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Author Topic: How much BTC do you need to live at your level rest of your live without working  (Read 4274 times)
szuetam
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July 31, 2012, 09:54:25 AM
 #1

My private economy:
I estimate that I will probably live 100 years (just to easy calculate rough number)
It is 1200 months.
I need for living at current level 1800 USD/month.

I want not to have doing nothing.

It means I need 1800USD/month * 1200months = 2 160 000 USD for that.
It gives 216 000 BTC (taking ratio 1:10).
I don't have that kind of money.



If there will be big deflation in BTC and I have 10BTC (for easy scaling) it would have to be 21 600x times more valuable BTC than now in short period of time (before I will start spending them)

Is it good or bad?

It is good because I can afford even 100BTC now so it needs then only 2 160x deflation in BTC
And I estimate that if we will replace all world currencies for BTC it is minimum 60000x deflation in BTC (another thread).

How do you think how much BTC you need to collect and how long it will take for bitcoin to adopt globally?
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unclescrooge
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July 31, 2012, 09:57:33 AM
 #2

I want to be a trillionomillionaire. All the bitcoins wouldn't be enough for that  Sad
szuetam
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July 31, 2012, 10:01:33 AM
 #3

I want to be a trillionomillionaire. All the bitcoins wouldn't be enough for that  Sad

If I would have all of them it would be almost enough. Smiley
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July 31, 2012, 10:39:09 AM
 #4

I have about -$50,000 so I would need about -5376 BTC.

Bitcoin Auction House http://www.BitBid.net BTC - 1EwfBVC6BwA6YeqcYZmm3htwykK3MStW6N | LTC - LdBpJJHj4WSAsUqaTbwyJQFiG1tVjo4Uys Don't get Goxed.
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July 31, 2012, 02:21:58 PM
 #5

With a free economy making money will be a lot easier, for example buying and selling goods will be far simpler, more profitable for everyone involved and yet far cheaper for the consumer. Goods have to be delivered though, anyone can set up an IPO or get a loan to get funding for a van and get to work. Thats just an example and probably a bad one because a lot of the earnings would have to pay for using the infrastructure (road tax or tolls), fuel and anything else that sits still long enough to have a tax put on it.

I'd guess in 10 years from now just 1btc would be enough to live a comfortable life if they are working and I hope that money will become far less important and greed will fall with it.
10 years from now, if you have 1 BTC, you could be the wealthy elite. Of the 7 billion people in the world, you have 1/21000000 of the wealth!
szuetam
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July 31, 2012, 03:43:48 PM
 #6

With a free economy making money will be a lot easier, for example buying and selling goods will be far simpler, more profitable for everyone involved and yet far cheaper for the consumer. Goods have to be delivered though, anyone can set up an IPO or get a loan to get funding for a van and get to work. Thats just an example and probably a bad one because a lot of the earnings would have to pay for using the infrastructure (road tax or tolls), fuel and anything else that sits still long enough to have a tax put on it.

I'd guess in 10 years from now just 1btc would be enough to live a comfortable life if they are working and I hope that money will become far less important and greed will fall with it.
10 years from now, if you have 1 BTC, you could be the wealthy elite. Of the 7 billion people in the world, you have 1/21000000 of the wealth!

wealth hmm is bitcoin wealth it self? it is not, house car etc. are wealth so you could have 1/21000000 of BTC which is very much but it is not all wealth
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July 31, 2012, 06:40:52 PM
 #7

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.
notme
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July 31, 2012, 08:31:32 PM
 #8

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

You can't assume his current rates will last forever.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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dree12
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July 31, 2012, 08:53:55 PM
 #9

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

You can't assume his current rates will last forever.
(several months ago)

Bitscalper pays 5% per day compounded daily, so I just need 10000/(1.05)^365 or about 0.0002 BTC to retire. Maybe if I get 0.0005 BTC from dailybitcoins I will be rich!
Yuhfhrh
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August 01, 2012, 12:22:59 PM
 #10

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

This statement itself shows just how ridiculous pirate's operation is lol
Factory
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August 01, 2012, 04:11:23 PM
 #11

With a free economy making money will be a lot easier, for example buying and selling goods will be far simpler, more profitable for everyone involved and yet far cheaper for the consumer. Goods have to be delivered though, anyone can set up an IPO or get a loan to get funding for a van and get to work. Thats just an example and probably a bad one because a lot of the earnings would have to pay for using the infrastructure (road tax or tolls), fuel and anything else that sits still long enough to have a tax put on it.

I'd guess in 10 years from now just 1btc would be enough to live a comfortable life if they are working and I hope that money will become far less important and greed will fall with it.

Why would greed diminish when fiat currency becomes less relevant? That makes no sense.
notme
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August 01, 2012, 04:22:21 PM
 #12

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

This statement itself shows just how ridiculous pirate's operation is lol

Actually, it just shows how ridiculous assuming pirate's operation will continue as is indefinitely is.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
kibblesnbits
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August 01, 2012, 09:02:14 PM
 #13

My private economy:
I estimate that I will probably live 100 years (just to easy calculate rough number)
It is 1200 months.
I need for living at current level 1800 USD/month.

I want not to have doing nothing.

It means I need 1800USD/month * 1200months = 2 160 000 USD for that.
It gives 216 000 BTC (taking ratio 1:10).
I don't have that kind of money.

what's that? you're in your mid-20's and you want to plug in a few computers and retire? 
I think the Powerball lottery is over $150 mill, so there's always that option Roll Eyes

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August 03, 2012, 03:00:11 AM
 #14

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

I wish more people would understand this...it doesn't take a rocket scientist to see how this will work out in the end.

Hardfork aren't that hard.
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notme
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August 03, 2012, 04:25:17 AM
 #15

I'll just quote myself since you insist on making the exact same point again.

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

This statement itself shows just how ridiculous pirate's operation is lol

Actually, it just shows how ridiculous assuming pirate's operation will continue as is indefinitely is.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
Willowbitcoin
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August 03, 2012, 04:40:56 AM
 #16

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

So i guess you just intend to live off your compounding bitcoins without spending any ?

That's an interesting task you have set yourself.
notme
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August 03, 2012, 04:43:36 AM
 #17

I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.

So i guess you just intend to live off your compounding bitcoins without spending any ?

That's an interesting task you have set yourself.

Just collateralize it Wink.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
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August 03, 2012, 04:44:34 AM
 #18

I am a vampire I am immortal

Want to earn 2500 SATOSHIS per hour? Come Chat and Chill in https://goseemybits.com/lobby
notme
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August 03, 2012, 05:10:55 AM
 #19

I am a vampire I am immortal

You must have accumulated quite a bit off us pathetic mortals over the years... so predictable.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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thezerg
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August 03, 2012, 03:31:24 PM
 #20

I want to be a trillionomillionaire. All the bitcoins wouldn't be enough for that  Sad

If I would have all of them it would be almost enough. Smiley

If you had all the BTC, they would be worthless.  A fascinating property of bitcoin...
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