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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 608255 times)
RealBitcoin
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December 28, 2015, 11:25:10 AM

i am still far away from the wealthy elites. i need a lot a lot more btc in order to be consider as elite and wealthy. hope to get more btc. it is so hard to get now.

If you do only sig campaigns then it is. Try out investing somewhere it might make you bigger profits.

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December 28, 2015, 11:31:52 AM

I am pretty sure next year will be good year for bitcoin,

if bitcoin hit 1000$ I would go to vacation with my whole family and pay all of my mortgage

so thats why i am trying so hard this year to earn more bitcoin

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December 28, 2015, 12:14:13 PM

i am still far away from the wealthy elites. i need a lot a lot more btc in order to be consider as elite and wealthy. hope to get more btc. it is so hard to get now.

buy more bitcoin, with your day job, there is no other option, to accumulate more, while the price is still low enough for average joe to enter, i consider below 1k reachable for many

no other good way to accumulate directly bitcoin anymore, this is the last stand i think
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December 28, 2015, 12:19:43 PM

I will second you that also I am confident about to be part of new elite of Bitcoin in future.Although it is taking taking time but one thing is sure there will a significant rise in price of Bitcoin over the time.
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December 28, 2015, 12:22:20 PM

In couple of years these current prices will be part of past and one would just wish to had invested some part of ones savings in Bitcoin.Bitcoin just like every new innovation will reward it holders and creates new richer persons for sure.
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December 28, 2015, 12:24:44 PM

Price of bitcoin realistically can reach at around 5000-10000$ maximum.Those who have at least 10 bitcoins in their portfolio will benefit from this dramatic increase in price ,whenever it will happen.

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December 28, 2015, 12:26:51 PM

There are lot of predictions regarding possible ATH in future which varies from 2k to 100 k $ for 1 BTC.I would be happy if we will be able to see anywhere between this range of price.
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December 28, 2015, 12:30:28 PM

I was very lucky to purchase some bitcoins today. I think you are spot on. If less than 50 million will be made, the value per bit coin will be ridiculous in the coming months...

There is only ever going to be 21,000,000 Bitcoins in circulation. Of course the price of 1 Bitcoin is going to be through the roof.

BTC can be replaced at any time. The infrastructure is compatible with any other alt.

Yes, for sure it could be replaced, but what would the incentive be to do it? There are 1000's of companies and merchants around the world invested in it and it's backed by one of

the strongest decentralized networks on earth. The new alt coin would have to be brilliant for people to migrate away from Bitcoin or Bitcoin would have to have some major

flaws for people to start doing it. For now, we are still potentially wealthy contenders.  Roll Eyes

They're invested in the backbone itself, not Bitcoin. There is a HUGE difference. It's like saying "why would that airport switch from airplanes to helicopters? They already set themselves up for airplanes." They're easily cross-compatible.

Although another coin could replace bitcoin, this happeining anytime soon is pretty unlikly id say. If millions of people end up putting money into bitcoin either to use or as an investment its goin to take something pretty serious to convince them to try what at the end of the day is just some alt coin. Bitcoin is cryptocurrency. there can be only one!! (main one)

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December 28, 2015, 01:19:34 PM


Although another coin could replace bitcoin, this happeining anytime soon is pretty unlikly id say. If millions of people end up putting money into bitcoin either to use or as an investment its goin to take something pretty serious to convince them to try what at the end of the day is just some alt coin. Bitcoin is cryptocurrency. there can be only one!! (main one)

Yep the top 20 already contains better coins than bitcoin or with better features, yet bitcoin still owns 97% of the total altcoin market share.

So that replacement either will never come or it will take many years, and give people a fair chance to switch to the new coin in time.

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February 28, 2016, 02:18:58 AM

There is something to be said about enjoying the journey for sure! It is so weird waking up day after day to amazing growth. We are still so new to this it is almost shocking. I keep thinking and waiting for this huge crash back to reality but then we had this supposed "crash" this week and we are still well above our initial investment. 

We are relatively late to this too. I can only imagine what it is like for some of you that bought coins in the $1-$10 range and held until now. Crazy.
But part of the fun of all of this is the anticipation for sure. Even if Bitcoin does not reach the super high milestones predicted by some, it has been way too much fun so far! Almost addicting really. I might need some therapy here soon.
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February 28, 2016, 06:15:55 AM

There is something to be said about enjoying the journey for sure! It is so weird waking up day after day to amazing growth. We are still so new to this it is almost shocking. I keep thinking and waiting for this huge crash back to reality but then we had this supposed "crash" this week and we are still well above our initial investment. 

We are relatively late to this too. I can only imagine what it is like for some of you that bought coins in the $1-$10 range and held until now. Crazy.
But part of the fun of all of this is the anticipation for sure. Even if Bitcoin does not reach the super high milestones predicted by some, it has been way too much fun so far! Almost addicting really. I might need some therapy here soon.

Welcome to the beginning.
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February 28, 2016, 06:48:56 AM

There is something to be said about enjoying the journey for sure! It is so weird waking up day after day to amazing growth. We are still so new to this it is almost shocking. I keep thinking and waiting for this huge crash back to reality but then we had this supposed "crash" this week and we are still well above our initial investment.  

We are relatively late to this too. I can only imagine what it is like for some of you that bought coins in the $1-$10 range and held until now. Crazy.
But part of the fun of all of this is the anticipation for sure. Even if Bitcoin does not reach the super high milestones predicted by some, it has been way too much fun so far! Almost addicting really. I might need some therapy here soon.

I heard an my friend known on online opportunities and a very capable professional person tell me during a discussion that bitcoin is the gold of the virtual world. We were discussing together about the value of a new asset which practically at the moment have not any kind of use but according to me has great potential. He told me the opposite (with reason) arguing that have not value something that have not use. I remembered to him the bought of pizza for 10 000 bitcoins (so even bitcoin was firstly without any kind of value) and he told that the actual value of the asset is a speculative one (having any kind of use). I am stopping here further explanations about our discussions brought here only to tell that the discussion went ahead even after his definition of bitcoin like the gold (make at the beginning of our discussion) and only to tell that this definition didn't made me any kind of impression. And continued my discussion with him even after hearing that. Then reading again all the discussion (was a chat discussion) understand really the value of this expression. Fits exactly with my meaning of its value. I am a lover of bitcoin. But more as a technological product than like e currency. And, as for me, exactly in this way can be understand his value. Mainly as a technological point of value. As a ethalon of every product born after it using the same technology. And like such, its life is (will be) yet to be lived even for much much more time. And its value will be always a point of reference (whatever can be its figure). Exactly like gold in the real world.
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February 28, 2016, 06:56:09 AM

I am also pretty confident that we are. After people realise Bitcoin is the currency of the future, we will be world renowned as the pioneers of Bitcoin.


 
 
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cr1776
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May 29, 2016, 12:55:47 AM

I am also pretty confident that we are. After people realise Bitcoin is the currency of the future, we will be world renowned as the pioneers of Bitcoin.

When you have a week like the last week, it makes me think of this thread and wonder how Atlas is doing IRL.
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May 29, 2016, 01:29:32 AM

NXT is pretty fast, it has 1 min block time, compared to 10min in btc, so i dont know what your talking about.

If the use case is an exchange that enables day trading, 1 minute is an eternity to some.

besides fastcoin, there were not other altcoin with a faster block time, 1 min is considered the best for altcoin already lowering even more is only asking for a better orphan rate

Yea 1 min is pretty solid, i would even go as far as 3 min.   But 10 min seems too slow for me.

I have to wait usually 20-30 min for a TX to complete, it's ridiculous.


How spoiled we became, for bank transfer we wait 4 days, and we are angry to wait 30 min for bitcoin transfer Cheesy

But still, if its possible, why not make it 2-3 min long?

because the transactions have to propegate over the entire worlds, 2-3 minute average transaction time means that in a lot of cases the transactions don't arrive in time and the network will often not agree on the order of transactions and forks would happen all the time

and spam attacks become easier, reducing the amount of transactions that can be included.

also, the security of a transaction is based on the amount of effort it requires to 'undo' it. So a transaction that is 6 blocks deep in a 10 minute average block-time means it would need about 1 hour of work to undo (all while racing the current blockchain). If you make 1 minute blocks, you'd need to be 60 blocks deep for the same security, so nothing really changes.

Faster blocks are definitely not an improvement.
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May 29, 2016, 01:31:02 AM

There is something to be said about enjoying the journey for sure! It is so weird waking up day after day to amazing growth. We are still so new to this it is almost shocking. I keep thinking and waiting for this huge crash back to reality but then we had this supposed "crash" this week and we are still well above our initial investment. 

We are relatively late to this too. I can only imagine what it is like for some of you that bought coins in the $1-$10 range and held until now. Crazy.
But part of the fun of all of this is the anticipation for sure. Even if Bitcoin does not reach the super high milestones predicted by some, it has been way too much fun so far! Almost addicting really. I might need some therapy here soon.


most of those people have sold at least some of their coins by now.

yeah there might be a handful of people who still hold a few 1000 coins, but those are really rare.

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May 29, 2016, 03:18:42 AM

There is something to be said about enjoying the journey for sure! It is so weird waking up day after day to amazing growth. We are still so new to this it is almost shocking. I keep thinking and waiting for this huge crash back to reality but then we had this supposed "crash" this week and we are still well above our initial investment. 

We are relatively late to this too. I can only imagine what it is like for some of you that bought coins in the $1-$10 range and held until now. Crazy.
But part of the fun of all of this is the anticipation for sure. Even if Bitcoin does not reach the super high milestones predicted by some, it has been way too much fun so far! Almost addicting really. I might need some therapy here soon.


most of those people have sold at least some of their coins by now.

yeah there might be a handful of people who still hold a few 1000 coins, but those are really rare.



How do you prove that is so rare?
Bitcoin used to sell in public for as low as $0.003/btc (yes ~one third of a penny per BTC), so you could mine/buy many thousands and (after losing/giving away over half) still easily have more than several thousand left.
Accept and worship your elite Bitcoin overlords.  Cheesy

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May 29, 2016, 04:13:06 AM

There is something to be said about enjoying the journey for sure! It is so weird waking up day after day to amazing growth. We are still so new to this it is almost shocking. I keep thinking and waiting for this huge crash back to reality but then we had this supposed "crash" this week and we are still well above our initial investment.  

We are relatively late to this too. I can only imagine what it is like for some of you that bought coins in the $1-$10 range and held until now. Crazy.
But part of the fun of all of this is the anticipation for sure. Even if Bitcoin does not reach the super high milestones predicted by some, it has been way too much fun so far! Almost addicting really. I might need some therapy here soon.


most of those people have sold at least some of their coins by now.

yeah there might be a handful of people who still hold a few 1000 coins, but those are really rare.



How do you prove that is so rare?
Bitcoin used to sell in public for as low as $0.003/btc (yes ~one third of a penny per BTC), so you could mine/buy many thousands and (after losing/giving away over half) still easily have more than several thousand left.
Accept and worship your elite Bitcoin overlords.  Cheesy

well, for one, there are only 15 million bitcoin in circulation, so at most 15000 people can possibly even own 1000 coins.

but there's also a website that tracks all bitcoin wallets (note how all transactions are on the blockchain, so it's easy to watch all wallets and see how much is in each wallet) and makes a rich list, knd of like the Quote 500, but more accurate.

Here's an overview of people above a certain threshold amount of bitcoin.
Quote
1BTC:   465,992
10BTC:   125,460
100BTC:   12,907
1,000BTC:   1,585
10,000BTC:   110
100,000BTC:   3
Total(>0BTC):   7,250,077

as you can see, there's only 1500 wallets with more than 1000 bitcoin in them.

There's about 13000 wallets with more than 100 bitcoin in them

For the record, there are about 11 million millionares in the US alone.

There are about 1800 billionaires in the world.

So, even if 1 bitcoin would become $1,000,000 then it would not create "too many billionaires."

In fact, the wealth distribution would be similar to how it is now if bitcoin would be $1,000,000

which only further supports the assumption that bitcoin still has plenty of room to grow.

Also since there's only about 7 million non-empty wallets (and many people use more than 1 wallet) not even 1 in a 1000 people even owns a fraction of a bitcoin. And not even 1 in 10,000 own more than 1 bitcoin.

Are you seeing why i keep saying that bitcoin will not stop rising in price any time soon, and $100,000~10,000,000 prices are not only likely, but ultimately inevitable. (Assuming mass adoption, which at this point in itself is almost inevitable as even banks and governments are getting involved).

Also note that some of these huge (1000+) wallets belong to satoshi and others are for example cold wallets of casinos or exchanges. So the actual amount of bitcoin super-rich is tiny. The 3 wallets that contain over 100,000 bitcoin are most likely all belonging to satoshi. Actually they're probably exchanges, seeing as how much money is moving around regularly on these addresses

In a time window of 5 to 10 years I expect bitcoin to be somewhere between $100,000 and $10,000,000 in price range. (My best guess would be somewhere near 3.5 million) Depending on the scale of the adoption. Barring mayor problems along the road.

On top of all this, this chart (http://ondn.net:800/topamount) shows that even though most holders have been accumulating bitcoin, the total amount held by the top 100 wealthiest bitcoiners has actually gone down recently, while the top 1000 wealthiest has gone up. (although it's tracking wallets, not persons, so maybe they just split their money over more wallets). Either way, it doesn't look like "the rich are getting richer" and it seems like the wealth is getting distributed slightly more evenly. (As you would expect from the way bitcoin is designed, even though perfect wealth distribution is impossible in any system, bitcoin is more fair than fiat by design).
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May 29, 2016, 04:47:47 AM

Exchanges have way more Bitcoin than anyone else, it's not real BTC

but in combination with money velocity and asset transfers

it does add wealth, so in effect it dilutes real Bitcoin wealth

in a type of complex situation combined with other things like

network security, customer relationships, supply and demand

confidence rationalitity government type etc

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May 29, 2016, 06:37:15 AM

I would like to believe that such  expected prices are really possible, but it is just speculation. I will be very satisfied if the bitcoin price reaches the $2000 level and perhaps at that point I would sell a good part of my coins, and will keep the other part to see what the future can bring for us.


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