Bitcoin as a savings account

[gweedo]

WOW just read this thread, and people like this cause problems for not only people who pay taxes, but for bitcoin coin people. I like how he is trying to get out of a loophole by doing something called "Fraud". I would think twice about committing such an act against the people like me who pay taxes so you can use medicated and our community in bitcoin who will just like the tax evaders will hurt bitcoin.

[1713423860]

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[redlight]

Its a great way to save value.

[BTCoder]

He is talking mad crap, I agree

[JimCGSavings]

i agree with you, 'Exoskeleton'. We shouldn't hide our wealth illegally.

I agree with you JENNIFER_SUSAN. We should only hide our wealth legally.

[JimCGSavings]

Investing in a few Bitcoins is a long term risk that I am willing to take. That doesn't mean I'm interested in engaging in any illegal activity. And we pay our taxes. But the assumptions have provided this old geek with some amusement. 

[JimCGSavings]

...and tell the government otherwise, karma will get you and your wife or maybe it already has...

Dude. That is so wrong. (grin)

[JimCGSavings]

Well people who abuse the system are wrong, and make me sick. I could be paying for your medicate and in that case, I be extremely upset that my money is helping you get bitcoins.

Let me ease your worried mind then. I don't get Medicaid. I don't have health insurance. When I get sick, I get to get over it. There. Feel better?

[pwi]

My wife has dementia and I've had to quit work to take care of her full-time. We get by, just barely, on our fixed income. The most frustrating thing about our situation is the "requirement" that we NOT exceed the maximum allowed income for her to remain qualified for Medicaid. This would include any money in a savings account. Bitcoin seems to be an ideal way to build a savings account without the worry of saving cash in our house. Would a laminated paper wallet be the best way to secure it?

I am so sorry for you and your wife's current situation.  You sound like you are good man with your priorities in good order.  Sometimes we don't have the opportunity to pick our pitch before getting beaned in the head by a high hard one.

I have a pretty good understanding of what you are trying to accomplish.  In general terms, this is what I would do if so inclined.  

3 BTC wallets:

1. online wallet that you and you alone hold the private keys.  This is used to shield funds from potential troubles with the exchanges used to make purchases. Multiple addresses in this wallet are used for different purposes. This is the billfold you use to make day to day buys of goods offered for coin.
2. exchange wallet with "emergency fund" value.  Large swings, the need to convert to fiat, and unpredictable income potential are the principal reasons or this wallet.  This and the online wallet makes you liquid in terms of fiat.
3. Armory/paper/offline wallet with savings. This is to protect your coin from both you and others.
3a. Cash in prepaid credit cards, dwolla, under the mattress paper, gift cards, precious metals, and other items that hold value or appreciate that stay off the balance sheet that government agencies inquire about when applying for assistance.

I am not for hiding income or assets to avoid legitimate tax liability.  I have no issue with hiding assets to get much needed assistance.  It sucks to have to bend the rules in order to survive.

Those of you piling on this gentleman have no clue what it is like to go from making a wage that provides you with a comfortable living to making nothing; yet not being able to qualify for assistance programs due to some relatively meager holdings.  Certain programs prohibit owning a car, having a small savings account, or having more than a few hundred dollars in a checking account. I've had people roll into my former business with a purse full of EBT cards and un-cashed entitlement checks worth thousands.  All the while those checks and EBTs were carried in a LV wallet, by a person wearing prada, carrying LV bags, and driving a Mercedes.  I do not think the OP fits this mold.

A person that worked all their life can't get much needed help because of a 401K, IRA, a savings account, a car payment, and a 3/2 suburban home that is being foreclosed on should not be excluded from receiving public aid.  Certainly not because someone got sick.  Have some compassion and understanding.

Sending good vibes your way sir.  Peace.

[freedomno1]

do you mean an actual wallet?

A printed out Bitcoin wallet. Laminated so I don't have to worry about fading, water damage, etc.

https://bitcointalk.org/index.php?topic=186007.0
Evil wallets are available if you don't mind

[pwi]

I've managed to lower my blood pressure without any medication using this Doctors advise. He also has workable ways to treat brain diseases.

http://www.functionalps.com/blog/2011/09/12/master-list-ray-peat-phd-interviews/  

Do share the medical breakthrough that not only removes amyloid plaques and white matter scarring associated with dementia BUT restores damaged neurons to their former level of function.  That's some world changing information that you are apparently keeping to yourself.  I see a Nobel Prize in your future if you'd only come off your secret.

Prevention in your 30's and 40's is one thing.  Correcting damage in an immunologically privileged area such as the central nervous system is quite another.

I'm appalled by some of the responses in this thread.

It's not like he asked how to hide proceeds from KP, heroin sales, or human trafficking.  This guys wife just might currently be urinating on the front door while attempting to flush the doorknob. Not to mention her grandchildren now scare her, along with going to the supermarket she shopped at for the past 30 years, and friends' houses are haunted with strangers.  

Without compassion and empathy, money has no value.  Neither does Bitcoin.  Some things money can not buy. Character is obviously one of them.

 >:(I'm going to go vomit after reading this thread.

[JimCGSavings]

...It's not like he asked how to hide proceeds from KP, heroine trafficking, or human trafficking...  

Dang. I knew I forgot something. (grin) If you can't laugh, take Xanax. About .25mg PRN works for me. It also helps to have grandchildren. They say the darndest things. And no, this is not my grampa's coat. It's mine. Now if only my thrift store took Bitcoin.

[pwi]

i agree with you, 'Exoskeleton'. We shouldn't hide our wealth illegally.

I agree with you JENNIFER_SUSAN. We should only hide our wealth legally.

Come to the US. Marry the love of your life. Work your tail off for a few assets. Experience ONE life altering calamity such as your soul mate losing the ability to care for themselves. Try buying health insurance at an advanced age or having a chronic debilitating condition.  The premiums rival a Bentley payment...for life.  The only thing you drive is your loved one to doctor's appointments with borrowed gas money.

Watch how quickly your mind changes.

Sure, the OP may be FOS.  Imagine for one minute that he is not. 

Now imagine that you are the OP. 

If you do not have this capacity in your being, then you are little more than parasite without conscience or purpose other than to feed on others.

[Exoskeleton]

Just wanted to say I did not mean for the negative view points to become so strong in this thread. I don't think your an evil person at all. I don't even know enough to judge if what your doing is the wrong thing for your situation. I beleive in compasion and by all means do what you need to survive. I actually believe in a socialist free health care system. 100% free. I just know that paying fair taxes is a part of that system I believe in. The current system in the US is not fair at all though...

Yes, to a large degree I was just talking s#it 

[Peter Lambert]

I actually believe in a socialist free health care system. 100% free. I just know that paying fair taxes is a part of that system I believe in. The current system in the US is not fair at all though...

A system  which pays doctors cannot be free. The doctors need to get paid, and that money has to come from somewhere. You can hide the costs or spread them around, but calling it 100% free is lying.

[Exoskeleton]

I actually believe in a socialist free health care system. 100% free. I just know that paying fair taxes is a part of that system I believe in. The current system in the US is not fair at all though...

A system  which pays doctors cannot be free. The doctors need to get paid, and that money has to come from somewhere. You can hide the costs or spread them around, but calling it 100% free is lying.

I mention paying fair taxes is a part of that system. The taxes pay the doctor. Obviously, nothing is 100% free in absolute terms. I meant little to no out of pocket expenses on each visit. Obviously a doctor has to be paid. Obviously.

[JimCGSavings]

...Yes, to a large degree I was just talking s#it 

Well, you aren't that good at it either. You should have waited until I was foolish enough to give you more personal information. Tell you what, I'll share one out of the many many fun-time stories that come with being a caregiver of the person who use to be your spouse;
This one time after spending 10 hours at the ER waiting for her to be cleared while she ranted nonstop about how God had appointed her His messenger of the the Holy Blessing of the Nicotine patch and how they would cure the world of all ills and sins, so they could transport her to the locked "Senior Diagnostic Unit" so they could keep her alive while doping her into unconsciousness with haldol so she could finally get some sleep and hopefully end the manic energy that had led to a week of no sleep and you are finally at home feeling guilty and ashamed at how relieved you are the bitch is finally locked up somewhere safe so you can FINALLY sleep yourself, and you realize you just spent half a day talking to people about taking care of her and wondering why they were looking at you funny and you look in a mirror and see that you haven't shaved in a week, or changed your clothes in days, or taken a shower yourself in all that time, and you just start laughing and can't stop for a very scary amount of time, believe me, you haven't lived.

Statements by people that haven't personally experienced the living hell your life became years ago roll off you like rain on a warm summer day. So no worries. Bitcoins baby! FTW! (grin)

[Mike Christ]

OP, you do what you feel is best.  Don't listen to those commie-wannabe bastards.

[sigfawn]

Is it possible to setup a special needs trust where assets are placed in a trust possibly managed by you that can be used for specific medical reasons but won't be considered for Medicaid.
http://en.wikipedia.org/wiki/Supplemental_needs_trust

A printed wallet can work.  I personally wouldn't find it to be significantly more secure or reliable than a flash drive.  Personally if I was paranoid I would use both.

Bitcoins at this point is a risky investment and I wouldn't suggest buying more bitcoins than you can afford to loose.  I expect it will either be a very good savings method or go to zero with little in between.

great advice

[Exoskeleton]

OP, you do what you feel is best.  Don't listen to those commie-wannabe bastards.

Hahaha. Commie bastard. Original. And the OP said he did not want the thread to become a sympathy card. Then he posts more about his situation (if true) for no other reason. I offered sympathy for his situation in every other post, yet I have an opinion of my own as well and at least I share mine with respect.

If we can't post without slinging insults like those found the last posts from both the OP and "mike christ", then this forum becomes just another troll box.  

[JimCGSavings]

...Original. And the OP said he did not want the thread to become a sympathy card. Then he posts more about his situation (if true) for no other reason. I offered sympathy for his situation in every other post, yet I have an opinion of my own as well and at least I share mine with respect.

If we can't post without slinging insults like those found the last posts from both the OP and "mike christ", then this forum becomes just another troll box.  

See? If given the opportunity, most people do try to rise to a challenge! Still, nothing beats the fear of going to a caregiver "support" meeting and realizing that your situation is only going to get so much worse. Now that's real fear. Shame is laughable. Go for fear. I still have a few buttons there that work. (grin)