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  • FIRST POST
    • graffias
    • By graffias 22nd Nov 17, 7:59 PM
    • 40Posts
    • 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 7
    • DairyQueen
    • By DairyQueen 7th Aug 18, 2:29 PM
    • 397 Posts
    • 611 Thanks
    DairyQueen

    Remember there is only a limited amount of Bitcoin to go around.
    Originally posted by graffias
    You can have mine.

    You need people to buy and, at the mo, there aren't enough takers. There are fewer takers every month. I don't think your marketing pitch will reverse the downward trend in price anytime soon. What has to happen for you to appreciate what most people have been saying: i.e. this is a bubble and its burst?

    Governments in the developed world are so invested in fiat currencies that it would likely take the kind of seismic change in economic thinking that happens every century-or-two for your predictions to come true. Who knows? Maybe your Bitcoin punt will come good eventually and the 22nd century descendants of your heirs will inherit a potential fortune.

    Not quite what you had in mind.

    It sounds like you have left retirement saving far too late and are desperately seeking a quick-fix to compensate. It's easy to kick this down the line for decades and then, one day, you wake-up and you're in your 50s. Suddenly, retirement isn't some distant, unimaginable event.

    The longer you remain psychologically and financially invested in this gamble, the more your paper gain reduces. If you can bring yourself to stand back and listen to what knowledgable others here have advised then there is still the opportunity to salvage some of the gain you made last year. If you bought in April 17 then you should still be onto a winner. The alternative is to consider how you will feel when the current trend continues. Do you really want to be last out of the door?

    Unless, of course, you DID invest that 24k pension in a Bitcoin tracker last November. In which case, you have my sympathy as, despite your insults, such a move suggests desperation or an evangelism so profound that it's beyond your power to control.

    Sometimes it pays to eat humble pie. I've eaten plenty in my time and thank the Lord I have. Otherwise I would still be the ill-informed holder of a portfolio of single shares.

    I'm now off this thread because, quite frankly, it's painful to watch someone commit financial suicide.
    • graffias
    • By graffias 7th Aug 18, 3:37 PM
    • 40 Posts
    • 25 Thanks
    graffias
    You are welcome to your world of fear DairyQueen, but I have already begun the process of moving away from bad money. I have felt much happier being invested in Bitcoin - it has been a fantastic experience. There was even a 40% gain over just the past few weeks in the middle of the Bear Market, and though its on a down cycle again it is up about 3% over the past couple of hours.

    Its a superb investment, especially so in the longer term, and it's gradually gaining the necessary regulatory approval :-

    SEC Commissioner Hester Peirce
    https://bitcoinist.com/no-reason-bitcoin-etf-sec-commissioner/
    'When I said I wanted to be a comedian everyone laughed - they're not laughing now'
    • Malthusian
    • By Malthusian 7th Aug 18, 5:11 PM
    • 4,465 Posts
    • 7,095 Thanks
    Malthusian
    No, you were being sarcastic, and no, it isn't.
    Originally posted by ValiantSon
    No, you're right, it totally wasn't sarcasm.

    See the difference? Sarcasm uses italics. Satire assumes the reader is intelligent enough to get it without italics. Other than that they are the same.

    Its a superb investment, especially so in the longer term, and it's gradually gaining the necessary regulatory approval :-

    SEC Commissioner Hester Peirce
    by graffias
    Why are you so slavishly obsessed with the opinions of regulators and Goldman Sachs all of a sudden? I thought Bitcoin was supposed to liberate money from the control of governments and the financial elite. Yet here you are saying that Bitcoin's future growth depends on the approval of the US government (the SEC) and the financial elite (Goldman Sachs).
    • ValiantSon
    • By ValiantSon 8th Aug 18, 12:21 AM
    • 2,469 Posts
    • 2,378 Thanks
    ValiantSon
    No, you're right, it totally wasn't sarcasm.

    See the difference? Sarcasm uses italics. Satire assumes the reader is intelligent enough to get it without italics. Other than that they are the same.
    Originally posted by Malthusian
    Sarcasm doesn't use italics. That is an utterly ridiculous thing to say.

    Sarcasm can be a device that is used as part of a satire, but it is still sarcasm. There is nothing wrong with being sarcastic. Nobody who is sane - and who hasn't got their own head firmly stuck up their fundament - will think any less of you for it.
    • Triumph13
    • By Triumph13 8th Aug 18, 9:56 AM
    • 1,264 Posts
    • 1,594 Thanks
    Triumph13
    Sarcasm doesn't use italics. That is an utterly ridiculous thing to say.

    Sarcasm can be a device that is used as part of a satire, but it is still sarcasm. There is nothing wrong with being sarcastic. Nobody who is sane - and who hasn't got their own head firmly stuck up their fundament - will think any less of you for it.
    Originally posted by ValiantSon
    What about if it's someone else's head?
    • ValiantSon
    • By ValiantSon 9th Aug 18, 4:39 AM
    • 2,469 Posts
    • 2,378 Thanks
    ValiantSon
    What about if it's someone else's head?
    Originally posted by Triumph13
    What you do in the privacy of your own home is no business of mine, as long as everyone involved is a consenting adult.
    • Sunshine-Lovers
    • By Sunshine-Lovers 9th Aug 18, 3:33 PM
    • 3 Posts
    • 6 Thanks
    Sunshine-Lovers
    Clearly you are very pro bit-coin, equally it could be seen (certainly by me) as the most audacious pyramid-selling scam going.
    From my research (with IT background) there is no inherent value in underlying asset, so people are buying nothing other than a dream of ever increasing bit-coin value.
    Only time will prove which of us is right but I'd caution people not to jump on the band-wagon just because others say it's a sure-fire winner, so were tulip bulbs in a previous frenzied past economic boom!
    • TBC15
    • By TBC15 9th Aug 18, 5:32 PM
    • 530 Posts
    • 270 Thanks
    TBC15
    Clearly you are very pro bit-coin, equally it could be seen (certainly by me) as the most audacious pyramid-selling scam going.
    From my research (with IT background) there is no inherent value in underlying asset, so people are buying nothing other than a dream of ever increasing bit-coin value.
    Only time will prove which of us is right but I'd caution people not to jump on the band-wagon just because others say it's a sure-fire winner, so were tulip bulbs in a previous frenzied past economic boom!
    Originally posted by Sunshine-Lovers
    If you think common sense has a place on his thread, you may have your work cut out.
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