, you have no nose).
 Bottom line:  Decentralization and individual direct ownership and management of our own labor, labor that we choose based on our preferences and not imposed upon us by external pressures to pay ever-increasing interest on loans just for basic amenities of life... That decentralization and individual ownership is imminent, and it will be a direct product of technology that will by that time be past the point of no return, and NOT any political agenda and certainly no religious / national decree or government legislation.  The change will be worldwide and profoundly personal, in the sense that when we prepare for our work, when we get ourselves pumped/stoked/psyched for our day, there will be a personal process of introspection that will be absolutely fundamental to successful sales of an individual's product of his/her/its chosen profession.  <-- This, as opposed to the grim depersonalization involved in the pumping/stoking/psyching process most of us are familiar with, just to cater to something would not have chosen had it not been for those imposed artificial externalities.
We will finally be free to be ourselves.  Hell, we ARE.  What a ramble.

nice ramble...i  bet you are a salesman.. lol ...but i kinda see a future like this as well. i'm optimistic and see great things for our civilization through all sorts of p2p technologys. its exciting watching these p2p technology's take on the status quo...
1st in line was the copyright cartell... aka, movie and music industry (crushed... only a supposed 10-20% decline in file shareing after it was criminalized but now vastly increasing in numbers)
now bitcoin is taking on the leaching financal and banking powers
whats next? p2p voting and law making to take down the mafia like corporate backed police state government... it only took 4 days to count the votes in Florda....

i believe many people will be financially liberated with bitcoin

Yes it is very exciting times to be alive that's for sure! Major developments are occuring in many other areas as well as p2p technology eg http://www.wfs.org/futurist/july-august-2012-vol-46-no-4/abundance-builders

 ;D

BTC is the future of money I am sure - I want to buy a ticket to space with BTC !

http://www.youtube.com/watch?v=4fS1FxBq64A

Hey, not so long from now SpaceX will be selling tickets to mars for 500,000. And i bet by 2023 everyplace will take Bitcoins, who knows maybe we will begin sending Bitcoins to mars?

Whats a safe number of confirmations to a transaction to mars?

It depends of what you get in exchange  ::) but usually 6 confirms, same as on Earth.

Ha ha ha this thread got awesome! Maybe once we figure out how to build computing power into the quantum foam of time and space there will be no problem processing BTC transactions to Mars and far, far beyond :)

I wonder if the time it takes information to get to mars would open up the possibility of spending coins both on earth and on mars at the same time and each having their own 6 confirmations before half of them are orphaned

Communication between Mars and Earth can take anywhere between 4-20 minutes, depending on the orbit of Earth and Mars. It would pose no problem for Bitcoin :)

Best ways to get rich:
3. Rob a bank
2. Buy a bank
1. Invent currency

I'm glad I don't need to worry about my BTC not syncing when I'm in my spaceship on the way to Mars  ;D

There might already be such a universal currency in the quantum foam with black holes being wallets. So Bitcoin might be seen as a fork and earth will be destroyed.

Ha ha ha + 1 for the black hole wallets! Sounds like the beginning of a mad sci fi story ...

"video has been removed by the user. "

 >:(

http://www.crackshackormansion.com/

14 out of 16. Living in a second rate country gives you perspective. I need a Vancouver real estate license immediately.

removed?

yes sorry it has been removed by the user nothing i can do  :(

not sure have a listen to this

http://www.youtube.com/watch?v=qymAprx2I10