Bitcoin Forum

Is there no carrying capacity of bitcoin? Unlike that of a petri dish.


Anyways, how many people should be able to get rich off bitcoin. Is there a limit of how many and or when bitcoiner's can get rich.

There is something about bitcoin that seems it could be a major economic driver with its frictionless abilities.


Does it matter if bitcoin's price is $1 $50 $100 $250 $300 $350, $1265, $2000, $5000?

How is that bankers have not been able to think of this… Perhaps they have but would dare go near it for it destroys their model, Why can't i simply send dollars or any arbitrary value measure, via any sort of technology medium that can also perhaps create a network, like effect..hmmm..

Getting rich should just by a byproduct of bitcoin. If you believe in bitcoin and have chosen to invest time and money in it then maybe the may get rich eventually depending on how many coins they have and hold, though it's not a guarantee and I don't think people should be getting into bitcoin just to be rewarded this way though that's up to them. As for the limit, there is no limit but that will be dictated by the market and supply and demand and obviously how many coins they hold.

Bitcoin doesn't get people rich now. Very early adopters who mined thousands of bitcoin might be rich now. We have already passed that phase. Current Bitcoin users/adopters might profit from bitcoin in the future, we wouldn't be life-changing "rich".

So owning 1 bitcoin will never be a life changer you think?

you didn't really answer any question posed.. Nice try. Yay you can type words.

Define 'life changing'? Are you hoping for 1 bitcoin to be worth $1m+?

And what are you doing to deliver this?

Remember a few people are holding the most Bitcoins right now, even Bitcoin hit the 10,000$, only few people will benefit from it, most people are small-amount holder.

thats an interesting question really

depends where you are sitting

in a HIGH office

or down at home on a Monday morning
after a weekend in Greater Manchester

We know there are only a few ppl sitting on large amount of bitcoin and being super rich in bitcoin. They are luck enough to get involved in it early. But most of bitcoin holders are just hoping to get rich in one night. It is impossible now. We need true believers who can hold, spend them and help improve its ecosystem. Probably one day we will find it worth the contributed time and money.

If you want to business with bitcoin and get rich then great. Speculation get richery is passe.

If you just want to get rich easy then you need an alt. With its recent fall in price, litecoins looking pretty good to me.

I personally can't say whether holding one bitcoin will be a life-changer or not, but if you want to increase the chances of becoming rich INNOVATE! Especially now that you have a sophisticated field built on simple concepts in which the incumbent powers are currently overlooking (they won't be overlooking for long).

The people who bought and shared early added a lot. They literally risked their income. What can we add now that is relevant and pushes the protocol forward with the same sort of importance? What is the risk we have to overcome now to earn a reward to mirror those before us?

There is a finite amount of BTC, when those are out, the value of bitcoin is determined by the largest group of users, those willing to spend the coins for simple things in life, housing, food and water. Those who want to be rich will stay rich and cling to their bitcoin and assets bought with it, the world will not change dramaticly.

The smartest people (very early adopters) in Bitcoin had the chance to get filthy rich very quickly.

This isn't the case anymore. Sure, if you have a load of fiat to trade with you can make good profits, but it won't be anything like some years ago.

But hey, no one knows how much Bitcoin is worth in 2020... Perhaps WE are still early adopters.

Everyone deserves to be rich. How much is rich? An abundance of close friends and family who love and respect you.

how many people should be able to get rich off bitcoin. Is there a limit of how many and or when bitcoiner's can get rich?
the number of people who will get rich from bitcoin will be small since there are a lot of maipulation in price and as a result a lot of panic sells and stuff like that.

There is something about bitcoin that seems it could be a major economic driver with its frictionless abilities.


Does it matter if bitcoin's price is $1 $50 $100 $250 $300 $350, $1265, $2000, $5000?
i think not! no matter what the price is or will be there always will be some people (experienced traders) who will profit by trading bitcoin at any price and fill their pockets while others buy with the hope of da moon and sell on the first deny in price!

In different countries in the world we have different standard what is ''rich'' man.
I don't think that is possible that each person in the world become rich or each bitcoin user become reach.
This will never happen.
If UN statistic is correct, 1 % of world population owns 99% of the world's wealth.
I think that this answer your question.

In some extremes like $1 per Bitcoin it does matter, because there are limited amount of 21 million of Bitcoins, trades worth ten million $ in Bitcoins would be impossible.

That's a great question for the whole world of money. How many rich people can a system support? It seems to depend on the system and how RICH each group is. The US seems to be a top system, and 1 million seems to be what we consider rich. So the US system is supporting 9.63 million millionaires. Is that like 3% or something... It would be great to contrast that with historical data and see if the system is getting stronger or weaker.

Man! i want to be rich

I think the OP is a random assortment of words generated by a bot.

lool that one cracked me up real good..come to think of it it does sound like that.. anyways the definition of rich is changing just like the BTC price.

everyone wants the good life but few get it

I think how much is rich depends on the place you r at... most places in Africa... Rich might be 10k$ where as in many places u can't even have a good life at that.

why no buy bitcoin now? It has declined a lot recently! Bitcoin is the leading crypto and its price increases a lot as more ppl adopted it! And comparing to invest in altcoin, you have more chance to get rich! I don't mean litecoin is not a good coin!
Just invest it, relax and wait a few years time, you will find the difference! I don't advocate speculating them! As the normal ppl, we have not any winning strategy for frequent trading. We can win a lot in one trade, but can lose all of our money in one trade and get out of crypto world.

I think you all somewhat missed my point about the frictionless nature of bitcoin. Considering you can move wealth around from person 2 person so easily without all the hoops you need to jump through just to get a bank account, only to get questioned about the money in your account…

I am not specifically talking about how many people can get rich off holding bitcoin alone, for example microsoft could technically get rich and earn a lot of money from bitcoin without actually owning any bitcoins, simply by selling products, creating a micro-economy because money is able to flow so freely creating a nice network effect of wealth creation.

you are rich when you don't care about the price of anything

that is subjective.

You should consider, what the definition of "rich" mean to different people. {In the 3rd world countries, people with a car or a house is seen as being rich... no matter if that person are in debt to have that car or house}

1. Man "A" has no debt and no car or house.
2. Man "B" has a car and a house, but he has a unpaid loan and a bond of say $2 000 000. 

Do you think Man "A" or Man "B" is rich?

The early adopters are in a much better place, if they still have those coins or the value after they sold it. {So yes.. they might be rich}

You can still get access to the NEW coins being released daily, so the "early adopter" coins should not exclude you from being rich.  ;) 

what if man C has a house and car no debt?

I guess this is somewhat my point, its not about the wealth created on potential future value in less than 5 years from creation. Millions of people can start businesses and wealth can be created in that, but this takes time, part of it is new people coming to this space, getting involved with bitcoin, perhaps earning some money from the gains in bitcoin and use that to reinvest in a business that can and will make money. Its slow yet still a quick process but in a few years there will be a lot more coins in the hands of more people, not less people… Some people earn bitcoins and never put a dollar into it..

Anyone within bitcoin can get 'rich' but they will now need to earn it it is not going to just change 1 bitcoin into dreams coming true unfortunately. You will have to work your ass of creating and building a successful business or imo you stand little chance. 4 billion market cap makes a few rich but not as many as you woud think. Bankers have no need to change the system they have total control over,

But there are many people who are not rich, and yet does not care about the price of anything.

bitcoin could hit 10m usd / coin if world adopted it , and i'd consider that pretty damn rich my friend : )

At such high level of adoption the BTC/USD rate would be rather irrelevant.

I agree with this.
Runpaint calls it again!

This is so true 10k in Africa could buy a shack type place and live for a few years if you have 100k which is 3-4 years of the middle wage in the UK, you would be just scraping by here but in another country you would have a life of luxury, my dream to make just enough to get out of dodge and into a country similar to Africa - Thailand to live out the rest of my days..

The first part of your musings are interesting. The carrying capacity of bitcoin is global M1, plus bonds, gold, silver, real estate, property and various other financialised assets that have been partially, sometimes excessively so, monetised by successive central bank pumped fiat monetary bubbles.

Frictionless, fungible, divisible, imperishable, verifiable, transportable bitcoin can be a major economic driver compared with current monetary offerings. It will continue to serve and benefit those who use it until something better comes along. The market naturally chooses the 'best' money and those who are using it ultimately benefit from that, be it swiss francs, US dollars, gold or british sterling. Noone wants to hold their savings in a devaluing money.

Rich?

I have more than the Kings of England could have imagined 100-200 years ago.  Fruit and vegetables out of season.  Go from London to Paris in a couple of hours.  Antibiotics.  Cell phone, with camera.

I have never missed a meal.

As Bob Marley said: Now that you got what you want, don't you want more.


And yet anytime I have spare fiat I buy cryptocurrencies.  Only because I believe it will enable me to continue not missing meals.

Home and property ownership was fairly high in the 1890s - if you were willing to relocate to the frontier.  Likewise after WW2, the GI housing bill and automobile ownership is what triggered the suburban housing revolution.

Today it is a lot harder to live in prior times.  In my area, a 3 bedroom home can start at $700,000 and people who graduated from law school or the engineering program wonder how they are supposed to get on the property ladder.

Really?  Then I want to hangout with you.  Especially with your comparison to a monarch from 100 years ago.  I want to see your private steamer, mansions in multiple European countries, armies of servants, prized horses and hunting dogs and all the female courtiers you fool around with.

So if Bitcoin goes to $1000 or $10000 and the dollar collapses at the same time all you'll be able to buy for $100 will be a burger. What then? will you feel rich owning a 10BTC, worth $1000? 
From a different perspective if bitcoin goes mainstream all of us that own coins right now will be relatively rich.

Being rich by hoarding USDollars or bitcoins is just an illusion: the real wealth is in the goods and services that are produced and exchanged in the economy.

I believe a lot in the sharing economy (apartments, car pools etc) as a way of using resources efficiently, in the optimal sharing economy you don't even need to have money to participate in the sharing economy. Instead you just have a good rating in a web of trust and people trust that you will contribute to the economy later on. Bitcoin would work as the public ledger in such economy, and hoarding bitcoins would not be necessary. The richness will instead be measured by your contribution to the sharing economy.

In 3 pages, not a single person answered the question in the title. Even if wealth is relative and money isn't everything and all that, I think we can still give a straight forward answer that actually attempts to answer the question, however outrageous and wrong it may be.

I'll start:

If bitcoin really is the "next big thing" after the internet, my guess is within 5-10 years, we'll have:

Tier 1:
100-200 people at 100M+

Tier 2:
1000-2000 people at 10M-100M

Tier 3:
5000-20000 people at 1M-10M

This is their wealth GAINED purely from crypto related projects, like companies, coins and whatever else. So if Bill Gates bought 5M worth of bitcoins and it grew to 6M, he's tier 3. If Warren Buffet then bought 100M worth of bitcoins and it dropped to 50M, he wouldn't be in any of those tiers.

Also, my values are based on the present purchasing power of USD in America.

How many bitcoins are required to reach that level? Well, there are currently 106 addresses with 10,000 bitcoins or more, and another 1445 with 1,000 or more. Assuming Satoshi has 300k-1M coins (lower and upperbound estimates I've read here), even if all of those are in the richest addresses, he would take up the top 11 addresses. Then there are people like the winklevii, Roger Ver, etc. I doubt they'd use 100,000 addresses, 1 for each bitcoin. So chances are, a good number of the 1,000+ addresses are theirs.

Of course, a lot of people can also earn a lot of money from crypto businesses/alt coins without owning a lot of bitcoins themselves.

My guess is that potentially everyone with over 5000 bitcoins may be in tier 1, those with more than 500 will at least be in tier 2, and you may become a millionaire if you buy 50 bitcoins today.



Extremely optimistic? Probably, but hey, why not?

Anyways, how many people should be able to get rich off bitcoin. Is there a limit of how many and or when bitcoiner's can get rich.
should??
only wise people and people with experience get rich off of anything. not people who want to get rich quick in one night.

Does it matter if bitcoin's price is $1 $50 $100 $250 $300 $350, $1265, $2000, $5000?
it matters a little. if the price is say $10000 the early adoptors or people who bought at lowest price and held for long will get rich but others will profit from every rise and fall

shut up! everyone shut up bitcoin has dropped like 35 bucks :(

For me, I don't see or worry about the subject of getting rich. What is more important is that whatever fiat money that I have right now should still hold the same value or worth some day in the future. That is my bitcoin still retains the same value compared to fiat which is actually losing its worth.

Oh dear the lord did not see that coming no?

This is the cycle of life my friend it will increase and it will decrease the trick is understanding this and then playing the game as best as you can.

Bitcoin has made many people rich and will continue to do so but these are people that are pro active and go getters they did not just buy a coin or 2 and expect to get rich they done something about it, investing, trading, creating,working.

Only those who deserve to be rich will become rich.

I often say the same thing.  No king could listen to 12 different orchestras per hour, 24 hours a day, for free.  We can.  

Did you know there was a President of the United States who was killed by cherries with human feces on them?  That was the best in the world.  And what was the best medicine in the world, for the President?  The doctors gave him opium, to stop the diarrhea, and then maybe they cut open his veins for the healing powers of bloodletting.

http://www.foodsafetynews.com/2011/02/the-bug-that-poisoned-the-president/#.VPhNNPnF_A0

You can get rich with bitcoin without even having a single bitcoin, personally however I think many people's main aims are to become financially stable with the help of investments through bitcoin.

What your discussing is the value of the Utility of Bitcoin, you can send 21 Million dollars @ 1 Dollar a coin with 21 Million coins, or 1 Coin @ 21 Million USD a coin whats the difference? Since we have a finite amount of Bitcoin, depending on the number of uses of Bitcoin, number of actors actively using Bitcoin, and currently available coins will determine the market price of the coin. It matters to some degree because if it is only 1 dollar a coin, the maximum value the Bitcoin network could secure is only worth 21 Million USD. I am unsure what is a reasonable amount of wealth is typically stored in one type of currency, upwards of Trillions of USD of wealth I would guess. (Now imagine their are over ~50 currencies like this)


I digress from your point about friction, rich is a really relative term much like Intelligence. I would argue that anyone who spends enough time with Bitcoin's Technology becomes rich just from trying to understand how things work.

Based on crude values in my head, if we had some sort of Full worldwide adoption (Not possible in my mind), I would say that less than 10,000,000 Bitcoin Users would be considered "rich" in a monetary sense by today's standards. In 2012 their were ~5 Million Millionaires in the United States alone, with ~10+ Million Millionaires world wide. Can't be more than 10 Million, in my mind and would certainly be much more than 100,000 users. 1/700 of the users of Bitcoin in the world are Rich by that crude math. In reality it might be worth nothing or more than we can hope for -shrugs-