What would you do if Bitcoin hits 1 million?

in #bitcoin5 years ago

Hey guys,
It wasn't until recently that I started investing more prominently into different cryptos. I played it safe and basically just earned what I could on Steemit, not wanting to invest a lot for fear of losing it.

A couple of months ago, I decided to dip my toes into the crypto investment world and now I have quite a portfolio.

I have nearly 1 bitcoin, some Eth, LTC, I rack up BAT through the Brave browser. I am very intesterested in Stellar Lumens and feel like it has promise. I also own Ox, Dash, Tezos and ETC.

I have never had much money.

I was dirt poor growing up and even my everyday life now can be a struggle. I am solid lower middle class/ high lower class, but I will worry every month about bills, insurance and my kids having what they need.

I have heard whispers of BTC going up to as much as a million, and I can't even really process that in my head.

It would take me nearly a lifetime of working to make that kind of money. So the idea that a simple one-time investment could potentially rake in that kind of dough just by HODLing is superbly mindblowing.

MIND BLOWN

Now granted, there is still a very small probability that this will happen, but even if I don't become a millionaire, I at least get to see John McAfee eat his own dick, which should be great fun.

What I am trying to really figure out is what I would actually do if I had anywhere near that sum of money.

I have actually put a lot of thought into it lately.

I would love to become self sufficient and have some land of my own.

I would like to own my own water source via a well, I would like an orchard with producing trees, a small cow, some goats, a boatload of chickens and maybe even a horse.


(Be still my elementary school heart.)

Granted horses are not 100% vital, but if everything collapses, I will have my own food, water and transportation. I mean, who could ask for anything more?

I also love modernity however so I would want to live close enough to a city to make use of hospitals and such, but I wouldn't mind living out in the sticks a bit.

I have also looked into Tesla batteries to power a home.

If you want to be truly self-sufficient, you have to move yourself away from the grid as much as possible..

I won't say that I am a prepper per se, but like, it is never bad to be prepared. I have a giant aluminum vintage ice chest that I have saved to use as a faraday cage to protect back up phones and charges from an EMP attack. I also make sure we have enough dry foods to get us through a good long while without having to venture out. I imagine that would become more expanded with a larger property.

Getting back to the Tesla battery though. They are about $3500 each, but you would need three to run your home at the average that most Americans use. You would also have to get solar panels, which Tesla has made to look just like roof tiles. How freaking cool is that?

Between solar panels, well rights and dig, batteries, animals and land, I would be looking at about 500k for everything.

If bitcoin hit 1m, I could have my farm and then some, so to speak.

It is an exciting freaking prospect, but also a considerably volatile investment.

As always, I hope for the best and prepare for the worst, but man would it be cool to own a horse.

What would ya'll do with 1 million smackeroos?

Let me know below!

Thanks for stopping by!

xx - Beth

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Now granted, there is still a very small probability that this will happen, but even if I don't become a millionaire, I at least get to see John McAfee eat his own dick, which should be great fun.

You didn't hear that McAfee backed off his prediction of 1M by the end of this year. He called people gullible for believing him. But what many people forgot was that he made an earlier 500K prediction and then upped it to 1M because he was expecting 5K at the end of 2017, but got 4x that so he said "I'm being conservative, and will stick to 1M when the model shows 2M".

I think I know why he really did this. He wasn't happy with the ossification of the protocol and the fact that it offers little privacy. I don't think he wanted to support a protocol that if not changed will eventually lead to book of Revelations consequences. He's been talking very favorably about Monero and other privacy coins and is now calling bitcoin a dinosaur.

The truth is that in Dec 2017 transaction fees on chain were approaching and sometimes exceeding $100. After segwit total adoption, this now will happen when bitcoin reaches about 80K. So at 1M bitcoin, you're going to need at least 1K for transaction fees on chain. I was wondering why McAfee didn't mention this so either he didn't know (that seems unlikely) or maybe he was placing his hopes in LN.

There's also the issue of the segwit donations attack that @anonymint writes about in his blog. I've not seen the game theoretical math that makes it more profitable for miners to cheat at the block halving, but I cannot discount it. If one can roll back the protocol so that only P2PKH's are recognized, then P2SH's can be spent by anyone finding a block. If/when this happens, this will cause the price of segwit coins to tank while legacy bitcoin skyrockets in price.

Fungibility issues are a problem as well because newly mined bitcoin goes for a premium. As the taint spreads, some bitcoin could be valued very differently than other bitcoin. Keeping a close watch for a couple of months after the next halving.

PS - Segwit coins are addresses that begin with "3" or "bc". If you have "1" at the beginning, this is legacy bitcoin. @anonymint says that the segwit taint on legacy coins will become a problem when spending (after the miners are done seizing all the segwit donations).

 5 years ago  Reveal Comment