Bitcoin Forum

I promised him I will return the money to him by the end of 2014 with an extra $100k (10% interest). It took me a lot of convincing but I somehow managed to convince him without telling him exactly what I would do with the money. He thinks it's for a start up. I did not tell him that I'm gonna throw it all into bitcoins because I'm not exactly sure he understands or knows about it too much. If he found out about the price volatility of bitcoins I really doubt he would let me invest. But I am pretty confident that the price will at least rise up above where it is now before it crashes (if it does crash). I really think it would at least go back to where it was (~$1240/btc) at its highest point once more before going down for good. That would at least be a nice ~$200k profit and I feel like it's almost guaranteed.


Which brings me to my questions...

1. Am I being really stupid and optimistic to think this way? How much of a chance/risk do you think it is for the price to not go up any higher in 2014? IMO, it almost seems guaranteed the price will at least hit $1200-$1300/btc sometime next year.... or is there a risk that I'm not aware of?

2. I have a coinbase account and it only lets me buy a max of 50 BTC at a time. Is there a place where I can buy as many as I want w/o any limits?

3. Will I even be able to buy $1mil worth of BTCs? Does it depend on who's selling right at the moment I'm trying to buy some? How does this work?

4. Will I have to pay taxes on capital gains? I don't wanna pay shit to the US gov, how would they know how much I made off BTCs?





I'm thinking of putting an automatic sell order right when BTCs hit $1500 in 2014.... is that too high or should I put a lower limit? I want to guarantee some profit before I get too greedy and potentially lose my dad's money. I figured if I sell at $1500 it would be a nice $400k profit for me, I could quit my job and chill in Miami and Ibiza for a year until I need money again.


Serious advice only please, I'm not fucking trolling

Hi Dafar,

Well done with securing that arrangement with your father.

1. I (personally) do not think this is "stupid" concept.  Note this is my opinion and does not reflect the views of ANX.HK.
2. With appropriate verification, we can offer you generous limits which would satisfy your requirements.
3. [I have sent you a private message]
4. I unfortunately do not specialize in US taxes, though we may have to cautious of the FATCA regime next year, for our US customers.  Right now however there is no regulatory obligations on our behalf.

Cheers,
Asia Nexgen - Your Bitcoin Connection
ANX.HK

Well, taking you at your word, I'll say this much, before you buy $1m worth of bitcoin with your dad's money (if you end up deciding to actually do this), you better be goddamn sure you know how to secure bitcoins.

Haha, if you are not trolling congrats on having the capital.  HOWEVER don't just put it all in, buy slowly and even look into buying on here with trusted users, not to inflate the price.  You don't want to lose more than you can afford to.

If I were in your shoes, I wouldn't invest the million.  Why not try at 100k, have you ever thought of getting into trading?  Spend some on professional training to become a better trader.  Also don't lie to your Dad about it, he has put trust in you for this startup, why not think of actually setting up a startup?  Hell, you could even buy some btc in bulk and set up a site to sell it like bittylicious or even on here.

A lot of people would love to be in your shoes, but not if you lose value.  1 million in BTC can very quickly see higher losses as well as profits.  Think this through, take the advice of others and make your own decision.

best of luck  :)  

There is one correct answer to this question: "Nobody knows." It's kind of like the stock market, and kind of like the currency exchange market, and nobody knows which direction those will go either.

Yes, it depends on who's selling, but many people on the exchanges have limit orders that will stay around until they are fulfilled or cancelled. When you place on order to buy, the exchange finds the lowest-priced orders that will meet your quantity. This means that when you buy a higher quantity, the price will be higher, because the lower-priced orders are "used up."

Yes. If the IRS audits you, they can see your bank accounts, which presumably will show money coming in from an exchange.

See the answer to question number 1.

Hi Dafar,

• Do not entrust your money with a single exchange. Use multiple exchanges.
• Do not keep unnecessarily high amount of funds on exchange.
• Do not buy all at once. Do not fly into the sell side. (As an investor I don't mind if you do.)
• Do not sell all at once. Do not fly into the buy side. (As an investor I hope you don't.)
• Do it in stages, and time it well, preferably at dips.
• Keep a reserve for buying in at flash crashes.

Best of luck

Yes to that! You don't know what would happen if you lose those Bitcoins. What would you tell your dad?  :o Better be cautious... I'd definitely find a secure way of putting them in a very safe place.

Man if only you had tried doing this 6 months ago, just think about what that million would be today. :)

spoilt bastard!

put in 100k and go chill in miami or ibiza for a year or better yet acquire some skills. come back year later to 100k x 10 with the rest of saved money which would be roughly 600-800k assuming more or less moderate spending during chilling :D

 ;D Before buying tons of BTC ,  it seems you need to know how to cold storage your bitcoin .

BTW: 1 million USD invest in BTC is not a bad idea  

Anyone know if this dude is legit? I feel like I'm being scammed.


I currently have some BTCs in coinbase that I bought with my own money. Is it not secure? I still don't quite understand the concept of putting it in a "wallet" that resides in your harddrive.... I feel like that is more risky. What if the file accidentally gets deleted or my computer crashes?



I don't really want to day trade, like I said, I rather buy at the price it is now before it slowly starts going up..... not only is that lost profit but it would make it more likely that the price will go down. Right now I feel like it has to at least surpass where we already were. Of course no one knows but it's just my gut feeling.

Why not invest in a startup? I have nothing in mind... no opportunities at all. BTC might be the only way I will "make it big" in life. I feel bad about lying to him but if I actually make a lot of profit I can tell him the truth and he will forgive me.

Your dad will be very upset when he finds out his money was wasted on some new digital currency.... IMO now is not the time to buy when there is a lot of Hype and the price jumped nearly 10x in such a short amount of time.

Alright so, i'm not sure where i stand on this thread, but my spider-senses tells me you are an obvious troll. Mostly backed by my impression of how you seemingly toss $1 million around like it's salad, yet you say things like this:


However, i'll give you the benefit of doubt and actually answer your questions to the best of my ability, just in case you're the real deal here.

1. Personally, i believe bitcoin could exceed your ambition of $1500/BTC easily next year. However, only time will tell. - There is an ever-pressing concern of political influence and potential bad news that could crush or limit bitcoin in the future. These facts should be of great concern when you're considering investing $1m

2. There are services out there who would take your offer seriously, and thus i propose you look for some more information regarding this. I'm not a specialist on investments of this magnitude, so i'd make sure i do proper research on this subject before even attempting to make contact with any site or third party.

3. Depending on where you want to spend your $million, there will be a long list of sell-orders waiting for you to purchase. If you were to use sites like Coinbase, Bitstamp or Mtgox, you'll have to expect the average price per bitcoin to be up to ~5% higher than the current price for those last few hundred bitcoins of your $1million purchase. An example: A few days ago i saw someone buy out 940BTC from Mtgox. This order ate up every sell-order from $1040 all the way up to $1070, thus driving the price up $30. I would consider buying in portions. Perhaps buy ~100BTC every hour for 10 hours or so?

4. You should make sure the government knows of your investment whenever you plan on cashing out (if ever, of course) - avoiding capital gains tax of this magnitude is serious trouble. - It is also the right thing to do, as with any other legal investment.

A few last notes here. I would strongly recommend reading up on bitcoin some more. You seem like someone with an okay understanding of bitcoin, but i'm sure there is plenty you have let to discover and learn. Make sure you are confident in your investment before you decide to go on with this, and don't hesitate to ask questions on these forums, or other forums for that matter. - Personally, i would have perhaps waited for $1500-1600, as you say you intend, and then cash out for $1.1million (thus satisfying your deal with your father) - and keep the rest in bitcoin, if things still look good with the stance of bitcoin at the respective time.

I sincerely hope you are not some troll wasting our time, but i'll give you the benefit of the doubt and wish you good luck, and make sure you do your research!

Yes, you have to pay capital gains on the profit.  If you cash out through an exchange, they could report you to IRS, or your bank could report you if they think your transactions are suspicious.

Oh, one more thing: STAY AWAY FROM SCAMMERS! Now that you've made public you've got lots of cash to buy BTCs, they'll come around you with outrageous claims/offers. If those offers/claims seem too good to be true, they're DEFINITELY TOO GOOD TO BE TRUE! :o

Storing a million on any exchange for selling is just stupid.

Figure out how to make a super secure offline wallet.

Get a safety deposit box, store a copy there, encrypt a second copy to all hell and secure it on some sort of data centre.

Than buy slowly and transfer to your offline wallet/wallets. I woudnlt entrust that much to any exchange lol

+ 1 for security immediately create a cloud wallet and load your funds. Make sure you create an ultra strong password I'd be happy for you to send me the first half of this password by pm then I'd recommend you sending the other half of the password too ultralegitescrowman@gmail.com (wait 30 mins as I don't think he's set up this email yet). This way you know you're secured peer to peer in the spirit of Bitcoin itself.

Taking you at your word...this won't end well.

Even if the price of bitcoin does rise in 2014.

lol this

i'm so jealous... >:(

What? you don't think 6 months from now will feel just as spectacular as it does today?

Dafar,
Take some free advice:

NEVER, NEVER, NEVER trust a proposal for help, assistance or anything of any user of the forum, which has less than 600 comments and who is registered after 01.06.2012!
If you want help or advice, turn to theymos (https://bitcointalk.org/index.php?action=profile;u=35) Administrator here. I'm sure he will give you the most appropriate advice on how to invest your money.

If you ignore my advice is 99.99% likely to be deceived!

Being warned, best regards.

did you hit the buy button yet?

Dafar,

Whatever you do don't take any advice from anyone who uses extra large, colored lettering or both. On internet forums using large lettering is considered shouting and therefore offensive. How would you like it if someone shouted advice in your face in real life whilst showering you in spit from their filthy obnoxious mouths?

If you come across such people politely tell them to jog on.

quickly buy bitcoin b4 OP does.  :D

When it comes to 7-figure amount, I prefer to "scream in red," to be sure that I will be heard!
And my advice is to trust theymos.
And not like you (I do not know you and I do want to know you) that have 500-600 posts, but registered only 3-4 months ago. Maybe you're a normal person or you might be a fraud.
At least I gave useful advice, not like you!

Not sure why it was so hard, my dad would loan me 1 million dollars blind no problem  ;)

It's only a million and it Isn't even a gift, its a loan, he has to pay it back. Not that lucky. Lots of people inherit a lot more than that with no strings attached.

Put it into Litecoin. It's well known that it will hit the major exchanges (ie Gox and probably BTC China). When that happens there will be a huge influx in price. Regardless if it is a bubble or not, you'll have a chance to double your money. At that point sell, and take the million you made to invest yourself.

You shouldn't do it colours and big shouty letters can destroy forums. I registered a year and 3-4 months ago and haven't given any serious advice on this thread so not sure why you're getting your panties in a twist.

You're advice wasn't useful. You're advice was serious (unlike mine) and telling him to trust someone he certainly doesn't need to take the risk of trusting.

One thing to consider is the Second Market fund instead of buying directly. They are well known, and not scammers. Sounds like you'd qualify as an accredited investor with that cash and income, but perhaps not.

Whatever you do, at least use an exchange vs a random person here.

this is just false

most poeple have about 600$ in their bank account and work over 40 hours a week

+1 to this. Not so much the Gox thing, but IMHO, you would make much more money, and quicker in Litecoin. At current rate, you would get near 30,000 coins. I believe that Litecoin will be upwards of $100 in 6-9 months.

Just my 2 Satoshi!

If possible, buy from BTC-E, in sets of 10-15 coins at a time. Their rates are much lower than Mt.Gox and Bitstamp. As you will be purchasing in bulk amounts... it is MUST to get the lowest possible purchase price.

The storage of the coins can be a big concern. Store them in at least 4 different wallets (offline / paper) and create a dozen backups for each of them.

BTW... I'd consider LTC and NMC extremely risky. Put no more than 10% of your investment in to them.

I think litecoins really risky, 4 times as many coins doesn't mean it should be 1/4 of the price even if it had as much credibility as Bitcoin. Some braniac worked out an equation for it last year that took into account what 4 times the market depth meant s = n^3 - t. That's not the equation but in most instances it meant litecoin should be 1/33 of bitcoin price and that's pretty much where it's always been.

You really need to learn the difference between paper wallets, cold software wallets, hot software wallets and online (web) wallets.
Try each in turn and perform some transactions from each with small amounts of bitcoin. Learn how to best secure and backup each of them.
Buying $1mn of bitcoins without knowing each of these important concepts in detail seems like a recipe for disaster.

Uh huh.  Nobody with $1m to burn will buy that you can make a $100k return in 1 year on a startup.  Most startups don't turn a profit until 5 years down the road.

This sounds like a joke, but I'll bite... I suppose he could be thinking you'll borrow to cover the difference when you don't meet your target, then learn a valuable life lesson when your investment fails and you're $400k in debt once you sell off your assets, and have to declare bankruptcy.

What he doesn't realize is that you're dumping it in something on purely speculative grounds and could double your money or lose it all by a difference of days.  It doesn't even sound like you understand how bitcoin works or what it even is.


That's your first problem.  Bitcoin is not a get rich quick scheme, especially if you know little about how it works.  Speculative bubbles always benefit the moguls, veterans, and hawkish traders at the expense of the young, new, and inexperienced.


This plan is insane.

Bitcoin always spikes in value after a media blitz via a speculative bubble, then crashes hard a few months later.  Those of us who have had their ear to the ground have seen it happen, first in May of 2011, then less so in Jan 2012, then again in August 2012.  Do NOT invest in $1 million in bitcoin unless you are prepared to lose $990,000 of it.

The recent media attention that bitcoin has received is the sole thing fueling this bubble.

See:

http://www.chrisnorstrom.com/wp-content/uploads/2013/11/mf_bitcoin6b_f.jpg


This is not a transaction you want to handle online with some random exchange.  Find a bunch then call them up and get a contract with a lawyer in tow, if you're crazy enough to do it.


I doubt there'll be enough sellers at any one point in time for you to drop $1 million into the market.  Dropping $1m in a day might actually cause the speculative bubble to burst, since you'd spike the value so quickly that the speculators will panic-sell.

You'd have to buy them up at a slower pace, but that just puts you at even greater risk.


They'd call up whatever exchange service you used and ask them for the information.  If you made a significant return, the bank will notice and report it.  You WILL pay taxes on this, governments proactively look for and try to snap up smaller sums than this.  They would look at what you are doing as free money because you simply could not contest the wealth of evidence they will have on you.  And they'll sit on it for a year so that you pay interest.


Just repeat this mantra: "Bitcoin is not a get-rich-quick scheme, Bitcoin is not a get-rich-quick scheme, Bitcoin is not a get-rich-quick scheme..." until you realize how you're letting the euphoria of naked greed cloud your judgment.

What you should do: return the money to your father and say your projections were flawed as you realized that there were some fundamental problems with your idea.


Basically this.  The gamble is the day the bubble pops; bet safe and you make nothing, get greedy and you lose it all.  If you don't have experience day-trading and aren't prepared to sit at a computer 24/7 monitoring any change in value, you aren't ready for this.

as they spend all of their extra money on booze and lottery tickets instead of saving it ::). I don't feel sorry for those people. I don't have a lot of income either, according to the government im "poor", but i chose to live below my already modest means, im thrifty, i save every extra penny and im definitely on track to having well over a million someday before i die.

*edit* this mostly only applies to people in the west. you could say that op is more lucky to have been born in the west than anything else.

Saying this, you could just arb you're 10k bitstamp limit at a time, by feeding USD into bitcoin-e buying bitcoin and transfering to bitstamp/gox(providing they're not still ridiculously slow on transfers). You'd need to set up a bank account locally in prague (for reduced fees and speedy upload times) but would totally reduce risk and you could have you're own money to play with without risking your dads in a short amount of time.

putting $1 million into bitcoin and not knowing how to secure your assets is just crazy to me.

Now it is a good time to buy, but don't all in at once

why not? it would drive the value up for all of us. he could let us know when he's buying, so after he puts in his buy order, we could sell and then buy it back when it bottoms out  ;D

How many before this post advised you not to put all you eggs in one basket? Scam or not, DO NOT trust!

And if you have to ask if Coinbase is secure, please educate yourself some more before you buy.

Incidentally, I was just thinking of starting a service for people exactly like the OP. Rich and clueless about bitcoin. Clueless is not meant to be condescending, just that they don't know about properly securing their bitcoins.

It's called an Offshore Paper Wallet ... essentially, I secure your bitcoins for you, in a country outside of your own. Cold storage. When you want to withdraw, come over here and show up, I help you send what you have to address(es) you control on your own wallet, minus a small % or storage cost fee.

See, there are smart and technical people who know about bitcoin, they know how to secure their stash, they know cold storage, they know paper wallets, they know offline transactions ... but they don't have money or bitcoins.

Then there are rich and smart people who know about bitcoins, how to secure them, and have money. Not my market.

I'm after the rich and not so technically inclined people (can also do those who have less, but if you're only going to send a small amount, you might as well just learn how to do it yourself). The ones who have money, but don't completely understand bitcoin security.

Or the ones who want to deny they control the private keys or have access to the coins. They are in cold storage, and the only place where the private keys are, are outside the country.

Obviously, I can not protect your coins if your family is held hostage and you come here to claim it. I also can't protect your coins if someone impersonates you, gets all your identity information, wears a mission impossible rubber mask to look like you, and comes here to claim your coins.

What I can do, is keep your coins in cold storage where no online hacker can steal it. Think of it as offshore safe deposit box, except I generate a completely random private key and bitcoin address(es) for you, print it on paper, then store it in a safe place.

If you know how to do that, do it. If you care to spend the time to learn how to do it, do it. If you can't be bothered, then you have to send the coins somewhere you are pretty damn sure will be safe.

Anything online (exchanges, online web wallets, even your own bitcoin-qt wallet connected to the internet) is out of the question.

Roughly the equivalent of borrowing money from your dad to put it all on roulette in Vegas.

If you can't afford to pay your dad back (which is sounds like you can't), you're scum.

There is a lot of good advice here. In sum:
1. Don't trust anyone random here
2. Learn about cold storage, offline wallets etc
3. Spread the coins among different addresses
4. Spread the purchases across different exchanges.

Also, be sure you want to do this. It could be risky.

:-)

Your dad is really generous. I think you should be fine, but make sure your bitcoins are super secure in the form of paper wallets. :)

I get what you mean, but I think you contradicted yourself with that second sentence. Anyone who wanted to use such a service like this wouldn't have their own bitcoin wallet ... they'd just be showing up at your doorstep and wanting either cash or wired to a bank account.

What are the odds mate. I've been hopeing to find someone off the internet who was willing to take the responsibility of looking after a million cash for me :s

I'm staying out of fiat. That's their problem. By the time they come wanting their bitcoins, they probably know a little bit more how to secure it on their own.

If after ten minutes in a bitcoin thread you do not know who the patsy is—you are the patsy.

Wow, that's just insane!

I can't believe there have only been 3 or so replies telling you how totally insane your plan is.

You sound very young and very inexperienced with investing - am I right in my assumptions?

The reason you sound inexperienced in investing to me is that you seem to not have ANY feeling for risk. Once you have played for a little while on the markets, you have taken your risks and some of them went bad, so you learn to manage them.

Will BTC trade above 1500$, and will it do so relatively soon? I absolutely think so, this is the most likely way its gonna go. But the big question is: Can you afford to be wrong? You should always be able to afford being wrong. Sounds like you can't.

What if some huge government restriction or technical flaw comes out and it all goes to zero? It's not the most likely scenario IMO, but is it realistic? Absolutely, it could definitely happen!

You are hardly informed about BTC. In your position, you should spend a couple of weeks straight informing yourself about every possible aspect, every single risk, you should know BTC inside out in your sleep. And I don't care what the price of BTC does in the meantime, while you get informed.

Also, I don't get when you plan on selling: All above 1500$? How big will the temptation be to wait a little longer? Have you done that before - sold on a massive winning streek with the possibilities of your asset going much higher? Have you handled insane volatility like BTC before? Could you handle it psychologically if BTC fell below 700$, are you sure you would hold? Do you have a plan in place for all eventualities?

You are doing all that to be able to chill for a year in Miami?

All of this, in the form you chose to do it, sounds absolutely crazy to me. The fact people on here seem to forget about any risks makes me think as well.

Whatever your decision, I honestly wish you good luck and best of sucess!

Noob2001 has some experience with secretly spending his parents' money on bitcoin, so he should be able to give you some good advice  :)

Don't do it. Really. A start-up is more sensible.

Well if your dad gave you 1 mil on a whim for 10% return, he clearly is an idiot or super rich and doesn't care about the money so you might as well just ask him for 2 mil and tell him you'll give him a mil back in a year.

OP is an obvious troll.. this stuff really doesn't happen.

You can probably buy some BTC at under 1k at the moment. Might be a great deal, but for all you know next year it may be worth $500 and you'd be out money. What's happened with the value the past 60 days isn't really a good judge of the next 60 days.

Does anyone else think the subject of this post sounds suspiciously like a http://en.wikipedia.org/wiki/Nigerian_scam (http://en.wikipedia.org/wiki/Nigerian_scam)?
Could the OP be laying the groundwork now and later request a few mBTC from people to test his wallet security?

Bitcoin is, regardless of what anyone tells you, 100% speculative in nature.

As an immature, illiquid, and low volume market it can be manipulated quite easily which creates lots of unpredictable volatility.

I am a fan of bitcoin, this is why I am here, but as investments go it is essentially ultra high risk, and should only be funded with risk capital.

My opinion; buy BTC with 10% of your available high risk capital, put 20 to 30% in another medium to high risk fund, as your young you can afford some mid term volatility, and the rest should be in something low risk or tangible.

Cheers...

Easy option:
1) depost $1X,XXX with Bitstamp (2-3 days)
2) Buy BTC at enough market depth to make it significant, but not enough to manipulate the price significantly. (fairly instant)
3) Move the BTC through unique deposit addresses to disguise where it is eventually headed.... MtGox (fairly quick)
3) Transfer your coins to MtGox (linked to your tax haven bank account)
4) Sell for a 6-10% premium above Bitstamp ask price and withdraw the dollars (4 week withdrawal process... but you need to bide your time with that much cash to chug through)
5) Repeat steps 1 to 4 until all your dollars have been laundered through the process
6) You should have close to 10% just from market inefficiency. If you don't, repeat steps 1 through 4 again

Manipulation option:
1) Look for a weak side in the order book (not much market depth) and move the spread significantly. When the market scrambles to figure out if the price is collapsing and generally panicking, hoover up the undervalued orders on the other side of the market.

Leveraged option:
1) Take your $1m and raise enough capital from the collateral to have $10m or $100m and buy buy up every available bitcoins on the open market, creating an artificial price increase by giving you a monopoly on the scare asset. so you can dictate the market to some extent.

Mining option:
1) Buy your way to the front of the queue for the next generation mining hardware and generally control the supply of a scarce asset, or simply get in there faster, with more powerful hardware, and you could hover up $100k in 6 to 8 weeks if you could queue jump on a 2 Th/s unit, and your net risk would be negligible.

What I would *not* do is to to just buy bitcoins and hope for capital growth: your cash will actually dilute their value, because it's not linked to an economic fundamental, such as scarcity or means of production, or market forces, such as the balance of supply and demand (these just absorb money entering and leaving) and the Purchasing Power Parity remains unaltered.

What you really want is a repo contract (borrow bitcoins) and then decimate the market by selling them. Buy them back cheaply to fulfil your contract obligation, plus a load more that you will get at an artificially low price, and then wait for the market to find it's natural level again.

Seeing as it's a completely unregulated industry, i suppose there's no reason why you couldn't find an exchange that would be amenable to you front-running deals, so you can trade on that insider knowledge.

Bottom line; nobody has a crystal ball. Hedge funds and investment banks get rich from crooked lawyers, and bullying and manipulating the markets. Everybody else depends on a bit of luck, basic understanding of economic principles and some intuition about the panic moves of the herd... money's gotta go somewhere. Just look at the hassle of setting up a bullion vault and the inconvenience as a form of money.

Nobody can predict the price though... that's driven by fear, greed and manipulation.

buy it,  sell it in a year so you pay less taxes and then live off the 8,000,000$ you just made after paying your dad 1100000$ and paid 10% in taxes

Only read op, haven't read any responses but...

If your dad loaned you a million dollars, then you shouldn't stress on the chance of losing it... I don't think it'll be much of a problem for you dude...

meh, $1m doesn't move the market much thesedays...

I'm not an accountant, but there are a few things to consider, specifically if you are an American.
There is a gift tax in the US. You are allowed something like $10K per person per year tax free to be given to you, after that it is income. If your dad gives you 1M, you have to pay income tax on 990,000 at 39%.
So you may need to set up a company (an LLC or an S-Corp) to accept the money. This way it is an equity investment in the company, not gift income.

Also, you have to pay capital gains tax on any profits. If you don't hold your investment for more than 1 year, there are short term capital gains that are taxed as normal income (you would easily be in either the 35% or 39% income tax bracket when dealing with those amounts). If you sell your coins after 1 year then it is long term capital gains and the tax rate is 20%.

Talk to an accountant!

He already said, barrow with 10% interest its not a gift... You don't need to go through a bank for a loan

Don't use coinbase.  They cancel transactions which could result unfavorable for customer.

Wow.  You are fortunate to have a wealthy father that is willing to give you this opportunity.

Yes it is risky.  Start-ups are risky investments too.  Having started a business that failed I know first hand how they can go. ;)  Bitcoin has been much more profitable and we put WAY less money into it than we did our business.  Wish we had the money for BTC now, but oh well.  Life works out that way sometimes.

I think it is a gutsy move but all signs are pointing towards an amazing 2014.  My advice would be that as soon as the price that you paid for your BTC doubles, just pull out your initial investment and pay your dad back then you will have $1,000,000 in free BTC at that point!  Pretty cool!  

I would talk to an accountant too and figure out the best way to do that too.  There are some long term capital gain laws that carry into next year it appears that can put you at 0% if your annual income is in the lower brackets.  I am in no way qualified to give tax advice though so please consult a professional on this.  (Have to put a disclaimer here ;))

1,000,000 is enough money to retire on. Talk to someone who knows something about investing and have him set you up with a solid portfolio. You should be able to withdraw 40k-70k a year. With that type of money you can coast, travel, pursue any interest or hobby. Congratulations you have freedom. Don't fuck it up by dumping it all in bitcoin.

Slow down and think.

If i have 1 million dollars i prefer to buy high end miners of course this is only my opinion. Then when you recover your investment you can keep mining until still profitable. You can check with a mining profit calculator if you want. Wish you good luck  ;D

He's supposed to pay it back, not retire on it.

If I had a million dollars of play money, not something earmarked for retirement, then I would build rental units in Anchorage or North Dakota where the fracking is going on.  Rental units in ANC go for $1/sq ft per month.  Spend that million dollars on 2 duplex homes for a total of 10000 sq ft (2500 sq ft/home), that's $10k/month income.  After overhead (taxes, maintenance, insurance etc), you can certainly count on $9k.  Mortgage it, use the rent to pay off the mortgage (leaving you with pure profit), and pay your dad back.  Basically, you're just using his money as no interest a construction loan.

If you look through ops post history you'll discover quite quickly that he's a pathological lying troll.

What strikes me is that at a certain time in 2010 I told some people to buy $10 worth of bitcoin and they weren't so optimistic. I guess sheep have to see price increase in order to believe.

DISCLOSURE: The only reason I didn't buy that pizza (I was there when the offer was made) is because I didn't have $20 :(

Awfully wrong. Bitcoin price has been manipulated and is manipulated even today so price DOESN'T MATTER! What matters is you taking your own decisions w/o emotions. And right now you're biased by the price-effect emotions, you hope and want it to go 10,000 a btc.

I recommend investing just $100,000. It's more than you can afford right now.

In any case, 1,000,000 is enough money for gla22 to retire on.

Everyone else has their own individual comfort level, and 1m wouldn't cut it for me. I'd keep working.

IMHO:
$1 million? Want no hassles?
Second market.

done.

+1, minimize your risks since it's not your money.

Wow, lots of BEARS in this topic


Go suck a dick. You have no idea who I am and whatever relationship I have with my family is none of your concern. I don't get a penny from my parents, I live on my own barely making rent. I don't even have a bed in my room, I sleep on a blanket on the floor.. that's how poverty I am right now. I am only borrowing this money. If you're jealous then that's your problem.


Thanks for the solid advice, I guess I'll look i'll do some more research first.


Because i don't always make the most responsible decisions, i'm not the smartest in the family by any means.. but I have balls ;)



1. I get what you're saying but if the price "always" follows history everyone would be rich. Following charts and comparing "bubbles" only for delusional investors who think they are smart enough to beat the system. My guess is just as good as yours.

2. So you are saying that in a $12 billion market cap my $1 million will affect the price enough to cause panic selling?


Go fuck yourself, why would I tell you if y'all trying to screw me like that


Get the fuck out of here if you think I would even consider doing this... lol


How is gambling in Vegas the same as investing in something revolutionary? Please explain.

And yes, if I can't pay him back I am scum.


 :-* :-*  :D :D

Oh heavenly blessed beauty whose beauty is so divine and everlasting... We could have been together baby. We coulda been in the topics sippin on piña coladas...or go to the slums where killas get hung shawty I could take you there. But you had to get married before we met :(


lol wut? 40-70k a year...fuck that.  This is not my money dude. I can't retire on my dad's money and live off interest


That's great chong hung, I don't really care what the fuck you think about me and whether you believe me or not

Seconded... If you hold Bitcoins, you're working outside of the traditional banking systems, with all of their armed guards, massive safes, federal insurance, etc...  Online exchange companies do not operate at the same level (yet).  You need to understand how to replace all that missing stuff with sensible security before you transform that kind of cash into Bitcoin.  Read about Paper Wallets (http://en.bitcoin.it/wiki/Paper_wallet).  Grab the BitAddress.org (http://bitaddress.org) paper wallet tool, and experiment with a small amount from your existing CoinBase account.  Do try the BIP38 pass-phrase option.  After all that, you can consider various ways to make a couple copies of your paper wallets, place them *securely*, or get a Bitcoin Firesafe, which is a metal version of a paper wallet.

That's great chong hung, I don't really care what the fuck you think about me and whether you believe me or not
[/quote]

Well that's a good thing I suppose

Man all my threads get moved to Speculation... wtf


On another note... BTC is below $1000.... time to buy?






Ok thanks for the links, I'm reading up on security right now




Well that's a good thing I suppose
[/quote]

I'm jk, that sounded racist but i wasn't trying to be at all

You seem to forget the last part where I also said you have to try and learn it on your own.


I'm not asking you to consider it, that's a decision you have to make. If you can secure your $1 million USD worth of bitcoins on your own, do it. It's better that way, and it becomes 100% your responsibility.

If you lose your coins because you make a mistake, get hacked, lose your wallet, computer blows up, or whatever, you don't know who it might have been, or how to get it back, or even if you can get it back. If your coins move from the cold storage paper wallet address(es) I give you, then you know who to go to.

I keep wondering if there is a market for this. Apparently, there are a lot of rich dudes who open accounts all over the world except their own country and they have someone else take care of it.

In your particular case, maybe you don't have a safe place to store your coins. You have to think about, not only online security, but physical security as well, like how hard is it to break into your house where you keep your paper wallet? Do you have a safe or a vault? How many armed guards do you have patrolling around that? Are you armed yourself?

For a million USD, I'm going to use dice to generate my private keys. You might want to look that up as well.

You're being very foolish.

Go re-read the post by TheDjinni on the second page. This is the correct answer.

Regarding tax, yes, you must pay capital gains tax, unless you would like to go to prison. However, you shouldn't be so sure about making money with this idea.

Not sure if OP is trolling or...but anyway, TheDjinni's advice is actually the best you can take...clear, logical and structured

10% in the Bitcoin world is quite easy, of course you obviously want more than that or you would not be doing this.

I have quite a bit invested and can give you a few pointers via PM, though I greedily do not really want someone with a million dollars making money the way I am.

But for sure, going via CoinBase is not the best route. They are good for convenience, not for investing large amounts.

When it comes to not paying taxes, there are legal ways of doing so.

But I agree with others that your story does not seem legit. There are many legal and tax issues that your dad has to cover just to give you that much money, and if you do not pay him back it is not just him you have to worry about but also the IRS. Moving that much money around is not like in the movies.

All these loans threads are probably making whales itchy to sell and gloat over your misfortunes.

Anyways, I'm not gonna answer your questions but I personally think (as a bull) this is a risky time to be buying. Especially going all in.

Proceed with caution and don't invest what you aren't willing to throw away into the wind.

If you are not sure if OP is trolling or not, look at the posting history in his profile.

From now on, I'm always gonna do that before answering threads like this one. Lesson learned.

Case closed.

Short, straight tot he point and very easy answer, DON'T, it is risky as hell especially now!

Come on think about it.  If this is for real you must be able to blow this money.  I mean your dad must be really rich and for you to risk it like this is irresponsible.  Unless you buy slowly, and put a stop loss order in so that you won't lose much of the money, if it goes down in price.

She had them Apple Bottom jeans, them boots with Dafar...

he may be your Dad but what you are advoating OP is obtaining funds by deception, ie. financial fraud, your dad gonna throw your ass to the feds :P

Sooooooo..... the price is around ~$856 right now. If i bought it last night I would have been down $200K already holy shit!


Wtf is going on?  ???  ???  ??? Is anyone buying?




LOLOLOL

What is going on is corrective wave C. If you still want to buy, wait until it hits the bottom, but you probably won't be able to recognize it.

If I had fiat on my exchange account, I'd spent half of it putting bids from $850 to $500 with step of $20.

I have some I bought at $680 with my own money.... should I sell?

Selling is always risky. Nobody knows the bottom.
I never sell, only buy and I'm always happy with this my dumb strategy.

You should observe the market for a few days, don't get judgmental and end up making bad decisions.
How old are you btw

Looking forward to reading about how this ends on major news outlets.

25

Use the million dollars to hire people to open your own exchange. Seems to be plenty of opportunity to compete. Making .2% per transaction, you'll have a million dollars worth of bitcoins by the end of 2014.

Actually using the money for a bitcoin related start-up seems a better way to score some coin (as well as not piss off your dad), while scaling up and learning along the way, as opposed to trying to time the market real quick.

Put $1m into a mining rig. If 29 Mhash can be done for $15000 then you can do 1933 MHashes for $1m.
Probably you get some good discounts on hardware :D

Results in 841 LTC per day which is 26572.95 USD per day.

Running a year and you have somewhere around $9698780 excl. power which is approx. 5-8x your money per year :D

I wonder about your old man if he just lent you a million without asking very specific questions and getting very convincing answers in return. That aside, I'm in an informal partnership with my old man as well. I figure out the tech and the money bits, he provides the money and we split the coins, and when the price is high enough that I can begin to rake I repay my part. Profit for both of us.

As for security, look into that BEFORE you make any large buys. Encrypted private key, encrypt the encrypted key, and use some strong passwords. Passwords that you can REMEMBER and don't write them down anywhere or tell them to anyone. If you can't keep a secret don't expect anyone else to.

hope you did this, or similar!

As above. Start the best exchange out there. The skills must be on this forum. Bitcoin goes up - you make a ton of money. Bitcoin panic sells - you make even more.

You're suddenly totally immune to anything the market does and you create a massive cash cow.

Once your year is up you have your fortune. Either sell it for megamillions or keep it yourself and accumulate megabillions.

People should realize that in order to sustain this $1k valuation of BTC, you would need 3 to 4 Fools like the OP EVERY SINGLE DAY to buy up the newly mined coins.  But their are NOT that many fools in the world, once miners see their profitability squeezed out by rising difficulty they will HAVE TO SELL COINS DAILY to cover their costs and see a return on their mining equipment.  The market can not remotely absorb that kind of selling pressure, the Entire USD depth on Gox would be consumed in 1 week.

Manage it.

You can invest small amounts into Litecoin.
Wait for litecoin to hit MtGox, and watch it's price skyrocket. Be there... Be for it's too late ;-)



Shit, I registered on 02.06!

Word of the wise.. don't trust anyone, not even the mods ;-)

I'm pretty sure you're the fool here.

I don't sell what I mine, I'm going to go out on a limb and say that I'm probably not the only one.

I realise that doesn't negate your argument, but its a factor worth considering. Then there is this idea that $3.6m is a lot of money.

To me and you maybe. As a fraction of 'investment capital' being thrown around every day, maybe not so much?

No you didn't negate my argument, you confirmed it.

Miners are like you hoarding because they see huge gain on paper, this means that virtually none of the newly mined coins are sold and thus the stock of circulating coins doesn't grow, it actually shrinks as people buy them up.  We have been at under 1 week worth of mined coins available to buy now for some time.  But miners can not hoard coins forever, they have costs which always rise to match their marginal costs.

Millions are indeed not a lot when it comes to investment capitol, but the idea that investment capitol is whats supporting BTC prices is absurd, it's still driven by small-fry people investing on media hype or ideological reasons.

One point no-one has raised yet:

Eventually, your Dad may say "So, tell me about this start up!? Where's your operation? How much business/employees have you been turning over?"

This is a problem, whatever your strategy throughout 2014. The longer you stall and provide zero evidence, the more suspicious he might get.


Can you get through 2014 without him insisting on some demonstrative progress? Piling prevarication upon prevarication will not work forever. Even if it gets to Christmas time next year and he's got his $1 million back, what are you gonna say, "Oh, the startup folded. Decided to move onto something else with my profit". He (and those he talks to about it) might think you're being too secretive, they might think you're doing something of questionable morality with his investment money.

Will he be okay with it if you tell him the truth at some point? If not, you're playing serious games with family relationships just to make money (I can imagine that maybe if Dad doesn't like the way you went about your plan, some other family members could maybe take that side too?)

To all the members that got trolled in this thread,


please search the OP's post history b4 you actually believe a word he said.


After reading the OP i knew hes trolling all you guys.... skimp thro post history and .... yeah lol .... ppl actually missed this?

Answers below:


1. (a) The word "stupid" in investing is doing things that are provably incorrect. What you are doing is speculative, not provably incorrect.

    (b) Noone can predict the future, so it is unknown what the future price of a coin will be. Personally I think it is likely the value of coins will increase because currently the capitalization of btc is around $10 billion and there is a lot more money than this looking for a good home. I think a capitalization of between $100 and $400 billion can be expected eventually assuming the BTC protocol and cryptography remain unbroken. If they break, everybody loses all their money.

   (c) The risks you have are (1) bitcoin crypto is broken, you lose everything (2) world banks/govts attack BTC agressively, possible loss in value temporarily (3) you mishandle your coins (get hacked for example), you lose everything (4) somebody cracks your personal key somehow (never been done except with badly chosen manual keys), you lose everything (5) you enter into a bad transaction or put your coins in a faulty exchange or entrust coins/money to scammer, you lose everything

2. MtGox trades without limit but will not remit to US citizens.

3. Your best bet is to locate a dealer who will buy them for you and buy in limited batches at a time, say $10,000 or $20,000 worth. Make sure the dealer sends them to you. Don't let him hold onto your coins for you. Obviously you will need to master the details of cold storage and using BTC software. Alternatively, if you know a non-US citizen whom you completely trust, they can set up a verified MtGox account and buy the coins for you.

4. The US monitors all wire transfers. If you get a wire transfer to your account they will know. It is unclear whether BTC counts as a currency gain or income under US tax law. So you may owe full taxes. Logically speaking it should be taxed as a currency appreciation because the SEC has deemed it as "money", but there is no telling what the IRS may rule. Expect a ruling sometime in the next few months.

------------------------------------------------------------------------------------------------------
Other comments:

* It is very unwise to obtain money under false pretences. You would be well to come clean with any "investors" you have, so they know exactly where their money is going. Violating this basic principle will result in damaging your reputation in ways you can't even imagine.

* Before messing with bitcoins, it is a good idea to learn how they work in detail.

good buying opportunity may be on the horizon

Of course it could be a troll, more likely than not probably, but even so stories like this are entirely possible and have probably happened before and will again. It's a worthy discussion.

Did you read that story of the 13 year old wanting to invest his college fund in bitcions?

That was a troll.

plz save us all and buy all in for $1M ASAP    ;)

Lol bullshit. You are living in poverty and can barely pay rent? Yet your parents will give you a million dollars to gamble? You make it seem like your parents don't give a shit about your living conditions but will give you a million dollars to make a bet.

Can I make a suggestion?

If your Dad has $1 million to lend you for a year, surely you could just borrow $50k more or less indefinitely. You will find this much easier to invest in one go. Try to buy on a dip. Sit on it for at least 1 year, no matter what (preferably 2 years). Follow the market closely but don't sell in a panic. Be prepared to lose the full amount (you would have to be prepared to lose the $1m, so this is less of a risk).

Okay, if Bitcoin really takes off in the next few years, we may well see a further 20x, and you get your $1m. Pay your Dad back and enjoy your newfound wealth.

If it fails, you owe your Dad $50k - a failed business venture. You have some hope of paying that back, or perhaps if he is as wealthy as your post suggests, he may write off the debt.

I suspect this thread is a troll, but if not, that's a lot of money to be throwing at something which you obviously don't have much understanding of.

now would be a good time to buy!  ;D

Yes seriously if you want to gold for a couple of months NOW is the time, ignore this and you will remember it in the future... Lophie told me to buy....... I did not.....

Acta Est Fabula...

wait for it , wait for it....



buy buy buy buy buy buy buy buy!

So troll, do you still want to spend a million of daddy's money on Bitcoin? Wait till this time tomorrow and you may only need $100k to buy the same amount as when you started this thread.

Wait.  We need 3 or 4 million dollars a day coming in to buy up the newly minted coins, because the newly minted coins aren't being sold?

I kind of do actually, but i wanna see if it gets around 500/600 before the end of the year... that would be a good time to get in. I'm pretty sure it'll hit a new milestone in 2014






Not sure what your point but please gtfo

Haha, I like your attitude



But yeah, I'm really glad I didn't do it yet. I need to look more into the risk and security stuff people mentioned in this thread. And then i'll start small like $50k, hopefully I'll get in before it starts going up again. I think my greed level is too high right now, I should probably take a step back and meditate on it

Can't believe all the PM's i'm getting... some crazy scammers around here! lol if you think I would actually be down for any of these offers

If this is real, you need to tell your benefactor where the money is really going. 

Good luck mate just hold them forget about the price we are headed to $3K next year or higher i believe  ;)

I have to agree, 500/600  is good price. The only problem is the demand is high and when price falls quickly I feel unconfortable buying.

This is incredibly stupid. Nobody wants to admit it around here but that's because a lot of people are delusional. There is absolutely the chance that BTC goes down to $0 tomorrow and that is that. That risk will ALWAYS be there, just like it is with every stock, bond, derivative, etc.

Do NOT throw a million dollars at BTC without some sort of gameplan for if/when things go sour.

To the OP: not sure if mentioned already, but you should probably read the "inheritance of brother and sister" story from few weeks ago.

Lend them for me and I give you $1,200,000 end of 2014

Hmm, you need to really think hard about this. If I was in your situation I would put a little into Bitcoin, a little into Litecoin and a little into Peercoin, but that's just me. I also don't think I would slam $1m into these new unstable currencies. Maybe 50-100k if you can afford to loose.

It sounds like you have a strained relationship with your parents. The fact that they don't support you sufficiently for you to have a bed to sleep on makes it difficult to understand why they would then lend you $1M, no questions asked.

You have no reason to explain this as we're just strangers but you have to appreciate that it leaves us in a position of some scepticism.

I think his dad is Walter White, never would have been a show down in the desert if he'd used btc


Seriously, it would be better to take up shares in the various exchanges.  Maybe even buy them outright, currency itself for any denomination is more risky then owning a company with assets and turnover.

Maybe its troll physics post demonstrating why you'd not hold 1m in a non intrinsic value 'asset'
With this price fall, can anyone say which products are now cheaper today then last week

It's really not that difficult to understand. He's a teenaged lying troll. Because of his youth, he doesn't understand that any person with the business savvy to have accrued a million extra dollars would never loan that kind of money, even to family, without a formal written business/investment plan and a payback contract possibly with interest. People that are that stupid would not have a million to loan.

You do realize this bitch might just be a 25 year old spoiled kid (a money-rich minority by the mouthy teenage attitude) from US who couldn't make it in the real world without his daddy's help and basically sucked off his daddy to get his hand on some seed money. I would not doubt some 'rich' parents also don't know how to raise their kids properly.

This kid shows off all the signs of a gutless rich boi who still thinks like a 14 year old wannabe punk.

"I got balls" LOL this kid.

Maybe but I don't think so. The Paris Hilton's of the world don't care about making money by investing. They just spend it as fast as they can (while showing everyone their vagina lips when exiting their Ferrari).

Nice son you are.

Your dad probably didn't become a millionare by borrowing 1 million USD from his father under false pretenses and put in something speculative as Bitcoin.

You should be ashamed of yourself by borrowing the money for something you know he would not approve and you know very well you will never be able to pay it back if your investment fails and you lose a substantial amount of the money.

I went back and read the OP. Here's my take: There's nothing wrong with borrowing money from your parents for a startup. Lots of people do that. But be honest with them about what the startup actually is. If the OP is starting a private investment company that focuses on the cryptocurrency sector, fine. But he needs to tell his father that that's the plan for how the million will be used.

Maybe the OP should consider investing some of that money in startups related to bitcoin, instead of just in bitcoins? Or at least be more diversified. Just a thought.

That's not true at all. I'm extremely close with my parents. I live on my own in another state because I have a job, I make my own money which is enough for me to live on and pay my bills (my bills are pretty fucking high compared to most people). There's no reason for me to have my parents pay for anything. I'm fucking 25. About me sleeping on the floor... that's by choice, I just haven't gotten around to buying a bed and I don't mind sleeping on the floor. It's really not a big deal but I wanted to give a perspective to people in this thread thinking I'm rich because my parents are and that I'm living some sort of royalty life. That's just not true.



LOL at at this raging comment... you are clearly upset my boy. I have a full-time job and make my own money... "can't make it in the real world"? I'm pretty sure I'm still better off than you are you stupid ass mother fucker. You are just some fat ass getting mad over the internet. There will always be people/families richer than you, don't cry about it.

I'm willing to bet you are an ugly sad little fuck probably older than me and living with your parents

In this thread you stated that you have invested all of your money into Bitcoin. https://bitcointalk.org/index.php?topic=360745.0 (https://bitcointalk.org/index.php?topic=360745.0)

So did you invest this $1,000,000 or are you just making stuff up?

This is my own money, I bought them after the first day of the senate hearings (it was around $680/btc then)

A thread with such title , with a (serious) added , then we have a genuine troll posting , I'm betting my bitcoins on making stuff up.

if the price crashes like this, it should be good news for the OP since he can get more bitcoins for his money.. but now he's had a change of heart.

Instead of using bitcoin as just another asset class, consider using the $1M to aid adoption and merchant acceptance. Pay someone to pick out a good startup and throw the money at them instead.

Or, solid trolling, whatever.

Your tongue betrays you. Highborn don't use language like that.

LOL this little fucker. Why don't you put your money where your mouth is and bring this shit in person? You want to know how they deal with punk ass fucks like you outside of your little bubble called america? Bitch be asking for it now.

A kid who's got 0 idea what it means to use money by lying to his rich daddy and stealing his million shouldn't bitch at me who already made his money during 2008 when everyone was too busy with their asses on fire.

You want to meet me, get your ass down to LA MacArthur. Maybe I will throw in a few tips about not stating dumb 17 year old shit like  "I could quit my job and chill in Miami and Ibiza for a year until I need money again."

This coming from 25 year old something kid with no idea how the world works (imma gon chill @ miami BRO) and barely pays rent. HAHA his daddy obviously didn't slap him around enough.

More like a born-into-posh-upper middle class-family boi that don't even know what it means to manage money (hence still living like a day fly from paycheck to paycheck while having 'life savings' of less than 7 grand at 25). No wonder he had to beg his daddy (because no one else and definitely no bank will loan half that to some half assed kid).

Man this punk should do well to stay out of shadier people's lot. People have been offed for less and telling everyone his family is rich enough to fork over 1 million USD on a whim which is pretty much asking for it.

On a more serious note, people are giving way too much benefit of the doubt. You want to manage money and be actually successful through some modicum of personal abilities, then you don't make stupid fuck comments you expect to hear from a high school boy regarding money. First he's gonna have to go back to his daddy (again) for some real financial advice and proper parenting (as in getting stomped on the throat) before getting too mouthy. Professionals my age worked our way up not just by taking opportunities when they presented themselves but by steady effort and being hard about dealing with successful ventures.

All that talk about 'hitting it big' dressed up with some pseudo-intellectual bullshit thinking they know anything about investment, then throwing everything at a single venture without even having a proper plan is exactly what you would expect from a kid. More so that he just flippantly borrowed 1 million dollars from his daddy to burn in this venture as if he could even work that off in the next 5 years alone.

To get respect, you don't receive money. You make them. If you want someone to loan you money, you build yourself up to the point where you are worth that kind of trust. Obviously this was not the case here. Properly introduce your plan and be honest with who you deal with, especially your family. This kid's just lying to his parents and trying to steal from their wallet. At best, a kid who picked out pocket money and trying to win a lottery. How the fuck is anyone supposed to take this seriously?

I can help you with setting up in china exchanges

Your reading comprehension is rather poor.  WOULD NEED is what I said, as in would need IF coins are sold and not hoarded.  When miners hoard coins the market operates under artificial scarcity and rises to prices that can not be sustained in the face of miners selling the daily mining output.  To sustain the present price with miners selling all coins would require millions per day (well now ~2.5 million with ~$700 valuation).

Read the OP's post history. (https://bitcointalk.org/index.php?action=profile;u=163791;sa=showPosts;start=80) Let this thread die.

So what he like Asian porn?

Invest the 1million into litecoin instead. The ROI is higher :)

I think we have a mental patient here on forum  OR someone who is too desperate and frustrated of his daily job.
Don't know how many desperate guys for "BTCtips" fell for his trap.












and, FINALLY this -

HAHA i figured this kid sounded like some fuckin childish indian kid with a rich daddy living in the west.

He bitches and moans too much to be a proper asian. Got a punk ass attitude and a pussy backbone too.

And I'm a multi-trilionair

Proof:
http://www.significancemagazine.org/SpringboardWebApp/userfiles/sig/image/ChampkinUploads/Zimbabwe_$100_trillion_2009_Obverse(1).jpg

You are one big fool gambling with your dad's savings.

You'd be better off opening a start-up with this money at least u'll learn something in the process even if you fail. Hell you can open 10 start-ups with this money and earn yourself a worthy experience instead of putting your money in Bitcoins.

Sure it can increase in value doesn't mean you did the right thing. You can as well gamble with your money in a casino and if you made money in the process doesn't mean you did the right thing is just means you got lucky.

Save yourself and your dad's wealth and find yourself a more honorable way of making money.

What made me mad is when he said "gtfo" to me on Page 7. I mean ohhkayy you are frustrated and trolling makes you feel good, but abusing is not acceptable at all!

DUFFER << yea irony here

You got a link for that? Sounds interesting.

Some dude inherited around $750k (which was for both him and his siter). He lost most of it trading bitcoins. Don't have a link, sorry.

found it on reddit:
http://np.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/

Damn speculators... Oh well, what comes easy, goes easy. This is what one of my friends said yesterday.

He had 10,000 litecoins from the early days but failed to copy his wallet before reinstalling Windows. Gladly he saved all the DLLs from Program Files...

He got carried away! Should have invested in 5-5% parts IMO.

Guess you need idiots like that to make the whales richer.

A part of me laughs at him, and another feels sorry.