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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.
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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.
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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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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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August 03, 2012, 04:35:30 PM
 #21

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.
Fjord means that only 379 BTC a year is needed. On the first day of the year, deposit 379 BTC, on the last day withdraw it all.
cytokine
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August 03, 2012, 09:35:39 PM
 #22

I think all it takes is 20K BTC, but that's highly speculative based on the idea that BTC value will increase and interest rates stay high for a while.

If you are able to earn at least 1%/week on that, that's 200 BTC/week. Then, assuming the amount you can earn by lending out that btc is reduced each week in the future as the market is saturated (plus defaults on loans), you'd need to re-invest at least half your earnings just to keep your future earning potential the same, which still leaves you with around 100 BTC/week to spend, which is $4,000 USD per month @ $10 a coin.

Of course, interest rates will probably fall even more than that, but assuming $100/coin, you could reinvest 90% of your earnings and only spend 10% and still have $4K USD per month in spendable income.

That's enough to live on. So if you've got ~200K USD lying around, and want to be able to potentially retire on that completely, investing in the BTC economy now and aggressively reinvesting your earnings for the next few years is your best shot to make that happen.

Just my .02 btc
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August 04, 2012, 10:42:55 PM
 #23

I think a better way to ask is how much BTC we need to free ourselves from mundane work and do more important (maybe unprofitable) things for a change  Wink

Earning interest is not the way though. Remember interest bears the risk of losing your principal. So you would likely lose a lot of principal at some point in your lending career.  Tongue Overall you cannot expect it to work out like the exponential function, rather more like another job in the marketplace.
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August 19, 2012, 02:58:18 AM
 #24

I am a vampire I am immortal
Vampire do Bitcoins

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August 22, 2012, 05:23:18 AM
 #25

I would retire with 500 Million US dollars worth.. o anything really

thats fuck you money for me
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September 13, 2012, 05:55:51 PM
 #26

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.

Oh noes, my retirement plan has failed. I guess I'll just live on Social Security...
szuetam
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September 14, 2012, 06:38:48 PM
 #27

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.

Oh noes, my retirement plan has failed. I guess I'll just live on Social Security...

Not true actual due to pirate default.
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September 17, 2012, 01:05:50 PM
 #28

As far as i can tell bitcoin doesnt hold actually wealth but is based on the worth of other currencies around the world.
szuetam
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September 17, 2012, 01:19:44 PM
 #29

As far as i can tell bitcoin doesnt hold actually wealth but is based on the worth of other currencies around the world.

As far as i can tell bitcoin doesnt hold actually wealth

Hmmm... if I have 10000 I can buy good car.
It's wealth for me.

As all fiat it has no gold or any other security, it's power comes from  technology, and prices comes from Bitcoin economy.
But...  what the hell it's connected with topic?
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September 17, 2012, 03:30:31 PM
 #30

As far as i can tell bitcoin doesnt hold actually wealth but is based on the worth of other currencies around the world.

As far as i can tell gold doesnt hold actually wealth but is based on the worth of other currencies around the world.

As far as i can tell stocks and bonds dont hold actually wealth but is based on the worth of other currencies around the world.

As far as i can tell real estate doesnt hold actually wealth but is based on the worth of other currencies around the world.

As far as i can tell money doesnt hold actually wealth but is based on the worth of other currencies around the world.

As far as i can tell these statements make no sense. Everything has a value listed in other currencies. It doesn't mean there is a basis of value in those currencies. The value of bitcoin comes from the equilibrium of bitcoins offered for sale versus bitcoins requested to buy. I've written in the Economics forum on this topic.
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September 17, 2012, 03:40:11 PM
 #31

$3,300/month, or about $40,000/year.  Assuming a 10% interest rate on investments, I would need about 40,000 BTC to retire.
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September 17, 2012, 04:15:42 PM
 #32

[Warning: poster is batshit crazy]

I think bitcoin is hastening a technological singularity, so saving it for the "rest of my life" seems impossible to determine right now. I'll work until my services are no longer required, at which point I'll have to calculate what speed I can run at while living off deflation indefinitely.

[/crazy]

I understand how nuts this sounds, so when pitching bitcoin to people I kinda don't mention what I plan on doing with mine. Tongue
szuetam
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September 17, 2012, 05:38:25 PM
 #33

[Warning: poster is batshit crazy]

I think bitcoin is hastening a technological singularity, so saving it for the "rest of my life" seems impossible to determine right now. I'll work until my services are no longer required, at which point I'll have to calculate what speed I can run at while living off deflation indefinitely.

[/crazy]

I understand how nuts this sounds, so when pitching bitcoin to people I kinda don't mention what I plan on doing with mine. Tongue

I like it. Smiley

Still, could you try to roughly estimate some numbers? Smiley
Just give a guess.

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September 17, 2012, 06:06:31 PM
 #34

[Warning: poster is batshit crazy]

I think bitcoin is hastening a technological singularity, so saving it for the "rest of my life" seems impossible to determine right now. I'll work until my services are no longer required, at which point I'll have to calculate what speed I can run at while living off deflation indefinitely.

[/crazy]

I understand how nuts this sounds, so when pitching bitcoin to people I kinda don't mention what I plan on doing with mine. Tongue

I like it. Smiley

Still, could you try to roughly estimate some numbers? Smiley
Just give a guess.

I'd guess that someone with more than ~100K BTC today should already be rich enough to live indefinitely, barring unforseen problems. But that's a very uneducated guess.
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September 17, 2012, 07:16:20 PM
 #35

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.

Oh noes, my retirement plan has failed. I guess I'll just live on Social Security...

Not true actual due to pirate default.

Pirate default bankrupted Social Security?!?
szuetam
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September 17, 2012, 07:35:15 PM
 #36

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.

Oh noes, my retirement plan has failed. I guess I'll just live on Social Security...

Not true actual due to pirate default.

Pirate default bankrupted Social Security?!?

No. Smiley
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September 17, 2012, 07:45:08 PM
 #37

[Warning: poster is batshit crazy]

I think bitcoin is hastening a technological singularity, so saving it for the "rest of my life" seems impossible to determine right now. I'll work until my services are no longer required, at which point I'll have to calculate what speed I can run at while living off deflation indefinitely.

[/crazy]

I understand how nuts this sounds, so when pitching bitcoin to people I kinda don't mention what I plan on doing with mine. Tongue

+1

I plan to be crazy for a very long time.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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