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Author Topic: I'm ALL in!  (Read 10605 times)
triforcelink
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June 07, 2011, 09:03:42 PM
 #1

When I look at all the effort that is being poured into bitcoin, the various services being developed for it, and the crazy ideas that people are throwing around, in my mind at least, the bitcoin revolution has just begun, and the $20/BTC mark that were approaching right now is NOTHING of where it will be several years from now. Lets face it, bitcoin is barely known right now, Lady Gaga is 500 times more popular online (based on google search results)

There is a lot of speculation going around for sure, but I don't think those people have quite considered the implication of bitcoin for the future... IF bitcoin works and becomes mainstream, it... is... going.. to.. be... HUGE! The only place bitcoin is going is up, up, and up (with some corrections along the way)

I have been learning about bitcoin endlessly for the past two weeks now. I feel that I understand bitcoin and it's implications far more than I do the US Dollar (and thus I have more confidence in BTC than the USD), and so I have made the decision to go all in. All my savings are being moved over to bitcoins, all my paychecks will immediately moved over to bitcoins. I will still be keeping a small amount of dollars just so I can buy food/gas/etc without having to wait for the transfers each time I go to the supermarket/gas station.

I understand that there are risk associated with this. What if I wake up tomorrow, and bitcoin has collapsed? What if bitcoins become illegal? What if you loose your wallet file? What if this what if that, you know what? FINE i will take those risks, because its very easy to go back to mediocrity. I may lose everything tomorrow, but that is a risk I'm willing to take for the possibility of a FAR better future that bitcoin is trying to create.

Bitcoin IS the future, END of story.  Grin


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June 07, 2011, 09:08:58 PM
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How do you really feel?
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June 07, 2011, 09:09:29 PM
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Woah there fella, let's not start talking crazy talk of the End Of History variety.Cheesy

kudos to your commitment, nonetheless, stay diverse.

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June 07, 2011, 09:12:04 PM
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The best advice I've seen is: Don't invest more than you can afford to completely lose.

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triforcelink
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June 07, 2011, 09:17:34 PM
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How do you really feel?
Excited! I will rise from the ashes if I have to!

The best advice I've seen is: Don't invest more than you can afford to completely lose.
guess what, as long as I'm still alive I can always get back what I lost.

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June 07, 2011, 09:19:31 PM
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Woah there fella, let's not start talking crazy talk of the End Of History variety.Cheesy

kudos to your commitment, nonetheless, stay diverse.

Holding on to the dollar is not exactly staying diverse  Tongue

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June 07, 2011, 09:21:02 PM
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You're in good company: http://falkvinge.net/2011/05/29/why-im-putting-all-my-savings-into-bitcoin/

(That's Rick Falkvinge, founder of the pirate party movement.)

I know this because Tyler knows this.
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June 07, 2011, 09:24:40 PM
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I like your enthusiasm, and I like that fact that you're enthusiasm stems from weeks of dedicated research and learning. The more I've learned about it, the more exciting it becomes. It is excitement bred from knowledge, as opposed to ignorance. A great way to tell a scam - if the more you look into it, the more convoluted or uncertain it seems, that's a problem. With Bitcoin, the more I learn about it, the more I understand how revolutionary it could be. Or it will collapse and I'll drown my sorrows in a bottle of booze =)

I would recommend you keep some wealth in gold/silver if you're going to bail on the dollar entirely. Many risks exist in Bitcoin.
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June 07, 2011, 09:34:09 PM
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Be careful, you'll still have to pay food/etc.

Also, I would keep a relative small amount of your savings in dollars for the case that bitcoins plummet... so you can buy cheap a lot of them!

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triforcelink
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June 07, 2011, 09:35:46 PM
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I like your enthusiasm, and I like that fact that you're enthusiasm stems from weeks of dedicated research and learning. The more I've learned about it, the more exciting it becomes. It is excitement bred from knowledge, as opposed to ignorance. A great way to tell a scam - if the more you look into it, the more convoluted or uncertain it seems, that's a problem. With Bitcoin, the more I learn about it, the more I understand how revolutionary it could be. Or it will collapse and I'll drown my sorrows in a bottle of booze =)

I would recommend you keep some wealth in gold/silver if you're going to bail on the dollar entirely. Many risks exist in Bitcoin.

My thoughts EXACTLY! I understand the risks and I accept them as a possibility for a bitcoin failure, but those risks wont stop me, just as the risk of a death from a car crash wont stop me from driving a car.

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June 07, 2011, 09:38:55 PM
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Cheesy

I'd like to know how well you do in Casinos. Remember there's a fine line between risk and reward.
triforcelink
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June 07, 2011, 09:40:16 PM
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Be careful, you'll still have to pay food/etc.

Also, I would keep a relative small amount of your savings in dollars for the case that bitcoins plummet... so you can buy cheap a lot of them!

That's not a bad idea, but I feel relatively confidant that there wont be any major price fall due to bitcoin's current growth (in terms of more and more people learning about bitcoin and using it).

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June 07, 2011, 09:42:22 PM
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I second the gold/silver suggestion. I'm slowly diversifying into Bitcoin, but I am keeping the bulk of my savings in precious metals, as well as a solid store of dry foods.

Bitcoin IS revolutionary and I am also very optimistic about its future, but it doesn't yet have the millennia-long history of being a store of value that gold and silver do.

Best of luck!

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June 07, 2011, 09:44:44 PM
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The best advice I've seen is: Don't invest more than you can afford to completely lose.

I always have a tough time calculating how much I really can afford to lose.

I might get diagnosed with cancer tomorrow and then I might need every penny of my savings.  When I think about it that way, even $100 seems to much to invest in Bitcoin.

On the other hand, if I lose $10,000 on Bitcoin, perhaps I won't be able to afford a few luxuries for a few months.  Not that big of a deal.

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June 07, 2011, 09:45:00 PM
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I bet you don't have a wife or kids.  Maybe not even a girlfriend to support.  My finance would kill me if I went all into bitcoins.  You are in a good spot...good luck to you!  Grin
triforcelink
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June 07, 2011, 09:47:49 PM
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Cheesy

I'd like to know how well you do in Casinos. Remember there's a fine line between risk and reward.

You may call bitcoin a gamble, but I call it a long term investment into an amazing idea. When someone comes up to you and explains an amazing idea that they are working on, and then later they bring you all the development plans and projections, you cannot help but to start feel confidant about it. Sure there may be risks, but you research the risk and determine that the risks are worth it. I consider this an investment into an amazing project, and all that I am putting into it is to show my confidence in what is taking place here!

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June 07, 2011, 09:50:00 PM
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I bet you don't have a wife or kids.  Maybe not even a girlfriend to support.  My finance would kill me if I went all into bitcoins.  You are in a good spot...good luck to you!  Grin

lol. Freudian slip.

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triforcelink
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June 07, 2011, 09:50:49 PM
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I bet you don't have a wife or kids.  Maybe not even a girlfriend to support.  My finance would kill me if I went all into bitcoins.  You are in a good spot...good luck to you!  Grin

I do not have a wife and kids, and never will. But I do have a gf and I convinced her to put a portion of her savings into it as well.

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June 07, 2011, 09:52:09 PM
 #19

Great to see people just as committed as oneself. Bitcoin needs people who believe in the system, help its development as good as they can and not panic-sell at the first indication of a price drop because they're just in for a quick buck!

I bet you don't have a wife or kids.  Maybe not even a girlfriend to support.  My finance would kill me if I went all into bitcoins.  You are in a good spot...good luck to you!  Grin
Possible Freudian? If so it's a good one Cheesy
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June 07, 2011, 09:54:55 PM
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Cheesy

I'd like to know how well you do in Casinos. Remember there's a fine line between risk and reward.

You may call bitcoin a gamble, but I call it a long term investment into an amazing idea. When someone comes up to you and explains an amazing idea that they are working on, and then later they bring you all the development plans and projections, you cannot help but to start feel confidant about it. Sure there may be risks, but you research the risk and determine that the risks are worth it. I consider this an investment into an amazing project, and all that I am putting into it is to show my confidence in what is taking place here!

This is called pot odds.

Long term investments into amazing ideas are also gambles. You've got to remember that some amazing ideas look good early but fall flat on it's face in the real world. I'm not saying bitcoin will meet the same fate, it's just that there's a chance it could. Hence, the gambling risk.

I like the excitement and I'm not imploring you to do this or that, just be cautious.
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