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Author Topic: I'm ALL in!  (Read 10464 times)
triforcelink
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June 07, 2011, 09:56:57 PM
 #21

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

I only see bitcoin going up, even with any corrections. I believe that it will eventually stabilize once it is mainstream and is widely accepted. Might as well well keep my money there if it's going to grow and stabilize.

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June 07, 2011, 10:00:40 PM
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June 07, 2011, 10:01:11 PM
 #23

...
Bitcoin IS the future, END of story.  Grin


Bitcoin is exciting, thank you for sharing your energy.  Smiley

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triforcelink
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June 07, 2011, 10:01:23 PM
 #24

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.

As I stated before, I believe I understand the risks, and I'm willing to take them even if there a is a chance of being burnt. For all we know, the dollar could crash and burn tomorrow as well, and in fact, it IS crashing and burning as we speak (It's just at a fairly slow pace right now)

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June 07, 2011, 11:49:25 PM
 #25

Good on you Sir. I too am contemplating to quit everything and dedicate all my time to bitcoin.
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June 07, 2011, 11:57:23 PM
 #26

The biggest risk to bitcoin comes from the US government, which may criminalize and ban it. In fact I am pretty sure they will do that once it gets into their radar.
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June 08, 2011, 12:02:28 AM
 #27

The biggest risk to bitcoin comes from the US government, which may criminalize and ban it. In fact I am pretty sure they will do that once it gets into their radar.
I'm not too worried about that one, because even if it is illegal, the underground efforts will still keep it afloat. Is downloading music and movies using torrents illegal? absolutely! is it still around? its stronger than ever!

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June 08, 2011, 12:52:35 AM
 #28

How sad is it that in the so-called "land of the free" we fully expect the government to take steps against a free market innovation as amazing as Bitcoin?

IMHO, if we can bring a massive number of people into the Bitcoin economy, we can help prevent such laws from taking hold.

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June 08, 2011, 12:54:04 AM
 #29

Even in the land of the free, the free man is a criminal.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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June 08, 2011, 01:11:41 AM
 #30

I'm all in as well. I've gone so far as to carry a balance on my credit card so that I can buy more BTC. I think we are witnessing the start of a dramatic change in the way humans do commerce. Three years from now, bitcoins will be ubiquitous.
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June 08, 2011, 01:56:03 AM
 #31

I'm all in as well. I've gone so far as to carry a balance on my credit card so that I can buy more BTC. I think we are witnessing the start of a dramatic change in the way humans do commerce. Three years from now, bitcoins will be ubiquitous.

I'm kinda hating myself right now for not getting a credit card earlier, tho I will be getting one shortly to purchase mining equipment.

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June 08, 2011, 06:02:49 AM
 #32

Woah there fella, let's not start talking crazy talk of the End Of History variety.Cheesy

But... I like the part where the oceans turn into lemonade and lions present themselves to be ridden by people and roasted, boneless chickens fly into our mouths.

No king but Christ; no law but Liberty!

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June 08, 2011, 06:16:49 AM
 #33

The biggest risk to bitcoin comes from the US government, which may criminalize and ban it. In fact I am pretty sure they will do that once it gets into their radar.

You can always move to St. Petersburg and leave behind any backwaters that ban bitcoin.

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June 08, 2011, 06:28:39 AM
 #34

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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triforcelink
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June 08, 2011, 06:29:33 AM
 #35

The biggest risk to bitcoin comes from the US government, which may criminalize and ban it. In fact I am pretty sure they will do that once it gets into their radar.

You can always move to St. Petersburg and leave behind any backwaters that ban bitcoin.

Or become an uber hacker and stay down low.

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June 08, 2011, 06:38:22 AM
 #36

Even in the land of the free, the free man is a criminal.

I think almost everyone is committing felonies or misdemeanors every single day lol You can't do much without breaking some sort of "law".

Time is money. This means that if you have spare time, you can use it to make money.

Modular, open, and stack-able miner case.
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June 08, 2011, 07:39:42 AM
 #37

I just want to share a story with you.

Back in 1998 a family friend died and left me 10,000 to invest.  I opened a stock market account and started buying and selling stocks.  Soon that 10,000 had turned into 41,000.  (at this point i'm a 20 year old kid)  I'm so thrilled with my easy money that I over purchase stocks that I don't even have money with because the trading company will let me do that.  Cant remember what the term for this is now.  Thinking this "dot com" rise will last for ever, I make increasingly more risky stock purchases and money keeps going up. 

Make a long story short, around Jan 2000, the stock market crashed, and my stocks value dropped hard core.  Right about then, the company who was so willing to let me over extend, called back the debt since my actual value to borrowed value ratio was too low.  They auto sold the rest of my stock to pay for the over extending that i did at the full price. 

At the end of the day, that 10,000 was gone.  It can happen that fucking fast.  Luckily, I got the money for free, and I look at it as a life lesson.   No matter how awesome an investment opportunity looks, don't get greedy.  It will bite you in the ass.   Greed caused the tech dot com bubble, the housing bubble, and probably every other bubble ever... There is certainly a lot of speculation built into the current price.  Just take that into consideration before betting the farm. 

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June 08, 2011, 08:00:20 AM
 #38

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.

+1

Brad Mills
Former miner - Former Bitcoin Business Owner - Victim of the Great Bitcoin Crashes of 2011 and 2012
triforcelink
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June 08, 2011, 08:19:05 AM
 #39

I just want to share a story with you.

Back in 1998 a family friend died and left me 10,000 to invest.  I opened a stock market account and started buying and selling stocks.  Soon that 10,000 had turned into 41,000.  (at this point i'm a 20 year old kid)  I'm so thrilled with my easy money that I over purchase stocks that I don't even have money with because the trading company will let me do that.  Cant remember what the term for this is now.  Thinking this "dot com" rise will last for ever, I make increasingly more risky stock purchases and money keeps going up. 

Make a long story short, around Jan 2000, the stock market crashed, and my stocks value dropped hard core.  Right about then, the company who was so willing to let me over extend, called back the debt since my actual value to borrowed value ratio was too low.  They auto sold the rest of my stock to pay for the over extending that i did at the full price. 

At the end of the day, that 10,000 was gone.  It can happen that fucking fast.  Luckily, I got the money for free, and I look at it as a life lesson.   No matter how awesome an investment opportunity looks, don't get greedy.  It will bite you in the ass.   Greed caused the tech dot com bubble, the housing bubble, and probably every other bubble ever... There is certainly a lot of speculation built into the current price.  Just take that into consideration before betting the farm. 
Thanks for the advice. I am looking at this long term, the bitcoin may or may not be overvalued at this point, but it is irrelevant because ultimately, as long as the network works the way it is expected to work (and i am trying to keep myself as informed as possible) I believe that this is only the beginning. If it goes down in shambles, thats ok too, because I'm ready for whatever it brings. I will not just stand by and watch something this amazing just pass me by. 

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June 08, 2011, 08:44:23 AM
 #40

I just want to share a story with you.

Back in 1998 a family friend died and left me 10,000 to invest.
I was so expecting a Nigerian scam story to come after that Wink

Anyway, there's wisdom in your words... Don't invest what you can't afford to lose and get your initial investment out ASAP.

But most importantly: don't let greed get the better of you!
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