What people aren't realizing is that if you do become a Millionaire in Bitcoin, the second you cash out you will have to pay a 40% capital gains tax, which will leave you with only $600k. Socialism FTW!
anyone who ends up with over a million or several million $ worth of btc could easily fly to switzerland or the emirates or china etc or wherever there is no or very little tax to be paid trying to bring the cash back home would be stupid though so i would probably live in an alternative country than give up half my money for tax .......... A million isn't really enough to do much these days. 5 million is probably barely enough if you live frugally* and you are single. If you have a family, you'll probably need 20M+. *Frugally, in the context of being upper-class. No $1000 bottles of wine everyday, no caviar and truffles with wagyu everyday, no vacation villas around the world, etc. |
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us cockroaches aren't afraid of nukes.
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Is it another thing trying to manipulate you? Yes and No.
You're already in a mad scientist's lab, who is doing experiments on your brain. Everything you think you know is just an illusion that he put in your head. So while bitcoin is just another one of those, he doesn't really need it to manipulate you further; you're already in his complete control.
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I think the majority of people on here don't hold enough btc for a 1k price to affect too much.
A better question would be if your BTCs are suddenly worth 1M*, would you cash out**? How about 10M? 100M?
*1M USD, present value
**By cashing out, I mean exchanging to fiat or buying stuff with it, instead of hodling.
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You can access this site from China with a VPN, although to post, you'll have to pay a hefty fine
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I don't know, but I have a question that may influence how this thread goes...
How much did you drink?
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I dealt with depression for a bit when I lost about 1btc on a 90% bet. Over time you forget it, that's how I overcame it. Just think of other things, spend time with family, try to forget whatever is making you sad and you will eventually overcome it. Good luck
With Gambling there will always be highs and lows, same goes for investing. Heck almost every aspect of your life can be up and down. This is great advice by funtotry, time heals all wounds, it will get easier and easier. Just hang tough and you will get through whatever you need to. You over think the problem and say "oh my life is so bad im so sad" but as time goes on you think less and less of it, and now I realize how much from giveaways I made, more than 1btc probably, and all the times I actually won. How much OTHER people have lost, much more than my 1btc, and they are probably laughing at losing 1btc. At least until bitcoins are worth 1mil each... then you can open a thread about how if anyone deserves a million dollars, it's you :p |
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Hodl until the end. I'll buy things with it, thanks. No cashing out for me, ever. Or that's what I tell myself... If it ever hits 1 million THEN I'll cash out, not any earlier.
That is the beauty of btc it is a free market and you can do what you want, but you may have to hold forever because the math will not allow btc to go to a million from what i have worked out of course i maybe wrong but it will need roughly 35trillion to get there lol Where is that money coming from? You don't need 35 trillion. If by that time 99% of bitcoins are hodled/used directly, then only 1% of it will be traded, thus only 350 billion is needed. Where are you working out your math dude? It matters not what you are doing with the coins if each coin has a value of $1,000,000 and there is 15,000,000 supply that is 15trillion market cap that means there needs to be $15trillion in bitcoin TO HOLD A $1,000,000 for it to get to that price does it not? On a side have no idea where i got 35trillion from lol I didn't calculate, I just used your number. The thing is, market cap doesn't mean that's exactly how much its worth. Let's say that Satoshi owns every single bitcoin, and then he auctions off 1 bitcoin for 1 million. Then the market cap of all bitcoins would be # of bitcoins * 1,000,000. Also, only 1 million USD is needed to achieve this result, you don't need however many trillions. But if he auctioned off 10 bitcoins, then they probably won't fetch 1 million each. If he auctioned off 1,000,000 bitcoins, they almost certainly wouldn't be worth 1 million each anymore. So you don't actually need enough cash to buy every single bitcoin at a certain price in order for bitcoins to be trading at that price, if that makes sense at all. |
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Hodl until the end. I'll buy things with it, thanks. No cashing out for me, ever. Or that's what I tell myself... If it ever hits 1 million THEN I'll cash out, not any earlier.
That is the beauty of btc it is a free market and you can do what you want, but you may have to hold forever because the math will not allow btc to go to a million from what i have worked out of course i maybe wrong but it will need roughly 35trillion to get there lol Where is that money coming from? You don't need 35 trillion. If by that time 99% of bitcoins are hodled/used directly, then only 1% of it will be traded, thus only 350 billion is needed. |
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I swear. The moment someone says, "I'm from Antarctica" I am flipping fucking tables.
I'll spare you the effort, since I'm from Daedelia Planum (a "continent" on Mars). |
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There may be something even worse than faucets, and that's signature campaigns below posts on this forum. I'm using them, so I can't criticize much, but it's sad to see people writing new posts obviously without reading what's been said already.
Anyway, my case is solid. I gave 2 arguments why faucets are bad for BTC, and nobody so far have proved them wrong.
LOL. You have no idea what an argument is. You have no case at all, since you gave no argument. All you said was that faucets only give a very small amount of bitcoins. How does that invalidate faucets in any way? We might as well get rid of all minimum wage jobs, since these people earn a lot less than CEOs and Bankers. You have not logically shown how facuets are bad for bitcoin (and they aren't), thus you don't have an argument. Try again. |
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greatest obstacle for bitcoin right now is how to obtain it. Unless obtaining bitcoins become A LOT easier, it will be very difficult for it to succeed.
And for those who think that it's "not that difficult to obtain bitcoin", that's because you're a huge believer and/or a real techie. For the other 99.9999% of the world, even if they get some interest in bitcoin, they'll give up once they see they have to give so much real info and wait days for confirmation from an exchange, and obviously they won't be able to mine since it's really hard for a non techie to understand how to mine, and even if they did, they don't have the equip to mine any significant amount.
People first learn about how bitcoin is "anonymous", and then all the exchanges want to know every single thing about them... it really just doesn't work. I think this is the biggest obstacle bitcoin has, and no matter how many stores accept it, if this doesn't change, bitcoin can't be mainstream.
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Name: futureofbitcoin
Posts: 16
Activity: 14
Position: Newbie
Address: 1D5JBVEWrAaeWL87pwzdtTmCt3BHSuwqm9
I would like to join both signature and pm campaigns, thanks.
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Faucet is not worth time & enegry, but it needed to introduce newbie to understand bitcoin
But, after they realize faucet is not worth. They would search better way to earn bitcoin like gambling with faucet / do signature campaign
I think only owner of faucet & miner are the one who get profit from faucet
gambling is not a good way to earn anything. I agree faucets are not worth the time for people in developed nations, but it doesn't make it bad for bitcoin |
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What exactly is the damage faucets do? All you've shown is your dislike for faucets, which is fair, but you haven't given any convincing reason of why or how it's bad for bitcoin. It isn't.
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10,000 bitcoins. Not because bitcoins aren't valuable, but because you want to retire as a USD billionaire (in the present value of USD)  |
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bitcoin will definitely not "fix" inequality (although whether that's something that needs fixing is another topic).
But I don't think bitcoin will contribute to more inequality, at least not by much. With every new technology or paradigm shift, there is always people who are minted as the new elite, and as time passes, they or their descendants will eventually be incompetent and lose most or all of their wealth. This cycle has been going on forever, and I don't think it'll stop any time soon. Perhaps it will in the far future when we have true abundance, but not now.
Bitcoin is just a new thing that will make some people rich, but it's not going to change the overall distribution landscape by that much. After all, whether fiat money or bitcoins, they're just a very small portion of the world's total wealth. With or without bitcoins, some people will earn money, other people will lose money.
@12345mm:
One mistake you are making is taking a snapshot of an ever changing distribution. Because fiat has been around for a long time, it is stable, relatively speaking. Bitcoin is not.
If you take a look at the blockchain in 2008, you could say bitcoin is a lot fairer than fiat, since everyone has the same amount (0). You could also take a look at when the first few blocks were mined, and see that all the bitcoins were owned by one person. It has infinite inequality.
But we see that the distribution of bitcoins is very different now than it was in 2008 and 2009, and it will continue to change significantly. Taking a simple snap shot of the current distribution is not necessarily indicative of the future distribution.
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comparing btc distribution to global wealth distribution is a valid perspective if we're talking global population and mass adoption percentages ... and by what you're saying it would actually be *even worse* in terms of disparity since fiat wealth only makes up a fraction of total worth held by the wealthy 1% of humanity ... it'd therefore render the distribution of bitcoin vs fiat currency distribution far far worse than 35000X less equitably distributed ! ... it could be even worse by an additional factor of 10x to 100x ! (if you ignore physical assets and only count liquid currency of the world's wealthy) ...
yeah, it's valid in some context, but it's not valid comparing btc distribution and fiat distribution, and then using stats for the total wealth distribution as the stats for fiat distribution. Also, comparison btc distribution and saying it creates more wealth disparity isn't necessary correct, because bitcoins are a part of total wealth distribution. I'm not making a comment on the conclusion of these comparisons, it might be correct, it might be not, but either way, the logic to compare it is flawed. |
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Other than the distribution for Bitcoins being far, far worse than fiat is distributed? And getting better by the day, while fiat wealth distribution is getting worse by the day. I bet the distribution of 'fiat' is actually quite "fair", since most people with a lot of wealth will buy assets such as real estate and stocks, instead of keeping fiat.
You don't have to "bet" anything, because this information is freely available at your fingertips. And no, it's most definitely NOT getting better. You're not getting my point. Bill Gates can donate away all his fiat money except a $100 dollar bill. He will be fiat poor, but he's still wealthy because most of his money is in microsoft stocks and such, NOT in fiat. A person can own 1 dollar and be worth more than someone with 1000 dollars. If we're comparing bitcoin to fiat, then bringing in the total WEALTH distribution is a logical fallacy that makes the comparison meaningless. You're comparing apples to poker cards. Show me this "freely available info" of how much fiat currency Bill Gates or Warren buffet or the top 1% holds. Theoretically even with an extremely uneven distribution of fiat or bitcoin, the total wealth distribution can still be fair, given that bitcoin-rich people are asset poor, and bitcoin-poor people are all asset rich. Yes, this is obviously not the case and won't be, it's simply to illustrate that you can't compare bitcoins to total wealth. You can also have every single person in the worth having the exact same amount of fiat and bitcoins, and the wealth distribution can still be incredibly skewed because some people are asset rich some are asset poor. Besides, your idea of "better" isn't necessarily the objective truth. Your idea of better isn't necessarily what everyone else wants. |
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We're forgetting that that is a distribution of income, not fiat.
I bet the distribution of 'fiat' is actually quite "fair", since most people with a lot of wealth will buy assets such as real estate and stocks, instead of keeping fiat.
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