" Life Altering " ......?

[chrsjrcj]

You also have to account for future inflation. Who is to say $100,000 today, will be $100,000 20 years from now? Best to keep your wealth in bitcoin.

[exahash]

I find myself reading this thread wishing for a poll next to each post with options along the lines of:

- This guy will be broke in 5 years
- This guy will still have some btc in 5 years

[snackman]

I find myself reading this thread wishing for a poll next to each post with options along the lines of:

- This guy will be broke in 5 years
- This guy will still have some btc in 5 years

Think this will make me go broke? /endshamelessselfpromotion

[kingcrimson]

Ten million USD

$1 million on house, luxuries, cash, etc
$6 million in mutual funds/bonds
$3 million in rental properties

Use the rental properties as your income. Dont touch the mutual funds till youre 65, let them compound... then you retire with a hundred mill. Realistically one can do a toned down version with 2-3 mill though. And of course just holding bitcoin you may make more than any of these investments.

[simplydt]

For example, the way I made my decision for life altering is talked about in my blog post.
http://unratedtogm.blogspot.com/2013/11/how-i-made-30000-this-month-by-not.html

Now, I never went long on bitcoin so its slighty different. The similarity is I had the choice to hold a position and wait for it to double again (ive doubled at least 3 times in the last week), or cash out. I chose to cash out even though it will hardly leave me any extra cash, just because getting rid of any debt is so fucking awesome.

So my point is, give priority to #1... maybe go a bit above 1, so you have some coins left over that you keep going long on in case they go up in value even more. (eg cash out 75-90% and retain a 10% position).

Good luck.

[Hyena]

I think the important thing here is to reinvest a significant portion of the bitcoin profit to other stores of value. If you won the money with a lottery it would be stupid to just spend it.

[Hyena]

For example, the way I made my decision for life altering is talked about in my blog post.
http://unratedtogm.blogspot.com/2013/11/how-i-made-30000-this-month-by-not.html

So, techie, how did you get hacked?

[simplydt]

For example, the way I made my decision for life altering is talked about in my blog post.
http://unratedtogm.blogspot.com/2013/11/how-i-made-30000-this-month-by-not.html

So, techie, how did you get hacked?

It may be meaning lost or misconveyed in text but are you trying to be a slight asshole by writing that? You could have just said:

"So, how did you get hacked?"

[BitchicksHusband]

If in the US, plan on giving half of the profit to the government.  So to keep that $15 mil, you will need to make 30 mil.  Unless of course you just spend your coins or attempt to avoid taxes.

Let's see.  Keep it for a year.  Quit my job.  Make less than $70,000 (joint) in a year.  Pay that 0% tax rate.  Whew, those taxes are brutal...  

Here is the bracket for 2013:

January 1, 2013 -

Hold   1 Year or More      

10% tax rate = 0% capital gains tax rate   
15% tax rate = 0% capital gains tax rate
25% tax rate = 15% capital gains tax rate
28% tax rate = 15% capital gains tax rate
33% tax rate = 15% capital gains tax rate
35% tax rate = 18.8% capital gains tax rate
39.6% tax rate = 23.8% capital gains tax rate

Note: Obama is trying to change this for 2014 but they didn't get it done in time for 2013, so keep that in mind.

Here are the current Adjusted Gross Incomes for these brackets:

2013 Tax Brackets (For taxes due April 15, 2014)
Tax rate    Single filers       Married filing jointly or qualifying widow/widower    Married filing separately    Head of household
10%      Up to $8,925      Up to $17,850                     Up to $8,925         Up to $12,750
15%      $8,926 - $36,250   $17,851 - $72,500                  $8,926- $36,250      $12,751 - $48,600
25%      $36,251 - $87,850   $72,501 - $146,400                  $36,251 - $73,200      $48,601 - $125,450
28%      $87,851 - $183,250   $146,401 - $223,050                  $73,201 - $111,525      $125,451 - $203,150
33%      $183,251 - $398,350   $223,051 - $398,350                  $111,526 - $199,175      $203,151 - $398,350
35%      $398,351 - $400,000   $398,351 - $450,000                  $199,176 - $225,000      $398,351 - $425,000
39.6%   $400,001 or more   $450,001 or more                  $225,001 or more      $425,001 or more

Long term capital gains (held more than 1 year) do not count toward AGI.  Short term (held less than 1 year) do.  Also, get a house payment (interest) and some kids to offset your AGI.  Also, donate to your favorite charity instead of the goverment if you like them better to get into a lower bracket.

[antimattercrusader]

The reason why no one would really reach any "life altering" levels? most people are scared when amount of money they have in bitcoin reaches a level they feel uncomfortable keeping. So, if you ever saw say 10k in usd, you will not hold 100k in bitcoins - you'd be long out of it by that time.

It takes one to really believe in bitcoin project to store more than 90% of your total wealth in coins and sleep well. And the true believers might be rewarded, but that would be a side effect. If you are just greedy, you are cashed out in the pennies.

I store over 90% of my wealth in BTC.

*ahem* that may be because I am not wealthy, and anything is more than 90% of zero. But hey

[smoothie]

<Greeedmode>
If Bitcoin becomes $1000000000000000000000000 I will cash out and own the planet all the paper and trees
</Greedmode>

FTFY 

[Hyena]

For example, the way I made my decision for life altering is talked about in my blog post.
http://unratedtogm.blogspot.com/2013/11/how-i-made-30000-this-month-by-not.html

So, techie, how did you get hacked?

It may be meaning lost or misconveyed in text but are you trying to be a slight asshole by writing that? You could have just said:

"So, how did you get hacked?"

Yes, I was being sarcastic. Nevertheless, I would still want to know how did you get hacked as I didn't spot the attack vector in the text you referred to.

[simplydt]

For example, the way I made my decision for life altering is talked about in my blog post.
http://unratedtogm.blogspot.com/2013/11/how-i-made-30000-this-month-by-not.html

So, techie, how did you get hacked?

It may be meaning lost or misconveyed in text but are you trying to be a slight asshole by writing that? You could have just said:

"So, how did you get hacked?"

Yes, I was being sarcastic. Nevertheless, I would still want to know how did you get hacked as I didn't spot the attack vector in the text you referred to.

You really expect me to give you details after you insult me? Don't really know what brought it on....

[Crazy]

You really expect me to give you details after you insult me? Don't really know what brought it on....

His name is Hyena and his avatar is of some demented meathead with a gasmask. You had higher expectations? He also edited his post, after acting like a user's day to day OS somehow determines their computer competency.

[donjoe]

For me the "enough" question can only be answered by having an income from property or shares that means you never need to work again.  Work should only be for what interests you.

Work should only be for what interests you, but I'd hate getting my basic income from any form of property - I think property rights are grossly over-rewarded in this economy and work is grossly under-rewarded. If work were properly rewarded - especially automation work performed by past generations, which shouldn't make just a few current owners rich but rather all of society - there would be enough money to ensure a decent Unconditional Basic Income for everyone, so that no one would have to take a job they disliked just for fear of losing their basic livelihood. Then we could have everyone working on what really interested them, which would lead to far more creative output and higher-quality products and services across the board.

[Crazy]

Socialists using bitcoin. Oh the irony. 

[donjoe]

The Basic Income idea was also supported by people like Milton Friedman. Big Socialist, that one.

I'm actually here for two reasons: 1. I think Bitcoin is like a game played with money, not something serious that has any really-long-term future and 2. I've noticed a lot of extreme right-wing pseudo-libertarians around and I'd be happy to take some of their money.

[Crazy]

Smart people also have stupid ideas, you know. Unless you hold anyone with a famous name to be infallible.

Edit: Yes, I've been aware of your type. It's evident when things get slightly political. Unfortunately opposing social and monetary philosophies can not reconcile as they're generally one in the same.

[Hyena]

You really expect me to give you details after you insult me? Don't really know what brought it on....

I never insulted you (at least not on purpose). But sorry for bringing up a painful memory or something. Just thought that others may learn something from your mistakes.

[Hyena]

You really expect me to give you details after you insult me? Don't really know what brought it on....

His name is Hyena and his avatar is of some demented meathead with a gasmask. You had higher expectations? He also edited his post, after acting like a user's day to day OS somehow determines their computer competency.

If you brought this up then I'll put it on bold: a user's day to day OS somehow determines their computer competency.

This is true. I switched to full linux in all of my computers 2 years ago when I had too many bitcoins lying around in my windows machines. Knowing that windows is a giant security vulnerability, a bitcoin techie should never want to use this OS.

The demented meathead on my avatar is me. It's a nice trap for people who judge by stereotypes and you just fell for it.