Do you remember the verse in the Bible, they will toss their gold and silver into the streets?
For me at this time, it is much more important to have my freedom than to have wealth that makes me a marked man by society.
With my freedom, I can do amazing new technology. I need almost no wealth, just a computer, the internet, and my brain.
And with the freedom my wealth will afford me, I can help build a better world where wealth is irrelevant. |
|
|
|
I voted for spoiling you guys a bit  Again, thank you devs for all that you're doing. I hold you guys in the highest esteem because it wasn't so much the monetary gain but the love of your work and craft and what that might mean for this world that inspired you. |
|
|
|
If you really want to blow away Mom and Dad, wait until you have doubled your value then withdraw your original investment. At that point you will have no downside exposure. No matter what the price does, you can't lose. Now major in economics and write up your experience for grades.  MIT will probably take you if you have a good story :p |
|
|
|
they shouldn't find out.  but if they do, i'll say i transferred the money to a better bank account  Ballsy, I like it. I didn't let my mom cash me out either. |
|
|
|
@ Rest Members - Im 21 and have $3000 of savings from working for a year. I just heard about Bitcoins a week ago and have been addicted since then and I am waiting for a price to buy 5 BTC for <$1500 and 40 LiteCoins for $150.
But the thing is I've been lusting for a sports bike since 6 months that's going to be launched in Feb 14' and would cost $4000. So what do you guys suggest, I spend my whole $3000 for 10 BTCs and keep the bike on hold for another 6 months or get 5 BTC + LTC for now and buy the bike too ?
I've wanted a motorcycle since HS, and had enough at the end of freshman year of college to buy one. I bought bitcoins instead. I have a motorcycle now. And bitcoins. |
|
|
|
Reading this thread has really kind of made me cringe. Now I suppose most people would just say I am defending my own decision to go to (an expensive public) university, but I've set myself aside.
While school truly does suck, you would be surprised by how much better it does get. And while this fantastic resource called the internet does greatly aide in learning on your own, I have encountered numerous homeschooled and self-taught students during my time at school and none of them seem nearly as adept as their peers. Working alone and learning that way is a fantastic foundation for your continued education, but spending the time and money to go to a real college is worth MUCH more than the cost of tuition, books and living. It means job security if BTC ever does crash. It means learning about something which truly interests you. It means meeting new people and spending time with people that, odds are, you will stay in touch with for the rest of your life.
Sitting here and typing now... When I graduate with my B.S. in Computer Engineering, Even if BTC are high enough for me to live the rest of my life not working a day, I will get a job. Because what I am learning about right now is something I have wanted to be a part of since I was little. And no amount of money could get me to say, "I no longer have an interest in how IC's fundamentally work, and how they run the world, and how I can create and implement them to help me and everyone I know."
So I guess I should probably say that my BTC exposure is quite a bit larger than yours, and I have a similar approach to just wait it out (while also increasing my BTC holdings), but my mom (parents are divorced) knows all about it. She knows my initial USD investment, and my current holdings, and is pretty up to date on their USD valuation (like that means anything).
So while you're spending your time reading, and thinking of traveling world, find something you're really interested in and decide to learn about that. I'm willing to bet that once you spend more time learning about something you really love, you would never just give it up.
Oh, and it's probably a good idea to tell your parents. Online account or not, they will get a monthly, or quarterly, or biannual or annual statement and they will wonder where the hell $4K+ went.
Ps. Don't say "$4k isn't a lot of money" unless you can, on a whim, come up with that much money yourself.
+millions I am remarkably like you Chance Also, tidbit from experience, I got my mom (parents divorced) involved. I got a lot more capital from her than the $2k tuition refund check (see school does have its benefits, you can take out dirty fiat loans for really cheap!) alone could've afforded me in Bitcoins. |
|
|
|
Just crossed 100X purchasing power compared to GOLD! the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, nasdaq=3055, Bitcoin=5.4): Bitcoin is 424.00 (415.00 btcChina in USD). Gold is 1267.00. Nasdaq is 3947.00 Bitcoin: 7751.85% (7585.19%) Gold: -25.03% Nasdaq: 29.20% Gold Diff: 10373% advantage BitcoinNasdaq Diff: 5977% advantage Bitcoinwow, I too just passed 10000% increase today from the first price I purchased Bitcoins at during Jan 2012. At the rates of this maybe I should just hold off on asteroid mining, it'll depreciate too much by the time it ROIs!  |
|
|
|
98% of humanity won't have any bitcoins when it enters a bubble and this is a problem, since these are already the laggards, and by buying at the bubble, they make their situation worse, not better. Any thoughts?
Yes. Barricade yourself on a Caribbean Island. In all seriousness, you touch upon a very important problem. When the whole economic landscape changes and The Last Big Bankrun (on the dollar dominated fiat system) hits us, most people will find it extremely unfair that early adopters sit on this wealth and their private pensions as well as the government's pension schemes are gone. There is one solution for that though. I will outline it in another thread. We need people thinking about this. I’ll admit that many of the things I wrote about may not happen at all, or may happen very differently than I imagine. However, there are lots of people touting the fantastic benefits that bitcoin and its children can give us, and I don’t see anybody talking about how bad things could potentially get.
We need solutions. When the government finally starts taking decentralized currency seriously, it will probably be doing so in a state of panic. We need to be advising governments now about how they can survive the storm and protect their populace. We need to think of ways the government can pay for its most critical operations, and what legislation makes sense to mitigate these new risks while preserving as much freedom as we can.
The Lifeboat Foundation is attempting to provide this thinking, advice, and solutions. They are already getting ready for a new advisory board, culled from computer scientists, economists, and bitcoin experts. If you make a fortune from your investments in decentralized currency, I urge you to consider how you can help all the people harmed by these rapid changes. Many bitcoin enthusiasts seem to think they will get to retire on a private island with a harem and a stable of Italian sports cars. This is wrong. Bitcoin investors need to someday become bitcoin philanthropists, and our giving needs to be targeted at helping all the people we have harmed. The Lifeboat Foundation is one option, but I’m sure there will be others.
|
|
|
|
|
Reneging on a contract = return of agreed upon exchange
In this case, bitcoins for a promise to deliver miners.
This is a clear case of contract law violation when they changed the terms.
|
|
|
|
I remember when people were talking about silver parity like it was this big thing that might never happen. "But if only it did reach silver parity, maybe then the PM bugs will take Bitcoin seriously." The good old days, nine months ago.
Bitcoin confirms my theory that we shouldn't measure time in a linear fashion in "seconds" but based on how many observable events come to pass in a given process. In Bitcoin so many things happen so quickly that nine months of linear time seems far away (measured in events) so that we can talk about it like the "good old days" I too recently have begin to observe time in fractals instead of constant intervals. |
|
|
|
The key here is that this is a college fund and the OP is 13 so we are looking at a hold of 5 years before the funds are spent. The choice the OP makes in going to college or not is irrelevant. What really matters here is the 5 year time to hold the BTC. Now let me make this clear I believe there is a very good chance that the BTC/USD rate will drop by 50% or more is the next days or weeks; however I also believe that there is an even greater chance that the BTC/USD rate would be over 10,000 and possibly over 100,000 by the time the OP reaches age 18.
So the downside is that an 18 year old is short 4200 USD. 4200 USD is a drop in the bucket towards a college education and most 18 year olds can easily earn that kind of money in a job over a few months. The upside on the other hand is that the 12 BTC would be worth 1.2 million USD. Not only is this more than enough to pay for a college education and medical or legal school but the OP will have a fair amount of funds left over to help his parents should they get into financial trouble in an economic collapse.
From a financial point of view I consider this a sound decision but only if the OP keeps these funds in BTC until the OP's 18th birthday
Should the OP have asked permission from his parents? On the surface the answer may be yes; however this is a situation where asking for forgiveness after the fact makes more sense than seeking permission beforehand. I am 56 years old I must say this is a situation where I find myself trusting the judgement of a 13 year old, the OP, over that of someone in their 30s or 40s, the parents. Why because a 13 year old has nothing invested in the current economic system, while the parents are likely at the stage in their lives where they have the most invested in the current economic system. We most also remember that the parents made the choice of providing exclusive signing authority over the account to the OP. The key here is that both the OP and the parents must be prepared to take full responsibility for their actions regardless of the outcome and respect each other views on the matter even if they disagree.
thanks, thats good info. if we get a 50% crash i will accept it and hopefully things will turn out ok. i'm quite stubborn so i'm not selling any, although if btc goes to $10,000, maybe i'll sell 0.5 to cover myself. my parents wouldn't have agreed, and i also agree $4000 is not a lot of money. plus who knows what the dollar will be worth in 3-5years? I will stay with my recommendation to not sell a single satoshi until your 18th birthday, even if the price rises to 10,000 USD or even 1,000,000 USD beforehand. at that point he won't have to sell back to fiat |
|
|
|
lol! honestly as brash as Giancarlo is, I wish more customer service was like his style. It's refreshing and human |
|
|
|
|
forget everything else and remember this. Try to follow and at least explore every opportunity you're given. Whether that be college or Bitcoin, traveling the world or with love. Every opportunity. An entrepreneur finds opportunities where others don't and/or won't.
This is what life is for.
|
|
|
|
You are 13 and have a few years so you need to plan for the possibility don't need to worry that bitcoin prices could crash. I am uber bullish but you need to only invest would you can afford to lose invest enough so it makes a difference. A college education is not something you should risk losing. An opportunity like this is not something you should risk losing. If you keep your money in bitcoins be sure to work hard in school you won't have to work hard in school and make sure that even if you have no money for college that you can qualify for scholarships because of your good grades. and will be able to travel the world thanks to being financially independent. Unbelievable. Just had to bluntly correct that. I don't think you are responsible to say these to a 13 years old young man. It's not funny. Money is not the only thing in one's life. Go to college, a relevant one and a fun one!!! trust me college is worth it a lot more when you don't have to worry about tuition etc and what you have to be in order to "get a job" in "the real world" you'll meet the greatest people ever, people who'll be there for you the rest of your life if you let them. At the same time you will learn a lot about yourself and what you could be doing to be an Agent of the Singularity one day  |
|
|
|
In the long run it may very well have been a good investment. I would recommend any (adult) friend to consider buying right now.
Since you are a minor, lectures are not optional:
[lecture]
You should have convinced your parents instead of doing it behind their backs. Would I have been your dad, I would have been mad and proud at the same time. These kinds of decisions are for adults. Period.
[/lecture]
+1 he's gotta start trying to be like an adult sometime might as well be with Bitcoin! cheers to you, my friend. my humble slip of advice, think for yourself, think things through to an end, and develop this tendency as soon as you can. |
|
|
|
...
Absurd. The money that is used to purchase a seller's coins are already taxed when it was earned. And then some people expect the transaction to be taxed too? no ty
Thx for your tax advice. I hope your clients will enjoy taking showers with hardened criminals. ie why I avoid selling back if at all possible. |
|
|
|
...
I myself may be quite interested in re-balancing directly into Gold at some point in the not to distant future depending on what the valuations of BTC do.
Waiting for the Gold Parity Party? If current trends hold, maybe New Years 2015? ... No no. Gold Parity means to me 1kgAu/BTC. I would not rule even that out by 2015, but I certainly don't expect it. It's just that the recent BTC rise has thrown my desired balance out of whack. I'll certainly sit on enough BTC to make a possible jackpot worthwhile of course. In the mean time, re-balancing ensures that I have a good ride no matter what the Bitcoin end-point looks like. Going straight from BTC --> phyzzz may or may not have any operational advantages. Dunno yet without more research and planning. If what my CPA tells me is right, I might be able to take a pretty healthy pay-day in fiat tax-free. In 2014. If you start a new thread to tell us what your CPA said I'd love to read it. Thanks Absurd. The money that is used to purchase a seller's coins are already taxed when it was earned. And then some people expect the transaction to be taxed too? no ty |
|
|
|
Yet another overwhelmingly well received article about Bitcoin on zerohedge. They're on to something guys Moments ago BitCoin hit $395, and will likely cross $400 in the immediate future (the chart looks a little less scary in log scale).
So as more and more pile into the electronic currency, some due to ideological reasons, some simply to chase momentum, some out of disappointment with the manipulated gold price looking to park their savings in an alternative, non-fiat based currency, which a year ago traded 40 times lower, the attention of the government is finally starting to shift to what has been the best performing asset class in the past year, outperforming even the infamous Caracas stock market.
Which means one thing: Congressional hearings. |
|
|
|
Instead of Someone I should have written the Mastermind. I hereby propose the official name Mastermind to mean our little Mastercoin Hivemind. It's happening, it's catching on |
|
|
|
|
Show Posts
