Gold collapsing. Bitcoin UP.

[oakpacific]

Wonder how many people on this thread/forum will join the non-labor force not too far from now.

[1714053254]

1714053254

[1714053254]

1714053254

[1714053254]

1714053254

[rpietila]

Quite a lot, but still not so many. To comfortably retire you need at least BTC10, it's not getting much easier than that. So it will be 100,000s of people at most, not millions.

Unless bitcoin rises really high, that is.

[rocks]

"Labor force" by standard definitions includes government employees and defence contractors. The actual size of the private sector is frighteningly small.

It's not just direct government employees but whole industries that are a part of the public work force.

For example I'd consider all university employees to be public workers. The entire industry is supported by cheap unsustainable government backed loans. Imagine if the loans disappeared, college would crash. Housing is another example. These are all "public" backed industies at this point.

The list of true private sector employees holding the whole thing together is unprecedented, it is a shocking transformation over just 1 or 2 generations.

[dserrano5]

Past results are no guarantee of future returns, etc. but I haven't seen any case yet where we fell behind the 6.5% weekly line by more than a year, so that's why I expect $10k before 2016.

What's the minimum value reached after the 2011 bubble?

[rpietila]

Quite a lot, but still not so many. To comfortably retire you need at least BTC10, it's not getting much easier than that. So it will be 100,000s of people at most, not millions.

Unless bitcoin rises really high, that is.

It's not like someone can buy 10 btc and retire, though, right? What would be a good strategy for this scenario?

I know a person who invested a sum, comparable to perhaps buying BTC10 now, into bitcoin, saying: "finally - I will never again need to work for money". And he hasn't.

My advice is, buy BTC10 and start mentally transforming yourself, because the day is sooner than you expect.

[wachtwoord]

it's way too risky for me not to be in bitcoin as I don't have much to lose.

If you don't have much to lose, how is it risky?

[cypherdoc]

Gold collapsing. Bitcoin UP.

[molecular]

Quite a lot, but still not so many. To comfortably retire you need at least BTC10, it's not getting much easier than that. So it will be 100,000s of people at most, not millions.

Unless bitcoin rises really high, that is.

It's not like someone can buy 10 btc and retire, though, right? What would be a good strategy for this scenario?

I know a person who invested a sum, comparable to perhaps buying BTC10 now, into bitcoin, saying: "finally - I will never again need to work for money". And he hasn't.

My advice is, buy BTC10 and start mentally transforming yourself, because the day is sooner than you expect.

I started transformation in 2011. This shit is taking too long. I can barely work any more but still refuse to live off my coins.

[Siegfried]

it's way too risky for me not to be in bitcoin as I don't have much to lose.

If you don't have much to lose, how is it risky?

He said it is risky NOT to be in bitcoin. And I agree with him. Anyone in the bottom 50 percent who does not have a family to take care of would be smart to invest the majority of their money in bitcoin. If it realizes its potential as many of us think it will, their lives will be radically changed for the better. If bitcoin fails, they will still be in the same position they are now, working every day just to get by. Nothing to lose.

[billington.mark]

Quite a lot, but still not so many. To comfortably retire you need at least BTC10, it's not getting much easier than that. So it will be 100,000s of people at most, not millions.

Unless bitcoin rises really high, that is.

how much do you think BTC needs to be before this is reality? (really hope your correct as i have allot more than BTC10...)

[wachtwoord]

it's way too risky for me not to be in bitcoin as I don't have much to lose.

If you don't have much to lose, how is it risky?

He said it is risky NOT to be in bitcoin. And I agree with him. Anyone in the bottom 50 percent who does not have a family to take care of would be smart to invest the majority of their money in bitcoin. If it realizes its potential as many of us think it will, their lives will be radically changed for the better. If bitcoin fails, they will still be in the same position they are now, working every day just to get by. Nothing to lose.

Yes I misread that and I agree (although maybe not the majority. A significant portion either way )

[fallinglantern]

Quite a lot, but still not so many. To comfortably retire you need at least BTC10, it's not getting much easier than that. So it will be 100,000s of people at most, not millions.

Unless bitcoin rises really high, that is.

how much do you think BTC needs to be before this is reality? (really hope your correct as i have allot more than BTC10...)

To retire comfortably and still stay in the game, you'd need to come up with a sum that you could withdraw the market, pay capital gains tax on and stick in a brokerage account to accumulate interest. Here's what I came up with:

$1,500,000 USD, pay capital gains tax of approximately 19%, leaves $1,215,000 USD. At a typical ROI of 7% on the market, that's $85,050 USD gross, or $56,133 USD net after approximately 34% tax as those would not be long-term capital gains. That's an income that would be quite comfortable in the rural US or in SE asia or in Latin America or in Eastern Europe. Now, because you don't want to blow your chance on multi-million dollar coins, you'd want to make sure that you don't liquidate all your position. So, you'd want to have roughly $3,000,000 USD in value before calling it quits in the rat race (to leave half your coins for speculation). So, then it just depends on the timing of your entry. If you'd bought 1000 coins at $2 a pop back in 2011, then realistically you'd be able to retire next year as historically BTC has a roughly 1000% return per year. If you bought 10 coins today at $250 a pop, then you'd be looking at roughly 3 years to be able to quit comfortably, when your coins are worth $300,000 USD apiece. That's a figure that rpietila already famously calculated as being the gold store of value replacement amount, so not entirely unrealistic.

[vokain]

Quite a lot, but still not so many. To comfortably retire you need at least BTC10, it's not getting much easier than that. So it will be 100,000s of people at most, not millions.

Unless bitcoin rises really high, that is.

how much do you think BTC needs to be before this is reality? (really hope your correct as i have allot more than BTC10...)

To retire comfortably and still stay in the game, you'd need to come up with a sum that you could withdraw the market, pay capital gains tax on and stick in a brokerage account to accumulate interest. Here's what I came up with:

$1,500,000 USD, pay capital gains tax of approximately 19%, leaves $1,215,000 USD. At a typical ROI of 7% on the market, that's $85,050 USD gross, or $56,133 USD net after approximately 34% tax as those would not be long-term capital gains. That's an income that would be quite comfortable in the rural US or in SE asia or in Latin America or in Eastern Europe. Now, because you don't want to blow your chance on multi-million dollar coins, you'd want to make sure that you don't liquidate all your position. So, you'd want to have roughly $3,000,000 USD in value before calling it quits in the rat race (to leave half your coins for speculation). So, then it just depends on the timing of your entry. If you'd bought 1000 coins at $2 a pop back in 2011, then realistically you'd be able to retire next year as historically BTC has a roughly 1000% return per year. If you bought 10 coins today at $250 a pop, then you'd be looking at roughly 3 years to be able to quit comfortably, when your coins are worth $300,000 USD apiece. That's a figure that rpietila already famously calculated as being the gold store of value replacement amount, so not entirely unrealistic.

ew fiat 
draw fiat from BTC stash when needed, Bitcoin is your new retirement account

[fallinglantern]

ew fiat 
draw fiat from BTC stash when needed, Bitcoin is your new retirement account

Until the tax man accepts payment in BTC, that's unfortunately not a realistic argument.

[justusranvier]

Until the tax man accepts payment in BTC, that's unfortunately not a realistic argument.

Become a permanent international traveller and you can largely escape the tax man's effective reach.

[oakpacific]

I haven't figured it out, so the riches are ready to deposit billions of dollars into our several obscure Bitcoin exchanges already? Otherwise what is driving the price higher?

[vokain]

Until the tax man accepts payment in BTC, that's unfortunately not a realistic argument.

Become a permanent international traveller and you can largely escape the tax man's effective reach.

do you have any more information on this?

I haven't figured it out, so the riches are ready to deposit billions of dollars into our several obscure Bitcoin exchanges already? Otherwise what is driving the price higher?

there's been a ton of depositor activity in Bitfinex, competing for lending rates

[justusranvier]

do you have any more information on this?

No, but Doug Casey, Jeff Berwick, and a few others do.

[vokain]

do you have any more information on this?

No, but Doug Casey, Jeff Berwick, and a few others do.

thank you

[notme]

ew fiat  
draw fiat from BTC stash when needed, Bitcoin is your new retirement account

Until the tax man accepts payment in BTC, that's unfortunately not a realistic argument.

Taxes are included in "draw fiat from BTC stash WHEN NEEDED".