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Poll
Question: How much monthly USD do you plan to "save" into Bitcoins?
$10 - 11 (15.5%)
$100 - 29 (40.8%)
$500 - 12 (16.9%)
$1,000 - 4 (5.6%)
$2,500 - 4 (5.6%)
$5,000 - 11 (15.5%)
Total Voters: 71

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Author Topic: Bitcoin savings plan  (Read 4102 times)
kjlimo
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December 08, 2011, 04:38:37 AM
 #1

So, my plan as of right now is $100 / month. 

I plan to put $100 in each month going forward whether the price jumps to $10/BTC or if it drops to 10 cents / BTC. 

By steadily putting in money over time, it will average out the price that I buy BTC for.  This is simply a long term savings plan and I assume I'm not the only person doing this.

Also, if we assume all miners are selling coins, we need 7,200 BTC "purchased" by non-miners daily or about 215,000 BTC a month. 

At current prices this requires, $600,000 a month.  Granted some people are purchasing/selling speculatively based on current price, but another population of people could be "savers" like me.

Hopefully, this poll can give an idea of who will be steadily flowing USD into bitcoin over the coming months.  If there's not 600k / month, then the price is sure to drop again before the end of 2012.

Feel free to update your vote as you adjust your plan.  We'll see how much data we can gather here.

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Let's talk governance, lipstick, and pigs.


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December 08, 2011, 04:47:43 AM
 #2

This is a conundrum. Do I buy a lot of Bitcoin or do I help develop the Bitcoin economy by investing money in real world applications? The former could have me ending up with a lot of worthless Bitcoin, the latter could make my few Bitcoin worth a lot.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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December 08, 2011, 06:05:30 AM
 #3

This is a conundrum. Do I buy a lot of Bitcoin or do I help develop the Bitcoin economy by investing money in real world applications? The former could have me ending up with a lot of worthless Bitcoin, the latter could make my few Bitcoin worth a lot.

You buy a lot of BTC then invest them in real world applications for Bitcoin.

You won't be the one having to sell them for fiat, so you'll feel good about yourself. One of the best current applications for Bitcoin is investing.
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December 08, 2011, 06:59:44 AM
 #4

$3000 at least.

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December 08, 2011, 07:47:37 AM
 #5

Zero. Roll Eyes

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Edward50
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December 08, 2011, 07:54:45 AM
 #6

well the heck is the 0 option, if you decide not to save?HuhHuh
What kind of poll is this.

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December 08, 2011, 08:29:09 AM
 #7

well the heck is the 0 option, if you decide not to save?HuhHuh
What kind of poll is this.

Well it also doesn't have options for those who are gradually selling out of their BTC hoardings.
It seems reasonable that zero or less don't qualify as 'savings' so aren't being surveyed.

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December 08, 2011, 08:44:44 AM
 #8

well the heck is the 0 option, if you decide not to save?HuhHuh
What kind of poll is this.

I think there should be negative saving options
for those who shorted on bitconica.

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December 08, 2011, 09:02:09 AM
 #9

well the heck is the 0 option, if you decide not to save?HuhHuh
What kind of poll is this.

I think there should be negative saving options
for those who shorted on bitconica.

Right, this is indeed a great time to short.

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December 08, 2011, 09:10:16 AM
 #10

I have nephews who will be getting "bitcoin savings accounts" from me for Christmas, by way of wallets burned to CD and colorful address cards from paymyaddress.com. I imagine that I'll be dropping in a minimum of $20/month (total) to their accounts every month for the next 10 years. It's not much, but it's meant to be an example more than me actually trying to provide for other people's kids.

By then, especially if their parents also contribute (it may take a few years to get them to that point) they should be able to pay for whatever modernized job training that should have replaced the bloated, overpriced secondary education ripoff we currently have.

For myself, I'm saving regularly also... under $100 though (hey, precious metals are also nice....)

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
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In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
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...
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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December 08, 2011, 01:03:32 PM
 #11

I don't have a regular income. I've not had one for many years. It's difficult to create a savings plan that makes any sense. I save everything except the money I need day to day. I currently have approximately 10% of my liquid wealth in BTC and in addition I'm planning to invest more than 10% to my company, which will be a Bitcoin startup. Starting in 2 months.

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BadBear
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December 08, 2011, 01:38:51 PM
 #12

I'm not.  Using bitcoin to store wealth at this point is silly.  You're silly. 

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December 08, 2011, 01:54:07 PM
 #13

I'm not.  Using bitcoin to store wealth at this point is silly.  You're silly. 

Hmm.

Had you just said "Using bitcoin to store wealth is silly," I would understand your perspective.

At what point will it switch from being a bad idea to store wealth in bitcoin to being a good idea? What critical point do you think needs to be reached?

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
payb.tc
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December 08, 2011, 02:04:40 PM
 #14

i 'plan' to save $100,000 per month in bitcoins, however i currently can't afford that much.

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December 08, 2011, 02:18:08 PM
 #15

I'm not.  Using bitcoin to store wealth at this point is silly.  You're silly. 
I don't get it ,why silly?

BadBear
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December 08, 2011, 02:19:03 PM
 #16

I'm not.  Using bitcoin to store wealth at this point is silly.  You're silly.  

Hmm.

Had you just said "Using bitcoin to store wealth is silly," I would understand your perspective.

At what point will it switch from being a bad idea to store wealth in bitcoin to being a good idea? What critical point do you think needs to be reached?


When the downtrend stops, or there is a clear reversal.  The downtrend has stalled for now, but the longer we go without the price going up, the more likely it is we'll see another crash or the downtrend resume  It is young still, and the short/mid term is uncertain.  Long term I'm still positive, but unwilling to tie up assets in bitcoin at the moment.  

I'm not.  Using bitcoin to store wealth at this point is silly.  You're silly.  
I don't get it ,why silly?


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jimbobway
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December 08, 2011, 02:37:25 PM
 #17

Remember, you can also try to spend your invested bitcoins and support the bitcoin economy.  Need hosting? Find a bitcoin hosting provider.  Buy a bitcoin tshirt or two.   etc...

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December 08, 2011, 02:42:08 PM
 #18

Remember, you can also try to spend your invested bitcoins and support the bitcoin economy.  Need hosting? Find a bitcoin hosting provider.  Buy a bitcoin tshirt or two.   etc...

Yes, infact, Bitcoin is a advantage to hosting providers, they can make lower prices thanks to the non-existant transaction fees.

So what you get: really affordable hosting and you support the bitcoin economy at the same time.

Isn't that great ?

Bitcoin is the future !
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December 08, 2011, 02:43:39 PM
 #19

Remember, you can also try to spend your invested bitcoins and support the bitcoin economy.  Need hosting? Find a bitcoin hosting provider.  Buy a bitcoin tshirt or two.   etc...

Good point. I've just tried out bitmunchies, and hope to give a few of the other bitcoin businesses that can fill a need of mine a try.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
finway
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December 08, 2011, 02:51:39 PM
 #20

The downtrend has stalled for now, but the longer we go without the price going up, the more likely it is we'll see another crash or the downtrend resume  
This is about speculation.

It is young still, and the short/mid term is uncertain.  Long term I'm still positive, but unwilling to tie up assets in bitcoin at the moment.  
This is about investment. but i don't get the short/mid/long term conflictions.

Bitcoin is now wellknown, and will be more wellknown, I am sure about that.










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