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

[franky1]

does hoarding thousands of BTC, whilst having a fiat bank account balance of under £30(~$50 after bills) count



hmm realizing its a sunday and pay day tomorrow....

45 minutes later

ok my bank balance is zero..... mmmmm pizza and beer

so i guess i am heavily invested in bitcoin..  

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[protokol]

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.

[Baitty]

does hoarding thousands of BTC, whilst having a fiat bank account balance of under £30(~$50 after bills) count



hmm realizing its a sunday and pay day tomorrow....

45 minutes later

ok my bank balance is zero..... mmmmm pizza and beer

so i guess i am heavily invested in bitcoin..  

Yeah sure that counts your in a very strong position with that amount invested.

[Possum577]

I'm sure there are many people who are brave (or stupid enough) to put all their money into btc. As with any investments its a risk, but it'll probably pay off. It's just a question of do you have the balls to take the gamble?

What makes you think "it will probably pay off"?

If it'll probably pay off that it isn't much of a risk.

[Possum577]

Would it be safer than storing your wealth in the bank? I mean how often does a bank shut down? the value of bitcoin could go to 0 any minute!

That's a good comparison. I don't know whether it's 'safer' but I would prefer losing my money due to my own decision rather than having it taken by a multi millionaire company.

In the US every bank account is insured up to $100,000 to $500,000. If the bank goes down due to faulty or fraudulent decisions by the bank most consumers would be protected.

[Baitty]

Would it be safer than storing your wealth in the bank? I mean how often does a bank shut down? the value of bitcoin could go to 0 any minute!

That's a good comparison. I don't know whether it's 'safer' but I would prefer losing my money due to my own decision rather than having it taken by a multi millionaire company.

In the US every bank account is insured up to $100,000 to $500,000. If the bank goes down due to faulty or fraudulent decisions by the bank most consumers would be protected.

That's just in the US a lot of countries don't offer this type of insurance I know a lot of countries have it so that if the bank declares bankrupts you can't touch them and it's happened many times before. I'm not 100% sure the policy in the US as I don't live there or own a US bank account.

[deluxeCITY]

Bitcoin is way too new and too speculative to do something like this. There is a good chance that an investor in bitcoin could lose all of their investment. I don't think it will happen, but there is still the risk.

[Possum577]

Would it be safer than storing your wealth in the bank? I mean how often does a bank shut down? the value of bitcoin could go to 0 any minute!

That's a good comparison. I don't know whether it's 'safer' but I would prefer losing my money due to my own decision rather than having it taken by a multi millionaire company.

In the US every bank account is insured up to $100,000 to $500,000. If the bank goes down due to faulty or fraudulent decisions by the bank most consumers would be protected.

That's just in the US a lot of countries don't offer this type of insurance I know a lot of countries have it so that if the bank declares bankrupts you can't touch them and it's happened many times before. I'm not 100% sure the policy in the US as I don't live there or own a US bank account.

What I explained first protects account holders in the US from a bank going bankrupt. It started after the "run on the banks" in the 1920's/30's. Universal trust is needed to keep a banking system alive and the FDIC provides that trust in the US.

I was just saying that there's less risk to be in a bank vs. BTC in the US.

[moriartybitcoin]

I just invested $400,000 into Bitcoin

proof: 1DDWEQM11uMUKiqpGEWvBT2at3CjCw3Vra

[franky1]

I just invested $400,000 into Bitcoin

proof: 1DDWEQM11uMUKiqpGEWvBT2at3CjCw3Vra

 but thats over 600 coins received over a long time, not a over 600 coin hold.. so yea nice try

proof would be to sign a message using an address holding coin,

[findftp]

Reading a story from a few years ago where someone invested all their life savings into Bitcoin and started to live off Bitcoin. that guy was a lucky guy as now the price as more than tripled to when he invested in it. Anyone else brave enough to do this?

If you only invest 100 dollars today, it *will* be your life savings in 5 years.
So better question is: would you prevent your investment to be your life savings? Will you become scared when bitcoin becomes 95% of your life savings?

[findftp]

Would it be safer than storing your wealth in the bank? I mean how often does a bank shut down? the value of bitcoin could go to 0 any minute!

That's a good comparison. I don't know whether it's 'safer' but I would prefer losing my money due to my own decision rather than having it taken by a multi millionaire company.

In the US every bank account is insured up to $100,000 to $500,000. If the bank goes down due to faulty or fraudulent decisions by the bank most consumers would be protected.

US savings are several trillions, the insurance fund only 40 billion. You do the math.

[validium]

I just invested $400,000 into Bitcoin

proof: 1DDWEQM11uMUKiqpGEWvBT2at3CjCw3Vra

 but thats over 600 coins received over a long time, not a over 600 coin hold.. so yea nice try

proof would be to sign a message using an address holding coin,

Yah prove it moriarty and sign the address.

[Bit_Happy]

There are those who already invested all their time into bitcoin.

+1 Hour
If you have extra time (and not much money) you can get started with BTC for very low risk.

[haploid23]

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

In this case, brave = foolish.

I'm pro-btc and all, but going all in when price is not stable is nothing but foolish. This is the kind of stuff that can put you homeless if price moves in the wrong direction.

[Malin Keshar]

for trading its ok since its easier to trade bitcoin than stocks or forex. And bitcoin won't go to 0 next week, we are not in 2012 anymore. I personally think we are safe until 2016 at least(next halving), regarding to bitcoin existence.


But have all in bitcoin and in hodl mode is stupid, because there is no warranty about the survival of bitcoin in the long run.

[findftp]

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

In this case, brave = foolish.

I'm pro-btc and all, but going all in when price is not stable is nothing but foolish. This is the kind of stuff that can put you homeless if price moves in the wrong direction.

Do you pay your home from your life savings?

[validium]

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

In this case, brave = foolish.

I'm pro-btc and all, but going all in when price is not stable is nothing but foolish. This is the kind of stuff that can put you homeless if price moves in the wrong direction.

Do you pay your home from your life savings?

^^ This

[bg002h]

I personally believe that the price will increase by at least a factor of 100 over the next 2 years. Therefore, investing all your life savings would be a very wise decision.

I'm not sure about the numbers, but the concept is valid. I never intended to end up with basically everything in Bitcoin.  I can afford to lose it all though. I'm young enough and have a stable, reasonably well paying career to look forward to.

[smoothie]

Ive only invested what I could afford to lose and even then it was more than enough to do well.