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Author Topic: A word of caution to those who have bought recently  (Read 4528 times)
DeathAndTaxes
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Gerald Davis


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January 15, 2013, 03:19:21 PM
 #41

Until someone publishes a grandma-easy Bitcoin client that makes secure backups, most old people with money won't know how to invest.
Most old people don't have any real wealth to invest. Their retirement plan is to have the government pillage the younger generations.

I almost feel sorry for them. Not long now before they realize that their ponzi scheme is going to implode.

I don't feel as sorry for them as I do the younger generation.   People who have lived their entire lives under a lie of unfunded entitlements aren't suddenly at age 60, 70, 85 going to say "oh well guess I need to get back to work it is the fair thing to do".  No they are going to use their considerable power as a voting block to ensure they keep as much of what was promised.  The consequences to the overall economy, the future of the country, and the quality of the life for the next generation be damned.

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January 15, 2013, 03:35:32 PM
 #42

No worries, the younger generation is too stupid to notice.

Trust me, I'm a member.
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January 15, 2013, 03:36:37 PM
 #43

Until someone publishes a grandma-easy Bitcoin client that makes secure backups, most old people with money won't know how to invest.
Most old people don't have any real wealth to invest. Their retirement plan is to have the government pillage the younger generations.

I almost feel sorry for them. Not long now before they realize that their ponzi scheme is going to implode.

I don't feel as sorry for them as I do the younger generation.   People who have lived their entire lives under a lie of unfunded entitlements aren't suddenly at age 60, 70, 85 going to say "oh well guess I need to get back to work it is the fair thing to do".  No they are going to use their considerable power as a voting block to ensure they keep as much of what was promised.  The consequences to the overall economy, the future of the country, and the quality of the life for the next generation be damned.




I am reminded of a TNG episode ( lol ) where at middle age all members of an alien race sacrifice their lives for their youth.

On a more serious note I genuinely do not understand why prolonging life past a point where quality of life is sufficiently diminished is a good thing.  The smart geneticists agree and focus on quality of life over longevity.

But as long as we aren't turning grandma in to soilent green I think it's unlikely that working elderly is a realistic solution.

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January 15, 2013, 04:04:51 PM
 #44

I don't feel as sorry for them as I do the younger generation.   People who have lived their entire lives under a lie of unfunded entitlements aren't suddenly at age 60, 70, 85 going to say "oh well guess I need to get back to work it is the fair thing to do".  No they are going to use their considerable power as a voting block to ensure they keep as much of what was promised.  The consequences to the overall economy, the future of the country, and the quality of the life for the next generation be damned.
They'll try, but it won't work for long. The pensioners and retirees in the West will end up just like the ones in the USSR.
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January 15, 2013, 04:19:49 PM
 #45

I had a friend who I told about bitcoins, and he brought a few, and he told his boss, whis is a VERY rich man. His bosses comment was, Hmm, maybe I should just put 50 million into it. (Small change for him I think.)

But that's the point, there will be increasing numbers of very rich people who will want to invest in bitcoin. If I was  President Assad, I'd be doing that right now. On the other hand, if I was bright enough to do that I suppose I would not be doing what he is doing right now. More seriously, there will be increasingly large numbers of medium-rich investors who see bitcoin as safer than fiat. So many other killer-advantages to bitcoin, that I can only see long term going up.

And no, I don't think its one person, its a trend.

I want thousands, then I can safeguard against inflation...

I want to have millions, then the price goes up specularly, and I will be rich...

I want to have all the bitcoins, like an uncle scrooge, then I'll have ... nothing
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January 15, 2013, 06:22:22 PM
 #46

Until someone publishes a grandma-easy Bitcoin client that makes secure backups, most old people with money won't know how to invest.
Most old people don't have any real wealth to invest. Their retirement plan is to have the government pillage the younger generations.

I almost feel sorry for them. Not long now before they realize that their ponzi scheme is going to implode.

I don't feel as sorry for them as I do the younger generation.   People who have lived their entire lives under a lie of unfunded entitlements aren't suddenly at age 60, 70, 85 going to say "oh well guess I need to get back to work it is the fair thing to do".  No they are going to use their considerable power as a voting block to ensure they keep as much of what was promised.  The consequences to the overall economy, the future of the country, and the quality of the life for the next generation be damned.



+1
I'm the black sheep of my family because I do not "respect my elders", because they hold to this exact false sense of entitlement.  If I try to explain it all to them, I'm either being a "know-it-all" or just an asshole.

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January 15, 2013, 06:42:50 PM
 #47

I'm the black sheep of my family because I do not "respect my elders", because they hold to this exact false sense of entitlement.  If I try to explain it all to them, I'm either being a "know-it-all" or just an asshole.
Just remember this phrase for when the time comes:

"Sorry about your bad luck."
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January 15, 2013, 07:51:31 PM
 #48

I'm the black sheep of my family because I do not "respect my elders", because they hold to this exact false sense of entitlement.  If I try to explain it all to them, I'm either being a "know-it-all" or just an asshole.
Just remember this phrase for when the time comes:

"Sorry about your bad luck."

Haha, unfortunately if we are not supporting them indirectly, we will end up supporting them directly!

Not looking forward to having my mom move in.
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January 15, 2013, 08:03:23 PM
 #49

Not looking forward to having my mom move in.
So don't let her.
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January 15, 2013, 08:07:32 PM
 #50

Not looking forward to having my mom move in.
So don't let her.

Good thinking! I need to start planning for this so that the obvious choice is living with my sister.
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January 15, 2013, 08:10:00 PM
 #51

I need to start planning for this so that the obvious choice is living with my sister.
Why do you need to do anything? Aren't you an adult who is free to choose who you do and do not associate with?
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January 15, 2013, 08:25:58 PM
 #52

I need to start planning for this so that the obvious choice is living with my sister.
Why do you need to do anything? Aren't you an adult who is free to choose who you do and do not associate with?

Well, yes. And so is everyone I associate with. A lot of people tend to forget that. Unfortunately, there is no blanket solution that is going to work for everybody, there are only blanket problems.

I've taken steps to ensure that my kids will not end up in this situation. Bitcoin is becoming a bigger part of that for me, and I suspect a lot of other people here as well. But as mentioned previously, it's seriously lacking in accessibility for the older folks and non-tech types. That is probably the biggest factor limiting the growth of the bitcoin economy right now.
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January 15, 2013, 08:37:15 PM
 #53

Not looking forward to having my mom move in.
So don't let her.

Good thinking! I need to start planning for this so that the obvious choice is living with my sister.

Hint: The magic word is 'distance' Wink

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January 15, 2013, 08:39:29 PM
 #54

if your one large buyer theory is correct than we should expect to see the price increase to be decoupled from the increase in total number of searches on google trends. If your theory is incorrect than we should expect to see a strong correlation between the increase in total searches on google trends and the increase in price. Google trends is an amazingly powerful tool.

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January 15, 2013, 09:04:44 PM
 #55

I have bought recently and am not concerned if the price drops.
i like your post, the problem of all enthusiasts here is that they are somehow already maxed out on how much they want to be exposed. or have to rethink their exposure over the next few months.

Well, as long as these enthusiasts think about their exposure in relative terms of their wealth and earn more than they need for a living then they will just continue buying some Bitcoins with every paycheck. If you don't have any other immediate use for your money then that's probably not such a bad idea and I'm pretty sure I'm not the only one doing just that.

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January 15, 2013, 09:30:12 PM
 #56

I have bought recently and am not concerned if the price drops.
i like your post, the problem of all enthusiasts here is that they are somehow already maxed out on how much they want to be exposed. or have to rethink their exposure over the next few months.

Well, as long as these enthusiasts think about their exposure in relative terms of their wealth and earn more than they need for a living then they will just continue buying some Bitcoins with every paycheck. If you don't have any other immediate use for your money then that's probably not such a bad idea and I'm pretty sure I'm not the only one doing just that.

I'm doing that.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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January 16, 2013, 02:51:32 AM
 #57

We won't see big money get into bitcoin via direct purchasing of coins until late this year at the earliest.

We need ASIC's to hit and blend in well, the miners to increase in amount (how far spread the stability of the network is maintained)

Remember, this is CUSTOM hardware to make bitcoins. If the network withstands this drastic change; bitcoin is much more likely for a stable future.

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January 16, 2013, 03:02:18 AM
 #58

We won't see big money get into bitcoin via direct purchasing of coins until late this year at the earliest.

Thanks for letting me know.  I will keep an eye out.
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January 16, 2013, 03:14:22 AM
 #59

We won't see big money get into bitcoin via direct purchasing of coins until late this year at the earliest.

We need ASIC's to hit and blend in well, the miners to increase in amount (how far spread the stability of the network is maintained)

Remember, this is CUSTOM hardware to make bitcoins. If the network withstands this drastic change; bitcoin is much more likely for a stable future.

It depends. First, your big money is someone's pocket change. Also, while risk is higher at this moment, the potential return is also higher. The very-early adopters bore an even higher risk and many has already become millionaires, and potentially billionaires in the future.

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January 16, 2013, 05:08:16 AM
 #60

We won't see big money get into bitcoin via direct purchasing of coins until late this year at the earliest.

We need ASIC's to hit and blend in well, the miners to increase in amount (how far spread the stability of the network is maintained)

Remember, this is CUSTOM hardware to make bitcoins. If the network withstands this drastic change; bitcoin is much more likely for a stable future.

It depends. First, your big money is someone's pocket change. Also, while risk is higher at this moment, the potential return is also higher. The very-early adopters bore an even higher risk and many has already become millionaires, and potentially billionaires in the future.

There is the other side of "billionaire" status to consider though.

If the USD crashes, we could all be billionaires someday, despite it meaning very much.

I get your point though, early adopters may wind up with a lot of real world value in their wallets.

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