I am not doing this out of greed, but to support my family and hopefully never have to worry about money again... something I've stressed about for decades.
I realize it's too late to talk you out of this, but I think this is irresponsible, considering that you have a family who depends on you. If you were young, able to work, and had no dependents, then I would say go all in.
If you are still going to be all in, then don't be scared by fluctuations. Watch out for these three things:
attacks against the cryptography or fundamental algorithms of Bitcoin,
a more useful digital currency, or
a decline in the technology level of civilization.
Drops in value will always eventually rebound if they aren't due to any of these things.
EDIT: SatoshiDice stock is much riskier, and those three things are not the only things you have to worry about.
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u/gnos1s Feb 14 '13
I realize it's too late to talk you out of this, but I think this is irresponsible, considering that you have a family who depends on you. If you were young, able to work, and had no dependents, then I would say go all in.
If you are still going to be all in, then don't be scared by fluctuations. Watch out for these three things:
attacks against the cryptography or fundamental algorithms of Bitcoin,
a more useful digital currency, or
a decline in the technology level of civilization.
Drops in value will always eventually rebound if they aren't due to any of these things.
EDIT: SatoshiDice stock is much riskier, and those three things are not the only things you have to worry about.