Who's brave/stupid enough to invest their life savings into Bitcoin?

[BTCevo]

The price has remained pretty stable over the last few weeks though, maybe it will stay where it is for the time being

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[BitcoinMillionaire]

Have you ever thought about the people who owe Bitcoin their life savings? Some became millionaires to to BTC, baby!!! Hehe

[Beliathon]

Investing your life savings into Bitcoin is borderline retarded and indicative of a low financial intelligence.

The naysayers know less about finances than they think they do.

I have under $500 in my bank account at all times. I consider the dollar to be an extremely dangerous asset at this time. Unlike BTC, it's value is artificially inflated in a number ways, many of which face a dubious near-future.

By contrast, I consider Bitcoin to be an extremely safe store of wealth. The rest of my wealth in in Bitcoin. Oh, by the way...

Statistically speaking, there is a very high probability that I'm smarter than you, dear reader. I know it's not nice to say, but it's the truth. Get over it.

[leex1528]

Statistically speaking, there is a very high probability that I'm smarter than you, dear reader. I know it's not nice to say, but it's the truth. Get over it.

Statistically speaking, there is a very high probability that people who claim to be smart, are actually not, dear poster.  I know it's not nice to say, but it's the truth.  Get over it.

[Lauda]

Anyone investing their life savings into anything is pretty dumb.
You can get lucky, yes but this happens to a very low % of people.
You're most likely to lose some if not all.

Although Bitcoin is most likely to give you a return, you never know.

[megashira1]

Investing your life savings into Bitcoin is borderline retarded and indicative of a low financial intelligence.

That statement is so true it hurts.

So what do you think is a safe/good amount of your savings to invest in Bitcoin? 20, 30 over 50 percent?

The key here is it all depends on how much savings you've got. Most people I know have life savings of less than a year's salary, and don't own any assets. For them, it would probably make sense to invest a lot, >50%, because they could make the money back by living very economically for a few years.

If you have a million dollars in the bank, then it would be pretty dumb to invest >50% of it IMO, I would say no more than 15%, more like 5%

But if you have a million dollars and own 10 houses worth a million each, why not invest 100% of your money? If it fails, sell one of your houses and you'll have your money back.

This is such bad advice. You're advising the guy who doesn't have money to invest a lot of it, and the guy who has tons to invest a little.

[fsm247]

Never put all your eggs in one basket 

[Beliathon]

Statistically speaking, there is a very high probability that people who claim to be smart, are actually not, dear poster.  I know it's not nice to say, but it's the truth.  Get over it.

Believe me, or don't. Fortunately for me, my getting rich from Bitcoin never depended on anyone else's belief in my intelligence. But hey, nullius in verba. Words are but wind, right?

[leex1528]

Believe me, or don't. Fortunately for me, my getting rich from Bitcoin never depended on anyone else's belief in my intelligence. But hey, nullius in verba. Words are but wind, right?

I was just making a point, and I am willing to bet that you would agree with me on that point:)  Wasn't out to start a fight or anything

[Beliathon]

Believe me, or don't. Fortunately for me, my getting rich from Bitcoin never depended on anyone else's belief in my intelligence. But hey, nullius in verba. Words are but wind, right?

I was just making a point, and I am willing to bet that you would agree with me on that point:)  Wasn't out to start a fight or anything

Your point is valid. In this case, however, I assure you it does not apply.

[kireinaha]

one thing I think some of you need to realize... many people here are young, and their "life savings" amount to $2,000 or less. investing a substantial portion of that amount into bitcoin may not be such a bad idea, unless the money is needed in the short term, of course.

we're not advising a wealthy sixty year old man with $10 million to invest... (in which case investing no more than 1 or 2 percent would be wise). but telling 20 year olds to invest only a tiny fraction of their money into something like bitcoin is actually irresponsible, because this could be their one chance to become wealthy... lord knows they're up against enough hurdles with government debts over their lifetimes.

[Beliathon]

we're not advising a wealthy sixty year old man with $10 million to invest... (in which case investing no more than 1 or 2 percent would be wise). but telling 20 year olds to invest only a tiny fraction of their money into something like bitcoin is actually irresponsible, because this could be their one chance to become wealthy... lord knows they're up against enough hurdles with government debts over their lifetimes.

Fact: Nation-state fiat scrip = depreciating asset, year over year, always.
Fact: Bitcoin = appreciating asset, year over year, always.

Don't think about it as INVESTING in Bitcoin (appreciating asset).
Think about it as DIVESTING from fiat scrip (depreciating asset).

Suddenly everything will make a whole lot more sense.

Listen up fools, dump 100% of your wealth into Bitcoin and never look back. Do it right now!



Let the motherfucker burn. You don't wanna go down with that obsolete sinking ship.

Bitcoin is your lifeboat! JUMP IN! Hurry, before everyone else does!

[jabo38]

I've gone in with 20% of the money in my bank account. 

[keithers]

Investing your life savings into any one thing is idiotic.  Despite the fact that you could come out way ahead, you should always be at least a little diversified. 

I guess if you really want to put it on the line, it is ok to do so only if you only have yourself to look after

If you have children, or a family that depends on you to handle the finances, then you should NEVER put all of your money in one spot.

[Beliathon]

Investing your life savings into any one thing is idiotic.  Despite the fact that you could come out way ahead, you should always be at least a little diversified.  

I guess if you really want to put it on the line, it is ok to do so only if you only have yourself to look after

If you have children, or a family that depends on you to handle the finances, then you should NEVER put all of your money in one spot.

That's a good point, but it really shouldn't even need to be said. If you have children, it's obviously totally unethical to take risks with their future in any way, shape, or form.

That being said, if you have children and aren't already independently wealthy, you have failed at financial life.

[Meuh6879]

Isn't that the biggest mistake you can make is to invest everything into 1 thing?

you let all your money in 1 bank ... what the difference ?
in Europe, you can have bail out ... and it's legal since december 2013.

Gov freeze and steal money from customers holding by a failed bank.
to avoid bank run ... like in portugal or bulgaria.

you have all economy of a life in a bank (like 92% of people) and what ?

[PolarPoint]

It is the same for any investment, shouldn't put all your eggs in one basket.

[giveBTCpls]

This is hard to do in my case, because all little savings I get get ravaged by bills, food, basic shit, taxes, so I can barely get any extra fiat for BTC.

[Beliathon]

This is hard to do in my case, because all little savings I get get ravaged by bills, food, basic shit, taxes, so I can barely get any extra fiat for BTC.

This should help shed some light on your situation, if you're an American:

https://www.youtube.com/watch?v=huF3oFjGk-M

https://www.youtube.com/watch?v=uQVa55j8IQw

[franky1]

lets say the buying power of a employee in the 1970's was equivelent to $22ktoday
that would be $6600 in 1970's bank notes


imagine it. 40 years ago a guy saves what remains of his weekly pay cheque in a bank account lets say that is 10%($660 a year)

1970's average wage $6,670   
1980's average wage $12,530
1990's average wage $20,293
2000's average wage $28,343
2010's average wage $30,513

yes i even calculated the years in between and grabbed 10% per year


the total over 40 years is $79074.23

saving up 10% a year for 40 years you would think you would get atleast the equievelent of 4 years salary +more if you include bank interest rates... well you wont, it will be only 2 years 6 months.

and that first year's 10% which would on equivelence would have bought as much average rent or groceries that today would cost you $3k.. but remember you only put $660 into the pot. so you cant use that first years savings to buy 10% of your lifestyle today, only 2%

basically you lost 80% of your savings VALUE, just holding bank notes

so now think about your future. if your going to put $3k into a bank account today. work out the amount of rent it would pay off now.

then when you retire, divide that amount of rental weeks by 5, and thats all you will be able to pay using this years savings... in 40 years (if your lucky)

and thats before you realise that in the 1970's there was a nice 5-6% interest... where as the last few years interest is less than 1%. meaning in 40 years your $3k will by worth alot less than 20% true purchasing value.

that my friends is called inflation

you think that putting in 10 weeks rent into a bank account for your retirement. will pay for 10 weeks rent in 40 years.. nope.
you think that putting in 10 weeks rent into a bank account for your retirement. will pay for 5 weeks rent in 40 years.. nope.
you think that putting in 10 weeks rent into a bank account for your retirement. will pay for 2 weeks rent in 40 years.. probably not.

so my point being if you invest 10% of your salary into bitcoin.. would you be left with less or more
well 10 weeks rent invested just in march would give you 15 weeks rent cashing out today
well 10 weeks rent invested just last year would give you 60 weeks rent cashing out today
well 10 weeks rent invested just 2 years ago would give you 1000 weeks rent cashing out today