Convince me why I should or shouldn't convert all my Silver to BTC

[megashira1]

I got about $25k(a large portion of my net worth) sitting in silver and I just don't see it outperforming Bitcoin in the near future. I can afford to lose it all. What would you do?

fyi

I'm young.
I have virtually no living expenses and no debts.
I understand risk and volatility and am comfortable with it. If i lose it all I won't be killing myself.

The way I see it, if Bitcoin crashes to 0 my life situation does not change. If it booms however, my life situation has to potential to change dramatically. win/win right?

[Cryptopher]

I got about $25k(a large portion of my net worth) sitting in silver and I just don't see it outperforming Bitcoin in the near future. I can afford to lose it all. What would you do?

fyi

I'm young.
I have virtually no living expenses and no debts.
I understand risk and volatility and am comfortable with it. If i lose it all I won't be killing myself.

The way I see it, if Bitcoin crashes to 0 my life situation does not change. If it booms however, my life situation has to potential to change dramatically. win/win right?

You answered it yourself. You won't "kill yourself" if you a large portion of your investment, but you would enjoy the massive returns that Bitcoin has to offer. You won't gain anything like that in silver.

Sounds to me like you're 99% convinced that you want to invest in Bitcoin but just want that final nudge.

Have fun!

[jonald_fyookball]

https://bitcointalk.org/index.php?topic=570993.msg6224584#msg6224584

Yes , buy. Here's why.

[SgtSpike]

Do it.  Bitcoin will either go to (virtually) zero, or be worth MASSIVELY more than it is today.  There's just no other alternative.

[wachtwoord]

If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry. - Satoshi Nakamoto, July 29, 2010


On a slightly more constructive note read the following blog posts by Erik Voorhees: http://evoorhees.blogspot.nl/2012/04/bitcoin-libertarian-introduction.html and http://evoorhees.blogspot.nl/2013/05/bitcoin-2013-role-of-bitcoin-as-money.html . If that doesn't convince you don't buy Bitcoin.

[beatljuice]

Why not start slow and do a 20-30% conversion. If the pundits are right, the dollar is going to crash and silver will go up for sure if that happens. We don't know if Bitcoin will be hurt or helped by the crash of the dollar, though my guess would be that Bitcoin will get a boost.

[DannyHamilton]

If you need convincing, then you shouldn't do it.

Bitcoin is a highly volatile, experimental new protocol currently in a perpetual "beta test" phase.

Either it's something you've looked into and decided is worth the risk (in which case you don't need any "convincing"), or you aren't ready yet (in which case you should take more time to learn, understand, and decide how you feel about the future prospects of it).

Anything else is just gambling.  If you want to do that, cash in your silver and go to Las Vegas.

[LAMarcellus]

You shouldn't because safe-keeping silver is what you know. Do you know how to safe-keep bitcoin? If not don't buy yet.
You shouldn't because government doesn't know about your silver. Do you know how to protect your privacy and anonymity, relating to bitcoin?
You shouldn't because you believe there is a good chance of an TEOTWAWKI event in which silver over bitcoin would be the money of choose.

Otherwise sell that shit and hop on the rocket to the moon!

my .00000002

On a slightly more constructive note read the following blog posts by Erik Voorhees: http://evoorhees.blogspot.nl/2012/04/bitcoin-libertarian-introduction.html If that doesn't convince you don't buy Bitcoin.

THIS!!!

[Beliathon]

I got about $25k(a large portion of my net worth) sitting in silver and I just don't see it outperforming Bitcoin in the near future. I can afford to lose it all. What would you do?

Put every penny into Bitcoin. Do it TODAY, bitcoin is going to skyrocket again VERY soon.

Immediately transfer the wealth to cold storage or, if you have supreme confidence in your long term memory, directly in your mind.

Wait 3-5 years. Retire to a life of luxury. You're welcome.

[PrintMule]

Because people who sell their btc while it's hot would benefit from your tiny influx of money

You will make someone happier by a little amount

[Meuh6879]

buy some metal money is useless ... how can you buy online with physical metal ?
and then, what is the "commercial firm" that it accept "metal money" ?

the banks.  

[Beliathon]

buy some metal money is useless ... how can you buy online with physical metal ? and then, what is the "commercial firm" that it accept "metal money" ?

the banks.  

An excellent point, I hadn't thought of that!

Once the banking industry has gone the way of the dodo, the value of gold and silver will almost certainly plummet! Of course!

[Lethn]

Because when paper money collapses you'll want to keep precious metals for trading locally with people and when the shit hits the fan people will be much happier with metal than they will with Bitcoin so you'll have an easier time. I trade Bitcoin and precious metals ( I guess being a Jeweller you could even count the gemstones I buy as a part of that ) purely so I can preserve my wealth, not because of the speculative value of them.

If you find having that much a bit pointless then you can always sell it off and buy Bitcoin with it instead yes, just make sure you don't get rid of it all and regret it later.

[franky1]

if your thinking about a jump into bitcoin. do the smart thing

"dont throw all your eggs into one basket"

keep half as silver, but the other half into bitcoin.

reasons
bitcoin has atleast another 125 years of growth.. before it meets its total rarity amount. so thats more than a lifetime.
if bitcoin tanks.. then you can use the other half of silver to buy up btcoins for pennies and catch the profits on the rise that always follows a tank,

just never throw 100% of wealth into one resource, especially at the point where you still have questions about it..

basically if your still half unsure, only risk half.

[roslinpl]

I got about $25k(a large portion of my net worth) sitting in silver and I just don't see it outperforming Bitcoin in the near future. I can afford to lose it all. What would you do?

fyi

I'm young.
I have virtually no living expenses and no debts.
I understand risk and volatility and am comfortable with it. If i lose it all I won't be killing myself.

The way I see it, if Bitcoin crashes to 0 my life situation does not change. If it booms however, my life situation has to potential to change dramatically. win/win right?

In my opinion - I would sell all silver I have and buy as much BTC as I can.

That is what I would do.

[ChuckBuck]

If you're feeling froggy, take the leap!

Who needs $25k, when you can get 5 to ten times that or more.

[OROBTC]

...

I always recommend diversification, even if young.  Since this is money that could be lost without too much heartache, I would go something like:

1/3 in gold
1/3 in silver
1/3 in BTC.

Bulletproof!

[master-P]

I'd buy bitcoin with $20,000 and leave the rest in silver. Then as btc prices go up, I'd take some profits and put it in silver.

[hellscabane]

...

I always recommend diversification, even if young.  Since this is money that could be lost without too much heartache, I would go something like:

1/3 in gold
1/3 in silver
1/3 in BTC.

Bulletproof!

I was looking for a response like this. Although, I would say he puts more into BTC especially since it's now finding relative stability.

[However, maybe the idea of diversification isn't considered because this person is willing to lose it all.]

[jparsley]

You can sell 5k of that silver and invest in bitcoin. I dont see silver going x10 in a decade.