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Author Topic: Would you put all your savings money into BTC?  (Read 5502 times)
malumeze86
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November 28, 2013, 01:00:30 AM
 #21

I'm still stacking my silver and gold....

But adding little bits of BTC everyday.

USD is crap, becomes a bit more worthless every single day.  My bank gives me a whole 0.01% on savings, but only upto 25,000$

So I deposit just enough to pay my bills and keep the rest to invest in PMs or BTC.
  

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favelle75
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November 28, 2013, 01:01:15 AM
 #22

no, but I wouldn't put all my savings in a bank neither  Wink

Why not? There's no cost to having it in the bank as long as you meet the minimum monthly required balance

You must be young and have never heard of inflation.  Savings in a bank account slowly degrades over time.

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November 28, 2013, 01:06:08 AM
 #23

no, but I wouldn't put all my savings in a bank neither  Wink

Why not? There's no cost to having it in the bank as long as you meet the minimum monthly required balance

You must be young and have never heard of inflation.  Savings in a bank account slowly degrades over time.

Maybe just the commercial ads works well how clever it is to save money at Bank saving account with x% interest  Tongue
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November 28, 2013, 02:02:49 AM
 #24

I took out a loan from a bank. Fiat.

I bought bitcoins.

I pay back the bank in fiat. In full.

I have no debt.

And I still have bitcoins left over.

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November 28, 2013, 03:04:03 AM
 #25

I have some cash on the bank (like 5% of my money)
and currenlty I have 66% in crypto. The remaining part is gold and silver Smiley

I must admit I started with 10% in crypto Wink

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theonewhowaskazu
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November 28, 2013, 03:15:06 AM
 #26

USD is crap, becomes a bit more worthless every single day.  My bank gives me a whole 0.01% on savings, but only upto 25,000$

What the crap is this. What bank do you even use? That's nuts man, terrible rate.

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November 28, 2013, 03:25:48 AM
 #27

Would I or did I?

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November 28, 2013, 03:28:33 AM
 #28

this totally depends on how much money you have.

if i only had like 5k to my name, sure why not.. through it all in btc
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November 28, 2013, 03:40:12 AM
 #29

Putting all your saving money on BTC or taking loans on BTC or risking anything that you can't afford to lose is just overreaction to the price hype.
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November 28, 2013, 04:06:06 AM
 #30

What price hype?  It's still undervalued.

Give a man a fish and he eats for a day.  Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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November 28, 2013, 04:10:19 AM
 #31

Why not? There's no cost to having it in the bank as long as you meet the minimum monthly required balance
Huh Cost?

Saving money shouldn't cost anything. They should be paying you.

If banks are paying you less than prime, you're getting ripped off
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November 28, 2013, 04:14:48 AM
 #32

In response to the OP, you should never put all your eggs in one basket.

Diversify. Just avoid fiat currencies.
Bill Bisco
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November 28, 2013, 04:58:46 AM
 #33

I would put approximately half of my savings into Bitcoin.

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November 28, 2013, 05:05:04 AM
 #34

Didn't put much of my savings into it, but bitcoin has become 99% of my savings over the past few years.

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November 28, 2013, 05:31:30 AM
 #35

What price hype?  It's still undervalued.

Easy to say that but putting your wealth and future on a bet is to much.
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November 28, 2013, 05:46:15 AM
 #36

This is insane. I wouldn't recommend putting any money into Bitcoin that could be needed within the next 12 month. The price is rising, yes. But it could also drop to zero, so you have to be able to write the money off the moment you invest.

Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.

With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.

Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.
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November 28, 2013, 05:50:32 AM
 #37

This is ridiculously insane. Any rational person would put 60% in bitcoin, 20% in LTC and 19% in other alt-coins like FTC and NMC.

Keep 1% in fiat for food purchases. Grin Grin Grin Grin
notme
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November 28, 2013, 05:59:15 AM
 #38

This is insane. I wouldn't recommend putting any money into Bitcoin that could be needed within the next 12 month. The price is rising, yes. But it could also drop to zero, so you have to be able to write the money off the moment you invest.

Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.

With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.

Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.

I agree that people should be prepared for unplanned expenses, but your examples are terrible.  They mostly involve forgetting something that happens on a regular basis.  Besides, even if I forget about my brakes until they chew through the rotor, I can get new rotors and pads for both sides for less than $100.  If i'm reasonable and replace my brakes when they should be replaces, the pads alone are like $20.

But for the real emergencies, you either need some fiat or to just have so many BTC that it dropping to $100 still leaves you with enough for any reasonable contingency. Wink

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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November 28, 2013, 06:06:08 AM
 #39

BTC is on the rise, sure. But surely you need to have fiat to pay for your everyday needs right?

Like you need fiat for hospitals, fiat for insurance, fiat for rent, fiat for utilities.....
If you are a teenager who doesn't pay for any of the above, then yes, all in for BTC!
If not, why would you put all your savings money into BTC?
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November 28, 2013, 06:07:01 AM
 #40

This is insane. I wouldn't recommend putting any money into Bitcoin that could be needed within the next 12 month. The price is rising, yes. But it could also drop to zero, so you have to be able to write the money off the moment you invest.

Even if you have just some small money, I would recommend to keep at least 30-50% in fiat at your bank. What happens if your car brakes need to be renewed? If your oven fails or your refrigerator? Ah, the damn yearly car insurance is due all out of a sudden. And there, damn, I completely forgot about my legal protection insurance, has it always been charged in March? There can always arise more or less "unforseen" problems where you need to access your savings.

With this background you will definetly panic if the exchange value drops below a certain level, and you will panic-sell at a way too low point - giving you a nice loss in BTC and even in FIAT if the timing is bad.

Keep a buffer in FIAT in case something happens, keep some FIAT as savings for the things you will need in the next timespan. Better cut some of your unnecessary expenses and take this money to gamble with BTC. And always keep in mind that BTC is still a virtual toything without guarantee to success.

I agree that people should be prepared for unplanned expenses, but your examples are terrible.  They mostly involve forgetting something that happens on a regular basis.  Besides, even if I forget about my brakes until they chew through the rotor, I can get new rotors and pads for both sides for less than $100.  If i'm reasonable and replace my brakes when they should be replaces, the pads alone are like $20.

But for the real emergencies, you either need some fiat or to just have so many BTC that it dropping to $100 still leaves you with enough for any reasonable contingency. Wink

well, renewal of my brakes was around 450€ (and you renew all 4 of them). and yes, annual payments are usually underestimated. you sometimes just now roughly the time - something around spring. and then one morning you look at your bank account and see your insurence just took 600€ for your car and 500€ for legal protection - leaving you in the red for the rest of the month.

don't know about your "real emergencies". if your car is completely gone you will need a new one, yes. but it may be ok to get a loan in this case to buy it. and if your house burns down you're pretty pissed anyway, no way to prevent drastic losses here.
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