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Author Topic: How do we get Bitcoin awareness to Baby Boomers?  (Read 2946 times)
ArticMine
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March 21, 2012, 03:26:50 AM
 #21

You likely don't.  However most Boomers will be dead within 20 years which is how long I think it will take Bitcoin to become as mainstream as Paypal, twitter, or ebay.

I would like to see your source on the life expectancy of baby boomers. A more realistic figure for the average life expectancy of a baby boomer is 30 years. That also means that a significant portion of the baby boomers will live well past age 80.

As to why a baby boomer should hold Bitcoin. Very simple. Holding a small portion of their retirement savings say even under 1% in Bitcoin can mean the difference between a comfortable retirement and retiring in poverty particularly should the stock market drop significantly.

By the way I am a baby boomer
I am not planning my retirement on the basis of dying in the next 20 years
I do hold Bitcoin

... and by the way I also backed up my wallet.dat among other places on a 5.25in floppy disk. A technology that was obsolete before most of the members of this forum were born!


Well, I got mine on an 8" floppy disc, Sonny. Seriously, there currently are about 65 million of us boomers still around. Imagine only a fraction of them converting 1% of their savings into Bitcoin. The way I figure it, that'll be the ultimate hedge against inflation. Fuck gold! $1,700 worth of gold today, buys you $1,700 worth of stuff. Twenty years from now, if gold is at $5,000/oz, you'll be able to buy...wait for it...$5,000 worth of the exact same stuff.



~Bruno~

Bitcoins on an 8in floppy. Cool. I suspect most baby boomers will not invest 1% of their savings in Bitcoin, but those that do could very well end up living a long comfortable retirement.  They may also outlive some obese 20 year old that has a heart attack at age 40.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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Phinnaeus Gage
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March 21, 2012, 04:04:06 AM
 #22

Let's do the math! Baby Boomers have, on average, a retirement savings of $88,000. 1% of that is $880. There are approximately 65,000,000 Baby Boomers. 1/10,000 of that number gives us 6,500 Boomers. $880 X 6,500 = $5,720,000. The current exchange rate is 1 BTC/$4.80 USD Therefore, $5,720,000 equates to 1,191,666.67 BTC, or about 15% of all coins currently in circulation.

Granted, as more and more Boomers lock in $880 worth of bitcoins, the price for coins will inevitably start climbing, thus allowing the early Boomers who purchase more leverage.

I think this can be explained to a Baby Boomer a lot easier than one of those damn gold prospectuses.

Here's what I would do. Place a one page Bitcoin Prospectus and a glossy, multi-paged Gold Prospectus in front of a Baby Boomer. If the Bitcoin Prospectus is written well and read first, the Baby Boomer should go with that option without even flipping a page of the Gold Prospectus. To hedge your bet that this will happen, have an image of a model on the cover of the one page Bitcoin Prospectus, and an image of Ben Bernanke on the cover of the Gold Prospectus.

~Bruno~
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March 21, 2012, 04:58:45 AM
 #23

What are bullet points benefits of Bitcoins for BabyBoomers ?

  • Way to diversify thus protect their investment savings
  • Cool factor : Look I have bitcoins, I'm in on those new technology stuffs.
  • A safe way to get tokens for online games ? (thinking, classic card games where wining earn you tokens)
  • ...

They are well aware of how much their money has devaluated over the decades. Unlike bitcoin...
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March 21, 2012, 05:18:32 AM
 #24

What are bullet points benefits of Bitcoins for BabyBoomers ?

  • Way to diversify thus protect their investment savings
  • Cool factor : Look I have bitcoins, I'm in on those new technology stuffs.
  • A safe way to get tokens for online games ? (thinking, classic card games where wining earn you tokens)
  • ...

They are well aware of how much their money has devaluated over the decades. Unlike bitcoin...

Only needs a minimum investment, say $1,000 USD total. Extreme worse case scenario, we lose it all. I spend twice that amount to go on a yearly two week fishing trip to catch a few dozen fish so that I can release them back into the lake. (I wonder if I could tag them with QR-Codes?).

~Bruno~
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March 21, 2012, 06:24:07 AM
 #25

>only $88,000 in savings on average

It's amazing what inflation does.

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March 21, 2012, 12:32:37 PM
 #26

  • Way to diversify thus protect their investment savings

No bond is risk-free.  Precious metals make poor currency.  The dollar is headed for major difficulties.  Wall St. is a casino where the house bets against you.

That should be enough to put 1% of your savings in Bitcoin.

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March 21, 2012, 01:04:44 PM
 #27

>only $88,000 in savings on average

It's amazing what inflation does.

Sadly inflation makes that number much larger.  Strip out the effect of inflation and you likely are talking about $30K in 1970s dollars or $1K a year.  Some of that is gains so maybe $500 in 1970s dollars saved a year. 

WTF were the Boomers thinking?  I won't feel comfortable until my Roth IRA & 401Ks have $1M (in 1995 dollars).  $88K? 
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March 21, 2012, 01:37:10 PM
 #28

Would it make sense to start a Bitcoin investment club? Boomers understand investment clubs. Inviting a group of friends to invest in Bitcoin might be interesting. Besides just investing in Bitcoin, GLBSE and other Bitcoin startups might be interesting investments for small groups.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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March 23, 2012, 06:08:18 AM
 #29

What are bullet points benefits of Bitcoins for BabyBoomers ?

  • Way to diversify thus protect their investment savings
  • Cool factor : Look I have bitcoins, I'm in on those new technology stuffs.
  • A safe way to get tokens for online games ? (thinking, classic card games where wining earn you tokens)
  • ...

They are well aware of how much their money has devaluated over the decades. Unlike bitcoin...

Only needs a minimum investment, say $1,000 USD total. Extreme worse case scenario, we lose it all. I spend twice that amount to go on a yearly two week fishing trip to catch a few dozen fish so that I can release them back into the lake. (I wonder if I could tag them with QR-Codes?).

~Bruno~


try RFID instead

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March 23, 2012, 08:48:59 AM
 #30

https://bitcointalk.org/index.php?topic=64578 shows that forum users here are mostly younger people. What will it take to get Baby Boomers to learn to appreciate how Bitcoin can benefit them?
Put the Bitcoin logo on everything they will use or need, from Depends to pill bottle caps, belt buckles to wrist cuffs, broaches to hatpins, coffee cans to scotch bottles, pillow cases to bedsheets.

For Bitcoin to be a true global currency the value of BTC needs always to rise.
If BTC became the global currency & money supply = 100 Trillion then ⊅1.00 BTC = $4,761,904.76.
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Phinnaeus Gage
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March 23, 2012, 06:25:06 PM
 #31

https://bitcointalk.org/index.php?topic=64578 shows that forum users here are mostly younger people. What will it take to get Baby Boomers to learn to appreciate how Bitcoin can benefit them?
Put the Bitcoin logo on everything they will use or need, from Depends to pill bottle caps, belt buckles to wrist cuffs, broaches to hatpins, coffee cans to scotch bottles, pillow cases to bedsheets.

...walkers, wheelchairs, crutches, Bingo cards,...
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Let's talk governance, lipstick, and pigs.


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March 23, 2012, 09:05:36 PM
 #32

https://bitcointalk.org/index.php?topic=64578 shows that forum users here are mostly younger people. What will it take to get Baby Boomers to learn to appreciate how Bitcoin can benefit them?
Put the Bitcoin logo on everything they will use or need, from Depends to pill bottle caps, belt buckles to wrist cuffs, broaches to hatpins, coffee cans to scotch bottles, pillow cases to bedsheets.

...walkers, wheelchairs, crutches, Bingo cards,...


tombstones, crypts, mausoleums......
Aw c'mon. This is morbid but I get the idea. Howabout creating physical Bitcoin documents that can be willed to posterity? They would be good investments for future generations.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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March 24, 2012, 02:01:52 AM
 #33

tombstones, crypts, mausoleums......
I might even be able to hook you up with some, for a premium.

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March 24, 2012, 02:48:25 AM
 #34

tombstones, crypts, mausoleums......
I might even be able to hook you up with some, for a premium.

Interesting! More and more Boomers are visiting cemeteries, so why not place relative information about Bitcoin there? You could even pick some mundane grave with a message to their still living loved ones (or even a stranger) stating that bitcoins (bitcents) await you at this site. Once on the ad-based landing page, they'll be simple instructions on how they can retrieve their new found wealth from uncle Joe. There's even a new word that could be coined for the experience--gravecaching.



Damn it! I wrote this kinda tongue-in-cheek, but with enough seriousness to make it viable. But the more I think about it, the more it makes sense. gravecaching.com has a lot of ingredients in it to make it worthwhile: it can easily be monetized; there's history (old grave sites); ghosts; Boomers visit old grave site; teens visit to make out; other adults treasure hunt; etc. The site would bring awareness to old grave sites that are in dire need of attention. There'll be no need to bury or hide anything, for a simple stake behind a stone, thereby not seen from the road, would suffice.

Consider reading the follow article: http://www.gainesvilletimes.com/archives/52303/

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Like many other customs of yesteryear, the tradition of maintaining independent cemeteries isn’t what it used to be.

~Bruno~
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January 09, 2016, 09:52:28 PM
 #35

Let's do the math! Baby Boomers have, on average, a retirement savings of $88,000. 1% of that is $880. There are approximately 65,000,000 Baby Boomers. 1/10,000 of that number gives us 6,500 Boomers. $880 X 6,500 = $5,720,000. The current exchange rate is 1 BTC/$4.80 USD Therefore, $5,720,000 equates to 1,191,666.67 BTC, or about 15% of all coins currently in circulation.

Granted, as more and more Boomers lock in $880 worth of bitcoins, the price for coins will inevitably start climbing, thus allowing the early Boomers who purchase more leverage.

I think this can be explained to a Baby Boomer a lot easier than one of those damn gold prospectuses.

Here's what I would do. Place a one page Bitcoin Prospectus and a glossy, multi-paged Gold Prospectus in front of a Baby Boomer. If the Bitcoin Prospectus is written well and read first, the Baby Boomer should go with that option without even flipping a page of the Gold Prospectus. To hedge your bet that this will happen, have an image of a model on the cover of the one page Bitcoin Prospectus, and an image of Ben Bernanke on the cover of the Gold Prospectus.

~Bruno~


Did boomers listen to Phinnaeus Gage when he posted this on March 21, 2012? If they did $880 would have been 183 BTC during that post which is now worth $82,802 (Assuming they went into a coma after spending $880) today. If they paid attention, that would be more or less $219,600 in 2013.

Do we have better materials now to present to Boomers?
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January 09, 2016, 10:00:00 PM
 #36

I think it is only possible when Xapo's or other e-wallet companies' debit cards. Cryptocurrency system needs a full spending chain to babyboomers get involved.

In my opinion, we need to focus younger generations like X's, Y's or millennials because they are the future and cryptocurrencies are the money of future. Smiley
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January 09, 2016, 10:04:13 PM
 #37

Let's do the math! Baby Boomers have, on average, a retirement savings of $88,000. 1% of that is $880. There are approximately 65,000,000 Baby Boomers. 1/10,000 of that number gives us 6,500 Boomers. $880 X 6,500 = $5,720,000. The current exchange rate is 1 BTC/$4.80 USD Therefore, $5,720,000 equates to 1,191,666.67 BTC, or about 15% of all coins currently in circulation.

Granted, as more and more Boomers lock in $880 worth of bitcoins, the price for coins will inevitably start climbing, thus allowing the early Boomers who purchase more leverage.

I think this can be explained to a Baby Boomer a lot easier than one of those damn gold prospectuses.

Here's what I would do. Place a one page Bitcoin Prospectus and a glossy, multi-paged Gold Prospectus in front of a Baby Boomer. If the Bitcoin Prospectus is written well and read first, the Baby Boomer should go with that option without even flipping a page of the Gold Prospectus. To hedge your bet that this will happen, have an image of a model on the cover of the one page Bitcoin Prospectus, and an image of Ben Bernanke on the cover of the Gold Prospectus.

~Bruno~


Did boomers listen to Phinnaeus Gage when he posted this on March 21, 2012? If they did $880 would have been 183 BTC during that post which is now worth $82,802 (Assuming they went into a coma after spending $880) today. If they paid attention, that would be more or less $219,600 in 2013.

Do we have better materials now to present to Boomers?

The reality is that Boomers aren't really subject to change or take a chance that much.  I'm sure if you presented the same person that Phinnaeus Gage presented this too (if he actually did), then the person will probably feel discouraged to go into bitcoin, because that $880 that a boomer could have invested will only get the person less than 2 BTC, rather than getting the 183 BTC they could have gotten.

I don't think Boomers are going to look at Bitcoin as currency, just merely a speculative stock that they can't or won't want to learn about.  When you present them with gold, they can at least wrap their minds around why it would be beneficial to them to invest there, because it's way less volatile/risky.

I've tried to influence my parents and other family that are on the older side to buy into bitcoin around this time, and they just merely laughed and scoffed at me.  They are just looking forward to collecting their social security checks and living happily ever after.  So I just kind of stopped trying to attempt to explain my view point, and just worry about my self now.

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