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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 609279 times)
wachtwoord
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July 02, 2014, 09:07:39 PM
 #1741

If we assume half of the earths population will eventually have bitcoin and we evenly spread all 21 million coins between 3.5 billion people than everyone would have 0.006 bitcoin.

I have no idea how much money everyone has on average (it will vary greatly between countries, in the US the average net wealth per adult is about $244k, while in Polans it's more like $20k and in african countries it's probably even much less).

But anyway if you have more than 0.006 bitcoin you're at least above average on a global scale (assuming at least 50% of the world population will eventually use bitcoin).

Not that that does not automatically mean you are wealthy, because even the top 50% is usually not wealthy on a global scale, so to be safe you should probably have more like 10 times that amount at least. But i;d advice to get as many as you can afford to buy without sacrificing too much on your current lifestyle.

Where did you get the figure of $244k net wealth for US adults? That seems ridiculously high to me.. maybe for the white, retired demographic who own their own homes, but for the average adult, who's paying a mortgage and car loans and saves little if anything toward retirement... I've got to call bullshit.

I already answered this:

The average isn't that important. The median is very important though.

A relatively low amount of outliers at the top skew the results dramatically.

In that case, median net wealth for US adults is only ~$38,000 USD. Which I actually find surprisingly high.

Thanks for that data point! Smiley

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July 02, 2014, 09:10:18 PM
 #1742

In that case, median net wealth for US adults is only ~$38,000 USD. Which I actually find surprisingly high.
That median is composed of the under 40 crowd who largely have negative net worth, and the over 50 crowd who compose the richest generation to ever walk the face of the earth and whose assets (stocks and house prices) are being propped up via money printing.
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July 02, 2014, 09:37:05 PM
 #1743

In that case, median net wealth for US adults is only ~$38,000 USD. Which I actually find surprisingly high.
That median is composed of the under 40 crowd who largely have negative net worth, and the over 50 crowd who compose the richest generation to ever walk the face of the earth and whose assets (stocks and house prices) are being propped up via money printing.

If they're the wealthiest generation ever, then why are the debt-laden 20 and 30 somethings financing their retirements via unsustainable social security and medicare programs? And why would they willingly elect representatives who back these programs? Seems to be against their own self interests.

Night gathers, and now my bitcoinwisdom watch begins.
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July 02, 2014, 09:40:20 PM
 #1744

If they're the wealthiest generation ever, then why are the debt-laden 20 and 30 somethings financing their retirements via unsustainable social security and medicare programs? And why would they willingly elect representatives who back these programs? Seems to be against their own self interests.
Great questions.

Coincidently, isn't it amazing how the age groups which the current system is financially raping are are also the age groups at the forefront of Bitcoin adoption?

http://www.pewsocialtrends.org/2011/11/07/the-rising-age-gap-in-economic-well-being/
Ron~Popeil
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July 02, 2014, 10:25:01 PM
 #1745

In that case, median net wealth for US adults is only ~$38,000 USD. Which I actually find surprisingly high.
That median is composed of the under 40 crowd who largely have negative net worth, and the over 50 crowd who compose the richest generation to ever walk the face of the earth and whose assets (stocks and house prices) are being propped up via money printing.

If they're the wealthiest generation ever, then why are the debt-laden 20 and 30 somethings financing their retirements via unsustainable social security and medicare programs? And why would they willingly elect representatives who back these programs? Seems to be against their own self interests.

Because it is useful for politicians to make them out to be the vulnerable and down trodden.  That generations votes in large numbers and will invariably vote in favor of government goodies.

cbeast
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July 02, 2014, 11:34:53 PM
 #1746

In that case, median net wealth for US adults is only ~$38,000 USD. Which I actually find surprisingly high.
That median is composed of the under 40 crowd who largely have negative net worth, and the over 50 crowd who compose the richest generation to ever walk the face of the earth and whose assets (stocks and house prices) are being propped up via money printing.
I think you mean the over 65 crowd.


Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
rpietila
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July 03, 2014, 06:16:40 AM
 #1747

In that case, median net wealth for US adults is only ~$38,000 USD. Which I actually find surprisingly high.
That median is composed of the under 40 crowd who largely have negative net worth, and the over 50 crowd who compose the richest generation to ever walk the face of the earth and whose assets (stocks and house prices) are being propped up via money printing.
I think you mean the over 65 crowd.

True. The boomers are 65-68 yo this year.

Their assets must be quickly confiscated, otherwise they are inherited by the people in productive age!!  Shocked
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July 03, 2014, 06:41:49 AM
 #1748

...
True. The boomers are 65-68 yo this year...

FYI: The "Baby Boom" years covered much more than just 3 years.
The post WW2 USA boom was for an incredible 18 year period:
http://en.wikipedia.org/wiki/Baby_boom#United_States

Djo
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July 03, 2014, 07:01:39 AM
 #1749

Will bitcoin ever replace currenries we have today ?
validium
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July 03, 2014, 07:25:36 AM
 #1750

Will bitcoin ever replace currenries we have today ?

It might happen, but a sort of a revolution has to occur whereby people will lose faith in centralized monetary system i.e if they don't think their money is no longer safe.
maybe an 1/8th of the worlds population

boumalo
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July 03, 2014, 09:29:27 AM
 #1751

Will bitcoin ever replace currenries we have today ?

It might happen, but a sort of a revolution has to occur whereby people will lose faith in centralized monetary system i.e if they don't think their money is no longer safe.
maybe an 1/8th of the worlds population


If the USD, the Euro and the Yen collapse relatively to hard assets, Gold, or Bitcoin people will see the value of a decentralized currency that is not daily manipulated by the State

stevegee58
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July 03, 2014, 12:11:53 PM
 #1752

Will bitcoin ever replace currenries we have today ?

It might happen, but a sort of a revolution has to occur whereby people will lose faith in centralized monetary system i.e if they don't think their money is no longer safe.
maybe an 1/8th of the worlds population


It wasn't 1/8 of the world's population but we saw it happen during the Cyprus banking crisis.  Suddenly Europeans went on a BTC buying spree presumably because it was seen as a hedge against "bail-in" bank account seizures.

You are in a maze of twisty little passages, all alike.
wachtwoord
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July 03, 2014, 12:19:56 PM
 #1753

Will bitcoin ever replace currenries we have today ?

It might happen, but a sort of a revolution has to occur whereby people will lose faith in centralized monetary system i.e if they don't think their money is no longer safe.
maybe an 1/8th of the worlds population


It wasn't 1/8 of the world's population but we saw it happen during the Cyprus banking crisis.  Suddenly Europeans went on a BTC buying spree presumably because it was seen as a hedge against "bail-in" bank account seizures.

I don't really think ever happened. People in general (not just Europeans) bought on the news because they speculated on this.

Ron~Popeil
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July 03, 2014, 05:50:41 PM
 #1754

Will bitcoin ever replace currenries we have today ?

It might happen, but a sort of a revolution has to occur whereby people will lose faith in centralized monetary system i.e if they don't think their money is no longer safe.
maybe an 1/8th of the worlds population


It wasn't 1/8 of the world's population but we saw it happen during the Cyprus banking crisis.  Suddenly Europeans went on a BTC buying spree presumably because it was seen as a hedge against "bail-in" bank account seizures.

There are a lot of places that is likely to happen again. I hate to say it but I could even see the US getting to that point.

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July 07, 2014, 08:48:08 AM
 #1755

I've always wanted a senator, but I couldn't decide whether I wanted a Republican or a Democrat. Maybe I'll just get one of each! Cheesy
doubleredrolex
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July 10, 2014, 10:13:53 AM
 #1756

I need more BTC... trying to buy a little at a time.. Wish i got in 3 years ago when they were cheap Smiley

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LostDutchman
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July 10, 2014, 10:57:02 AM
 #1757

I need more BTC... trying to buy a little at a time.. Wish i got in 3 years ago when they were cheap Smiley

Me too but I thought Bitcoin was just silly gaming shit.

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JayJuanGee
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July 11, 2014, 02:03:01 PM
 #1758

If bitcoin reaches that amount, there is going to be lot of rich anarchists and libertarians. I imagine that will have interesting political consequences...

That is why I usually do not waste any time convincing liberals to buy bitcoins...they can enjoy the system they prop up.

The longer they prop it up the more painful it will be when it falls. I must admit I don't talk about it much to anyone. I want more time to accumulate my own before everyone else figures it out.


Yeah, if we are lucky, maybe you will be able to double your BTC holdings from 2BTC to 4 BTC within the next 2-6 months.  I am thinking that you will need quite a bit of luck, if you think that BTC prices are going to stay down in the next 6, but surely anything is possible.

RodeoX
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The revolution will be monetized!


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July 11, 2014, 02:17:18 PM
 #1759

I need more BTC... trying to buy a little at a time.. Wish i got in 3 years ago when they were cheap Smiley
They weren't cheap then either. $1 per bitcoin was seen a crazy high price. 

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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July 11, 2014, 02:24:51 PM
 #1760

Hmm, what will I do with my Bitcoin's?

I think, that when they are worth a whole lot more they will sponsor my first car Cheesy
Like a Golf GTI or something...

Let's hope all the people who don't dare touching BTC will get burned to death when we are all rich people!
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