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Author Topic: Why Bitcoin might soon make your 401k obsolete  (Read 2525 times)
Beliathon
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June 27, 2014, 04:01:33 AM
 #21

Bitcoin will make investing directly into assets much easier without going through brokers and fund managers. Hopefully the popular business model will be operational transparency; and profitability will no longer be dependent on accounting tricks. People will invest in their neighbors and support their communities. There will still be some risky investments, but Bitcoin could bring about a new "Builder Generation."
Man I hope so, we desperately need it...

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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June 27, 2014, 04:05:13 AM
 #22

As far as long term-retirement fund options go, I can't think of anything better than Bitcoin.

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June 27, 2014, 04:13:58 AM
 #23

Most Americans don't have any wealth worth mentioning in their 401k. The bottom 50% of Americans own only one half of one percent of all stocks, bonds, and mutual funds. The top 1% own 50%.

So if we even HAVE a 401k, it is already "obsolete" for the vast majority of us wage slaves. We aren't truly investing, we're only just scraping by.



Learn more...

This chart is depressing.

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June 27, 2014, 04:36:52 AM
 #24

Well it's the Pareto rule.  Eventually the wealth is owned by a minority.

  In former Soviet bloc they implemented capitalization and wealth was evenly distributed (even to children) in the form of voucher privatization.   They also received their residences for free too, IIRC.

http://en.wikipedia.org/wiki/Voucher_privatization  

It would be like everyone's mortgage in America being paid off, get a free summer cabin and everyone (including your kids) receiving $200K in equity in multiple companies.  So if you have 4 kids and a wife, your family would get $1.2 million overnight plus your properties.

 Wealth equalization is great but hey, wait a second, why's Eastern Europe so broke and depressed?

  What happened in the east?  People sold their vouchers for vodka, food ,cars..  the vouchers were dumped (like people dumping Bitcoin and stocks) and this essentially crashed every economy in Eastern Europe.  

Eastern Europe economy was essentially a real life aurora coin.   Grin  "Air drop" didn't work in the 1990s and didn't work in 2014.   Cool

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June 27, 2014, 04:44:41 AM
 #25

I bought at 145, holding till 145,000 $

That 1000% profit!  Grin


No, that's 1000x profit, or 100,000%.

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June 27, 2014, 12:08:15 PM
 #26

As far as long term-retirement fund options go, I can't think of anything better than Bitcoin.

I am also saving my money in bitcoins! (And also other altcoins). For now I am not sory at all. Smiley
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June 27, 2014, 12:19:45 PM
 #27

I bought at 145, holding till 145,000 $

That 1000% profit!  Grin


No, that's 1000x profit, or 100,000%.

To be exact, 99000%

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June 27, 2014, 12:36:11 PM
 #28

I'm not liquidating my retirement fund in favor of bit coin just yet, but as my purchasing power shrinks over time it might be something worth thinking about. It is just too new to put all of my eggs into one basket just yet.

You never want to put all your eggs in the same basket anyway. Diversifying is not just a healthy strategy, it should be obligatory.

Bitcoin has many advantages, but as I see it most of them are at the same time disadvantages too.

Less red tape? Less protection (such as it is) from the state too.
You can "invest" in "assets" directly and cut the middle man? Yes, but that broker or fund manager does or should actually do a lot of checking beforehand and is more educated in financial matters than 80-90% of people out there.
Etc.

My point being bitcoin is a world changer, and I see it as the precursor to a really neat online contract system, as well as a fast internet payment system (pay for digital goods or services quickly) or even a means to move a lot of value very quickly from one place to the other.

But replacing money? Being better than a state approved pension system? Not likely.

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June 27, 2014, 12:39:59 PM
 #29

401K's usually have a company matching contribution. Sometimes the company match is 100% of what you put in. In these cases it usually pays to maintain a 401K while you are working just for the free money. When you leave the company, you could cash out, pay the taxes/penalties, and buy BTC with what is left. Or roll everything over into a self-directed IRA.
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June 27, 2014, 01:03:51 PM
 #30

I bought at 145, holding till 145,000 $

That 1000% profit!  Grin


No, that's 1000x profit, or 100,000%.

To be exact, 99000%


Touché ..right..100,000% roi I guess you could say

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June 27, 2014, 03:44:32 PM
 #31

I bought at 145, holding till 145,000 $

That 1000% profit!  Grin

No, that will be a 100.000% proffit.

1000% will be selling at 1450 $
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June 27, 2014, 03:53:12 PM
 #32

Wow, need a math lesson much?   Grin

The correct answer is 99900% profit

Cost = 145
Sold for = 145000
Profit = Sold for - Cost = 144855
Profit % = Profit / Cost * 100 = 99900%

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June 27, 2014, 05:32:40 PM
 #33

lol... I miss the calculation .. I suck at math really.. xD

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June 27, 2014, 05:35:14 PM
 #34

lol... I miss the calculation .. I suck at math really.. xD

By the time you make that much, you will be hiring people to do that for you.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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June 27, 2014, 05:41:59 PM
 #35

I bought at 145, holding till 145,000 $

 Grin thats a plan!

Beliathon
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June 27, 2014, 06:05:18 PM
 #36

This chart is depressing.
Sorry about that. Reality is depressing. But, collectively, we do have the power to make it less so.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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June 27, 2014, 07:50:28 PM
 #37

But, collectively, we do have the power to make it less so.

Don't count on me for anything. You and your ideas sound like a complete nut job and bullshit.
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June 27, 2014, 07:55:37 PM
 #38

Problem with 401K is that it's not inflation proof.  Your Grandmother, presumably if she's old enough, likely remembers when she only paid $0.05 for a Coca Cola in a restaurant; whereas today, a Coca Cola costs up to $2 (if not $3 in a bar).  Coca Cola increased 40 to 60 times within generational memory.  The samething will happen to your 401K - it'll decrease in value by 20 to 60 times by the time you collect.


Holy Sh*t.   Does that mean there are people who could have saved Coca Cola in bottles when they purchased them in the 50s and can now sell them for 4000% profit?  Where are these early adopter soft drink mavens?  They found the secret to beating inflation.

Inflation is certainly a problem, but comparing the last 50 years with the next is not meaningful economics.
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June 27, 2014, 07:56:21 PM
 #39

I bought at 145, holding till 145,000 $

you should hodl until $21,000,000 so you wouldn't have any regrets
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June 28, 2014, 11:38:35 AM
 #40

I'm not liquidating my retirement fund in favor of bit coin just yet, but as my purchasing power shrinks over time it might be something worth thinking about. It is just too new to put all of my eggs into one basket just yet.

If your purchasing power is shrinking you're doing it wrong. It has been the best stock market in the last 5 years and almost a challenge to not compound faster than inflation..

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