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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 608405 times)
jbreher
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October 28, 2014, 01:43:05 AM
 #2001

All of the banks already did fail between 2008-2010 and that didn't start the apocalypse. Is there another impending bank catastrophe that I'm unaware of on the horizon? Massive bank failures like 2008 aren't likely to happen again in my lifetime.

While I'm no credentialed economist, I'm very worried about the next collapse. The solution to the last bubble popping was to inflate a new bubble that made the earlier one look tiny. When this one pops, I don't think they can create new money fast enough to make it through the next collapse.

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October 28, 2014, 02:06:49 AM
 #2002

All of the banks already did fail between 2008-2010 and that didn't start the apocalypse. Is there another impending bank catastrophe that I'm unaware of on the horizon? Massive bank failures like 2008 aren't likely to happen again in my lifetime.

While I'm no credentialed economist, I'm very worried about the next collapse. The solution to the last bubble popping was to inflate a new bubble that made the earlier one look tiny. When this one pops, I don't think they can create new money fast enough to make it through the next collapse.

I dunno, I've been hearing about how bad the economy is and how fucked we are for 60 years. In that time I've seen things be pretty screwed up but they always recover. I remember the gas lines and ration cards like it was yesterday. The price of oil rose from $3 per barrel to $12 overnight and everyone was saying it was the end of the world. There were 2-3 block long lines of cars parked at gas stations that didn't have "out of gas" signs posted. I was young, just got my first car and remember how pissed I was because I still had to walk to work. I wouldn't spend a lot of time fretting about something that's not likely going to happen. There are plenty of real problems to worry about in our daily lives.




You seem like a pretty bright guy, tell me what you think about this: http://realitybloger.wordpress.com/2012/03/20/the-fallacy-of-the-dollar-crash/

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October 28, 2014, 02:24:24 AM
 #2003

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

In the long term, bitcoin's price can be more than what we can dream off.
I think I will just save 1 bitcoin, to be touched only after 20 years, no matter what....


That plan might work out for you, possibly (but might be a long shot, too?).  To me, the kind of plan that you are outlining seems to be too passive of an approach, and it seems to be too small of a quantity of BTC.....

In other words, you seem to be thinking and/or playing BTC like some kind of 20-year lottery which maybe could work for your purposes, but that kind strategy does NOT necessarily seem like it would be the most wise and/or practical of an approach for a large number of other people who may be reading this thread and considering a BTC investment approach.

In that respect, it may be good to invest more (either incrementally or lump some) and to monitor more frequently (possibly once every 2-5 years) and even develop various contingency plans (at this point and during the various review and/or reconsideration points).

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October 28, 2014, 02:52:37 AM
 #2004

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

Lol.. I have to say this guy is right. Anything under $2 million is not rich.

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October 28, 2014, 02:53:39 AM
 #2005

At $350/btc the cost is negligible in the bigger picture.

I am pretty sure that 10 years from now, for those who's reading this now but doesn't max out his coin stacks would be too ashamed to tell anyone.

You are witnessing a singularity event in the history of mankind.
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October 28, 2014, 03:28:41 AM
 #2006

At $350/btc the cost is negligible in the bigger picture.

I am pretty sure that 10 years from now, for those who's reading this now but doesn't max out his coin stacks would be too ashamed to tell anyone.

You are witnessing a singularity event in the history of mankind.


At last, somebody "gets it" 

The voice of reason has spoken


If anyone has no faith in btc what the hell are they doing   wasting time hanging around on a btc forum anyways??
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October 28, 2014, 03:30:30 AM
 #2007

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

Lol.. I have to say this guy is right. Anything under $2 million is not rich.

Is two million even rich anymore?  Where I live you could buy a decent house and a car etc  and they're would not be much left over Sad
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October 28, 2014, 03:41:10 AM
 #2008

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

Lol.. I have to say this guy is right. Anything under $2 million is not rich.

Is two million even rich anymore?  Where I live you could buy a decent house and a car etc  and they're would not be much left over Sad

Oh, do you live in California too?

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October 28, 2014, 03:45:47 AM
 #2009

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

Lol.. I have to say this guy is right. Anything under $2 million is not rich.

Is two million even rich anymore?  Where I live you could buy a decent house and a car etc  and they're would not be much left over Sad

Oh, do you live in California too?

Nope Smiley
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October 28, 2014, 03:51:06 AM
 #2010

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

Lol.. I have to say this guy is right. Anything under $2 million is not rich.

Is two million even rich anymore?  Where I live you could buy a decent house and a car etc  and they're would not be much left over Sad

Oh, do you live in California too?

Nope Smiley


I'm not even sure you can still buy a reasonable house where I live in San Francisco for less than $2mil.

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October 28, 2014, 04:09:21 AM
 #2011

You seem like a pretty bright guy, tell me what you think about this: http://realitybloger.wordpress.com/2012/03/20/the-fallacy-of-the-dollar-crash/

Hmm. Odd post. Other than being filled with grammatical issues (e. g. See my 'side sig', then read his first freaking paragraph), and scattered reasoning?

He has assembled a lot of scattered hidden truths, but they seem to lead to what I feel is a flawed conclusion. As just one point to ponder, why would a country's enforcers terrorize their former neighbors, when all they receive in return is an ever decreasing (read that as hyperinflative) currency, rapidly approaching zero value? I think our armed forces would be squicked enough to fire on their friends and families, for full stable pay. Let alone fist fulls of hideously scratchy toilet paper.

There seems an implied conceit that the gang on top will ever be thus. Tell it to the Roman Empire.

Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.

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October 28, 2014, 04:49:11 AM
 #2012

You seem like a pretty bright guy, tell me what you think about this: http://realitybloger.wordpress.com/2012/03/20/the-fallacy-of-the-dollar-crash/

Hmm. Odd post. Other than being filled with grammatical issues (e. g. See my 'side sig', then read his first freaking paragraph), and scattered reasoning?

He has assembled a lot of scattered hidden truths, but they seem to lead to what I feel is a flawed conclusion. As just one point to ponder, why would a country's enforcers terrorize their former neighbors, when all they receive in return is an ever decreasing (read that as hyperinflative) currency, rapidly approaching zero value? I think our armed forces would be squicked enough to fire on their friends and families, for full stable pay. Let alone fist fulls of hideously scratchy toilet paper.

There seems an implied conceit that the gang on top will ever be thus. Tell it to the Roman Empire.

You're right about the mixture of random thoughts and poor writing style but the basic premise seems to be the reality of the situation. The U.S. has slowly mutated into the great enforcer over the last half decade. Most of the monetary power is wrapped up in either bribes to other nations in the form of economic aid or outright placing of troops in strategic locations around the world. I think most of the sane members of the planet are afraid of the U.S. because our leadership has always been clearly crazy. We are the only nation on the planet that has ever used nuclear weapons and we used them to kill men, women and children non-combatants. American politicians like to talk about how evil some foreign groups are while they are imprisoning people without trial. The U.S. dollar may just be propped up by fear for another century.

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October 28, 2014, 06:35:43 AM
 #2013

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

Lol.. I have to say this guy is right. Anything under $2 million is not rich.

Is two million even rich anymore?  Where I live you could buy a decent house and a car etc  and they're would not be much left over Sad

Where I live in the UK 2 million USD would buy me a really nice house for say 700 USD.
I'd then maybe buy a holiday home for 200 USD.
I'd put 500 USD in a savings bond & get a real estate portfolio with the rest, maybe 4 or 5 small apartments & rent them out.
I'd still have to work but life would be very, very easy.

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October 28, 2014, 06:55:24 AM
 #2014

If you want a bargain, used boats are everywhere. You can buy an older but well built 50+ ft coastal cruisers for the price of a new SUV nowadays because banks won't finance used boats. I don't know why more people don't live on boats.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 28, 2014, 06:59:02 AM
 #2015

2 million in usd is only  1.24million in the UK

of course, if you wake up and find out Bitcoin went to the moon
and your coins are worth £1.24million pounds you probably owe
a boatload  of tax to your government maybe as high as 50%??

Whatever is left over might be enough to buy a home but not a luxury Mansion
for sure and in London your probably  going to have to look at apartments rather
than proper houses....


2million usd ain't what it used to be, the only way to retire for life  on that sum I think would be to
move to a developing country where the cost of living is a fraction of London, Paris or new York

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October 28, 2014, 07:24:30 AM
 #2016

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

Lol.. I have to say this guy is right. Anything under $2 million is not rich.

The number would be different for different people - depending on their timeline etc. Some people would consider themselves rich or fairly well off with $500,000 because potentially that could generate a passive income of $1,500 a month, and if the person wants to eat into the principle, the person could have a decent income off of $500K for several years.. or alternatively, if a person only has one year to live, and they have $500k or even a lesser amount, the person may feel rich b/c they are able to do whatever they want with that money for that year.

Other people may consider that the minimum for rich is either $10million or $20million, and I suppose those kinds of numbers depend upon the timeline and the expected lifestyle.

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October 28, 2014, 07:32:13 AM
 #2017

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

Lol.. I have to say this guy is right. Anything under $2 million is not rich.

Is two million even rich anymore?  Where I live you could buy a decent house and a car etc  and they're would not be much left over Sad

Where I live a 3 bedroom apartment costs 2 million. However, 2 states over you can still get a nice home for $200K with several acres of properly.

If it wasn't for my job, I don't see a need for living "where the action is" - i.e., a large city in a blue state.

Edit: I still have strong family ties to the old country and some of my relatives who live comfortably will not even earn and spend $2 million in their lifetimes.
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October 28, 2014, 07:48:36 AM
 #2018

2 million in usd is only  1.24million in the UK

of course, if you wake up and find out Bitcoin went to the moon
and your coins are worth £1.24million pounds you probably owe
a boatload  of tax to your government maybe as high as 50%??

Whatever is left over might be enough to buy a home but not a luxury Mansion
for sure and in London your probably  going to have to look at apartments rather
than proper houses....


2million usd ain't what it used to be, the only way to retire for life  on that sum I think would be to
move to a developing country where the cost of living is a fraction of London, Paris or new York




Let's say that the posters reading this thread, woke up in 1-6 months and their coins were worth $2 million....   

Now, if you had already invested anywhere between $20k (100x appreciation) and $200k (10x appreciation), then that should be taken into account in order to figure out how quickly and by how much those coins had appreciated in such a short period of time.

Also, if BTC had appreciated so greatly in such a short period of time, then maybe posters reading this would feel inclined to cash out part of their BTC holdings rather than cashing out all of their holdings - because keeping some money in BTC would probably be a good idea, especially if BTC prices had already appreciated (again - like it has in the past) by so much... however, as well, one may consider taking some profits out of BTC with the expectation of putting some or all of those profits back into BTC at the right time and/or in the event that BTC prices go down (because of the ongoing expectation that BTC prices are going to rise again and that BTC is going to continue to be a good investment and/or storage of value vehicle  - and possibly considering a need to diversify some of the value, even while continuing to hold som of the value in BTC).

Accordingly, depending on one's investment and accounting methodology taxes may likely only be paid on the portion of the BTC that is cashed out.. and the capital gains portion of that which is cashed out... so this may vary depending on the amount of the gains and on the country rules in which a person is cashing out... if the person is going to remain in that country while cashing out.

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October 28, 2014, 07:50:27 AM
 #2019

A single BTC would need to hit 100,000 USD for me to become rich.
(I don't class 'rich' as anything under 2 million USD).

Unfortunately for that reason I think I missed the boat, too late to become rich from BTC.
Making 200 grand would be lovely though.

Lol.. I have to say this guy is right. Anything under $2 million is not rich.

Is two million even rich anymore?  Where I live you could buy a decent house and a car etc  and they're would not be much left over Sad

Where I live a 3 bedroom apartment costs 2 million. However, 2 states over you can still get a nice home for $200K with several acres of properly.

If it wasn't for my job, I don't see a need for living "where the action is" - i.e., a large city in a blue state.

Edit: I still have strong family ties to the old country and some of my relatives who live comfortably will not even earn and spend $2 million in their lifetimes.


hehehehehe... what's the old country?  or at least what part of the world? 




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October 28, 2014, 08:38:15 AM
 #2020

Some interesting points in this thread

How about someone who mined 10,000 btc and then stopped in  2009

He wakes up someday and there worth £10,000,000

How much tax should be pay?  Would cashing out in another country life china for example be a better idea and leave the money in a Chinese bank?
 
Another possibility is someone else has 10,000 now worth £10,000,000
 but he paid £5,000,000  to get them, how much tax should he pay?

They are both in the same position but got there by very different paths, the early adopter spent only his time and maybe cpu but the person who traded his way into wealth spent a lot more to get there.....
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