Borrowed $1,000,000 (1 million dollars) from my dad to invest in BTC (serious)

[ajax3592]

Million Dollar Baby...really? You guys might want to read this lol 

What! don't tell me you invested those million dollars in between this crash ?

Oh my god I would have jumped off a building right now....


But i did put in all the money I had in it when it was $680ish... Haven't seen red until now, feels bad

Man, you are supposed to buy at intervals, like buy 10 at 680 then 10 more at 620, like that.
And specially avoid catching a FALLING KNIFE!

I did buy 10 at $680.... that was my life savings bro. Told you I was poor

[kjj]

People should realize that in order to sustain this $1k valuation of BTC, you would need 3 to 4 Fools like the OP EVERY SINGLE DAY to buy up the newly mined coins.  But their are NOT that many fools in the world, once miners see their profitability squeezed out by rising difficulty they will HAVE TO SELL COINS DAILY to cover their costs and see a return on their mining equipment.  The market can not remotely absorb that kind of selling pressure, the Entire USD depth on Gox would be consumed in 1 week.

Miners are like you hoarding because they see huge gain on paper, this means that virtually none of the newly mined coins are sold and thus the stock of circulating coins doesn't grow, it actually shrinks as people buy them up.  We have been at under 1 week worth of mined coins available to buy now for some time.  But miners can not hoard coins forever, they have costs which always rise to match their marginal costs.

Wait.  We need 3 or 4 million dollars a day coming in to buy up the newly minted coins, because the newly minted coins aren't being sold?

[Dafar]

So troll, do you still want to spend a million of daddy's money on Bitcoin? Wait till this time tomorrow and you may only need $100k to buy the same amount as when you started this thread.

I kind of do actually, but i wanna see if it gets around 500/600 before the end of the year... that would be a good time to get in. I'm pretty sure it'll hit a new milestone in 2014

Million Dollar Baby...really? You guys might want to read this lol 

What! don't tell me you invested those million dollars in between this crash ?

Oh my god I would have jumped off a building right now....


But i did put in all the money I had in it when it was $680ish... Haven't seen red until now, feels bad

Man, you are supposed to buy at intervals, like buy 10 at 680 then 10 more at 620, like that.
And specially avoid catching a FALLING KNIFE!

I did buy 10 at $680.... that was my life savings bro. Told you I was poor

Not sure what your point but please gtfo

[Dafar]

Can I make a suggestion?

If your Dad has $1 million to lend you for a year, surely you could just borrow $50k more or less indefinitely. You will find this much easier to invest in one go. Try to buy on a dip. Sit on it for at least 1 year, no matter what (preferably 2 years). Follow the market closely but don't sell in a panic. Be prepared to lose the full amount (you would have to be prepared to lose the $1m, so this is less of a risk).

Okay, if Bitcoin really takes off in the next few years, we may well see a further 20x, and you get your $1m. Pay your Dad back and enjoy your newfound wealth.

If it fails, you owe your Dad $50k - a failed business venture. You have some hope of paying that back, or perhaps if he is as wealthy as your post suggests, he may write off the debt.

I suspect this thread is a troll, but if not, that's a lot of money to be throwing at something which you obviously don't have much understanding of.

Haha, I like your attitude



But yeah, I'm really glad I didn't do it yet. I need to look more into the risk and security stuff people mentioned in this thread. And then i'll start small like $50k, hopefully I'll get in before it starts going up again. I think my greed level is too high right now, I should probably take a step back and meditate on it

[Dafar]

Can't believe all the PM's i'm getting... some crazy scammers around here! lol if you think I would actually be down for any of these offers

[michaelmclees]

If this is real, you need to tell your benefactor where the money is really going. 

[Liquid]

Good luck mate just hold them forget about the price we are headed to $3K next year or higher i believe 

[mearylll]

So troll, do you still want to spend a million of daddy's money on Bitcoin? Wait till this time tomorrow and you may only need $100k to buy the same amount as when you started this thread.

I kind of do actually, but i wanna see if it gets around 500/600 before the end of the year... that would be a good time to get in. I'm pretty sure it'll hit a new milestone in 2014

I have to agree, 500/600  is good price. The only problem is the demand is high and when price falls quickly I feel unconfortable buying.

[MJGrae]

I promised him I will return the money to him by the end of 2014 with an extra $100k (10% interest). It took me a lot of convincing but I somehow managed to convince him without telling him exactly what I would do with the money. He thinks it's for a start up. I did not tell him that I'm gonna throw it all into bitcoins because I'm not exactly sure he understands or knows about it too much. If he found out about the price volatility of bitcoins I really doubt he would let me invest. But I am pretty confident that the price will at least rise up above where it is now before it crashes (if it does crash). I really think it would at least go back to where it was (~$1240/btc) at its highest point once more before going down for good. That would at least be a nice ~$200k profit and I feel like it's almost guaranteed.


Which brings me to my questions...

1. Am I being really stupid and optimistic to think this way? How much of a chance/risk do you think it is for the price to not go up any higher in 2014? IMO, it almost seems guaranteed the price will at least hit $1200-$1300/btc sometime next year.... or is there a risk that I'm not aware of?

2. I have a coinbase account and it only lets me buy a max of 50 BTC at a time. Is there a place where I can buy as many as I want w/o any limits?

3. Will I even be able to buy $1mil worth of BTCs? Does it depend on who's selling right at the moment I'm trying to buy some? How does this work?

4. Will I have to pay taxes on capital gains? I don't wanna pay shit to the US gov, how would they know how much I made off BTCs?





I'm thinking of putting an automatic sell order right when BTCs hit $1500 in 2014.... is that too high or should I put a lower limit? I want to guarantee some profit before I get too greedy and potentially lose my dad's money. I figured if I sell at $1500 it would be a nice $400k profit for me, I could quit my job and chill in Miami and Ibiza for a year until I need money again.


Serious advice only please, I'm not fucking trolling

This is incredibly stupid. Nobody wants to admit it around here but that's because a lot of people are delusional. There is absolutely the chance that BTC goes down to $0 tomorrow and that is that. That risk will ALWAYS be there, just like it is with every stock, bond, derivative, etc.

Do NOT throw a million dollars at BTC without some sort of gameplan for if/when things go sour.

[MoreFun]

To the OP: not sure if mentioned already, but you should probably read the "inheritance of brother and sister" story from few weeks ago.

[Holdaaja]

Lend them for me and I give you $1,200,000 end of 2014

[Chris180Z]

Hmm, you need to really think hard about this. If I was in your situation I would put a little into Bitcoin, a little into Litecoin and a little into Peercoin, but that's just me. I also don't think I would slam $1m into these new unstable currencies. Maybe 50-100k if you can afford to loose.

[Inedible]

I don't get a penny from my parents, I live on my own barely making rent. I don't even have a bed in my room, I sleep on a blanket on the floor.. that's how poverty I am right now. I am only borrowing this money.

It sounds like you have a strained relationship with your parents. The fact that they don't support you sufficiently for you to have a bed to sleep on makes it difficult to understand why they would then lend you $1M, no questions asked.

You have no reason to explain this as we're just strangers but you have to appreciate that it leaves us in a position of some scepticism.

[STT]

I think his dad is Walter White, never would have been a show down in the desert if he'd used btc


Seriously, it would be better to take up shares in the various exchanges.  Maybe even buy them outright, currency itself for any denomination is more risky then owning a company with assets and turnover.

Maybe its troll physics post demonstrating why you'd not hold 1m in a non intrinsic value 'asset'
With this price fall, can anyone say which products are now cheaper today then last week

[QuestionAuthority]

I don't get a penny from my parents, I live on my own barely making rent. I don't even have a bed in my room, I sleep on a blanket on the floor.. that's how poverty I am right now. I am only borrowing this money.

It sounds like you have a strained relationship with your parents. The fact that they don't support you sufficiently for you to have a bed to sleep on makes it difficult to understand why they would then lend you $1M, no questions asked.

You have no reason to explain this as we're just strangers but you have to appreciate that it leaves us in a position of some scepticism.

It's really not that difficult to understand. He's a teenaged lying troll. Because of his youth, he doesn't understand that any person with the business savvy to have accrued a million extra dollars would never loan that kind of money, even to family, without a formal written business/investment plan and a payback contract possibly with interest. People that are that stupid would not have a million to loan.

[Honeypot]

I don't get a penny from my parents, I live on my own barely making rent. I don't even have a bed in my room, I sleep on a blanket on the floor.. that's how poverty I am right now. I am only borrowing this money.

It sounds like you have a strained relationship with your parents. The fact that they don't support you sufficiently for you to have a bed to sleep on makes it difficult to understand why they would then lend you $1M, no questions asked.

You have no reason to explain this as we're just strangers but you have to appreciate that it leaves us in a position of some scepticism.

It's really not that difficult to understand. He's a teenaged lying troll. Because of his youth, he doesn't understand that any person with the business savvy to have accrued a million extra dollars would never loan that kind of money, even to family, without a formal written business/investment plan and a payback contract possibly with interest. People that are that stupid would not have a million to loan.

You do realize this bitch might just be a 25 year old spoiled kid (a money-rich minority by the mouthy teenage attitude) from US who couldn't make it in the real world without his daddy's help and basically sucked off his daddy to get his hand on some seed money. I would not doubt some 'rich' parents also don't know how to raise their kids properly.

This kid shows off all the signs of a gutless rich boi who still thinks like a 14 year old wannabe punk.

"I got balls" LOL this kid.

[QuestionAuthority]

I don't get a penny from my parents, I live on my own barely making rent. I don't even have a bed in my room, I sleep on a blanket on the floor.. that's how poverty I am right now. I am only borrowing this money.

It sounds like you have a strained relationship with your parents. The fact that they don't support you sufficiently for you to have a bed to sleep on makes it difficult to understand why they would then lend you $1M, no questions asked.

You have no reason to explain this as we're just strangers but you have to appreciate that it leaves us in a position of some scepticism.

It's really not that difficult to understand. He's a teenaged lying troll. Because of his youth, he doesn't understand that any person with the business savvy to have accrued a million extra dollars would never loan that kind of money, even to family, without a formal written business/investment plan and a payback contract possibly with interest. People that are that stupid would not have a million to loan.

You do realize this bitch might just be a 25 year old spoiled kid (a money-rich minority by the mouthy teenage attitude) from US who couldn't make it in the real world without his daddy's help and basically sucked off his daddy to get his hand on some seed money. I would not doubt some 'rich' parents also don't know how to raise their kids properly.

This kid shows off all the signs of a gutless rich boi who still thinks like a 14 year old wannabe punk.

"I got balls" LOL this kid.

Maybe but I don't think so. The Paris Hilton's of the world don't care about making money by investing. They just spend it as fast as they can (while showing everyone their vagina lips when exiting their Ferrari).

[mvdheuvel1983]

Nice son you are.

Your dad probably didn't become a millionare by borrowing 1 million USD from his father under false pretenses and put in something speculative as Bitcoin.

You should be ashamed of yourself by borrowing the money for something you know he would not approve and you know very well you will never be able to pay it back if your investment fails and you lose a substantial amount of the money.

[freebird]

I went back and read the OP. Here's my take: There's nothing wrong with borrowing money from your parents for a startup. Lots of people do that. But be honest with them about what the startup actually is. If the OP is starting a private investment company that focuses on the cryptocurrency sector, fine. But he needs to tell his father that that's the plan for how the million will be used.

Maybe the OP should consider investing some of that money in startups related to bitcoin, instead of just in bitcoins? Or at least be more diversified. Just a thought.

[Dafar]

I don't get a penny from my parents, I live on my own barely making rent. I don't even have a bed in my room, I sleep on a blanket on the floor.. that's how poverty I am right now. I am only borrowing this money.

It sounds like you have a strained relationship with your parents. The fact that they don't support you sufficiently for you to have a bed to sleep on makes it difficult to understand why they would then lend you $1M, no questions asked.

You have no reason to explain this as we're just strangers but you have to appreciate that it leaves us in a position of some scepticism.

That's not true at all. I'm extremely close with my parents. I live on my own in another state because I have a job, I make my own money which is enough for me to live on and pay my bills (my bills are pretty fucking high compared to most people). There's no reason for me to have my parents pay for anything. I'm fucking 25. About me sleeping on the floor... that's by choice, I just haven't gotten around to buying a bed and I don't mind sleeping on the floor. It's really not a big deal but I wanted to give a perspective to people in this thread thinking I'm rich because my parents are and that I'm living some sort of royalty life. That's just not true.

I don't get a penny from my parents, I live on my own barely making rent. I don't even have a bed in my room, I sleep on a blanket on the floor.. that's how poverty I am right now. I am only borrowing this money.

It sounds like you have a strained relationship with your parents. The fact that they don't support you sufficiently for you to have a bed to sleep on makes it difficult to understand why they would then lend you $1M, no questions asked.

You have no reason to explain this as we're just strangers but you have to appreciate that it leaves us in a position of some scepticism.

It's really not that difficult to understand. He's a teenaged lying troll. Because of his youth, he doesn't understand that any person with the business savvy to have accrued a million extra dollars would never loan that kind of money, even to family, without a formal written business/investment plan and a payback contract possibly with interest. People that are that stupid would not have a million to loan.

You do realize this bitch might just be a 25 year old spoiled kid (a money-rich minority by the mouthy teenage attitude) from US who couldn't make it in the real world without his daddy's help and basically sucked off his daddy to get his hand on some seed money. I would not doubt some 'rich' parents also don't know how to raise their kids properly.

This kid shows off all the signs of a gutless rich boi who still thinks like a 14 year old wannabe punk.

"I got balls" LOL this kid.

LOL at at this raging comment... you are clearly upset my boy. I have a full-time job and make my own money... "can't make it in the real world"? I'm pretty sure I'm still better off than you are you stupid ass mother fucker. You are just some fat ass getting mad over the internet. There will always be people/families richer than you, don't cry about it.

I'm willing to bet you are an ugly sad little fuck probably older than me and living with your parents