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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 507595 times)
LFC_Bitcoin
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October 28, 2014, 06:35:43 AM
 #2021

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
 #2022

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.

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October 28, 2014, 06:59:02 AM
 #2023

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
 #2024

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
 #2025

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
 #2026

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
 #2027

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
 #2028

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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October 28, 2014, 08:51:22 AM
 #2029

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.....

I'd speak to an accountant or financial adviser.
No way would I be paying 50% tax.

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October 28, 2014, 09:04:37 AM
 #2030

great prediction!
I wish I knew about bitcoin in 2011.
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October 28, 2014, 09:20:28 AM
 #2031

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.....

I'd speak to an accountant or financial adviser.
No way would I be paying 50% tax.

In France I think they take 50% after your earnings are in excess of a certain amount
Ireland do it as well for around 45% for highest earners and I'm sure these are not the only ones

I wouldn't like to pay anything on them to be honest because btc was always a gamble in the early days
before it had the community backing it has now

If it goes to zero and I lose all my money is the government going to credit my losses??  Didn't think so....
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October 28, 2014, 09:42:40 AM
 #2032

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.....

I'd speak to an accountant or financial adviser.
No way would I be paying 50% tax.

In France I think they take 50% after your earnings are in excess of a certain amount
Ireland do it as well for around 45% for highest earners and I'm sure these are not the only ones

I wouldn't like to pay anything on them to be honest because btc was always a gamble in the early days
before it had the community backing it has now

If it goes to zero and I lose all my money is the government going to credit my losses??  Didn't think so....


whatever your country, there will be varying rules about what is taxable or NOT, and how it is taxed.  So for example, if something is supposed to be reported as taxable income, then you can also count that as taxable loss, but usually you can ONLY offset losses from taxable income from other sources in order to reduce your total tax liability (accordingly there would be a limit for how much you can claim each year and some countries are going to allow some roll over of losses into subsequent years).  Accordingly, there may be ways to get out of paying taxes or to minimize the amount paid, and certainly, it seems that some countries do allow for escaping of taxes if the gain is realized outside of the country.  Certainly, the more money at stake may cause one to consider more creative ways to avoid or at least minimizing the quantity of taxes paid.

I get the sense that in the future, there are going to be a lot of bitcoiners persecuted and/or prosecuted for tax evasion... so hopefully, each of us can find means upon which we can reasonably minimize such persecutions and/or prosecutions (when we evolve into "the new wealthy elite, gentlemen.")




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October 28, 2014, 12:12:16 PM
 #2033

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?
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.
http://tcavanagh411.files.wordpress.com/2013/09/gas-crunch.jpg
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/

Come on ! It is not because we didn't had a collapse for 60 years that we will not have one anytime soon.
No Great Empire or Kingdom or State ever lasted.
There absolutely no FIAT money that didn't go down to zero in value with time.
Please, don't be that short sighted.
The fall of the banks will be the fall of the economy.

There is no doubt that one day, the US Dollars will be nothing more that a bad-ass-wipe.
The only unknown is when ?
IMO this system cannot last 50 years more. This is impossible.

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.

Great idea.

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October 28, 2014, 12:38:12 PM
 #2034

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

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October 28, 2014, 01:27:12 PM
 #2035

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

I wish I knew about BTC in 2011-2012 too.

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October 28, 2014, 03:52:51 PM
 #2036

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

 

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October 28, 2014, 11:12:43 PM
 #2037

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

Yes, or the other way round...but hopefully yes.

Smiley
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October 28, 2014, 11:27:08 PM
 #2038

Wow, I was just going through some of the first posts in this thread. I wish I would have known about Bitcoin back in 2011. I've been a big fan of Bitcoin ever since I first found out about it. I would have been accumulating them left and right if they were that cheap!

Today's price might appear to be a steal in a few years time.  Smiley

The potential is tens of thousands of Dollars a coin in a few years if things go right; even if the probability that things go right happens is less than 1% it may profitable to invest in Bitcoin

It makes me think of venture capitalists which bet on tens or even hundreds of start-ups that each have less than 5% chance of making it but when they do they can cash in big

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October 29, 2014, 02:47:48 AM
 #2039

I was very lucky to purchase some bitcoins today. I think you are spot on. If less than 50 million will be made, the value per bit coin will be ridiculous in the coming months...

Less than 21 million, actually.

yeah, let's hope more people know about BTC and accept its existence.
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October 29, 2014, 06:12:28 AM
 #2040

Wealthy? Maybe some of us. Elite? Meh. Gentleman? Lol .. Have you read posts from bitcoin users?
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