Bitcoin Forum

As in, more than 80% of your savings are in it. Or, you took up a loan (even if it is a small amount such as $1,000) just because you feel confident that Bitcoin will succeed.

Or, sold your secondary Car/Motorcycle/Boat "Toys" to invest into bitcoin?


Just wondering. Considering selling a "toy" of mine to buy more bitcoins. Again, it won't affect me if Bitcoin fails, it is just a weekend roadster for me... Just wondering if there is anyone else out there selling their "toys" for a chance to make it big.

All of our savings (besides some of our 401K) is in BTC.  Have not sold any toys.  Not that we have any to sell anyways. ;) 

It did not start out that way.  We threw a little in thinking we would gradually put more in as time went on.  But with BTC we learned fairly quickly that the best strategy can be just to throw it all in as quickly as possible, especially if it can be timed before it hits an ATH.  ;)

Oh, and our savings was nothing really impressive to begin with.  However, even putting a small amount into BTC and holding there for over 8 months can give some amazing returns.

Next year should be fun!  ;D

You might have been lucky this year but don't try hard, take your profits and enjoy it if you cannot afford to lose.
I hold myself, for 2 bubbles already, but my initial investment was really small and I have saved much more in FIAT
I also hope next year will be fun :-)
Bast of luck!

Kind of the same as you then. I started with a small amount during April without ever selling. As it grew so did the % of my worth but in BTC. By the time it grew to $1240 each, it was over 80% of my worth if that makes sense.

Now I am wondering if I should sell my 2nd car (I don't even use it anymore, just sitting in the garage, a 2 seater convertible) and take a risk with it? Or continue to let my car lose value every year sitting in the garage...

Hey Bitchick, just wanted to add, we both registered days apart in April of this year. We probably invested/bought bitcoin at the same prices lol :)

there are a few people that actually took out loans to buy BTC.. wildly crazy to me.

I have less than one percent of my assets in bitcoin. I love bitcoin but don't trust it.  To be fair I am also a late adopter so capital appreciation has not been a factor. 

All my fiat goes into BTC and my only income is through BTC at the moment. Now that there are more ways to transfer into CAD it's getting pretty comfortable :)

I would think that selling something you are not using would be a good idea.  You could possibly buy a new convertible in a year if the price increases at the same rate it did this year.  Of course, there are risks involved but I would say decide ASAP.  It appears that we have some real big things happening in the first quarter of 2014.

hahaha,
1}i sold my second car to buy some alt coins.
2}i skipped my cc payment just to buy more coins.

This story has a happy ending. It could have went wrong. Be wise and research

People who got in during/after the March/April bubble thought they were late adopters too.  It is still very early.

Yeah, for example this crazy bastard buying all-in at $50: https://bitcointalk.org/index.php?topic=149179.0

Probably lost all!

(didn't, cashed out initial investment at $170 and now has quite alot of free money)

There was a poll on this recently. I'm one of the people who are more than all in. Took a family loan. My old man is considering getting a big loan to buy even more.

It doesn't even classify as a gamble. The technology is solid, so are the relevant economic and social factors. Bitcoin is going to hit at least $100k within a handful of years. Mathematical certainty.

Liquidated my Roth about 2 weeks ago. I have gained 70% since then. Once I get 100%+, gonna cash out my original investment and let it ride. I am confident this will happen, I am just not sure of the exact TIME it will happen yet haha. So far this has been a great experiment  ;)

My net worth is primarily in my house, a lame 401k, a few stocks, and life insurance, we have always spent nearly as much as we make, typical American consumerism.

My only goal now is to buy more BTC at every opportunity. Through some timely trades in and out of Alts i have doubled my BTC position in two months with no new cash. I will buy local bitcoins whenever i get a dollar to spare. 

My take is if I lose it all, I won't be any different than before, which was nowhere. Let it ride baby.

I'm all in.  I have like 200$ in fiat, few thousand in BTC.

I took out a 2000$ credit card cash advance back in October.  That was a good plan, it tripled for me before I cashed out :) Got myself a nice business now because of it

Sold all mine at $750, waiting for it to go back to $600s

Prepare for disappointment.

To OP:

I have over 80% of my savings in BTC/LTC at the moment but it's not as impressive as some earlier adopters...

I have a full-time job to pay the rent and get my kicks, but most everything extra I have goes into Crypto. I keep maybe $1000 in fiat just for whatever.

How will I be disappointed? It's not like there is looming global stock market crash in our future or anything. It's not like all of central and south America now has access to bitcoin. It's not like there is a debt crisis in the USA. It's not like the Fed is still printing $85 Billion a month.



oh shit.

this thread is exactly what has always scared me about bitcoin

I am "all out" for reference purposes of this thread.

you serious? that is a ridiculous statement.

if you truly believe that, lets set up a bet on one of the bitcoin betting sites, ill take the other side for as many $ as you want.

unless you bought in for less than 750 I assume.  But its not only physical events that cause price changes so he may be right but its highly unlikely

I retook a 75% position at various points in the 600s. Not sure how much longer I'm gonna hodl.

I'm partially in, having invested a percentage of my savings, some credit cards, and subsequent extra monthly income. When I first read about Bitcoin in April, I was immediately hooked and was glued to my computer for a week learning about it. I had to get invested somehow. My method of acquiring coins, however, is a bit of a roundabout story...

Back in May, I bought thousands of dollars worth of ASIC equipment in bitcoins, thinking it would be a brilliant idea to build miners based on an unfinished open-source project with chips that didn't exist yet. It was risky. At that time Bitcoin had just crashed from an ATH of $266 to $60. It then stabilized around $80-$130, which is when I bought most of my coins to pay for the hardware. Back then, GPU mining was still profitable and ASICS were just arriving on the scene. If we could get the chips and finish the board design on time, we would be second only to Avalon in having working ASIC miners. Those of us with big mining plans were praying for a BTC valuation of $100-$200 toward the end of the year, and certainly none of us would have predicted a valuation of over $500, much less $1000.

Long story short, the ASIC chips we were supposed to receive were sold out the back door, the Klondike board didn't get completed in time, difficulty soared far beyond predictions, and most of us ended up with chip refunds in bitcoins. Thank god for that. I personally lost a percentage of my initial investment and was pretty depressed about it for a few weeks, that is until the price run-up to $1200, where I watched my wallet grow to an amount of fiat I had never seen before.

While I regret my decision to get into mining, I don't regret the coins I bought in the process and I don't regret the excitement of being involved with such a game changing technology. If I hadn't, I'd have likely delayed buying so many bitcoins in May to meet deadlines and would have far fewer right now.

I went into bitcoin with 10-20% amount of my savings. Now it has become a 60% of my savings and hopefully it will become 10x my savings.

So having 80% in BTC is only impressive if you started today :P

I work in Afghanistan as a military contractor. I make a lot of money with no expenses (my house back home is being rented for the amount of the mortgage payment).

Every paycheck gets converted to bitcoins.

You can run silkroad dealership right out of Afghanistan. Wonders of globalization + bitcoin :)

Not on a military base on a military network that monitors me more than the NSA monitors US citizens.

I got in around October 2012, I spent about $5000 on mining hardware and about another $5000 since then. Around July of this year I started mining ALT's because the difficulty of BTC is becoming too high. With-in the past 2 months started trading the ALT's I have mined and feel like I'm doing pretty good. I'm holding almost 60 BTC.
Mining Bytecoin have been most profitable but the mature time is killing me (120 blocks)... I'm guessing this is why no one is mining it but its selling high and fast.
Think god for Poolwarz, before them there were not very many good ALT mining pools.

I've always been a reader, but recently I registered here because I want to start a forum/escrow service/ and maybe an all in one pool for all ATL coins.
This was before I noticed Poolwarz was created so the all in one pool ideal may not happen. I am a coder but Poolwarz is far better than what I had in mind.
I have thought about an exchange as well but I don't even know where to begin coding a site of that complexity by myself.

I have most of the coding on the forum done and about 70% of the escrow portion done. Although I have recently had another ideal on the escrow portion. I was thinking instead of an automated escrow, use people like your self to be part of a team that will be the middle man. Each team member will be bonded. If you are purchasing a product for 10 BTC the escrow team member will have a bond of 10 BTC held by the website. Doing it this way will allow people like your self make a percent of the escrow. Kinda like profit sharing. 1.5% for the escrow 1% to the team member and .5% to the website.

Anyway I have about $10000 invested and by 1/5/14 I will have 60 BTC. So I'm in the black by about $30000 as of today's exchange rates. I'm hoping BTC will be back up around $1000 soon and I figured I would cash out. Although I said the same thing before it was up around $1100 and never cashed out.. So I probably will stay in, but it is becoming harder to mine and I don't have as much time as I use to needed to focus on trading. My wife is bitching about the heat and noise created from the hardware and also me having my eye's glued to the screen 24/7.

My original goal was $100k then cash out but with difficulty too high, mining hardware too high and trading risk too high, I guess I really should cash out and buy my wife a fat ring to try and make up for the past year I have ignored her.

When I got in, bitcoin was worth nothing, probably around 1% of my $5k net worth at the time. Now my holdings are worth like 60x my house, which was paid for by bitcoins. And I'm not selling any more...the house was a huge loss compared to holding and paying a mortgage.

that would've been quite a headline though ;)

I'm all in for cryptocurrency.

Putting money in a bank is against my principles.

If I cash out one day I will take cash, silver and gold.

Really, you have no money in a bank at all? How do you pay your bills. What if you need fiat money really fast? What if something catastrophic happens to the network and now you have absolutely nothing?

I only keep what to pay my rent of course.
I have no interest in material things like house and cars. I can live on very few money.
I don't see why would I need a lot of FIAT.

I convert all my FIAT to cryptocurrency because I believe in the idea behind it. You cannot stop an idea.

You can't kill an idea that's true. You sure as hell can slow it down though ;)

Actually ~20% in but will go 50% when the price goes down :)

Oh man I love people like you. Greed is strong in this one.

Let's just put everything on 31 black.
And then ofcourse repeat until all is lost.

http://www.youtube.com/watch?v=vcr6opqAFVU

+1 this sounds really irresponsible for someone with house/spouse/kid? Diversity.

I think I am gonna put in one of my "toys"

This is a once in a life time technological event, even if it is do or die something like this is very rare.

In 2004, I had $10,000 saved up and I had 2 choices. Invest all in to google at $90 per share or buy a brand new motorcycle.

I ended up buying the Motorcycle for $9,600 or so after taxes and other fees. Had I bought Google, I'd have a nice 100k+.
Motorcycle now is worth less than $3,500.

So now I am presented with another ground breaking opportunity in technology. Sell one of my "toys" and throw in 10-20k in and wait and see?
Or, watch as my toy depreciates and becomes worth less than 7k in 5 years time as it sits there in my garage...

Don't diversify. There's nothing in the world that can get close to the potential returns of Bitcoin. And no this isn't gambling, it's called calculated risk taking. People with balls do it :)

It all depends on how much you have saved. If it's 5k, then it does not really make any sense to diversify, you might as well take an educated guess and buy in. and in BitChick family case, they did it around $150 iirc, so it was a wise decision even.

Of course, if you have a million, betting it all on bitcoin is not wise. But if all your savings fall under "money you can lose", why not risk them. Especially when the odds are strongly in your favor.

Possibly the worst advice on this board. Nothing comes close to the potential to lose a lot either. It goes both ways.

I've seen you panic all over this board during every single semi-big movement. "WAT DO WATDO !!!11!!!???". You're just talking your book, because right now bitcoin is up a bit. Haven't seen any of those balls you're talking about with you.

Right, penny stocks do not exist.

always thought that´s the reason the troops went there first place  ;)

Penny stocks and bitcoin can both have ridiculous returns, yes. But they are COMPLETELY different investments in almost every way besides that. If you are taking a calculated risk in a penny stock with a (relative-to-you) large investment, you would pretty much have to be a professional trader. There is no other way that you would accurately be able to calculate the risk.

Bitcoin does not require these years of experience or training. You don't have to pick the RIGHT bitcoin. There are alts, but I think we can agree that at least for now bitcoin is far and away the front runner.

Penny stocks /= bitcoin

I didn't say it's the same thing, but for all purposes mentioned above it works the same way.

I agree that both penny stocks and bitcoin work the same way in the sense that they can have large returns.

But person needs years of experience to do penny stocks correctly, and none to do bitcoin. They work differently in that regard

And it's the same risk-reward strategy, and knowing what Bitcoin does next needs tons of experience too. Saying that it doesn't require experience are typical sings of a speculative bubble.

Yes, but you enjoyed your Motorcycle last few years. And the Google could fail...

I only put labour in, and I only take goods and services out. However I find that I will work hard for bitcoin :)

Your statement implies that people with balls don't gamble. In reality, people that gamble with a lot of money without calculation require bigger balls than those that perform calculated risk taking.

I think that people that gamble are generally foolish to do so, especially at casinos.  If they only gamble what they are willing to lose then I guess it can be fun, but I am not sure I would say that they have "bigger balls."  Maybe less brain cells?  ;)

The funny thing is that BitChicksHusband and I have never been gamblers.  We go to Vegas and don't gamble while we are there.  Why?  The chances of winning are pretty slim.  You would think only the gamblers would be the risk takers with Bitcoin but that is just not the case.

With Bitcoin it is a much better calculated risk and way less of a gamble then playing a game of cards or some slot machines.

So far the "gamble" if you want to call it that, has paid of nicely.

All-in scares me. I prefer a balanced 50/50 approach. I invest in equal quantities of USD and BTC.

And your ultimate mistake will be holding on to the inductive "it paid off in the past so it will in the future"-reasoning indefinitely, like I said earlier. It has paid of thus far, no argument there. But you're still gambling and greedy as fuck. Never go all-out, never go all-in.

Yes, but it didn't start that way :)


:D :D :D

An inexperienced person can succeed in Bitcoin. Buy at any price, wait 365 days, sell. You made money. Requires ZERO experience.

Try doing that with any penny stock and you will lose 95%+ of the time (and that is being conservative)

It's easy to claim that post et facto. If that holds to be true over the next decade remains to be seen.

I don't like the narrow way the OP question is formulated. For me it is:
Yes, my very little and all "savings" are held in bitcoin constantly. I'm all in.
No, I haven't had anything I could sell for bitcoin, nor have I EVER bought any bitcoin.
The few bitcoins I have I have earned. I have invested nothing but time and effort.
 :)

I dont think it is necessary to go all in, just start some Business accepting Bitcoin and invest your time. Dont be greedy  ;)

Most of the time I'm 50/50 or  60/40 but I go all in during crash bounces and bubble breakouts when it's obvious that a giant force is entering and driving the price up immediately. Actually in November I was all in with 200% margin.

A journey to the bottom of the pit of despair is a painful and enlightening path, your emotions will hurt your position and your losses will become a mountain that needs climbing to re-establish your initial position. Hubris is a very poor trading strategy.

It is not like we don't have a plan to sell, but just not yet.  Next year most likely we will heed the advice of some smart people and begin to withdraw systematically.

This has got to be one of the most cringe worthy threads ever.

all-in yes but generally, i'm dumping some amount, to buy thing, and to move this little baby, remember that bitcoin is still in beta

Know exactly who you mean.  Keep the faith, sister!

http://s14.postimg.org/8vibktlr5/aaaa.jpg

I started doing this when the price was $22/BTC. Unloaded about a third of them on the news that the US Marshalls were going to auction the Silk Road coins. Bought back in in the $400s.

Not in AF anymore, but now instead of converting each paycheck I use bitwage.co to do it for me.