Bitcoin Forum

https://www.cnbc.com/2017/10/17/this-family-bet-it-all-on-bitcoin.html

They sold everything to buy bitcoin and are living in campsites, waiting to become millionaires.

ok, this bet sound really good, but if this happen after 100 years?  I hope btc price will rise also for they  :-[ .

and as the saying goes, the Devil does not joke. Judging by all the forecasts that sound in all the media, as well as in our bitcointalk forum, then the reality Bitcoin holders can become very rich, depending on how many have Bitcoin coins. I think that this family has very recklessly acted, but nevertheless and luck can smile.

Wow that's amazing for me, betting it all in for bitcoin and the article says they are used to live now through trading. And the way of thinking is just like me because I also believe that the price of bitcoin can be doubled or quadrupled in 2020 but still we are far from that year. Bitcoin is a great investment and this family has their faith to bitcoin, I wonder on how many families are going to do the same thing upon knowing that they are the first family to take the all in risk for bitcoin.

I think its better to invest the extra money because we don't know what happen in bitcoin peice in the next few years. Because even the price of bitcoin continus to increase they have possible the price decreass once many bitcoin user sell their bitcoin and for sure this family sad because  they lose money. But their lucky if the bitcoin price become double price for sure they money also become double!

Too risky and crazy, but if they entered on this movement on summer (as the article says), they have already enriched themselves a lot if they put the money of a house, three cars etc. in when BTC price was 3000+

Anyway, even if they get rich... not well done to risk so much

It is just like they joined a gamble and put everything in a deal, well i just hope that luck is in their favor as we can see it for now still it is in favor of what they are doing right now and i think none of us can do that because it sounds a crazy thing that what if there is untoward incidents may occur and an instant they will lost everything that they work hard for that is why i called it just like joining a gamble.

Its really a big gamble that this family has to make. They are betting that by year 2020, they will be millionaires. Just like all of us here, we want to be rich with bitcoin. But they have taken it to a different level. On must to think logically because its 2-3 years from now and how do his family survived then? I guess bitcoin has affected and changed a lot of people's mind but somehow, you should only invest what you can afford to lose. This family invested everything and chances are that they won't be living normally and have to wait till their gamble pays off.

Old news.

well it is quite funny for a family to belt it all with what they have in normal senses they have seen the future i mean they drafted out how it will moves with their gamble or games. the fact is that they have faith in bitcoin that it can never fail them, for us we can call that craziness but for them is greatness so let just sit and see how it goes.

I also do it. My family bet it some on bitcoin not yet all because the income from work is not that baig so we can't afford. Also,we have own families to spend for the basic needs and other expenses. If we have a chance to bet it all we will do that next time. We have to save our bitcoin first and with full force we will bet and we have this fighting spirit to grow open mindedly and optimistic in what we do about bitcoin. We disregard the negativity or issues about bitcoin that's why we as family should move forward to have profitable life to our future. We invest because we believe and I guess that's the most important with bitcoin.

yes that family is so amazing and very brave to take that very high risk of may lose everything they have. But they will not do that if they don't see something in bitcoin. They believe what is happening in bitcoin price will continue and will make them very rich and fortune and they are together while waiting for that to happen. I also believe that something very good will happen to them.

They should have done this 2 years ago. This is a very wreckless thing to do with little kids I'm amazed at the stupidity it could be several more years before the next pump. If this story is factual, this guy gets irresponsible father of the year award. Raising kids is about stability, not about risking everything for riches - what a Fucktwit.

That is insane, there is no certainty in crypto currencies, if the price fall down or not moving then they will be in trouble, although Bitcoin is a great and recommended investment but the people need to be smart to make an investment, I think this is a risky and dumb idea, you should only invest what you can afford to lose and I don't like the idea to suffer because of the money for daily need used for investment

This was too risky, news sites love this kind of story of people going overboard, while I hope they do fine with their investment, I think the parents were irresponsible, I could understand if a single guy did this and hoped for the best but when you have a family you cannot take those kind of risks anymore, what are they going to do if their strategy fails? What about their kids?

Even if the price goes to $20k by 2020 like the father expects we are talking about 3 years of putting his little kids through a homeless situation so he doesn't have to worry about working anymore. Just a disgusting example of parenthood.

That family is genius. They are gonna be very rich in 3-5 years. And their kids get to grow up seeing that you don't need "stuff" to live a good life. With all their riches in a few years they can pay for all sorts of great experiences for their kids!

Oh dear lord, this is the kind of crazy stuff that happens when you have a bubble.

In the 90s, there were stories of people quitting their day jobs to become online day traders.  And it's a great plan as long as the market keeps going up.  The bitcoin market right now is reminiscent of that, and it makes me extremely nervous.  That's why I've been buying some gold & silver.  Those things are most certainly not in a bubble.

The end stage, the pre-popping of a bubble looks exactly like this:  Everyone starts piling in to buy whatever is inflating.  People start getting manic, and the price just keeps going up and up--and then it pops.  I do hope that's not the case with crypto right now.  It's so hard to tell, but it just seems like a replay of crazy markets I've seen in the past.

This is the sort of stuff you see from dysfunctional people, this is not an indicator of whether this is a bubble. No responsible parent would do this to their kids no matter how confident they were in some market.
I'm calling bullshit on the story to begin with, everyone looks too happy and healthy to be in such a desperate situation.

this is the most idiotic thing i have seen in bitcoin world so far. and it is so on so many different levels.

first obvious one is the price, they bought after the rise. and that is a lot of rise this year. the article said they have been doing it for months and still are doing it so they are in profit but still they are investing in bitcoin after a big rise.
second it is easy to lose bitcoin. it said they are living in campsites! how are they protecting their BTC, in a hardware wallet! what if they lost it or got robbed now that they got a lot of popularity too! if i were a thief i would find it easy target. i hope they at least know how to protect their bitcoin properly :D

Be even funnier if they are keeping their coins on an exchange.


I bet they are.

I 100% agree with you. I pulled out some cash from Bitcoin because I needed to use it for personal matters. Even though I lost money on it technically now, I have no regrets as I needed it for my real life. These people, however, seem to be willing to put their life's stakes in danger to go all in on a bet. We all know that even though bitcoins volatility has been pointing upwards, that it can go in any direction...

I think that this is a big risk and the family has went through extreme measure just to have bitcoin. I agree that bitcoin is a good investment but endangering their finances and lives is too much, and I think that its a greedy act since they expect to be millionaires in the future. It may be true that with high risk comes high rewards but this is too much of a risk. No one should go through such lengths just for wealth and money because money isn't everything.

They will lose everything and be forced to live in campsites forever if the market suddenly crashes and bitcoin falls. They should have at least left some just in case of emergencies or for contingencies, or at least some stable shelter.

I've heard about that, more precisely my dad told me about them :D Why is it risky? if they have some relatives and regular salaries, they can manage to live on that for the next year or two and then they'll definitely profit big. There's no way that btc will drop down to below $4k and stay there.

lol, i think thats a bad idea to sell all your stuff in order to invest in bitcoin. sure they can earn something when the value of bitcoin would still continue to grow but i think thats insane and stupid enough to sell their houses and everything important items. im starting to think that they suffer from a mental disorder or maybe the news was just fake because its nearly imposible to do those kind of ideas.

I appreciate this family story, they are willing to bet and take risks. And I'm glad that the family has big profits from their strategy
ever thought of doing the same thing. But I don't have the courage because it's very risky

That is insane. It's too risky. they are life and future by rumor. Although bitcoin is very nice, we believe in the future of it and they too but invest in bitcoin as well as investing in stocks. if the futures price goes down, the future of these people will turn out.
but if in the near future Bitcoin prices reach $ 10,000 or more, they are intelligent people :D  we will feel regret when not to do so

Now, that's what you call a real gambler. Such an insane move, others might think that's a crazy move they have done. Pretty sure they still have a regular work and friends or relatives to help them, if none I don't think it's a good idea to go all-in. If they will just hold it, they need to wait 1 year or few more years but if they will take another risk like in trading. They will not wait for a year to have a profit.

This is crazy and irresponsible by the parents!
I still hope they will be lucky, but this shouldn't be an example others want to follow!
Never go all in, especially when we already had extremely good run this year.

It seems to me that these parents need to be deprived of parental rights. It does not depend on the family earns money due to the fact that bitcoin price will grow or not. The main thing that they are ready at any moment to risk the future of their children. It seems to me that this is a case for a psychiatrist.

Every time someone announces one of these YOLO moves, people have to come out of the woodwork and be FRWs (Financial Responsibility Warriors).

FFS, what nannies everyone has become. If it's not the world's Governments, Bankers, or Financial Gurus telling you what to do with your money (or how to spend it), it's your fkn fellow man. And typically it's unsolicited financial advice from the guy next to you that doesn't have a pot to piss in.

Just stop. Let people do what they want.

God forbid this family actually scores big time. Like poor miserable crabs in a bucket, everyone else wants to pull the escaping crab back in.

What a great idea, let's brainwash our fellow man and eliminate all big risk taking in our modern society, that way no one ever will.

Except, ya'know, the wealthy elite oligarchs of this world that control everything. They don't give a shit what other people think. They take big financial risks every single day, and reap the rewards and get richer, while Average Joe gets poorer and poorer because he doesn't take any risks. Ever.

And what about that guy that sold his house for bitcoin in 2013 and went all in? Who is laughing now?

Yup! I Agree this is not necessarily needed and they literally sell everything for bitcoin to live under a rock, they can sure trade bitcoin by selling half of their money for bitcoin then trade for bitcoin, a small amount is just needed for it to invest in bitcoin in my opinion, they are family of bitcoin believers that can sure help each other to earn more!

This kind of action seems too greedy into my own eyes. They are risking and believing too much where comes to a point they sold everything and put in bitcoin.This is really like suicide thing.It would be heaven if their hopes on the price go on that way but what if the opposite thing happen? For sure they would end up on living that campsite forever.

Correct. They do believe too much on bitcoin but it isnt really a bad decision at all but it is really risky same as you said because price isnt really guaranteed that it will rise up in the future that would really makes them a millionaire.We cant predict on what would happen ahead which means there would really be only outcome on this kind of risk taking. Profits or total wreckage of their money.

I agree with most of you. It is quite a silly move. What has catched my attention is a contradiction on materialism. They say: We were just like – sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life”

So, it seems that they are quite hippie-like and don’t have much appreciation for material things but, on the other hand, if they are doing that heavy risky move is because they are expecting to get huge profits. I bet that if bitcoin crashes and stays low for three or four years the happily united family won’t be so united.

Bitcoin is a good investment, it seems having a bright future but we can't deny the truth that bitcoin is very much vulnerable even if it is not and it is going to give me a 1000% profit on my investment in future I will still not ruin and spoil my life like these people. It is ridiculous what this family has done. I will not compromise my life my time and my social circle at any cost. Why to give up everything that you have today for to get better after years. I don't appreciate it at all.

Whether the gamble pays off is completely irrelavent. What would make sense is selling the motorcyle and whatever cars that aren't necessary, other toys and maybe even downgrading their home assuming they had significant equity. What the parents have chosen to do with little kids in tow is madness, and these kids should be taken away and put into foster care because it's pretty obvious they don't care enough about them to provide the basic necessities of modern life. If btc goes into another bear mkt, this story will probably be repeated as an example of the harm btc can do - but that's not the story, the story is bad parenting.

I mean, I wish them the best, but... *points down at my signature*

They're already up 2x if they pulled the trigger "several months ago", so I hope they at least have the good sense to cash back out their initial buy-in ASAP instead of staying in this leveraged-over-your-dead-body state for any longer than necessary. But I'm not optimistic that this sort of quixotic enthusiasm can comprehend the words "realize your gains".

Some thread comes like a same. I have noticed different thread which says oldman sells out all his assests to invest in bitcoin. These kind of  foolish move is not good for the their family. We need to wait and make money via faucets, signature earning so on. Since there is lots of earning option without investing. Why these people greedy about money like investing in gambling to make the profit.

They sold everything but they knew the risk and willfully entered into it. Whether its a good decision or the most foolish one, only the future can tell as to the time when they decide to cash out. If they invested at the point of $4000+ it they decide to cash out now, then they have made some amount of profit. But I am skeptical that by the time the price gets to $10000+ this family becomes automatically millionaires depending on the amount they put in at the time of their investment.

I’m fairly heavily invested in bitcoin but would never go ALL in on anything. Too risky to put all your eggs in one basket. Good luck to them though, I strongly believe in bitcoin & they’ll most likely become uber rich.

Seems too risky and irresponsible as there are three children involved. But good luck for them anyway. If I would do something like this I would try making progressive profit in fiat again. Like now, BTC hit $5700, then I would exchange part of the BTCs to fiat again, and when BTC hit let's say, $7000, I would exchange another part of the BTCs to fiat again... To wait until 2020 hoping to quadruplicate the money at once when you have nothing more is extreme.  :D

This late? the best bet could be when price was $700 but even now is a good time. At least sell 2 bitcoins to rent a room :D Maybe other families need to invest on LTC. Price is increasing every day. bitcoin is the best investment for everyone, If you want to put all your eggs in one basket it should be on bitcoin.

Late for what? Investing on Bitcoins? Nope.
They had the courage to go all in and I congratulate them on their decision as well as hats off to the guy who had such guts to put all his money into Bitcoins at such price as well as the family who is supporting him in his decision. They made it public and that's what gives us Bitcoiners the strength after watching such motivational personalities that we are heading towards a brighter future with the technology we are currently involved in. Bitcoin is not just increasing in values, it has now become a part of our lives' evolution.

If they are enjoying their life now then it's fine.

Such optimism and trust in Bitcoin. This is the most reckless, brave, and all-out investment in Bitcoin I have ever seen. Some are just investing those they can afford to lose, some invest they cannot afford to lose but is taking the opportunity to gamble, but in this case, wow, I am very impressed. This is a trust in Bitcoin no one can beat. I just hope they get the return they want to get soon.

Investing all mean taking a little more risk. I think we should invest such amount of money in bitcoin or in any other investment where we can afford to lose, and should remain such amount of money from where we can take another start. i think it can only be possible if we have a good amount remain after losing the first in business, or we should try to invest money in different business so that we should not lose all the money in one time.

This is amazing, sold everything in bitcoin is not a good idea. Yes the bravest thing I have heard though bitcoin is good investment but you know the risks is huge. Because the price is volatile it may decrease and increase anytime, well we cannot blame them. There are people become millionaire because of bitcoin so hope btc will continue to rise.

it is different risk taking levels!

some people take bigger risks, they sometimes get the reward for their "leap of faith" and sometimes they ruin their whole life because of that big risk they took and will be forced to start from scratch.
which one of these you choose depends mostly on your personality in my opinion. i for example will never do what they did. what if bitcoin dropped? they are living in the streets and watch their investment go down! it is not unheard of for bitcoin to lose something big like 40% of its value and stays down there for at least 2 months.
who will be laughing then?

Good for them that is the kind of life they wanted. They quit their job to be free from any control of a boss, just like bitcoin, no one controls it. Don't know what really is the motive of their actions. In my opinion, there's nothing to lose, they are now living a minimalist life. And the most important thing, they are now closely bonded family. If the bitcoin in the future gives them a price that they wanted, it will be like only a bonus for them.

I admire their guts for investing it all in btc, their relatives says its crazy and its really indeed however this risky move might be the best decision he made that can change the future of their family.

Despite of having kids they didnt hesitate and they are contented but still no one really knows whats ahead only time can tell.

When each and every user has such a trust over bitcoin, we'll be experiencing a big growth compared to the current price which itself a high value. None gets such a strong mind to convert all the holdings in terms of bitcoin and wait with patience to get the good outcome from it.

Tell it to that family, they have all in everything they've got in bitcoin. It's a family decision I guess that they have to put all of their things to bitcoin. We know that diversify your money with different investments is the suggested one but they sure got a big faith to bitcoin so they took the risk, they are actually gambling it. But just like what everyone has been telling here that the future of bitcoin is great and depending on how many bitcoin they've got now the price will be increasing for real.

Wowww! They really  really  are positive  thinkers and solid believers of bitcoin.  But I don't  think it is a wise idea for me because  I will always follow to never put all my eggs in just one basket. It should be diversified. Anyway, its their own risk and not mine. But I truly appreciate their guts to do it. Hopin that bitcoin's price will rise up faster.

I started bitcoin at the beggining of 2017 with a small amount.
  As it growed, I put more & more , month after month, now all my money have been changed to bitcoin (even if it is not very much...) and I don't regret this investment.

  My only regret ? Not to have done this earlier ;)

very big risk, i really trust bitcoin and cryptocurrencies but, i cant do this shit :) it is not about btc, it is the same for gold, usd, or any other invenstment models. hope they will get wahetever they want but its very big risk :S

Me too, I also feel that, I know I can't do anything about it but there are still reasons to embrace bitcoin now because it is profitable anytime. The big whales and huge investors are those adopted BTC early.
This family are the real risk taker especially the father. He is so brave for taking this opportunity. Its only okay even they lost it all at least they are happy and enjoying the life. But he is optimistic that the price will quadruple at the year 2020 according to his prediction and to some analysts. I don't have this kind of family because I am the only member who knows about crypto-currency.

It's really a big risk, I'm a bitcoin believer but I'll never do this thing. I can put 20%-50% of my total wealth but will never put 100% of it. I have a real life and I can't sustain them all if I'm going to put 100% of it. But I admire their bravery and courage for doing this thing. The father knows that one day it will be worth it and for those people that are laughing today at them will be admiring them soon.

I can say that they are dare to take the risk as investor. So far bitcoin show a promising progress and they become absolute millionaire on 2020.
But for me personally, It's too good to be true but if they still keep most of their bitcoin, Congrats for them to achieve that !

Yes they surely dared to take the risk and only few investors can do this. Even the rich investors will not do this, they are making sure of they have something for their safety if ever one of their investments will collapse. But taking a full blast of your money into a single basket is very a risky thing. Like everyone is saying here that we should not put all of our eggs in one basket but this family did it.

I think it may be a combination of both factors, no one on his five senses would jeopardize the future of his family by investing everything in something they do not know if it is going to become successful or not, but at the same time the price of bitcoin has created such an enthusiasm that this is similar to all those people quiting their jobs and that began flipping houses for a living only to be destroyed when the economic crisis hit them.

So a young family (with parents that are still young enough to go get jobs at any time if they fail) bets everything on Bitcoin, and everyone in this entire thread loses their shit at how irresponsible and stupid they are.

But this guy invests $83K into Bitcoin during a 4 year period, even while the price is still falling, and yet he gets nothing but praise and applause today for his foresight and bravery? Not a single person on the thread telling him how stupid and irresponsible he was after the fact?
https://www.reddit.com/r/Bitcoin/comments/77v4l2/after_4y_i_made_12x_on_my_bitcoin_investment_and/

Amazing what hypocrites most people are. I guess the praise comes only after you were successful from taking a big risk, but you get nothing but derision when first taking a big risk?   WTF people? >:(

I guess the OP family will be praised in the future as well if they too are successful?

Honestly, they did this before bitcoin jumped to over $6000, so they might be
onto something here.  I also call bullshit with chesthing on this, but that's only because
I distrust the media in general.  But if they really did do it, they'll probably get rich.

Unless bitcoin crashes, which it just might.  And I agree that they're extremely irresponsible
for going all in.  That's just silly in my opinion.  No one with children involved should go
all in on a volatile asset like bitcoin...or any asset, for that matter.

Moral of the Story:

"If you are going to take a big risk in life, do not give a shit what other people think. And surely don't ask other people around you what they think, because they will most definitely shame you and completely talk you out of it.

But of course later when you succeed, these very same people will applaud you for your brilliance and bravery."  ::) ::)

How exactly is this good for Bitcoin? It just shows their greed (i.e. stupidity) by going literally all in, where they risk the future of the entire family if things go wrong. I actually hope that others don't blindly copy such reckless behaviour and also go all in -- this can never lead to anything of value. Why do people want to become a fiat millionaire? Because that's what they value and strive for. Bitcoin for these people isn't anything they actually see value in. It's nothing more than a 'temporary' tool that will help them (they hope at least) achieve their goal.

That is a pretty huge gamble right there. It is ideal that you should just invest your extra money not your primary money.

Some people are just gamblers by nature or they think they have nothing to lose. Anyway, decision like this looks like a bit reckless and without responsibility but maybe this might be the only chance for this family or the opportunity to make decent living for the rest of their lives. I don't have enough courage to do something like that but I admire people who do.

In my opinion this is not a good way Change life towards the supernatural . Because in the end this is Internet. There are fraudulent sites and bitcoin can crash Then in that case the morale will be bad and therefore the situation will worsen further At least you should not bet the house  :'(

I have heard last year about a guy, he was selling a house for LTC, i think this can be found in speculations. Then i thought this is crazy, as i thinking now. This system in combination with greed will make beast of us.
He has beautiful family and kids, and he can devastate his family with this gamble. I don't know for me family is on the first place. This is too much. I'm not hare to judge but this is gamble with children's future as a stake.

those are in dangerous Because BTC is so risky , how can exchange 10 BTC to cash (will loss most of gain) , when price down will  loss every things

Ok, but how will they live? Do they use a bitcoin visa card that converts BTC to fiat on the fly, or do they use bitcoin directly? I feel it's a very risky approach to have EVERYTHING in bitcoin. One month they can be rich, another they may have thousands less. Im no expert at this, but I wouldn't feel good living like this. They could end up super rich though.

A risky decision but it might turn out to be a good calculated risk if they made a really big profit out of it. Sadly they've sold all their stuff bought some btc and now are just camping. They took hodling to the extreme!

Good luck for this family, I hope that risky decision can promising a profit that will be obtained later. I think indeed there are still many opportunities to gain profit, and bitcoin price will still be able continuesly moving towards the higher again from now I guess.

become millionaires is Dreams that make newbie invest in bitcoin without calculate risky .

this family make them money in so risky investment so hope to have good news and become millionaires

I am curious in what kind of wallet they have put their bitcoin and because of so much Hard Fork that might occur in the future you can not say if it's really gonna be safe to make an assumption that bitcoins gonna be well and alive for that time to come, even if we see the years of bitcoins increase in value, we can never see the future of bitcoin going smooth and well.

I think it's risky to bet everything on bitcoin, because no one knows what will happen to bitcoin in the future. But life is indeed the choice anyone has the right to determine his life. I hope this family succeed.

You won't win big in life if you don't risk big. It's pretty crazy what they're trying to pull off but it's admireable at the same time. I think in the end everything will work out fine. I've followed them for a couple weeks now and they really seem to be an adventurous family. I don't really get why you are so negative about it, 3000$ is a pretty solid entry price. I expect the price of bitcoin to drop around the day of the fork (maybe down to the low 4000s) but even if that happens they're good.

I saw this on the news a while back, seems like such a stupid risk to take with your children's lives. Everyone always says don't risk more than you can afford to lose.

Just saw this family 20 minutes ago on national television in the Netherlands  ;D He's been in bitcoin since 2010 and spends his days daytrading now and stopped working. Whats wrong with having faith in BTCitcoin?

I think he's a real pioneer. Hopefully this decisoin will make this family filthy rich in the future  ;D

When viewed from the current conditions then it is profitable. But I'm worried when bitcoin prices drop and then they experience panic. In a short time they can panic sell and this can certainly make a loss. So make sure that when we dare to take risks to invest in bitcoin then we must be prepared to face all things that may happen.

I have not read the link you posted but in my opinion the main difference is the family angle, if you are a single person you can take as many risks you are comfortable taking and it is fine, but once you have your own family those days are over, you need to think not only on yourself but how this is going to affect your loved ones, if you fail you are not going to be the only one that suffers.

The desperation from the current system

i think Mr. Didi Taihuttu made a very big risk. And to think that he is a father of 3. But that was his choice. Who are we to question his decisions. It's their life.
For me, I think I will never have the same courage as Didi had. I will certainly think of my family's welfare first. And invest only our extra money for now.
But when I finally have saved enough for the family, i might take my chances though. Who knows.

It reeks of pure greed rather than them being driven to these actions by the system. If someone is doing it to escape the system to some extent, they would slowly convert their savings and whatever they have into Bitcoin as long term store of value. At least, that's what people with common sense do. Aside from the pure greed I was referring to earlier, I also doubt the legitimacy of this. Seriously, why would you display your stupidity (because that's exactly what it is when you put your family's future at risk) to the outside world? It makes absolutely no sense to me....

Greed does not suit for the person who has taken such a risk. He has already tasted the goodness of bitcoin long back when he along with his friend invested into bitcoin and withdrew after months for mere profits. Realizing those incidents and knowing its potential through different ways he along with his family has decided to go for the risk.

For me, I think it's selfishness and greed made him do that. There's many possibilities that bitcoin will suffer another downside again and it could cause a huge panic and it's going to be a nightmare for them. I'm a supporter of btc but he should at least made a Plan B.

I hope they are.cashing out along the way up just to be safe so they don't starve.  This is a bold risky thing they have done but so far it seems to be working out in their favour, good luck to them.

It's a highly risky move that shouldn't be done by selling everything and gambling. You're fucked if the price doesn't move (granted, they've already technically made a small profit). The system is collapsing but you're in shambles for a bit if price temporarily goes down. Bitcoin is still the future, though, and no government will stop it.

I'm not a supporter of going absolutely all in on Bitcoin.

Not a wise decision I guess I mean its normal to take a risk if you are investing on something but that does not mean you can take all the higher in order to gain for a much higher without even an assurance that to you can recover what you give in order to obtain that level of amount of money. And what I mean is we are all here investing to support are love ones right? I mean how can we support them if we leave them nothing. And besides at these kind of business it takes time for us to gain and achieved our maximum amount of investment.

It's either you admire him or you see him as irresponsible head of the family. Is it his excessive desire for money or just plain stupidity that has engulf his mind for doing that? I'd say both. His families future is at stake here. The future of his children. Those children who are not so old enough to know the consequences of what their father had done. And yet you can see that they seem to be happy for all the publicity that are surrounding them.
I do not question the possibilities that bitcoins price will reach a very high stakes. I think it will. And yes, bitcoin is a good investment. No doubt about it.
I just hope that he has an alternative plan if things doesn't go right the way he sees it.

I couldn't agree more, investing in bitcoin is smart but it's stupid to invest all you have, this guy has big balls and obviously doesn't think about future of his children. From what i read his alternative is "either rich or poor", but he already doubled his money and if he is smart he will sell half of his bitcoins, return his investment and keep the other half.

I need to congratulate him. Because what they are staking is same as what they want. Bitcoin climbed higher and he gained a significant advantage. They risked more crazy than gambling.

If his mentality is all or nothing, he will not cash out whatever percentage of his profits at this stage. If you do such a thing, you obviously will ride it out all along. If your intention is to take short term profits, you'll only make yourself look more like a fool. To me it looks like he is expecting (i.e. assuming) Bitcoin to boom in the coming years, and for that reason he will wait it out, and thus not cash out anything in the meantime. Why would you take such an insane to put it all to waste so soon? It makes absolutely no sense to me. If you do something, then at least it should be done like you intended to do.

well, they are a family ready to take risks. I think it's really risky to sell everything they have. but, when bitcoin prices go up high, I think it's all paid off. hopefully they benefit a lot. even I did not dare do that.

It's stupidity , they heard if btc one fine day decided to go all in and not understanding that the price is increasing because of different hard forks once it stops there is a high potential for the price to drop back to $5k when that happens they can't do anything except holding or even selling for a loss.
Btc is surely the best investment to make put going all in is the worst thing to be done.

We live in the social media era where most people are willing to do anything in order to get their 15 minutes of fame, it is sad but that is the way things work, besides it is obvious that they do not think they did something stupid even when most of us know they did, so they are showing off to everyone that is willing to listen that they are smarter and are willing to take those huge risks because of their greed.

I believe that family did not regret their decision.  Now with bitcoin continously going uptrend, thsi family is for sure having  a great time of their life.  If they cash out now, they will have a huge earnings probably 2 or 3 times of their capital.  Oh well it is always a good thing to invest in a thing that is just starting to grow and already have huge community and supports from diferent company and country.  And that is Bitcoin.

I saw this and that they basically lived in 'relative' poverty for a while but now they live lavishly. Honestly I could not do such a thing for my family, I would never forgive myself if it did not work out and would not feel comfortably gambling with their livelihood like that.

wow that is surely the best thing to do if we have any cash or non usable assets we should also sell it off and go all in bitcoin i feel it can rise more in the upcoming months. it also has a steady price which is what makes it more profitable

It's not the best thing to do if you have limited resources and assets. I'm a bitcoin believer but I don't have the guts to try this thing out. I bet this family has intense belief to bitcoin but I'm not on that stage. We do know that we're about to see bitcoin fly to the moon but still this is a risky thing betting on bitcoin all what you got. I can only sell 1/4 - 1/2 of my total assets but I can't move on to 100%.

I don't know what should i call them crazy because there is high uncertainty in the market of cryptos or should i call them smart because no doubt crypto will rule in future. This extreme level of trust is seriously amazing, either they will going to create a history after winning or they will going to be a part of history after loosing everything.

I don judge their decisions despite all given facts. Prices can stay over 10000$ level for a long time or it can hit low levels like 5000$ if there is bad news for cryptocurrency community. Let's wait and see who is smart and who is not.

I can respect their decision. They seem to be aware of the risks and they know life is not about what you own and how much money and things you have. Having lived a minimalist lifestyle for 15 years myself I know that life can be beautiful and rich without having much money or possessions. I think it's a valuable life lesson, and personally now that I actually have money I still don't care about material stuff. I don't even own a car, and I don't see any reason to have one even now. Life is in what you make it and what you want out of it, and that can be very different for each person. I want to see a better world come of this, and just seeing that process evolve is already giving me plenty of satisfaction in life. :)

Respect! Try to live with these rules too.

$10,000 is only a small target for the growth of Bitcoin in future.
Bitcoin can reaches this target as long as the cryptocurrency market still keep the bullish trending in next few years.
However, be careful the bubble of cryptocurrency, nothing guarantees this bubble will not burst someday.

Not only that even if bitcoin skyrocketed to 100k it does not matter if bitcoin at first crashes and then they need to cash out to pay their bills, you need to be in bitcoin when that price is reached which is why most of us are holding in the first place, this is why it is important to have some fiat in hand that way you do not have to touch your bitcoin in case something goes wrong.

Oh no, this is not a good move price is already high and we don’t know if it goes more high or dropped down why they sold they could’ve buy bitcoins from there salary but this was not a good move at all maybe they will not be able to buy it again. Its a great risk to put all the money in bitcoins but i guess they have a very firm trust in bitcoins.

They are crazy no matter how you look at it, I believe that bitcoin is the future, but I'm not going to risk my entire life savings on that, I have some money invested on bitcoin and if bitcoin reaches its full potential I'm going to earn a lot of money, but risking everything is a huge mistake, what if bitcoin is banned or if bitcoin is replaced by a new crypto then they are going to lose all their money, efforts and time.

And they've now made it big. Believe in something and go all in! All or nothing!

Yep. Watch this video! Best advice ever.

http://www.businessinsider.com/millionaire-mistakes-grant-cardone-student-debt-saving-investing-2016-8

Haha! This was exactly how my emotions were after reading this post and the attached report of this family. They have just kept this all aside while they could have done it in a better way. Many of the people might think that they will gain a lot of profit but in my opinion they have a chance of greater profit which this family is losing if they don't change their decision. They are losing the profit on the traditing and what they are holding today maybe become double in number in future and they will start living a better life if they start trading.

When i first saw the article about that family I was thinking they are geniuses! There was no doubt Bitcoin will keep going up so hey they went all in to set themselves up for life. Obviously it is paying off tremendously so soon after they did it. Congrats to them. So many people are scared of Bitcoin's price rise but the smart people know to throw everything you've got into it and reap the incredible rewards.

I took out a loan in late October to buy Bitcoin because I had already spent all my money the past 6 months on Bitcoin and wouldn't be able to afford buying anymore at this point. Tried to convince my brother to take out a loan as well since he has much less Bitcoin than I do, but he kept saying he'd think about it and kept not doing it. Now less than a month and a half later I've more than doubled my loan already and I expect it'll end up making me hundreds of thousands of dollars in the next few years.

When you see the investment opportunity of a lifetime there's no room for being afraid. You just gotta jump in with everything you got and enjoy the ride! I'm always baffled by the people who fear getting into bitcoin, and every time the price rises they once again comfort themselves by saying "oh well now it really IS too late" and it just keeps going and they miss out on the financial opportunity of their lives!

http://i.imgflip.com/20lyzd.jpg

If you think you can trade and do better than just long term holding, you will get rekt.

Trading is good for your future .You should inverse the unwanted money in trading,this only make you succeed in trading.If you spend the traded bitcoin for money sake.It will make you fool.Since the bitcoin price crossing many miles,you have to wait to sell the holding bitcoin.Holding  is the needed one after trading.

It panned out. I still think they were incredibly dumb to do it.

Throw savings by all means. Depriving your family of stability is no good.

I think they're too crazy. They'll lose everything if Bitcoin price stay stable for years. LOL. But lucky for them, Bitcoin price has increased very quickly until now and it'll keep increasing till the end of this year. For now I think they've sold almost of their Bitcoin to buy a new house. :D

Great video. totally agree with that guy. Go all in when you find that sure thing investment. That's what bitcoin is and that's what I've done and that's what that family did.