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This family bet it all on bitcoin
18-10-2017, 02:13 PM.
Post: #1
This family bet it all on bitcoin
This family bet it all on bitcoin

By MacKenzie Sigalos
Published October 18, 2017

Didi Taihuttu, his wife, three kids and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own — from their 2,500-square-foot house, to their shoes – and trading it in for the popular cryptocurrency. They have moved to a campsite in the Netherlands, where they're waiting for bitcoin to really take off.

It's only been a few months, but the 39-year-old father of three says he doesn't regret a thing. "We were just like – sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life."

He once mined for bitcoin, but now only trades it, along with other cryptocurrencies like ether, ripple, neo, dogecoin and XLM. The family is still in the process of liquidating assets and investing the proceeds in cryptocurrencies as they go. The income from trading is enough for food and necessities, which the family says is all it needs right now.

More details in https://www.cnbc.com/2017/10/17/this-fam...tcoin.html
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18-10-2017, 04:31 PM.
Post: #2
RE: This family bet it all on bitcoin
(18-10-2017, 02:13 PM)cyclone Wrote: This family bet it all on bitcoin

By MacKenzie Sigalos
Published October 18, 2017

Didi Taihuttu, his wife, three kids and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own — from their 2,500-square-foot house, to their shoes – and trading it in for the popular cryptocurrency. They have moved to a campsite in the Netherlands, where they're waiting for bitcoin to really take off.

It's only been a few months, but the 39-year-old father of three says he doesn't regret a thing. "We were just like – sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life."

He once mined for bitcoin, but now only trades it, along with other cryptocurrencies like ether, ripple, neo, dogecoin and XLM. The family is still in the process of liquidating assets and investing the proceeds in cryptocurrencies as they go. The income from trading is enough for food and necessities, which the family says is all it needs right now.

More details in https://www.cnbc.com/2017/10/17/this-fam...tcoin.html

The equivalent of showhand in the casino.

At the bare min, regardless of how it goes, he'd have one helluva story for his grandkids.
We just don't know if it'd be a bedtime story or a horror story yet.
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19-10-2017, 07:47 AM. (This post was last modified: 19-10-2017, 07:50 AM by BlueKelah.)
Post: #3
RE: This family bet it all on bitcoin
(18-10-2017, 04:31 PM)TTTI Wrote:
(18-10-2017, 02:13 PM)cyclone Wrote: This family bet it all on bitcoin

By MacKenzie Sigalos
Published October 18, 2017

Didi Taihuttu, his wife, three kids and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own — from their 2,500-square-foot house, to their shoes – and trading it in for the popular cryptocurrency. They have moved to a campsite in the Netherlands, where they're waiting for bitcoin to really take off.

It's only been a few months, but the 39-year-old father of three says he doesn't regret a thing. "We were just like – sell it, sell it, what can we lose? Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore. But in the end, I think we, as a family, will still be happy and just enjoying life."

He once mined for bitcoin, but now only trades it, along with other cryptocurrencies like ether, ripple, neo, dogecoin and XLM. The family is still in the process of liquidating assets and investing the proceeds in cryptocurrencies as they go. The income from trading is enough for food and necessities, which the family says is all it needs right now.

More details in https://www.cnbc.com/2017/10/17/this-fam...tcoin.html

The equivalent of showhand in the casino.

At the bare min, regardless of how it goes, he'd have one helluva story for his grandkids.
We just don't know if it'd be a bedtime story or a horror story yet.
If bitcoin fails, he will go bankrupt, wife will leave him, maybe take the kids away. Wont have any stories to tell. Good thing is welfare in netherlands should be quite good so he wont starve to death in winter.

But there are worse things in life, such as netherlands not winning the world cup....

Btw.. the tulips mania was from there?

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Virtual currencies are worth virtually nothing.
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19-10-2017, 04:20 PM. (This post was last modified: 19-10-2017, 04:23 PM by Big Toe.)
Post: #4
RE: This family bet it all on bitcoin
Now I need to shed a bit of light on losing all your money or becoming bankrupt.
On a psychological level it can be dramatic but on a physiological level it aint so bad.
I have not been bankrupt before(hopefully never in this lifetime) but it is not as bad as one would imagine in Singapore.

I talk and interact with people from various background from the wealthy to the very poor. Some of the people who earns very little or posses very little money are actually Happier. Those with little money dont live in comfort/nice environemtn for sure but if you assume all are miserable, then you are dead wrong.

A number of "less privileged" that are on welfare are pretty much stress free. Some talk as if the social worker is a privileged given to them. Someone they can turn to for all their problems. One person I spoke to even complained about the bills he is getting. "What bill is this, shouldn't my social worker take care of it for me?"

My point is having less or no money is not good but as not as bad as many would think. Singapore does take care of the people who screwed up(but not to the extent of some countries in the EU).

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19-10-2017, 04:34 PM.
Post: #5
RE: This family bet it all on bitcoin
(19-10-2017, 04:20 PM)Big Toe Wrote: Now I need to shed a bit of light on losing all your money or becoming bankrupt.
On a psychological level it can be dramatic but on a physiological level it aint so bad.
I have not been bankrupt before(hopefully never in this lifetime) but it is not as bad as one would imagine in Singapore.

I talk and interact with people from various background from the wealthy to the very poor. Some of the people who earns very little or posses very little money are actually Happier. Those with little money dont live in comfort/nice environemtn for sure but if you assume all are miserable, then you are dead wrong.

A number of "less privileged" that are on welfare are pretty much stress free. Some talk as if the social worker is a privileged given to them. Someone they can turn to for all their problems. One person I spoke to even complained about the bills he is getting. "What bill is this, shouldn't my social worker take care of it for me?"

My point is having less or no money is not good but as not as bad as many would think. Singapore does take care of the people who screwed up(but not to the extent of some countries in the EU).

could this be a problem of reference? For example, there is a difference between "you have been poor all your life" vs "you started from rich and became poor", even though the end state "I am poor" is the same.

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19-10-2017, 11:23 PM. (This post was last modified: 19-10-2017, 11:25 PM by Big Toe.)
Post: #6
RE: This family bet it all on bitcoin
Much like markets can overly optimistic or pessimistic,
the happiness and misery associated with the amount of money one has is over stated in Singapore, all else being equal.

So to put all of one's money into something that potentially bring back out-sized returns is not as insane as it sounds.
As long as the person knows what he is in for and prepared for the consequence. Going in with eyes wide open.

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