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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508069 times)
stevegee58
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October 07, 2014, 11:20:00 AM
 #2001

You didn't even need cash to profit from the stupid $300 wall on Bitstamp. It was clearly depressing the price on the other exchanges and I managed to scoop up coins at $30x on Bitfinex 30 minutes after depositing some BTC into my margin account. I have since closed the position and transferred out the profit as coins ... without even having to get verified or wiring any fiat.

Why Bitfinex as opposed to another broker?

You are in a maze of twisty little passages, all alike.
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October 27, 2014, 09:01:48 AM
 #2002

 
If one systemically important banks fail, all banks will fail.

People will lose everything. So what's the worst ?

 - Having your wealth on the roller coaster Bitcoin where the value change every day ?
 - Having a the illusion of stable wealth at the bank where 1M USD = 1M USD until the day 1M USD = 0 ?

How to keep your wealth in an increasingly fast changing and highly unstable world ?

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October 27, 2014, 05:04:39 PM
 #2003

I think I would prefer the btc going forward from now because if the shit ever hits the fan iI can take a plane to anywhere  and spend  my Bitcoins

Try getting on a plane with a suitcase  of cash to the  equivalent of a few million usd lol

Or have a micro sd card in your phone  with a wallet backup  or online somewhere to be downloaded in a few seconds

The future has arrived Cheesy

 if anyone don't "get it"  I don't have time to explain all the advantages (there are too  many) 
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October 27, 2014, 05:51:35 PM
 #2004

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. As for running to a safe place, where exactly can we go? I could list the countries affected by the 07-12 recession but the list would go on for multiple pages. So the idea is, in the next world financial crisis everyone in the world should grab a bunch of bitcoins and head to the Philippines?

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October 27, 2014, 05:57:12 PM
 #2005

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.

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October 27, 2014, 07:56:21 PM
 #2006

How to keep your wealth in an increasingly fast changing and highly unstable world ?
In the information age, I would prefer to store my wealth in the form of information, organic open-source software.

In the centralized industrial age, I would store my wealth as centrally-guaranteed violence-backed promissory notes.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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October 28, 2014, 01:29:01 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.

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....

 

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BlindMayorBitcorn
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October 28, 2014, 01:33:14 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.

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....

At the same time...It ain't fine wine, man. Have some fun with it Wink

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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October 28, 2014, 01:43:05 AM
 #2009

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
 #2010

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
 #2011

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
 #2012

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
 #2013

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
 #2014

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
 #2015

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
 #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.

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
 #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

Oh, do you live in California too?

Nope Smiley
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October 28, 2014, 03:51:06 AM
 #2018

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
 #2019

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.

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October 28, 2014, 04:49:11 AM
 #2020

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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