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  • FIRST POST
    • graffias
    • By graffias 22nd Nov 17, 7:59 PM
    • 48Posts
    • 25Thanks
    graffias
    Transfer Pension To Bitcoin
    • #1
    • 22nd Nov 17, 7:59 PM
    Transfer Pension To Bitcoin 22nd Nov 17 at 7:59 PM
    Is there ANY way to withdraw my whole defined contribution pension plan (from a company I used to work for many years back) - it is worth about 24,000 in long term equities (split between UK, Global, and Emerging Market) - and put the whole lot into Bitcoin? I am age 51 and virtually certain that Bitcoin will by end of 2019 be worth over 100,000 per coin. With the central bank printing presses running overtime as at no time in history, and them buying up stocks to inflate prices to a massive bubble again unlike any ever seen before - it has to be INSANITY to have 24,000 invested in the stock market for the next few years whilst Bitcoin is on the cusp of becoming a global monetary store of value and currency. By contrast the pensions bubble is going to completely explode.

    I don't want to lose out on 400,000GBP that this will be worth in 2019 - so is there any way to save this money - how do I get the money out of the pension scheme, where I know its going to be worth virtually nothing by the time I retire if I don't take action ?

    Any advice from pension experts much appreciated - thank you.
Page 6
    • d3nz
    • By d3nz 5th Aug 18, 9:00 PM
    • 1 Posts
    • 1 Thanks
    d3nz
    I have read this thread with interest just to get a perspective on what people here think about cryptocurrencies.
    I would urge all the naysayers to take the time and do some proper research.
    Question all the positive articles as well as all the negative.
    In my opinion bitcoin is'nt going away anytime soon.
    So good luck with your investment graffias :-)
    • ValiantSon
    • By ValiantSon 5th Aug 18, 9:21 PM
    • 2,536 Posts
    • 2,516 Thanks
    ValiantSon
    I have read this thread with interest just to get a perspective on what people here think about cryptocurrencies.
    I would urge all the naysayers to take the time and do some proper research.
    Question all the positive articles as well as all the negative.
    In my opinion bitcoin is'nt going away anytime soon.
    So good luck with your investment graffias :-)
    Originally posted by d3nz
    Why do you assume that we haven't done any research?

    It sounds to me like you are another true believer who doesn't like it when the wisdom of crypto investment is challenged.

    You've also ignored the fact that this thread is not about crypto currencies per se, but the wisdom of withdrawing all your money from a pension scheme (even if such a thing were possible) and putting it all into crypto currencies. These are not the same thing.

    Child labour and international drugs smuggling aren't going away any time soon, either, but it doesn't mean that they are a wise investment choice (we'll ignore the moral aspect for the moment).
    Last edited by ValiantSon; 06-08-2018 at 1:51 PM. Reason: Typo
    • DairyQueen
    • By DairyQueen 5th Aug 18, 11:19 PM
    • 508 Posts
    • 826 Thanks
    DairyQueen
    I am ... virtually certain that Bitcoin will by end of 2019 be worth over 100,000 per coin.
    Originally posted by graffias
    Just for fun, let's review the price history.

    22nd Nov 2017 - proposed investment of entire pension fund
    23rd Nov 2017 - XBT/USD = $8234
    18th Dec 2017 $19150 (peak)
    Falling
    31st Dec 2017 - $12871
    Rising
    7th Jan 2018 - $17102
    Falling
    8th Feb 2018 - $7607
    Rising
    6th March - $11555
    Falling
    7th April - $6585
    Rising
    6th May - $9806
    Falling
    29th June - $5877
    Rising
    29th July - $8205
    Currently falling

    Price 5th August - $7067

    Interesting trend dontcha think?

    Anyone care to join me in guessing the value and date of XBT's next floor?


    $5150 7th September.
    • MoneyGeoff
    • By MoneyGeoff 6th Aug 18, 10:05 AM
    • 137 Posts
    • 89 Thanks
    MoneyGeoff
    For comparison here's how some popular low cost funds have been doing:

    • Malthusian
    • By Malthusian 6th Aug 18, 11:08 AM
    • 4,774 Posts
    • 7,659 Thanks
    Malthusian
    For comparison here's how some popular low cost funds have been doing:
    Originally posted by MoneyGeoff
    Yes, but what you've overlooked is that those returns are all imaginary because at any moment the Zionists will turn on the printing presses and your Vanguard Lifestrategy holding will be worthless.

    A 12% increase to fiat currency worth 0 is still 0. Wake up sheeple!
    • camelopardis
    • By camelopardis 6th Aug 18, 12:09 PM
    • 43 Posts
    • 18 Thanks
    camelopardis
    Is there ANY way to withdraw my whole defined contribution pension plan and put the whole lot into Bitcoin?
    Originally posted by graffias



    Forget Bitcoin, I have some very rare tulip bulbs you would be mad not to invest in.
    • Economic
    • By Economic 6th Aug 18, 1:34 PM
    • 315 Posts
    • 323 Thanks
    Economic
    Yes, but what you've overlooked is that those returns are all imaginary because at any moment the Zionists will turn on the printing presses and your Vanguard Lifestrategy holding will be worthless.

    A 12% increase to fiat currency worth 0 is still 0. Wake up sheeple!
    Originally posted by Malthusian
    You are confusing the fact that these funds are priced in terms of a fiat currency but there value is not linked to a fiat currency as they invest in companies that own real assets that will have value even if fiat currencies collapse.
    • ValiantSon
    • By ValiantSon 6th Aug 18, 1:55 PM
    • 2,536 Posts
    • 2,516 Thanks
    ValiantSon
    You are confusing the fact that these funds are priced in terms of a fiat currency but there value is not linked to a fiat currency as they invest in companies that own real assets that will have value even if fiat currencies collapse.
    Originally posted by Economic
    Malthusian was being sarcastic.
    • thickasabrick
    • By thickasabrick 6th Aug 18, 5:29 PM
    • 39 Posts
    • 35 Thanks
    thickasabrick
    Transfer Pension To Bitcoin
    Transfer your whole pension fund on "one sure bet" ?

    Doesn't matter whether it's cryptocurrencies, shares in a particular company, gold, coal or whatever, that's called gambling.

    JL Collins article titled "How to Invest in Bitcoin like Benjamin Graham" explains this clearer than I can and is definitely worth a read.
    http://jlcollinsnh.com/2017/12/03/how-to-invest-in-bitcoin-like-benjamin-graham/

    Summary

    "Who should consider speculating on Bitcoin?"

    "My ideal hypothetical investor for cryptocurrencies has already maxed out their tax protected retirement accounts for the year, already saves over 50% of their income, already has a 6 month life-emergency fund, is already well on their way down the Simple Path to Wealth or is firmly financially independent with lots of cushion to play with."

    I'm with him on that and I'm a big fan of cryptocurrencies as a store of value but absolutely not as an "investment".

    If you've ever watched Max Keiser on the Keiser report you might have caught the following reminders.

    "The Satoshi whitepaper describes Bitcoin as a system for the transmission of digital cash, which sets most enquiries into this to a skewed path because theyre looking at it in one use case - the payments-use case."
    and
    "This leads us to ignore the entire history of the entire movement and ignore everything else Bitcoin can possibly do, including obvious references to gold as mentioned in the whitepaper. Store of value has always been key to this thing."

    From Episode 1171 of the Keiser Report
    https://www.rt.com/shows/keiser-report/414964-episode-max-keiser-1171/

    I have read this thread with interest just to get a perspective on what people here think about cryptocurrencies.
    I would urge all the naysayers to take the time and do some proper research.
    Question all the positive articles as well as all the negative.
    In my opinion bitcoin is'nt going away anytime soon.
    So good luck with your investment graffias :-)
    Originally posted by d3nz
    • dunstonh
    • By dunstonh 6th Aug 18, 6:00 PM
    • 95,333 Posts
    • 62,937 Thanks
    dunstonh
    It looks like posts are being deleted on this thread now.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • ValiantSon
    • By ValiantSon 6th Aug 18, 6:08 PM
    • 2,536 Posts
    • 2,516 Thanks
    ValiantSon
    It looks like posts are being deleted on this thread now.
    Originally posted by dunstonh
    Are they?


    (Extra characters to allow me to post).
    • ffacoffipawb
    • By ffacoffipawb 6th Aug 18, 6:10 PM
    • 2,515 Posts
    • 1,676 Thanks
    ffacoffipawb
    Malthusian was being sarcastic.
    Originally posted by ValiantSon
    ... or Corbynistic.
    • DairyQueen
    • By DairyQueen 6th Aug 18, 6:55 PM
    • 508 Posts
    • 826 Thanks
    DairyQueen
    It looks like posts are being deleted on this thread now.
    Originally posted by dunstonh
    Hmmmm.... wonder why?
    • k6chris
    • By k6chris 6th Aug 18, 8:16 PM
    • 275 Posts
    • 499 Thanks
    k6chris
    Hmmmm.... wonder why?
    Originally posted by DairyQueen

    because THEY don't want you to know the truth.......
    "For every complicated problem, there is always a simple, wrong answer"
    • mollycat
    • By mollycat 6th Aug 18, 9:53 PM
    • 1,093 Posts
    • 2,184 Thanks
    mollycat

    My advice - start thinking about something else other than money - then you might start to make some money instead of losing in it all an infinite pot of worthless fraudulent ponzified paper.
    Originally posted by graffias
    Your "advice" is !!!!!.
    • Malthusian
    • By Malthusian 7th Aug 18, 9:38 AM
    • 4,774 Posts
    • 7,659 Thanks
    Malthusian
    The important posts (with the OP's predictions) have been quoted several times anyway...

    This post is #116 at time of writing.
    • Malthusian
    • By Malthusian 7th Aug 18, 9:48 AM
    • 4,774 Posts
    • 7,659 Thanks
    Malthusian
    Malthusian was being sarcastic.
    Originally posted by ValiantSon
    No, I was being satirical. Sarcasm is for 12 year old girls.
    • graffias
    • By graffias 7th Aug 18, 1:07 PM
    • 48 Posts
    • 25 Thanks
    graffias
    Goldman Sachs now getting into Bitcoin :-

    https://bitcoinist.com/goldman-sachs-bitcoin-custody/

    I think there's going to be some interesting things happening. I'd advise fastening seatbelts - though just as with airports there may unfortunately be some delays prior to take-off.

    Remember there is only a limited amount of Bitcoin to go around.
    'When I said I wanted to be a comedian everyone laughed - they're not laughing now'
    • graffias
    • By graffias 7th Aug 18, 1:21 PM
    • 48 Posts
    • 25 Thanks
    graffias
    Please provide a link that the "NYSE OWNER" (sic) tells you that you should put your whole pension in it.
    Originally posted by dunstonh
    Pension plans normally allow you to CHOOSE your allocation. For example my company pension plan has long, medium, and short term funds and I am free to re-allocate my holdings in these at any time, it can be done online and does not cost anything.

    You can allocate 10%, 20%, 30%, or whatever you want to Bitcoin. If you're extremely bullish then you may allocate 100% if that's what you want. The important point is that people are free to make their OWN choice, not just whatever the fund manager collects most commission on.
    'When I said I wanted to be a comedian everyone laughed - they're not laughing now'
    • ValiantSon
    • By ValiantSon 7th Aug 18, 2:01 PM
    • 2,536 Posts
    • 2,516 Thanks
    ValiantSon
    No, I was being satirical. Sarcasm is for 12 year old girls.
    Originally posted by Malthusian
    No, you were being sarcastic, and no, it isn't.
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