Investing what you CAN'T afford to lose crew

[MadZ]

I guess I'm the exact opposite. I've just taken free faucets and whatever mining my regular computer can do and have gambled up to 1+ BTC now. Can't lose if you started with nothing.

[greyman]

This is also a semantic problem, what means "to afford"? Different people have different concepts regarding what exactly it means.

I'm personally quite bullish on bitcoin, so I couldn't give an advice "don't invest more than you can't afford" in a clear conscience. On the contrary, I think it is fine for someone to borrow money to invest in Bitcoin now, if that person made his homework and believes that the price must go up with reasonably high probability. IMHO, it is not the same as lottery, where you have no chance to predict what will happen.

OP: No, I don't think you are an idiot.

[Jace]

A ASIC could be created to brute force BTC private keys.

No sir, it couldn't.

[rext]

High risk high rewards, low risk low rewards, either u make it or break it, for me, I would just do it anyway.

[BTC-TK]

YOLO 

[luv2drnkbr]

entire net worth, reporting in

[EvilPanda]

I invested 1/3 of my spare fiat. If I lose it it means no new electronics in the house and that would just depress me, so yeah I can't afford losses.

[nodroids]

One more point! Why isn't it more risky holding IMF fiat now that cryptocurrencies provide an alternative (and thus systemic risk to the insane merry go round)? If you don't understand that, then I'm going to part you from your dollars by buying you out of your BTC! Oh Please!.. $300 Bitcoin just for 1 day.

[Frost000]

Why isn't it more risky holding IMF fiat now that cryptocurrencies provide an alternative (and thus systemic risk to the insane merry go round)?

I'd say because traditional fiat is more than established throughout the world, guaranteeing its use for the foreseeable future.

That and, though maybe it shouldn't be so, it is very trusted by the general population (and by general population, I don't mean this forum's users).

[theecoinomist]

There was a guy who went all in at $50 or, with a mortgage backed by his house if I'm right. He recouped his initial loan @ $170.

I also know quite a few who have more in bitcoin than what they would be willing to lose, to put it lightly

[Pente]

I have an INTP personality, was a member of Mensa, read serious books, and have a strong background in math, cryptology, austrian economics and computer science. This background allowed me to evaluate Bitcoin when I discovered it.

After discovering Bitcoin & heavily researching it, I realized that it was not only the opportunity of a lifetime, but possibly the millenium. I sold off all of my investments and put every spare dollar into bitcoin.

I put off making a major car repair to get some extra bitcoins, those particular bitcoins could now buy a new car.

I didn't borrow against my property though. My lot & cabin in the jungle here in Hawaii are free and clear. So if Bitcoin crashs and dies, I will still survive okay. I just won't have any luxuries.

[EvilPanda]

Why isn't it more risky holding IMF fiat now that cryptocurrencies provide an alternative (and thus systemic risk to the insane merry go round)?

I'd say because traditional fiat is more than established throughout the world, guaranteeing its use for the foreseeable future.

That and, though maybe it shouldn't be so, it is very trusted by the general population (and by general population, I don't mean this forum's users).

One of the reasons people trust fiat is that even if something goes wrong there will be milions in the same situation. It's easy to go with the flow and trust others can work something out. Think Europe, half of it is in the EU, even if Euro fails somehow it's not going to happen within days and everyone is going to discuss an alternative. And if BTC fails? I would say 50% heard of it, half of them could explain what it is and a fraction of those own some. Who's gonna cry about it beside us?

[megashira1]

If you can afford to lose your entire net worth, keep all your wealth in $.

The $ will go to zero regardless, whereas bitcoin may go to zero but it's unlikely anytime in the near future.

If you want to hedge your bets against bitcoin purchase some gold and silver.

When the dollar crashes people will run to either cryptos, gold and silver, or more likely both.

[Doublelucky]

I'm in fiat debt to the banks irl but have been building my virtual roll via BTC for a while now
Eventually I will cash out what is needed to pay my debts but for now the value and potential value increase in BTC outweighs the interest I'm required to pay.. I actually took out more money from my bank line to buy more BTC during the dec crash- fuck it

[2tights]

I'm in fiat debt to the banks irl but have been building my virtual roll via BTC for a while now
Eventually I will cash out what is needed to pay my debts but for now the value and potential value increase in BTC outweighs the interest I'm required to pay.. I actually took out more money from my bank line to buy more BTC during the dec crash- fuck it

either brilliant or stupid, time will tell. i hope it's the former.

[keithers]

I hear everyone say "don't put in more than you can afford to lose", but is anyone else putting in more, as in what you can't afford to lose? Or am I the only idiot with too much balls..


I have around $17 grand into BTC/LTC... this is NOT money I can just afford to lose. I have around $8000 of debt but I'm paying it off bi-weekly with every paycheck. I'm devoting myself to cutting down useless spending this year and keeping track of my money better so I can maintain or acquire more bitcoin. I'll probably have to cut down going out on weekends and making trips this year, but I'm okay with that. Bitcoin being killed off at this point and going to $0 is unlikely in my view, but I guess anything can still happen. But on the other hand if it skyrockets..... well I'll be a very happy guy.


Anyone else putting in way more than they can afford to lose? I just wanna see who you are so in case we crash and burn I'll have some shoulders to cry on.

A lot of people will tell you that you are making a horrible mistake, and those same people will say that you were just lucky if your decision turns at to work huge in your favor.   If you talk to a lot of financially successful people, many of them will tell you that they made a lot of good and bad financial moves in their life, but there were 1 or 2 big risks that they took that actually paid off (many by luck) and led to where they are at today.

I personally have made a few of these moves, and it has changed my life dramatically.  I applaud your risk, but I do think you should hedge some of it, and pull back some profits when you can, and try and just pay off the debt that you owe.   Living debt free, is the best feeling in the world.

[MrPalmer]

I'm in fiat debt to the banks irl but have been building my virtual roll via BTC for a while now
Eventually I will cash out what is needed to pay my debts but for now the value and potential value increase in BTC outweighs the interest I'm required to pay.. I actually took out more money from my bank line to buy more BTC during the dec crash- fuck it

You must have big cojones, sir.  I hope you have no dependants.  If this pans out, people in your position will essentially win some sort of financial lottery.  Good luck!  I don't have the guts to put it all on the line like that.   

[bitpop]

I'm in the your boat!

[retrend]

I'm all in on fiat debt and bitcoin holding.  Inflation versus deflation is the theory, hope it works out.

[minerpumpkin]

Investing borrowed money in highly risky things like BTC is why the suicide prevention hotline post on reddit wasn't stupid. I'm serious. There are people losing their life savings and more(!), esp. when they overreact during a correction. I hope things work out, but really, don't invest more than you can afford to lose.