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

[Triacle2]

I would not invest all my saving into bitcoins, It really depends how much saving I got, If I would have 400k$ I would buy bitcoins for 200k$ so I don't go broke.

[pissedoff]

I would not invest all my saving into bitcoins, It really depends how much saving I got, If I would have 400k$ I would buy bitcoins for 200k$ so I don't go broke.

I would never recommend anyone investing over 50% of their savings. But, if you haven't already you should invest a fair bit now before you regret it in a few years time.

[Whitehouse]

I really wish I had listened to my urges to invest in Bitcoin when I first joined the community, I would be seriously benefiting now. When I first joined I was making Bitcoin from faucets which were giving good amounts (1 Btc) to anyone who used them. I was thinking of investing $300-500 in Bitcoin at the time but, never did. Now, I do regret that heavily my profit would of been through the roof. A few months after not investing I lost interest and recently have seen the amount it's shot up to.

So will I make the same mistake again? Probably.

It's unlikely that you'll be able to make anywhere near the same gains again, but investing in a few coins or as many as you can afford would be a good idea, though remember bitcoin will never be a safe or foolproof investment. People who bought in at $1000 are still out of pocket by a long shot.

[pissedoff]

I really wish I had listened to my urges to invest in Bitcoin when I first joined the community, I would be seriously benefiting now. When I first joined I was making Bitcoin from faucets which were giving good amounts (1 Btc) to anyone who used them. I was thinking of investing $300-500 in Bitcoin at the time but, never did. Now, I do regret that heavily my profit would of been through the roof. A few months after not investing I lost interest and recently have seen the amount it's shot up to.

So will I make the same mistake again? Probably.

It's unlikely that you'll be able to make anywhere near the same gains again, but investing in a few coins or as many as you can afford would be a good idea, though remember bitcoin will never be a safe or foolproof investment. People who bought in at $1000 are still out of pocket by a long shot.

That's what I meant. You probably won't make that much of a gain now, but it is still a gain at the end of the day. I really do feel sorry for the people who invested at $1000 they are probably in a state of panic. But, I really do think Bitcoin will raise beyond the expectation of $1500. We are always going to have big dips like this and we always have.

[Elwar]

Or convert to the bitcoin currency and use it as much as possible. You get so many discounts from using bitcoins that using fiat currency is a disadvantage.

[jjc326]

Fine fair to say Bitcoin is a currency just like dollars, etc. However to say that Bitcoin is as "safe", at this time, as dollars is just totally not true.  There would have to be some sort of worldwide strife to destroy the dollar's value.  On the other hand with a relatively small amount of fiat money someone could 51% attack BTC and destroy it.  I think I know where I'd rather keep MOST of my money.

IMHO it is irresponsible to put all your wealth in BTC if you have anyone else relying on you such as a family.

[pissedoff]

Or convert to the bitcoin currency and use it as much as possible. You get so many discounts from using bitcoins that using fiat currency is a disadvantage.

That's a great way of looking at it. For example, the recent news from Dell that they are accepting a 10% discount when paying with Bitcoin and of course there are many other companies offering discounts when paying with Bitcoin.

[leex1528]

Fine fair to say Bitcoin is a currency just like dollars, etc. However to say that Bitcoin is as "safe", at this time, as dollars is just totally not true.  There would have to be some sort of worldwide strife to destroy the dollar's value.  On the other hand with a relatively small amount of fiat money someone could 51% attack BTC and destroy it.  I think I know where I'd rather keep MOST of my money.

IMHO it is irresponsible to put all your wealth in BTC if you have anyone else relying on you such as a family.

This over and over.  The thing is, one can argue BTC is not a currency at the moment, yes more and more each day people are accepting it.  But I can't go to the grocery store with my bitcoins, and provide food for my family, I need fiat for that.  I can't pay the Chucki cheese I go to in BTC, nor schools or anything like that. 

Plus, if I have everything in there and sell BTC to get fiat each month in order to pay bills, if a 51% happens and pretty much ruins everything.  All of my work goes down the drain....

[WoopDeBoop]

Right now i'm 90% in bitcoin lol

[martinnew]

I do have dependents and obligations so, no. It will not be  a good thing to do for me unless I can surely win in a lotto the day after I invested everything to Bitcoin.  

[verlosser89]

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

from my opinion, its safe enough but not good enough.

A villa on the Indonesian island of Bali has sold for over $500,000 worth of bitcoin in what is the largest purchase ever made with cryptocurrency. Thats HUGE for me

[Meuh6879]

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

perfect example.

[unpure]

Would be stupid to invest all saving into USD, bitcoin(or gold) is a hedge against losing all saving.

[pissedoff]

If none of you have the balls/stupidity to invest all your savings then only invest a small amount every month and wait until you at least get double for profit.

[kingama]

With Bitcoin's track record, it's hard to justify being in anything else.

This, and with the Dollar and Euro track records (and especially their bank-monopolized fundamentals of fractional reserve banking) it's hard to justify being in fiat at all, other than the necessary payments for services that don't accept Bitcoin yet (such as taxes and mortgage).

Really? I'm a big believer in bitcoin but bitcoin doesn't really have a 'track record' as being stable. I think bitcoin is more of a risk than most strong fiat currencies at the moment but this could all change.

My point is not that Bitcoin is stable but that it has gone up like crazy over the last few years. I don't think that's going to change for the next several years as *still* almost nobody knows about Bitcoin in any meaningful way and even fewer have any.

[pissedoff]

With Bitcoin's track record, it's hard to justify being in anything else.

This, and with the Dollar and Euro track records (and especially their bank-monopolized fundamentals of fractional reserve banking) it's hard to justify being in fiat at all, other than the necessary payments for services that don't accept Bitcoin yet (such as taxes and mortgage).

Really? I'm a big believer in bitcoin but bitcoin doesn't really have a 'track record' as being stable. I think bitcoin is more of a risk than most strong fiat currencies at the moment but this could all change.

My point is not that Bitcoin is stable but that it has gone up like crazy over the last few years. I don't think that's going to change for the next several years as *still* almost nobody knows about Bitcoin in any meaningful way and even fewer have any.

It's going to have some shock rises and also some shock crashes. It's still early days and people need to understand that.

[Elwar]

But I can't go to the grocery store with my bitcoins, and provide food for my family, I need fiat for that. 

You don't need fiat to buy groceries at Whole Foods, Target and a bunch of restaurants.

http://www.gyft.com/buy-gift-cards/whole-foods-market/

[leex1528]

You don't need fiat to buy groceries at Whole Foods, Target and a bunch of restaurants.

http://www.gyft.com/buy-gift-cards/whole-foods-market/

I am aware I can buy gift cards to pay for stuff.

This isn't really living off bit coin though...I mean if I created some random currency people accepted and the only way they could cash them out was through Giftcards that were worth USD, I would say I am using USD to pay for the food. 

Plus if I am in a hurry from work, or just want to stop quickly, I don't have time for that sometimes...

[Elwar]

You don't need fiat to buy groceries at Whole Foods, Target and a bunch of restaurants.

http://www.gyft.com/buy-gift-cards/whole-foods-market/

I am aware I can buy gift cards to pay for stuff.

This isn't really living off bit coin though...I mean if I created some random currency people accepted and the only way they could cash them out was through Giftcards that were worth USD, I would say I am using USD to pay for the food. 

Plus if I am in a hurry from work, or just want to stop quickly, I don't have time for that sometimes...

The point is that you are able to live off of bitcoins.

The fact that Dell uses a third party to handle bitcoin transactions makes the bitcoin purchase no less useful to bitcoin holders than if you were sending directly to a Dell bitcoin address. Same with a gift card company handling your bitcoin transaction in the physical world.

[madken7777]

Lots of people invest quite a bit of their saving in the early days of bitcoin when there is no usage and no adaptation.

Who is laughing now?