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Beliathon
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June 26, 2014, 09:08:45 PM |
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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...
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gentlemand
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Welt Am Draht
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June 26, 2014, 09:15:10 PM |
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Do they all personally know these 'large numbers' of people who bought at $35 and sold at $1000?
If we're going for exact adherence to those figures I'm going to postulate that 19 people in the entire world bought at exactly 35 and sold at 1000.
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BitCoinDream
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The revolution will be digital
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June 26, 2014, 09:19:52 PM |
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Do they all personally know these 'large numbers' of people who bought at $35 and sold at $1000?
If we're going for exact adherence to those figures I'm going to postulate that 19 people in the entire world bought at exactly 35 and sold at 1000.
Very few people who bought at 35 USD have sold at 1000 USD. Most of them sold when it touched 100 USD and most of the rest are still holding. They have no plan to sell in near future.
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Beliathon
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June 26, 2014, 09:31:01 PM |
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I bought at 145, holding till 145,000 $
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keanbosch (OP)
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June 26, 2014, 09:47:58 PM |
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I bought at 145, holding till 145,000 $
That 1000% profit!
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“It’s money 2.0, a huge huge huge deal.”
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haploid23
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June 26, 2014, 10:13:48 PM |
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Over the last few years a large number of people were fortunate enough to buy in when Bitcoin was priced at $35 and sell when it reached $1000
Likewise, there were MORE people that didn't get a chance to buy in at $35. There is absolutely no correlation to the amount of bitcoin holding and 401k. For those that bought in at cheap btc, you won't be able to know if they have a 401k or not. On the other hand, if you have a 401k, there's no telling whether you hold bitcoins or not.
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cryptnutter
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June 26, 2014, 10:45:45 PM |
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The way things are going with the world economy, I'll place my bet that it won't be too long until they rename the 401k to 0k.
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Ron~Popeil
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June 26, 2014, 10:48:37 PM |
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This does kind of point out the disparity in wealth and the low wealth of average people. We not only hold the least wealth but they are also shrinking our purchasing power every day.
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smoothie
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LEALANA Bitcoin Grim Reaper
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June 26, 2014, 10:57:49 PM |
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For me it already has made 401ks obsolete on the fact that you can move your money around with no red tape in the way.
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| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ . LEALANA BITCOIN GRIM REAPER SILVER COINS. |
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TaunSew
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June 26, 2014, 11:05:41 PM |
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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.
Pensions suffer the same issue too, I might add, unless you have an indexed pension like government workers. The reality is most of us will probably die from starvation in our old age due to not having any money, unless we manage to keep a job somehow.
That's the reality of inflation, folks. Back in the age of prosperity, when currencies did not inflate to the moon, it wasn't uncommon for people to retire in their 50s. It's a dystopian society if we are working people to death, especially when this is contrasted by all the Paris Hiltons and other capital owning parasites
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There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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cbeast
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Let's talk governance, lipstick, and pigs.
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June 26, 2014, 11:20:59 PM |
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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."
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Ron~Popeil
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June 26, 2014, 11:27:52 PM |
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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.
Pensions suffer the same issue too, I might add, unless you have an indexed pension like government workers. The reality is most of us will probably die from starvation in our old age due to not having any money, unless we manage to keep a job somehow.
That's the reality of inflation, folks. Back in the age of prosperity, when currencies did not inflate to the moon, it wasn't uncommon for people to retire in their 50s. It's a dystopian society if we are working people to death, especially when this is contrasted by all the Paris Hiltons and other capital owning parasites
Those indexed pensions are part of the reason cities are going broke. The current rate of devaluation is just not sustainable. It is an abhorrent system that destroys the wealth of the many to benefit the few.
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ThomasCrowne
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★☆★ 777Coin - The Exciting Bitco
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June 27, 2014, 12:07:26 AM |
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Bitcoin in fact made my own 401k obsolete the minute I found out about it!
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Guido
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June 27, 2014, 12:12:57 AM |
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I am Bonkers BTW Crypto OG + Digital Artist
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doof
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June 27, 2014, 12:25:35 AM |
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I bought at $5. Sold at various points between $181 and $950
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lihuajkl
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June 27, 2014, 03:07:28 AM |
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Do they all personally know these 'large numbers' of people who bought at $35 and sold at $1000?
If we're going for exact adherence to those figures I'm going to postulate that 19 people in the entire world bought at exactly 35 and sold at 1000.
Very few people who bought at 35 USD have sold at 1000 USD. Most of them sold when it touched 100 USD and most of the rest are still holding. They have no plan to sell in near future. There were very few people who bought at $35. After 10 years the price will be $10K for 1 BTC, I think there will be many people who will regret not to buy at $500. I t doesn't matter if you have got 401k now, you can invest a small amount of fiat to bitcoin and wait for your retirement. We don't need to care about the price fluctuation of price everyday.
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bitbouillion
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June 27, 2014, 03:17:42 AM |
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I t doesn't matter if you have got 401k now, you can invest a small amount of fiat to bitcoin and wait for your retirement.
Bitcoins in a 401k is are just IOUs, you don't own the coins, but the 401k fund does. Better invest after-tax money, no one can confiscate your coins.
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ShakyhandsBTCer
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It's Money 2.0| It’s gold for nerds | It's Bitcoin
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June 27, 2014, 03:26:49 AM |
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it is very important to diversify your retirement assets. Investing all of your money in bitcoin would be very risky.
For most people it would likely be a bad idea to put any retirement funds in bitcoin
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Ron~Popeil
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June 27, 2014, 03:29:25 AM |
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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.
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