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

[Nathonas]

I pretty much did, but as a student that's not a lot of money. I lost it all gambling on bitcoin dice 

Greatest lesson of my life

[martinnew]

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?

thats normal many people use a ton of money or gambling all he have to get double of money for it . if they success he life will easy and fun to take a easy life .

Right, lots want easy money to have easy life. 

[zolace]

so I guess the winklevoss and others are stupid and brave for investions tons of there funds into bitcoin am I right?  I mean sheessh they gotta be pretty dumb to do so.

[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.

No, I stand by my recommendation - It's all about damage control, what you'd have left if Bitcoin failed, and how much the investment could change your life.

The guy that doesn't have much money benefits a lot more by investing a higher percentage. Lets say they put in 100% of their life savings which is $5,000, and it multiplies by 10 in a year or two, they now have $50,000 which is a life-changing amount of money for this person (considering their current lifestyle). If they lose it all, then they could make that $5,000 back in a couple of years, by saving $50/week.

A guy with $1m is already sitting pretty, so for them to invest the whole million and lose it would make their life considerably worse - it would be a hell of a lot harder, if not impossible, for them to make the money back. Yes, they could turn their $1m into $10m, but this wouldn't better their life that much. After all, they can already buy a nice house, a nice car, and still have enough money to put into low return investments which would pay them enough interest to buy food and clothes.

Geddit?

The guy that only has $5k cash in hand usually has tons of debts and liabilities and no assets. The guy who has a million cash in hand, probably has a ton of assets and his house or 2 paid off.

If the poor guy loses $5k he's struggling to put food on the plate. If the rich guy losses a mill, he cant eat steak dinners and bang escorts every night.

The rich guy has all his needs more than satisfied so he stands to lose less than the poor guy who is struggling to make ends meet.

See my POV?

[cbeast]

so I guess the winklevoss and others are stupid and brave for investions tons of there funds into bitcoin am I right?  I mean sheessh they gotta be pretty dumb to do so.

This. It seems all the young and smart IT entrepreneurs are getting on the bandwagon, some more cautiously than others.

[Beliathon]

What other facts do you have?

I'm afraid I can't tell you without irrevocably warping the time-space continuum... destroying your world and mine in the process.

[Meuh6879]

In others words, bitcoin cost nothing to fiat imprimery.  
Buy bitcoin, it's priceless.

[wasserman99]

so I guess the winklevoss and others are stupid and brave for investions tons of there funds into bitcoin am I right?  I mean sheessh they gotta be pretty dumb to do so.

This. It seems all the young and smart IT entrepreneurs are getting on the bandwagon, some more cautiously than others.

There are a lot of people getting on the bitcoin bandwagon and investing in and using bitcoin. They are not however putting their entire life savings into bitcoin as the OP suggests doing. Putting your life savings into bitcoin would mean putting everything you have into an asset class that did not even exist a decade ago, that most investment professionals had not even heard of three years ago, and is incredibly unstable now.

Bitcoin will likely succeed over the long term, however it is far from certain that it will.

[Cranky4u]

only risk what your prepared to loose. e.g. 10% of your asset base which means a rich guy could afford $10M if he had $100M but average Joe might only put forward $1k of his $10k of savings.

me personally, I have ~5% in BTC with a rolling plan of re-investment producing 250% BTC gains per year

[allthingsluxury]

I'm sure there are some people, personally not in the camp of putting all your eggs in one basket. Bitcoin is definitely worthy of a portion of your savings, in my opinion.

[keithers]

I pretty much did, but as a student that's not a lot of money. I lost it all gambling on bitcoin dice 

Greatest lesson of my life

Being a student, and young, you can recover from things like this and chalk it up as a lesson learned.   If you are at an older stage in your life, and have others relying on you for financial stability, putting all your eggs in one basket is one of the biggest mistakes you can make.

[counter]

I think it is all about risk vs reward.  If you have good reason to do something so rash I'd say you better know what your getting into. If your young and your life savings is an amount you think you make back if you lost it and not be financially devastated for a long time to come then I'm going to say it's not the worse thing you could do and also not the smartest.  However if you were right then it would not be as important in hindsight.

 But to answer the question posed by the OP.  I'd have to say Satoshi Nakamoto is the only person I can imagine would do this.

[chopstick]

Time to take out some bank loans and put it all into BTC.  Fuck it. All or nothing. Ride til you die.

[luv2drnkbr]

Investing your life savings into Bitcoin is indicative of having a different tolerance for risk than I have.

FTFY

[shockinglyugly]

I just bought over 5k BTC today via second market. It isn't quite my life savings but it is a big chunk of it.

[abercrombie]

I'd say I have just about all of my liquid assets in Bitcoin.  You might say, I'm "all in."

Non-liquid assets I can't touch at the moment are tied up in real estate and a trust.  Maybe for the better because I would liquidate those too if I could and put it into Bitcoin.

[MNDan]

I just bought over 5k BTC today via second market. It isn't quite my life savings but it is a big chunk of it.

Yeah - I think the market might have done something if you bought 5000 coins. :-)

[cbeast]

I just bought over 5k BTC today via second market. It isn't quite my life savings but it is a big chunk of it.

Yeah - I think the market might have done something if you bought 5000 coins. :-)

Not if it was dark pool.

[picolo]

Time to take out some bank loans and put it all into BTC.  Fuck it. All or nothing. Ride til you die.

I would like to do that as well, at least for 20-50k$

I just bought over 5k BTC today via second market. It isn't quite my life savings but it is a big chunk of it.

Yeah - I think the market might have done something if you bought 5000 coins. :-)

Not if it was dark pool.

On second market it wouldn't directly affect the price

[Mr Tea]

Part of me thinks it would be a good idea to invest a lot of money in bitcoins as I see the potential and think its going to rise greatly, yet I also know it's unwise to invest a lot in something so risky, so I'd say it's a mix of bravery and stupidity hehe.