This family bet it all on Bitcoin

[rjclarke2000]

this is the most idiotic thing i have seen in bitcoin world so far. and it is so on so many different levels.

first obvious one is the price, they bought after the rise. and that is a lot of rise this year. the article said they have been doing it for months and still are doing it so they are in profit but still they are investing in bitcoin after a big rise.
second it is easy to lose bitcoin. it said they are living in campsites! how are they protecting their BTC, in a hardware wallet! what if they lost it or got robbed now that they got a lot of popularity too! if i were a thief i would find it easy target. i hope they at least know how to protect their bitcoin properly

Be even funnier if they are keeping their coins on an exchange.


I bet they are.

[1715094518]

1715094518

[player514]

Too risky and crazy, but if they entered on this movement on summer (as the article says), they have already enriched themselves a lot if they put the money of a house, three cars etc. in when BTC price was 3000+

Anyway, even if they get rich... not well done to risk so much

I 100% agree with you. I pulled out some cash from Bitcoin because I needed to use it for personal matters. Even though I lost money on it technically now, I have no regrets as I needed it for my real life. These people, however, seem to be willing to put their life's stakes in danger to go all in on a bet. We all know that even though bitcoins volatility has been pointing upwards, that it can go in any direction...

[orions.belt19]

https://www.cnbc.com/2017/10/17/this-family-bet-it-all-on-bitcoin.html

They sold everything to buy bitcoin and are living in campsites, waiting to become millionaires.

Its really a big gamble that this family has to make. They are betting that by year 2020, they will be millionaires. Just like all of us here, we want to be rich with bitcoin. But they have taken it to a different level. On must to think logically because its 2-3 years from now and how do his family survived then? I guess bitcoin has affected and changed a lot of people's mind but somehow, you should only invest what you can afford to lose. This family invested everything and chances are that they won't be living normally and have to wait till their gamble pays off.

I think that this is a big risk and the family has went through extreme measure just to have bitcoin. I agree that bitcoin is a good investment but endangering their finances and lives is too much, and I think that its a greedy act since they expect to be millionaires in the future. It may be true that with high risk comes high rewards but this is too much of a risk. No one should go through such lengths just for wealth and money because money isn't everything.

They will lose everything and be forced to live in campsites forever if the market suddenly crashes and bitcoin falls. They should have at least left some just in case of emergencies or for contingencies, or at least some stable shelter.

[Tyrantt]

I've heard about that, more precisely my dad told me about them Why is it risky? if they have some relatives and regular salaries, they can manage to live on that for the next year or two and then they'll definitely profit big. There's no way that btc will drop down to below $4k and stay there.

[imstillthebest]

https://www.cnbc.com/2017/10/17/this-family-bet-it-all-on-bitcoin.html

They sold everything to buy bitcoin and are living in campsites, waiting to become millionaires.

lol, i think thats a bad idea to sell all your stuff in order to invest in bitcoin. sure they can earn something when the value of bitcoin would still continue to grow but i think thats insane and stupid enough to sell their houses and everything important items. im starting to think that they suffer from a mental disorder or maybe the news was just fake because its nearly imposible to do those kind of ideas.

[CryptoTamer]

https://www.cnbc.com/2017/10/17/this-family-bet-it-all-on-bitcoin.html

They sold everything to buy bitcoin and are living in campsites, waiting to become millionaires.

I appreciate this family story, they are willing to bet and take risks. And I'm glad that the family has big profits from their strategy
ever thought of doing the same thing. But I don't have the courage because it's very risky

[jackhdt]

That is insane. It's too risky. they are life and future by rumor. Although bitcoin is very nice, we believe in the future of it and they too but invest in bitcoin as well as investing in stocks. if the futures price goes down, the future of these people will turn out.
but if in the near future Bitcoin prices reach $ 10,000 or more, they are intelligent people   we will feel regret when not to do so

[Shinpako09]

Now, that's what you call a real gambler. Such an insane move, others might think that's a crazy move they have done. Pretty sure they still have a regular work and friends or relatives to help them, if none I don't think it's a good idea to go all-in. If they will just hold it, they need to wait 1 year or few more years but if they will take another risk like in trading. They will not wait for a year to have a profit.

[Denker]

This is crazy and irresponsible by the parents!
I still hope they will be lucky, but this shouldn't be an example others want to follow!
Never go all in, especially when we already had extremely good run this year.

[sindikat]

It seems to me that these parents need to be deprived of parental rights. It does not depend on the family earns money due to the fact that bitcoin price will grow or not. The main thing that they are ready at any moment to risk the future of their children. It seems to me that this is a case for a psychiatrist.

[Torque]

Every time someone announces one of these YOLO moves, people have to come out of the woodwork and be FRWs (Financial Responsibility Warriors).

FFS, what nannies everyone has become. If it's not the world's Governments, Bankers, or Financial Gurus telling you what to do with your money (or how to spend it), it's your fkn fellow man. And typically it's unsolicited financial advice from the guy next to you that doesn't have a pot to piss in.

Just stop. Let people do what they want.

God forbid this family actually scores big time. Like poor miserable crabs in a bucket, everyone else wants to pull the escaping crab back in.

What a great idea, let's brainwash our fellow man and eliminate all big risk taking in our modern society, that way no one ever will.

Except, ya'know, the wealthy elite oligarchs of this world that control everything. They don't give a shit what other people think. They take big financial risks every single day, and reap the rewards and get richer, while Average Joe gets poorer and poorer because he doesn't take any risks. Ever.

And what about that guy that sold his house for bitcoin in 2013 and went all in? Who is laughing now?

[YuginKadoya]

Every time someone announces one of these YOLO moves, people have to come out of the woodwork and be FRWs (Financial Responsibility Warriors).

FFS, what nannies everyone has become. If it's not the world's Governments, Bankers, or Financial Gurus telling you what to do with your money (or how to spend it), it's your fkn fellow man. And typically it's unsolicited financial advice from the guy next to you that doesn't have a pot to piss in.

Just stop. Let people do what they want.

God forbid this family actually scores big time. Like poor miserable crabs in a bucket, everyone else wants to pull the escaping crab back in.

What a great idea, let's brainwash our fellow man and eliminate all big risk taking in our modern society, that way no one ever will.

Except, ya'know, the wealthy elite oligarchs of this world that control everything. They don't give a shit what other people think. They take big financial risks every single day, and reap the rewards and get richer, while Average Joe gets poorer and poorer because he doesn't take any risks. Ever.

And what about that guy that sold his house for bitcoin in 2013 and went all in? Who is laughing now?

Yup! I Agree this is not necessarily needed and they literally sell everything for bitcoin to live under a rock, they can sure trade bitcoin by selling half of their money for bitcoin then trade for bitcoin, a small amount is just needed for it to invest in bitcoin in my opinion, they are family of bitcoin believers that can sure help each other to earn more!

[Koadharber]

https://www.cnbc.com/2017/10/17/this-family-bet-it-all-on-bitcoin.html

They sold everything to buy bitcoin and are living in campsites, waiting to become millionaires.

This kind of action seems too greedy into my own eyes. They are risking and believing too much where comes to a point they sold everything and put in bitcoin.This is really like suicide thing.It would be heaven if their hopes on the price go on that way but what if the opposite thing happen? For sure they would end up on living that campsite forever.

[stomachgrowls]

https://www.cnbc.com/2017/10/17/this-family-bet-it-all-on-bitcoin.html

They sold everything to buy bitcoin and are living in campsites, waiting to become millionaires.

This kind of action seems too greedy into my own eyes. They are risking and believing too much where comes to a point they sold everything and put in bitcoin.This is really like suicide thing.It would be heaven if their hopes on the price go on that way but what if the opposite thing happen? For sure they would end up on living that campsite forever.

Correct. They do believe too much on bitcoin but it isnt really a bad decision at all but it is really risky same as you said because price isnt really guaranteed that it will rise up in the future that would really makes them a millionaire.We cant predict on what would happen ahead which means there would really be only outcome on this kind of risk taking. Profits or total wreckage of their money.

[Don Pedro Dinero]

I agree with most of you. It is quite a silly move. What has catched my attention is a contradiction on materialism. They say: We were just like – sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life”

So, it seems that they are quite hippie-like and don’t have much appreciation for material things but, on the other hand, if they are doing that heavy risky move is because they are expecting to get huge profits. I bet that if bitcoin crashes and stays low for three or four years the happily united family won’t be so united.

[nidacoinlove]

https://www.cnbc.com/2017/10/17/this-family-bet-it-all-on-bitcoin.html

They sold everything to buy bitcoin and are living in campsites, waiting to become millionaires.

Wow that's amazing for me, betting it all in for bitcoin and the article says they are used to live now through trading. And the way of thinking is just like me because I also believe that the price of bitcoin can be doubled or quadrupled in 2020 but still we are far from that year. Bitcoin is a great investment and this family has their faith to bitcoin, I wonder on how many families are going to do the same thing upon knowing that they are the first family to take the all in risk for bitcoin.

Bitcoin is a good investment, it seems having a bright future but we can't deny the truth that bitcoin is very much vulnerable even if it is not and it is going to give me a 1000% profit on my investment in future I will still not ruin and spoil my life like these people. It is ridiculous what this family has done. I will not compromise my life my time and my social circle at any cost. Why to give up everything that you have today for to get better after years. I don't appreciate it at all.

[chesthing]

Whether the gamble pays off is completely irrelavent. What would make sense is selling the motorcyle and whatever cars that aren't necessary, other toys and maybe even downgrading their home assuming they had significant equity. What the parents have chosen to do with little kids in tow is madness, and these kids should be taken away and put into foster care because it's pretty obvious they don't care enough about them to provide the basic necessities of modern life. If btc goes into another bear mkt, this story will probably be repeated as an example of the harm btc can do - but that's not the story, the story is bad parenting.

[Qoheleth]

I mean, I wish them the best, but... *points down at my signature*

They're already up 2x if they pulled the trigger "several months ago", so I hope they at least have the good sense to cash back out their initial buy-in ASAP instead of staying in this leveraged-over-your-dead-body state for any longer than necessary. But I'm not optimistic that this sort of quixotic enthusiasm can comprehend the words "realize your gains".

[liuqi]

Whether the gamble pays off is completely irrelavent. What would make sense is selling the motorcyle and whatever cars that aren't necessary, other toys and maybe even downgrading their home assuming they had significant equity. What the parents have chosen to do with little kids in tow is madness, and these kids should be taken away and put into foster care because it's pretty obvious they don't care enough about them to provide the basic necessities of modern life. If btc goes into another bear mkt, this story will probably be repeated as an example of the harm btc can do - but that's not the story, the story is bad parenting.

Some thread comes like a same. I have noticed different thread which says oldman sells out all his assests to invest in bitcoin. These kind of  foolish move is not good for the their family. We need to wait and make money via faucets, signature earning so on. Since there is lots of earning option without investing. Why these people greedy about money like investing in gambling to make the profit.

[pearlmen]

https://www.cnbc.com/2017/10/17/this-family-bet-it-all-on-bitcoin.html

They sold everything to buy bitcoin and are living in campsites, waiting to become millionaires.

They sold everything but they knew the risk and willfully entered into it. Whether its a good decision or the most foolish one, only the future can tell as to the time when they decide to cash out. If they invested at the point of $4000+ it they decide to cash out now, then they have made some amount of profit. But I am skeptical that by the time the price gets to $10000+ this family becomes automatically millionaires depending on the amount they put in at the time of their investment.