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Author Topic: What would it take for you to pour entire life savings into Bitcoins?  (Read 2160 times)
calista
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June 29, 2011, 12:48:54 AM
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and possibly take out mortgages and credit card debts as well?

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chuckypalumbo
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June 29, 2011, 12:52:12 AM
 #2

and possibly take out mortgages and credit card debts as well?

A guarantee that this thing was going to explode above $100 per coin, and at this point there are no guarantees, but I think many many people have a good feeling about the future of bitcoin.

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finack
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June 29, 2011, 01:19:02 AM
 #3

Cheap drugs or possibly a head injury.
BitcoinPorn
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June 29, 2011, 01:23:10 AM
 #4

I would first have to acquire this 'life savings' that supposedly has value.

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June 29, 2011, 01:24:19 AM
 #5

If my "life savings" amounted to $50 or less.

I really want this shit to work out, but I'm not going to gamble on it. I understand that fortune favors the bold and that speculators have a potential to be filthy stinking rich off BTC, but I'll just let someone else be bold.

^_^
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June 29, 2011, 01:30:23 AM
 #6

One thing: asymmetric (inside) information.

insert coin here:
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

Open an exchange account at CampBX: options, lowest commissions, and best security
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June 29, 2011, 01:32:58 AM
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Say I had inside knowledge that Apple and Dominoes Pizza were both about to launch advertising campaigns announcing their support of and undying love for Bitcoin. I'd speculate all the money I could get my hands on. Short of that, s'not likely.
Tx2000
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June 29, 2011, 01:42:55 AM
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Bottom line is that most people, as some have mentioned, don't really have this purported (or at least intended) "life savings" you speak of.  Aside of that, it's craziness to dump everything into one thing of value.  It's best to diversify.  But just to play along with your question, I'd have to think that first Bitcoin would need to be something that is relatively wide in adoption.

If I were to pour all of my "money" or "assets" into Bitcoin, would I be able to buy groceries of varying sorts in my city?  Would I be able to buy gas in my area and the places I travel?  Etc etc etc.

Until that scale of adoption occurs, dumping in and strictly holding to Bitcoins and away from any and all other currency / assets of value, is illogical.
Klestin
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June 29, 2011, 01:50:26 AM
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Cheap drugs or possibly a head injury.
You have won one free Internets.
cmh
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June 29, 2011, 01:59:42 AM
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A time machine to go back two years.
goldbit
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June 29, 2011, 02:05:34 AM
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A time machine to go back two years.

Three months is good enough for me Smiley

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June 29, 2011, 02:37:37 AM
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As optimistic as I am about the future of Bitcoin, realistically my answer is "nothing"

Bitcoin is fail-resistant, but not failproof, and I can't risk my life savings on it because of that.
DamienBlack
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June 29, 2011, 02:45:56 AM
 #13

Most of my money is already in bitcoins. But that is because I don't have much money.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
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wumpus
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June 29, 2011, 02:48:26 AM
 #14

I'd never put all my eggs into one basket.

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
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June 29, 2011, 02:57:15 AM
 #15

Like an Ancient Mariner upon an uncharted Sea, look to the Stars, Moon, and Sun ! 

For the Lowdown on Bitcoin read The Bitcoin Sun !!!

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see my website, PM if Interested, Thanks !
KMBTC11
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June 29, 2011, 03:02:32 AM
 #16

Head trauma.  I view this market as gambling.  If you view it as investment then remember what Mark Twain said, "Golf is a good walk spoiled..."

Wait.  Not sure that was the right quote.  Something about eggs and frogs.  Or baskets. 

Anyway my head hurts and I just invested my savings, mortgaged my house and maxed out my cards to invest in Bitcoins.  Little Johnny's education is on the line too.

18ag54cB87XxmYwcUFGw55Ft5kzx63MpV2
cbeast
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Let's talk governance, lipstick, and pigs.


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June 29, 2011, 03:02:55 AM
 #17

It depends. There is a large market to educate first. Buying bitcoins is useless if it never gets adopted. It won't get adopted until someone goes out and sells it. Salesmen won't go out and sell unless they have a product they believe in. Bitcoin needs products and support services that have enough profitability to sell. Actually, I don't think it would take much more than a few viral apps to make me change careers and steam into bitcoin, at least as a part time venture.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
KMBTC11
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June 29, 2011, 03:05:59 AM
 #18

Another, more serious answer:


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MeSarah
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June 29, 2011, 03:08:14 AM
 #19

A gun to my head or family member. But I would concider it if I could remove this JoelKatz for President tatoo.. I wont make that mistake again.

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tanerlorn
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June 29, 2011, 03:35:20 AM
 #20

Already have.

It was only 20 bucks though.  At 1.80 each though, im sitting on a nice almost 1000% return!
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