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Author Topic: Crypto Pension Fund - Thoughts?  (Read 198 times)
worldtraveller321
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August 01, 2020, 04:38:11 PM
 #1

Came up with this concept of a Bitcoin/Crypto backed world pension fund.

Here I think this could work? look this over and give your feedback, suggestions, comments.

Crypto Pension Fund.
As this concept may already exist.  In some form or another.


The problem the present pension systems have so far are that they are only available to people with access to money and who are working.


I would like to see a pension fund system. That we will build from the ground up. Meaning funding will start from the bottom as well.


This fund will be intended for people who live in countries that do not have a system at all. Or no access to a private system at all.


Such ideal places be for people who live in some countries in Africa that have high inflation.
Bitcoin allows access to funds to anyone and everyone.
We do not have to get permission from bank or 3rd party to transfer funds to anyone in the world.


Our fund will be backed by Bitcoin. People can fund their accounts with any currency. We will have access to an exchange service. Therefore people will be able to use any crypto they wish to fund their accounts.


We will have the return in a few major cryptocurrencies. Such as Bitcoin, Litecoin and other currencies. Which at this time is not determined.


Of course with different countries around the world. There are many different rates of inflation for everyone. Now with this fund. This allows anyone have access to the fund.


As I am labelling this as a pension fund. This may not necessary be a pension for some time. Will take time to get funded and attention by other people.


However this is something that would function on the global scale.
As to the ways you can have access to the pension. The determination on that is not known yet. In some countries, it is determined by age and years of service.
Since this is more of a private fund. The requirements will be different.


Now even when the fund starts to get to some people in time. It may be small. Which all determines how much people are able to pay into. How long you can pay in to. Etc.


This factors will be determined in the future.


Now some countries may have a monthly salary of $0.77 USD a month. which can be seen as low.


For now well at least in situation like that. A person could get a pension of $0.25 a month. Maybe which would be better then nothing. Of course over time that pension fund be better. In fact if the funding goes well.


This pension fund could pay out better then some monthly salaries in some countries.
What do you think of this idea so far?
What types of places should a pension fund be accessible?
What type of requirements do you think would work for someone to get a pension paid to them?
Do you think there is a need for a pension fund to low income countries and people in the world?


Do you think a global funded pension is good idea?


I want to hear your feedback on this. As this will help plan this out. More feedback the better. Look forward to your thoughts.

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August 01, 2020, 05:17:26 PM
 #2

This is some really old idea and so far I've never seen such crypto pension fund in existence.
Usually pensions funds are heavily regulated by the governments,so this "pension fund" will have to exist in some offshore island that has very liberal legislation,which raises some questions about the security and legitimacy of such company and the possibility of this fund to turn into an exit scam.
The time,when countries will allow pension funds to invest in cryptocurrencies is still far away in the future.




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August 01, 2020, 06:15:19 PM
 #3

This is not new indeed. But you can save some BTC for your pension, as nobody stops you. Save as much as you can each month and never spend until you retire. Most likely, its value will go up in the future. Then when you retire divide the savings equally for - let's say - 20 years (240 months) and there you go: you have your very own (and private as well) pension fund Smiley Of course, similar to saving money by yourself, the main problem is to not touch the money until the time comes. But if you are a calculated person, you can do it.

The idea is very good and I'll try to apply it by myself as well. Imagine - for example - to save all the incomes of a signature campaign for 30 years.

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August 01, 2020, 06:59:12 PM
 #4

Not a new idea, there was already a thread about this before but it was appreciated bringing this up again for discussion.

Still my thought for this is that, it is risky, why? simply because of the volatility of the market it may seem that the market is going well these days but just think about it, there are dark days and no one can be sure when it will happen, that day might come the day after a person retires, and what he expect him to receive is a full of his regular payment for most of his working life. Retirement investment should be secured, it's better not to make profit out of it than risking it in a very uncertain market. Maybe this is going to be good if the company would still shoulder the losses if ever.

Don't wanna see an old man living miserable.

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August 01, 2020, 07:56:33 PM
 #5

If this fund would be unregulated, there would be a huge opportunity for scaming. Any sort of unregulated investment program attracts scammers, ICO is a clear example of this. But even without scammers, you'd be crazy to gamble your retirement on crypto, it might easily not exist in 30-40 years, or be worth a fraction of its ATH. Crypto is high risk - high reward, and pensions are supposed to be extremely low risk - low reward, they make profit because of the decades of investment.

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August 01, 2020, 09:01:34 PM
 #6

I don't know maybe crypto pension is that right word to use for this. Firstly, pension is certain percentage that is removed for workers salary and then edge for them until their retirement. I'm wondering which categories of employers this will be attached to. Are they those that receive their daily income in fiat or those that are being paved in crypto ? How do you intend to get this percentage from their salary ? Finally, my opinion is that this is not holistic. If anyone want to save money until their retirement they can simply hedge their money themselves
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August 01, 2020, 09:12:48 PM
 #7

This type of system for a pension fund isn't going to work well. First, its a pension so the local government would most likely want to interfere with it and that would be difficult to handle specially since they'll also want to introduce regulations around crypto in their country too.

Second, your idea of crypto based pension fund relies on people sending their money for retirement to some other 3rd party which in itself is risky as these people could run off with their money. Based on this idea, the simplest thing to do is create a wallet where your deposit your retirement and handle it all yourself. Applying the same concept, the option I just described above is the safest.






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worldtraveller321
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August 01, 2020, 09:15:41 PM
 #8

thanks everyone for your feedback, yes many things that could be on this. pensions are a touch subject. However the case of fiat could be going flat for some, pensions are at risk though. Maybe i should look at different idea for a crypto project.

worldtraveller
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August 01, 2020, 10:04:57 PM
 #9

You have a good idea but bitcoin alone can stand in this aspect. It just need a platform to start with integrate it with bitcoin ready and available to all. It does not really needed to create another crypto to and being back up by bitcoin for it seems to be redundant. All of the like of the ICO projects are actually not useful creating tokens and then asking for bitcoins. The idea of crowdfunding nowadays became crowdscamming due to the fact that team handling projects likey to run away with the money. Fast and easy money.
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August 01, 2020, 11:15:10 PM
 #10

Will it be regulated? There must be certain regulations moreover it is global. Additionally, it relates to the funds of many people around the world, who will take the responsibility of holding the funds? Will people trust this way?
Well, talking about the pension, I will prefer to do it by myself personally than putting the funds in such kind of way. I think that converting the profits into something real in the world is better. for example, I will convert the profits of BTC into cash and use it for building a certain business such as restaurants, courses, and shops, and many others. this is what in my thoughts, not putting that thing into your ideas. Why? I'm not sure that it will be okay then and there may be a scam if no regulated system by the government. Moreover how if the funds lost because of the scammer or hackers?

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August 01, 2020, 11:32:05 PM
 #11

Holding crypto as a pension fund isn't a problem but if this will include the third party who will hold your crypto fund that's a problem because you will never know what will happen to them in the future. If you will research there are too many crypto pension plans out there but I don't know if trusting them is worth it. Regulated systems nowadays are turning to sucks they are not trusted anymore, and time comes their security system will breach unexpectedly. Look at the recently happen about Twitter hack, they are a big company but still, hackers breached their security.

Probably it is good if you're the one who will hold your asset, even though this isn't a new idea but at least you have saved for future purpose in your crypto. The problem is if you know how to manage your wallet where you store your Bitcoin safe. That's an another story.

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August 02, 2020, 02:09:47 AM
 #12

Holding crypto as a pension fund isn't a problem but if this will include the third party who will hold your crypto fund that's a problem because you will never know what will happen to them in the future. If you will research there are too many crypto pension plans out there but I don't know if trusting them is worth it. Regulated systems nowadays are turning to sucks they are not trusted anymore, and time comes their security system will breach unexpectedly. Look at the recently happen about Twitter hack, they are a big company but still, hackers breached their security.

Probably it is good if you're the one who will hold your asset, even though this isn't a new idea but at least you have saved for future purpose in your crypto. The problem is if you know how to manage your wallet where you store your Bitcoin safe. That's an another story.
Yeah probably they will just need the bitcoin itself and will just trying to make this project for it. Bitcoin as back for the crypto pension is not really worth and it is already a redundant on their part of the pensioners having bitcoin then buying another crypto for it and for what purpose for getting a pension. Then who will going to handle the project? The runaway team?LOL, the project would most likely be an insurance pay now and earn later. But the problem is that most insurance declare bankruptcy and then will just change their name later.
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August 02, 2020, 02:19:28 AM
 #13

If I were someone saving up for my pension and I prefer to have it in the form of cryptocurrency, I can easily do that with ease away from anyone who offers to hodl it or manage it on my behalf probably for a high fee.

Cryptocurrency is already risky and entrusting my pension fund in the hands of a third party is unnecessarily magnifying that risk.


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NavI_027
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August 02, 2020, 03:44:47 AM
 #14

I don't know maybe crypto pension is that right word to use for this. Firstly, pension is certain percentage that is removed for workers salary and then edge for them until their retirement. I'm wondering which categories of employers this will be attached to. Are they those that receive their daily income in fiat or those that are being paved in crypto ?
I guess it supposed to be the latter part. It was so called a Crypto pension so it must be came from a crypto salary. Because its essence will lose if we still received fiat salary and then just convert it into fiat. Traditional pension fund exist anyways so what's the point now?

But in my opinion, the idea is good but I don't think it will boom for now. We should focus on adopting crypto in other fields first so that we can finally put it into mainstream and then the rest (including this crypto pension) will follows.

Based on this idea, the simplest thing to do is create a wallet where your deposit your retirement and handle it all yourself. Applying the same concept, the option I just described above is the safest.
A more convenient idea indeed. Apply for a usual pension run by your government and make a crypto savings as well. Do it simultaneously and I'm sure you won't encounter financial problems on your retirement (knowing that crypto price keeps on soaring as time goes by) Cheesy.
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August 02, 2020, 04:44:45 AM
 #15

I think it goes against the very idea of bitcoin: you hold your keys, you hold your money without depending on central banks or other institutions.

If you give (some of) your bitcoin holdings to a bitcoin pension fund, you lose that power.

However, you can hold bicoin as part of your retirement plan.

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August 02, 2020, 05:02:52 AM
 #16

As long as there is no government's hand involve in that project, I don't think people will need crypto pension funds because they will use the pension funds from the government. After all, that will be safe for them to get their money. The people will care about their pension because that is what they will get after work for a long time, and if they are retired, they will get pension funds.

Perhaps, you can create a project that will use the idea for pension funds, but I don't think that people who don't know about crypto will interest because they don't want to see their money go up and down from time to time. But if they can learn about crypto and know that the crypto price will always change day by day and accept that, I think they will use crypto to save their pension funds in crypto but not all of the pension funds.

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August 02, 2020, 07:58:53 AM
 #17

I think it might just be easier to let those countries without access to a system to just introduce a system itself instead of scrapping those countries that already have set their own system to implement what you want. Also, it's quite inefficient imo? Yes, we removed the problem with different currencies having different inflations, but then again, Bitcoin has it's own problem of volatility, so I don't really see a need for one.

Additionally, this requires a third party that could potentially run away with your funds, especially with how Bitcoin could remain untraceable if someone knows what they are doing. Look for a different project instead, one that could potentially ignore the problem of Volatility, or at least minimizes the damages that it could make.

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August 02, 2020, 02:11:57 PM
 #18

I have read a lot of criticism of government pension funds. Pension funds account for a lot of public money spending. But in every country a citizen is entitled to a minimum living wage. It is very important. Cryptocurrency rates are very volatile and we have no guarantee that Bitcoin or any other cryptocurrency will have a price in 10 or 20 years.

You need to understand that investing in cryptocurrencies carries huge risks. There is no problem if you invest part of the saved money in cryptocurrencies, but investing pension money is very dangerous. If the cryptocurrency rate depreciates, then people will be left without a pension.

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August 02, 2020, 02:22:15 PM
 #19

And what stops anyone from creating a wallet and buying bitcoins from every salary?! It can be your own pension fund, you will have the keys and you will be able to use that funds if necessary (before pensions, or in any given time). It's crypto, except the fact that you can be your own bank you can be your own pension fund too! Do we really need third party services (of any kind)? All of them have their fees and in most cases those fees are high! Why would you give money to anyone for the job you can do yourself?


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August 03, 2020, 05:25:57 AM
 #20

We've been hearing this suggestions lately. Bitcoin pension funds.
 
 
Quote
Do you think there is a need for a pension fund to low income countries and people in the world?

 Not all will gonna follow or incorporate this idea. Especially to those people you just said that earns only .7 usd a month. All of us, whether in a great salary or low salary neefs a pension of course. But there are requirements for you to be able to get a pension. Like monthly contributions, length of stay in job, prominent income, etc.
 
 As I can see it as we are also talking about bitcoin as a pension, it is complicated right now.
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