Almost 1 Year ago, /u/buffet-bitcoin bet 300btc that Bitcoin would surpass Berkshire Hathaway stock
When the wager was posted, BTC was at a value of $591 while berkshire was at a cost of $183,860 per share. The value of BRK.A was around 300BTC per share. The bet will resolve Monday , and unless BTC more than doubles the price, this particular user will lose the bitcoin. What a interesting road we've been on in the past year for bitcoin.
I just did some research on dealing with wealth yesterday, and here is what I found: Books talking about a sudden influx of wealth: Living Richly: Seizing the Potential of Inherited Wealth Navigating the Dark Side of Wealth, A life Guide for Inheritors I picked those books up because they seem to deal with personal issues surrounding wealth. Bitcoins aren't exactly inheritance, but the case is similar I guess. I also asked on /investing on the issue. Aside from some useless advice like "live just like you did before" people recommended the following books: - The Intelligent Investor - Benjamin Graham - The Snowball- Alice Schroeder - F Wall Street- Ponzio One more book, that taught me about stock investing in the past: - One up on wallstreet (or something like it) As for "useless" advice I got: - "live just like you did before" - from people not knowing how badly, or how well I lived in the past. besides - what's the point of earning money if they don't change your lifestyle at all? - "sell it all, now!" - from the people who didn't & wouldn't buy in the first place - "keep it all, forever!" - from the same kind of people who invested in Pirate's funds and are afraid of btc failing if people start to cash in - "buy a house, pay off debt" - again - from people who don't know me/you. sometimes it's a good idea, sometimes you can get a better roi by not buying a house - "buy litecoins now" - there is no practical use for litecoins aside from speculation As for the useful advice I received was to prepare my investment plan. I.e. how much % I plan to keep in ultra-safe investment vehicles, how much I can loan out to family, how much I can put into risky vehicles like Namecoin ;) Another useful advice was to keep a financial log. Each change I make in my portfolio I note down. It helps to clarify thoughts, eliminates a bit of emotional side, and allows you to learn from your successes & mistakes. The two above points I'm using for a year now, so I can actually trace back why I bought bitcoins a year ago and ask myself whether it still holds true. Finally, as for keeping BTC safe. I personally bought Asus EEE, installed a clean copy of Ubuntu, and turned off wifi. I kept my wallet there, and do not attach the netbook to the net. I have a copy of the wallet & my mpoe private key on an sd drive as a backup with me at all times. The sd card fits nicely into the jeans condom slot :) Everything is encrypted with a passphrase. Obviously. I also have an MtGox account, with two-factor authentication (yubikey, and google authenticator on both my & my gf's phone), and a blockchain.info account, with two factor. Plus I've added a two factor authentication to my gmail account. In case anything happens to me, there is a testimony written down, which contains all my passwords. I also trained my girlfriend in everything. As for the cash taken out of bitcoins, my tax advisor is now learning what Bitcoins are, and figuring out how to tax it. It was a fun conversation. Oh, and me, personally, I regret a bit already I shared with too many of my friends that I had so much btc. They're now calling me and asking whether I still have them :) I'm comfortable with just them knowing, but I wouldn't want the fame to go much further. If someone asks, I tell them that I sold most of my btc back when they were worth less. Which is almost true, anyway. I also try to keep in mind, that the only "real" money that I have is the one I converted back to dollars, and sent to my bank account. Which "0" until I figure out how to tax this. Finally - people are afraid of btc millionaires cashing out. I think they/us will to some extend, but due to the tax reasons, they/us will be pressured to spend it within the btc economy. That's good news for the btc price :)
Currently the market valuation of S.MPOE is something like. mircea_popescu!ticker s.mpoe assbot [MPEX:S.MPOE] 1day: 0.0004934 / 0.00050333 / 0.00051095 (2193849 shares, 1,104.24 BTC), 30day: 0.00030871 / 0.00044148 / 0.00051095 (75251680 shares, 33,222.70 BTC). On 1bn total shares, that 30 day average of 0.00044148 BTC per share puts the total value of MPOE/MPEx in the 441k BTC range. To date, it remains a little unclear what impact this will have on the price of each individual BTC, though as mining becomes more difficult and less profitable (unless continuous new investments take place) the price per existing bitcoin should go up in value. Some analysts have suggested the value will rise anywhere from USD100,000 to USD 1 MPOE Options Update + Cheatsheet; BTCUSD - current 24h weighted USD price from bitcoincharts Calls it probably can't get price data, you can come bitching about it to #bitcoin-assets. You are also free to offer any options you have for sale at any price, or place a bid instead of buying from bot. Just a stupid question to make sure I get this right am I correct to understand that: S.MPOE-PT is a "security", traded on the btct.co platform. The security is a passthrough for another secur... Lastly, MPOE, a bitcoin stock and options exchange, keeps tearing it up. If people were hoarding such that bitcoin velocity was declining, the prices of all these stocks should have fallen dramatically. That they haven't would seem to indicate that changes in bitcoin price are largely neutral.
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