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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 507947 times)
Erdogan
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July 02, 2014, 07:46:49 PM
 #1741

I was just skimming through very old threads, its amazing how people used to talk about 100-1000btc (or more), like it was nothing. I hope for their sake they held on.
Hopefully in two years they'll say the same about "people who own 1 or more bitcoin"

Will crypto win over fiat?
Is BTC the winning crypto?

As long as the answer to both of these questions is positive, just hold any number above BTC1 and you will be rich, and anything over BTC0.1 will be doing well, anything over BTC0.01 is above average, since the average guys will have BTC0.001 or less.

It does not matter at all how much fiat someone has, until he buys BTC with it, he will have none.

I was just thinking that at some point this logic (that even BTC1 is hugely valuable) should become widely known.  It hasn't crossed that line yet though.  The sentiment still seems to be that it is somewhat risky and highly speculative.

When will the masses see the value in holding 1?  I suppose this "knowledge" will be shown in the adoption rate but there might be a tipping point where it becomes more clearly obvious to a larger number of people.  

i don't think it's speculative, it just feels as if BTC1 is not enough to feel rich and be able to live the life i want to life. (Go on holidays with friends without having to work for a 'boss' and without having to worry about money).

I feel i need at least about BTC10 to do that. But maybe i'll be surprised. I will still keep trying to increase my stash to as high as i can get it.

The problem with bitcoin compared to fiat is that you don't easily earn interest on it, unless you invest it, but so far most investments are pretty risky, so i only feel comfortable having a fraction of my bitcoins invested. Of course the upside is that bitcoins don't inflate nearly as much as dollars, and after a while they will even start deflating.

More and more people use bitcoins, more innovation, time and effort are put in and around the protocole and the world wealth increases while the number of new bitcoins released everyday will reduce overtime; they won't deflate though except if you are thinking at the moment where all bitcoins will be mined to the last satoshi and that some people will lose their bitcoins

Bitchick: Don't feel obliged to invest. In a free world, it is up to the individual to decide. Say you have some amount of money, and, divided on the number of years you expect to live, it is enough to have a good life. Then you are free to choose that. If it is not enough, or if you want to earn more for any reason, do invest.

The problem with the current system is that saving is in practise disallowed. Even if everyone has four times more resources now, compared to two generations ago, it seems it is not allowed to save and live a quiet life.


Believe me, Bitchick and I have been all in longer than that.  We've invested everything that we can afford to be without.

I am sure you are, the comment was more about investing (as in getting profit or lending for interest so others can invest and profit) contra just saving, or holding money. Just holding is okay. Psycologial support. That's all.

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kireinaha
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July 02, 2014, 08:43:14 PM
 #1742

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, car loans, and student loans and saves little if anything toward retirement... I've got to call bullshit. Not to mention all the 20 and 30-somethings who still live with mom and dad.

Night gathers, and now my bitcoinwisdom watch begins.
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July 02, 2014, 08:46:26 PM
 #1743

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.

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July 02, 2014, 09:01:21 PM
 #1744

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.

Night gathers, and now my bitcoinwisdom watch begins.
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July 02, 2014, 09:07:39 PM
 #1745

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
 #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.
kireinaha
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July 02, 2014, 09:37:05 PM
 #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.

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
 #1748

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
 #1749

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.
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July 02, 2014, 11:34:53 PM
 #1750

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.
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July 03, 2014, 06:16:40 AM
 #1751

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
 #1752

...
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

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July 03, 2014, 07:01:39 AM
 #1753

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

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July 03, 2014, 09:29:27 AM
 #1755

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

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July 03, 2014, 12:11:53 PM
 #1756

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.
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July 03, 2014, 12:19:56 PM
 #1757

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.

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July 03, 2014, 05:50:41 PM
 #1758

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
 #1759

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
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July 10, 2014, 10:13:53 AM
 #1760

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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