This family bet it all on Bitcoin

[wxa7115]

Oh dear lord, this is the kind of crazy stuff that happens when you have a bubble.

In the 90s, there were stories of people quitting their day jobs to become online day traders.  And it's a great plan as long as the market keeps going up.  The bitcoin market right now is reminiscent of that, and it makes me extremely nervous.  That's why I've been buying some gold & silver.  Those things are most certainly not in a bubble.

The end stage, the pre-popping of a bubble looks exactly like this:  Everyone starts piling in to buy whatever is inflating.  People start getting manic, and the price just keeps going up and up--and then it pops.  I do hope that's not the case with crypto right now.  It's so hard to tell, but it just seems like a replay of crazy markets I've seen in the past.

This is the sort of stuff you see from dysfunctional people, this is not an indicator of whether this is a bubble. No responsible parent would do this to their kids no matter how confident they were in some market.
I'm calling bullshit on the story to begin with, everyone looks too happy and healthy to be in such a desperate situation.

I think it may be a combination of both factors, no one on his five senses would jeopardize the future of his family by investing everything in something they do not know if it is going to become successful or not, but at the same time the price of bitcoin has created such an enthusiasm that this is similar to all those people quiting their jobs and that began flipping houses for a living only to be destroyed when the economic crisis hit them.

[Torque]

So a young family (with parents that are still young enough to go get jobs at any time if they fail) bets everything on Bitcoin, and everyone in this entire thread loses their shit at how irresponsible and stupid they are.

But this guy invests $83K into Bitcoin during a 4 year period, even while the price is still falling, and yet he gets nothing but praise and applause today for his foresight and bravery? Not a single person on the thread telling him how stupid and irresponsible he was after the fact?
https://www.reddit.com/r/Bitcoin/comments/77v4l2/after_4y_i_made_12x_on_my_bitcoin_investment_and/

Amazing what hypocrites most people are. I guess the praise comes only after you were successful from taking a big risk, but you get nothing but derision when first taking a big risk?   WTF people?

I guess the OP family will be praised in the future as well if they too are successful?

[Pearls Before Swine]

Honestly, they did this before bitcoin jumped to over $6000, so they might be
onto something here.  I also call bullshit with chesthing on this, but that's only because
I distrust the media in general.  But if they really did do it, they'll probably get rich.

Unless bitcoin crashes, which it just might.  And I agree that they're extremely irresponsible
for going all in.  That's just silly in my opinion.  No one with children involved should go
all in on a volatile asset like bitcoin...or any asset, for that matter.

[Torque]

Moral of the Story:

"If you are going to take a big risk in life, do not give a shit what other people think. And surely don't ask other people around you what they think, because they will most definitely shame you and completely talk you out of it.

But of course later when you succeed, these very same people will applaud you for your brilliance and bravery." 

[richardsNY]

This is doubtless a good marketing show for bitcoin, but you should never put all your eggs into one basket! And why do they want to become a millionaire in fiat money?

How exactly is this good for Bitcoin? It just shows their greed (i.e. stupidity) by going literally all in, where they risk the future of the entire family if things go wrong. I actually hope that others don't blindly copy such reckless behaviour and also go all in -- this can never lead to anything of value. Why do people want to become a fiat millionaire? Because that's what they value and strive for. Bitcoin for these people isn't anything they actually see value in. It's nothing more than a 'temporary' tool that will help them (they hope at least) achieve their goal.

[nodelover]

That is a pretty huge gamble right there. It is ideal that you should just invest your extra money not your primary money.

[bitbunnny]

Some people are just gamblers by nature or they think they have nothing to lose. Anyway, decision like this looks like a bit reckless and without responsibility but maybe this might be the only chance for this family or the opportunity to make decent living for the rest of their lives. I don't have enough courage to do something like that but I admire people who do.

[barota]

In my opinion this is not a good way Change life towards the supernatural . Because in the end this is Internet. There are fraudulent sites and bitcoin can crash Then in that case the morale will be bad and therefore the situation will worsen further At least you should not bet the house 

[arbitrage]

I have heard last year about a guy, he was selling a house for LTC, i think this can be found in speculations. Then i thought this is crazy, as i thinking now. This system in combination with greed will make beast of us.
He has beautiful family and kids, and he can devastate his family with this gamble. I don't know for me family is on the first place. This is too much. I'm not hare to judge but this is gamble with children's future as a stake.

[Maingtoled1958]

https://www.c[Suspicious link removed]m/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.

those are in dangerous Because BTC is so risky , how can exchange 10 BTC to cash (will loss most of gain) , when price down will  loss every things

[Celsiuss]

Ok, but how will they live? Do they use a bitcoin visa card that converts BTC to fiat on the fly, or do they use bitcoin directly? I feel it's a very risky approach to have EVERYTHING in bitcoin. One month they can be rich, another they may have thousands less. Im no expert at this, but I wouldn't feel good living like this. They could end up super rich though.

[Izarok]

A risky decision but it might turn out to be a good calculated risk if they made a really big profit out of it. Sadly they've sold all their stuff bought some btc and now are just camping. They took hodling to the extreme!

[denny27]

Good luck for this family, I hope that risky decision can promising a profit that will be obtained later. I think indeed there are still many opportunities to gain profit, and bitcoin price will still be able continuesly moving towards the higher again from now I guess.

[TheMojo1]

become millionaires is Dreams that make newbie invest in bitcoin without calculate risky .

this family make them money in so risky investment so hope to have good news and become millionaires

[teilwalL05]

become millionaires is Dreams that make newbie invest in bitcoin without calculate risky .

this family make them money in so risky investment so hope to have good news and become millionaires

I am curious in what kind of wallet they have put their bitcoin and because of so much Hard Fork that might occur in the future you can not say if it's really gonna be safe to make an assumption that bitcoins gonna be well and alive for that time to come, even if we see the years of bitcoins increase in value, we can never see the future of bitcoin going smooth and well.

[Pasabm]

I think it's risky to bet everything on bitcoin, because no one knows what will happen to bitcoin in the future. But life is indeed the choice anyone has the right to determine his life. I hope this family succeed.

[J. Cooper]

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

You won't win big in life if you don't risk big. It's pretty crazy what they're trying to pull off but it's admireable at the same time. I think in the end everything will work out fine. I've followed them for a couple weeks now and they really seem to be an adventurous family. I don't really get why you are so negative about it, 3000$ is a pretty solid entry price. I expect the price of bitcoin to drop around the day of the fork (maybe down to the low 4000s) but even if that happens they're good.

[trobin]

I saw this on the news a while back, seems like such a stupid risk to take with your children's lives. Everyone always says don't risk more than you can afford to lose.

[HanvanBitcoin]

Just saw this family 20 minutes ago on national television in the Netherlands  He's been in bitcoin since 2010 and spends his days daytrading now and stopped working. Whats wrong with having faith in BTCitcoin?

I think he's a real pioneer. Hopefully this decisoin will make this family filthy rich in the future 

[gilangIDR]

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.

When viewed from the current conditions then it is profitable. But I'm worried when bitcoin prices drop and then they experience panic. In a short time they can panic sell and this can certainly make a loss. So make sure that when we dare to take risks to invest in bitcoin then we must be prepared to face all things that may happen.