Bitcoin Forum

if you had a small 401 k that earned you a small percentage each year and it IS your retierment plan would you cash out and buy bit coins ..... even at these prices?

low 30s gunna only invest half and save the other half. might be incredibly smart might be the dumbest thing ive ever done. if i would have when it was at 2, 5, 10 i would be quite well off.... ok pert much rich.

so what do you think? risky yes, possible i could make a lot of money? even more than the markets would give me. also make up for the ten persent fee for taking it out early.

there are a lot of smart people on here, I would relay appreciate your feedback on this as this could make or break me. thank you.

I would do it, your still young :)

oh ya I guess i should say IM in my low 30s, not that my 401k is in the low 30s. its about half that.

yeah i thought thats what you meant. Look at it this way, 401k is longterm investment. And Bitcoin longterm is going to win over 401k for sure!
And even short-term, bitcoin will kill 401k, it makes sense to me

In July of 2011 I took $10,000 out of my Roth IRA. I bought about 700 BTC at $14/BTC. I was hoping my money would follow the pattern and triple by the time I needed to make a balloon payment that next spring for $30,000.

Instead, by that spring the price of Bitcoin was down to $2-$4/BTC.

So I had to take $30k out of my 401k to pay for the balloon payment.

Taking $30k out means a 10% penalty of $3000 plus you have to pay income taxes on that as well (at around 30% that's another $9,000).

So that is $12,000 I owe the IRS this year. I also took a lot more out of my 401k for other things. So I owe the IRS a lot.

Back in the fall, seeing a large IRS bill coming up and no extra funds sitting around I had to go with the only way I can make that kind of money...I shipped off to Afghanistan.

And here I sit, making a bunch of money that will go to the IRS instead of into Bitcoin.

Just make sure you can cover the taxes and penalties for next year's tax bill even if Bitcoin crashes.

thats what im thinking. a financial adviser might differ saying you should never touch your 401k.

but if i took that 15k and put it in at 2 when i started watching bitcoins or at 12 or at 20 when i thought i missed the boat or at 48 or 62 or 80! i thoght oh man if only.....well enough of that ill invest in it and if it does go down to fifty again ill buy more.  or if i loose some... say half well at lest i gave it a shot.

if it does reach 1000  hopefully slowly but surly and keep going up from there.

im nervous because what if the feds or if the government says nope you cant have this thing called bitcoin.

You are a gambling man. Maybe it's time to double-down again.  ;)

If it is the smartest AND dumbest think you could have done, then it is the dumbest thing you could have done.
Just common sense.

I was fortunate to at least get some in at $22/BTC this time.

But after the IRS is paid...I am back in the game.

that is what im worried about! your store is incredible! you took a chance though. do you still have your coins?

I had 20% held for taxes. im going to save another seven just in case and the rest in btcoin.

also did you look into roughnecking? i did it for eight months or so. a week on and a week off shift 12 and 1/2 hour a day for seven days straight. made 2,000 take home per week that i worked. sucked as far as work goes but good money and fast money. hard hard hard work.

could be the smartest or the dumbest thing.  its not common since if you dont know the future. if it drops to ten bucks then ya its dumb, if its going to double or triple then I have made a good smart decision.

OR not AND


if you think its dumb to invest then I take it you have NO bitcoins now. if you do then you are truly contradicting your self by saying buying bitcoins is dumb

any other bear stories? any other advise from finacialy minded people?

how about you, yes you the 30somthing person who has a 401k. you have seen the gains, you have probably seen the 2011 crash. what would you do?

hypothetically speaking of course.