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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508159 times)
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July 05, 2016, 06:32:41 AM
 #3381

This is such a legendary thread. We are definitely going to be a part of the wealthy elite even now when the bitcoin price is already sky high in my opinion. Even though there are already a lot of adopters right now, there are still opportunities.

So get onto this bitcoin ship while you still can.

I'm on the ship but not gunning to have that 2100 BTC.   To tall an order.  I don't mind being a part of the elite at the moment.  Inching my way to earn my first BTC is my more immediate goal, who knows, I may acquire it this year.

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July 05, 2016, 04:35:34 PM
 #3382

I hope we really are Cheesy Lets get wealthy at first,then we can become 1337 lol.
Anyway a lot of people knows what bitcoin is so i cant call us as an elite,unless you can do good profit here.
Lets hope we all going to do Smiley
Hahaha! If he said that a few years ago, I would agree.. Today, everyone I knew who is into internet are also into collecting bitcoins. So how then can we say that we are the elite? Oh well, unless we earn much more than the usual bitcoin fanatics, maybe you can consider yourself an elite. Just saying... Smiley

being realistic ,one of "the elite " will probably be owning 21+ bitcoins
then you are really in the 1 in a million club .........
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July 06, 2016, 03:05:31 AM
 #3383

I hope it is true but I also need to accumulate some more before it takes off. It is already very expensive to get in now so we need to scrape together all we can in the next few years.
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July 06, 2016, 03:30:36 AM
 #3384

Those people who has a very huge amount of bitcoin since the bitcoin started they were the true wealthy elite or maybe some of you . I know theres one or more people here that has bitcoin since the start of bitcoin and the price was not too much expensive . For now of you have 20 btc and up you are already in the wealthy elite cathegory .

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July 06, 2016, 02:26:53 PM
 #3385

Those people who has a very huge amount of bitcoin since the bitcoin started they were the true wealthy elite or maybe some of you . I know theres one or more people here that has bitcoin since the start of bitcoin and the price was not too much expensive . For now of you have 20 btc and up you are already in the wealthy elite cathegory .
I dont think there are a lot of people who bought bitcoin freshly after it was launched,and they still hold it.
Maybe someone who would forget about it but well,imagine buying 1000 btc for less than 1000$ because it was the price of btc back then.
But well nobody did that cause when someone bought 1000btc for 1000$ and he would notice btc is 3$ he would probably sell it all... Nobody would think it can go so high.

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July 06, 2016, 02:30:21 PM
 #3386

Those people who has a very huge amount of bitcoin since the bitcoin started they were the true wealthy elite or maybe some of you . I know theres one or more people here that has bitcoin since the start of bitcoin and the price was not too much expensive . For now of you have 20 btc and up you are already in the wealthy elite cathegory .

20 BTC translates into roughly $13,000. That could be around 1.5 months salary for somebody in a first world country.
I don't think you can call them elite at present.

 

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July 06, 2016, 02:36:37 PM
 #3387

Diversifying into Bitcoin as one hedge against fiat currencies is a wise thing to do, but like everything I would put my money in various baskets, like metals as well. Maybe owning 100 or one thousand bitcoins may make someone rich in the future. Not sure about holding ten bitcoins, what that will do.

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July 06, 2016, 07:20:34 PM
 #3388

Those people who has a very huge amount of bitcoin since the bitcoin started they were the true wealthy elite or maybe some of you . I know theres one or more people here that has bitcoin since the start of bitcoin and the price was not too much expensive . For now of you have 20 btc and up you are already in the wealthy elite cathegory .

20 BTC translates into roughly $13,000. That could be around 1.5 months salary for somebody in a first world country.
I don't think you can call them elite at present.


Agreed that 20 BTC would not put someone into elite status in all locations, especially at current prices, but it is a real decent goal for a lot of folks in all parts of the world.


I understand that in the beginning of this thread, many of the larger coin holders may have held 10k or more coins, yet as time has passed and some of the the price dynamics in the space have come to be realized but also have changed as well in terms of upside potential for bitcoin involving a lot more distributed capital (including a lot of those initial folks do not hold as many coins, either), we have had to recognize that the goal posts have shifted, some of the perspective has shifted based on bitcoin's past performance and currently, folks have to do what they can in terms of accumulating BTC and considering ongoing upside price potential for bitcoin, to the extent that they believe that upside potential still exists.

I live in a first world country (i believe the usa is still considered such?), yet people here still can be very jittery regarding bitcoin risks and rewards potential, and even with those folks accumulating 20 coins can be a manageable goal because they have the income that could unexpectedly put them in a real decent and better place in the 5-10 year future.

On the other hand, someone living in a 3rd world country, who may earn $10k a year or less will likely have to struggle a whole hell-of-a lot more to accumulate, even just to acquire a few coins, and acquiring 20 coins for someone in tougher financial circumstances may well put them in the very wealthy elite within their country in the coming years (assuming exponential growth of even 5 or 10x), even though the resulting financial status may not be considered as wealthy elite in other more wealthy parts of the world.

In any event 20 coins does seem to be a decent goal for quite a few folks all around the world (whether they can easily reach it or not), yet for me, on a personal level, my initial goal in late 2013 was a bit higher than than 20 btc, and I already reached my goal in about mid 2014, and because of subsequent decreasing BTC prices between mid 2014 and most of 2015, I have acquired several times higher than my initial goal (sometimes goals need to adjust based on personal circumstances and even circumstances of the space), which is good for me, and surely it still remains quite unclear whether having had substantially surpassed such an initially set goal is going to cause me to become a wealthy elite, even though I am currently thinking that bitcoin is going to remain one of my most profitable investments for some years to come, and I have been in the btc investment strategy for the longer term.

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July 06, 2016, 07:24:34 PM
 #3389

Diversifying into Bitcoin as one hedge against fiat currencies is a wise thing to do, but like everything I would put my money in various baskets, like metals as well. Maybe owning 100 or one thousand bitcoins may make someone rich in the future. Not sure about holding ten bitcoins, what that will do.


Yeah.. no one knows how many would actually be needed to achieve personal goals, and therefore everyone needs to tailor their own accumulation goals in accordance with their own circumstances without putting too much at risk, also.

It seems that no matter what the outcome (even if bitcoin does happen to depreciate in value from here), like you assert qiman, it would be wise for anyone to diversify some investment into bitcoin.. whether that is .5% of investment capital or 50% of investment capital becomes somewhat an individualistic calculation.

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July 06, 2016, 07:31:34 PM
 #3390

Those people who has a very huge amount of bitcoin since the bitcoin started they were the true wealthy elite or maybe some of you . I know theres one or more people here that has bitcoin since the start of bitcoin and the price was not too much expensive . For now of you have 20 btc and up you are already in the wealthy elite cathegory .

20 BTC translates into roughly $13,000. That could be around 1.5 months salary for somebody in a first world country.
I don't think you can call them elite at present.
Well, I wouldn't say 1.5 months salary for a lot of people. For some of the upper class that number would be maybe 1 months wages, for some of the poorer people that's 1/4 of what they'll earn for the year (when it's not being eaten up by rent, utilities and everything else).

20 BTC would, by a lot of people's definitions, make someone elite. If they have a relatively expandable $13,000, there are definitely some people who would call that elite (especially all the liberal arts majors who can at best get a minimum wage job). Maybe something like 42 Bitcoin would make someone more elite, however. One in 500,000.

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July 06, 2016, 07:40:31 PM
 #3391

I don't agree Bitcoin is going to be this worth ever. All this is just hype under emotional attachment to Bitcoin. I love Bitcoin and blockchain technology but it will never be worth more than few thousands of dollar. We need to lower our expectations to avoid the disappointment if this never happens. I have guess about 2000 $ maximum for a Bitcoin price.
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July 06, 2016, 07:52:23 PM
 #3392

I would look at it from a different standpoint.
Considering that (believe it or not) 90%, if not more of population, knows jackshit about
computers, having a up and running altcoin/bitcoin wallet with even tiny amount of
coins in it, makes one an elite.
Riches or wealth not always are measured in the amount of money on the account.
Knowledge and experience with modern technology, IMO are one of those unmeasured
riches.
Sure that 20, 50 coins (relatively) are not that huge amount of cash but consider how many
working hours, problems solving, XP etc that quantity consumed. No body will rob you from this, maybe accept Alzheimer Tongue

If you know how to operate BTC, if you understand how it works, you already are among elite.
I do realise that this is some form of wishful thinking but really most people cant change their email password without serious stress producing problems...where we talk about most advance net tech. on daily basis.  
 

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July 06, 2016, 07:54:31 PM
 #3393

Any one caring more than 1 full bitcoin to their wallet is part of the 0.003% richest world population. Yes it takes only this small amount to be hold in bitcoin to be in the 0.003% richest people who owns some bitcoin. I also agree that if not we will be soon the new wealthy elite. Bitcoin empowers people.

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July 06, 2016, 08:32:45 PM
 #3394

I don't agree Bitcoin is going to be this worth ever. All this is just hype under emotional attachment to Bitcoin. I love Bitcoin and blockchain technology but it will never be worth more than few thousands of dollar. We need to lower our expectations to avoid the disappointment if this never happens. I have guess about 2000 $ maximum for a Bitcoin price.

I agree with you that we do not either put all of our eggs in the 5x or 10x basket or place those kind of high BTC price appreciation expectations as inevitable, yet that does not mean that bitcoin is not going to have a decent likelihood of continuing to serve as one of the best investment vehicles for the coming years...

The fact of the matter is that currently, there are a lot of strong fundamentals regarding bitcoin, whether that results in exponential price increases or not.

jangloos, you don't have any idea, either, regarding the future of BTC prices, and your self-imposed perception limit of $2,000 per BTC seems to be caught up in unit value thinking rather than an assessment of market capitalization and overall value added.. .. which $2k seems to be quite arbitrary and unrealistic, considering BTC fundamentals, including investments into it and an amazing computing power that continues to increase into hashrate territories never before seen by mankind.

  If we go with your maximum expectation of $2,000 per BTC, that is a marketcap of $40 billion... and very small companies such as linked in and what's app have sold for less than that.. and $40 billion seems kind of mediocre to me if you consider the value added of bitcoin compared with some of those other companies that sold for less...  but sure, you can limit the growth potential of BTC (in your own mind) all that you want in order to not be disappointed.

I personally am prepared for BTC price movements in either direction, but I also invest in BTC, in part, because I continue to believe that it has ongoing development that continues to justify fairly decent upside potential, and there is even potential in the $1 million per coin territory (believe it or not), but yeah, I am not dumb enough (and no one else should be either, even if they perceive the possibility) to expect as inevitable that $1million per coin is going to come as any kind of certainty (beyond maybe 1% in 10 years or something like that), but with bitcoin it is continuing to develop and evolve, so what was considered 5 years ago may need to change based on today's considerations and 1 year from now or 5 years from now, we may need to reconsider our assessments and expectations of bitcoin also based on factors and developments currently unknown. 

We are not locked into our current perceptions and assessments of bitcoin, and nothing is absolute, including your lowball $2k per BTC maximum assessment.. which, yeah, you could be correct that is what happens, and it could be correct that bitcoin never sees $700 ever again...

Yet, nonetheless, you should recognize your own seemingly self-imposed limitations in your thinking to suggest, never beyond a certain price point, and you need to consider BTC's price situation in terms of probabilities and not absolutes.


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July 06, 2016, 10:31:26 PM
 #3395

I don't agree Bitcoin is going to be this worth ever. All this is just hype under emotional attachment to Bitcoin. I love Bitcoin and blockchain technology but it will never be worth more than few thousands of dollar. We need to lower our expectations to avoid the disappointment if this never happens. I have guess about 2000 $ maximum for a Bitcoin price.

I agree with you that we do not either put all of our eggs in the 5x or 10x basket or place those kind of high BTC price appreciation expectations as inevitable, yet that does not mean that bitcoin is not going to have a decent likelihood of continuing to serve as one of the best investment vehicles for the coming years...

The fact of the matter is that currently, there are a lot of strong fundamentals regarding bitcoin, whether that results in exponential price increases or not.

jangloos, you don't have any idea, either, regarding the future of BTC prices, and your self-imposed perception limit of $2,000 per BTC seems to be caught up in unit value thinking rather than an assessment of market capitalization and overall value added.. .. which $2k seems to be quite arbitrary and unrealistic, considering BTC fundamentals, including investments into it and an amazing computing power that continues to increase into hashrate territories never before seen by mankind.

  If we go with your maximum expectation of $2,000 per BTC, that is a marketcap of $40 billion... and very small companies such as linked in and what's app have sold for less than that.. and $40 billion seems kind of mediocre to me if you consider the value added of bitcoin compared with some of those other companies that sold for less...  but sure, you can limit the growth potential of BTC (in your own mind) all that you want in order to not be disappointed.

I personally am prepared for BTC price movements in either direction, but I also invest in BTC, in part, because I continue to believe that it has ongoing development that continues to justify fairly decent upside potential, and there is even potential in the $1 million per coin territory (believe it or not), but yeah, I am not dumb enough (and no one else should be either, even if they perceive the possibility) to expect as inevitable that $1million per coin is going to come as any kind of certainty (beyond maybe 1% in 10 years or something like that), but with bitcoin it is continuing to develop and evolve, so what was considered 5 years ago may need to change based on today's considerations and 1 year from now or 5 years from now, we may need to reconsider our assessments and expectations of bitcoin also based on factors and developments currently unknown. 

We are not locked into our current perceptions and assessments of bitcoin, and nothing is absolute, including your lowball $2k per BTC maximum assessment.. which, yeah, you could be correct that is what happens, and it could be correct that bitcoin never sees $700 ever again...

Yet, nonetheless, you should recognize your own seemingly self-imposed limitations in your thinking to suggest, never beyond a certain price point, and you need to consider BTC's price situation in terms of probabilities and not absolutes.


It's already difficult making assuptions and speculations in terms of absolute values. Probabilities would be better, but this way you lose the point of an estimation. The estimation is a simple idea of what is it worth for you. If you put probabilities you could have an infinity number of estimations which makes no sense.

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July 07, 2016, 02:01:26 AM
 #3396

I would look at it from a different standpoint.
Considering that (believe it or not) 90%, if not more of population, knows jackshit about
computers, having a up and running altcoin/bitcoin wallet with even tiny amount of
coins in it, makes one an elite.
Riches or wealth not always are measured in the amount of money on the account.
Knowledge and experience with modern technology, IMO are one of those unmeasured
riches.
Sure that 20, 50 coins (relatively) are not that huge amount of cash but consider how many
working hours, problems solving, XP etc that quantity consumed. No body will rob you from this, maybe accept Alzheimer Tongue

If you know how to operate BTC, if you understand how it works, you already are among elite.
I do realise that this is some form of wishful thinking but really most people cant change their email password without serious stress producing problems...where we talk about most advance net tech. on daily basis.  
 

... this guy gets it. The new money is information.

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July 07, 2016, 07:03:51 AM
 #3397

[edited out]

It's already difficult making assuptions and speculations in terms of absolute values. Probabilities would be better, but this way you lose the point of an estimation. The estimation is a simple idea of what is it worth for you. If you put probabilities you could have an infinity number of estimations which makes no sense.

It is neither impossible nor necessarily confusing to outline probabilities for various scenarios. 

Below are two probabilities' projections that I made.

The below first one I made on March 7, 2016:


500$ btc when?

Probably as a result of the block reward halving, so in the summer. Nobody can unequivocally tell you that though.


Yeah...... I agree generally summer-ish.

Based on current market dynamics, I would predict going above $500 to be anywhere between 1 day and 2 years.


In my current thinking, the range of probabilities of going above $500 would look something like this.

1-5 days   = less than 2%

6-15 days   = less than 8%

16-30 days  = about 20%

31-60 days  = about 30%

61-120 days = about 50%

121-364 days = about 80%

1 year to 2 years = about 95%


Any better predictions?  


By the way, I would think that at this current moment and these current market conditions, most regular and somewhat knowledgable bitcoiners would also place the odds of bitcoin prices going above $500 first to be better than the odds of going below $300 first, but I'm sure that there are a number of outlier opinions on that.





Below is another prediction of probabilities that I made on May 10, 2016:




By the way bother, you shocked me when I saw you believeing in $25K - $250K within 5-10 years as I don't know if you re-call or not when we were talking on PM, you had nearlly 0.x% chance that we will reach those values within the given timeframe.

Don't get me wrong, you are a buddy and brother of mine, I just see and understand you are a bull and not a permabull like the minority rest of us.

I would like to know what caused to elevate your bullishness to that level, I'm extremely happy btw to see you crazy like us Tongue Grin

I understand what you are saying when you assert that it appears that I may have become more bullish in the past several months; however, really, in spite of the apparent inconsistencies, I don't believe that I have become more bullish than previously without some kind of actual reason based on actual market performance (at least, not in any significant or apparently contradictory way).

More or less, I think about it like this.  There is almost no way that the performance of bitcoin is completely mathematical (sure there is quite a bit of math involved in terms of network effects and reliability of the infrastructure etc) because it largely involves the behaviors (actions and reactions) of human beings.  So even though some things in bitcoin can be determined by math, we cannot really know how the behavior of human beings is going to play out and affect bitcoin in both positive and negative ways.

Look, we PM'd each other in September 2015, a week or two before bitcoin prices took off into a 2x bull run, in which none of us could have really anticipated, and also after nearly 2 years of downward price manipulation.  Those factors, and the place that we are at the moment, affect viewpoint - short term and long term and the various measures that may need to be taken in order to protect one's position (and investment).

There have been a lot of decent developments since September 2015, and also some real significant tests of the downside of bitcoin's price under those recent scenarios.  

Actually, when I PM'd you in September 2015, I gave you very specific probability ranges for various prices in the 5 year projection and the 10 year projection, and in my most recent post, I asserted "decent and reasonable possibilities of $25k to $250k".  Anyhow, I believe the outline of my September 2015 predictions and viewpoints can serve as a very decent thought experiment, and yeah, surely I would not mind filling those in again with actual guestimates of my feelings and viewpoint as of today.  If you want a follow-up post, then I will do it.. I think that it is a very good topic for this thread and for others to chime in if they want.


Thank at first my friend for getting my point the correct way and understood that I care for our friendship Smiley

Second, I would like to see a follow-up post please comparing your Sept. 2015 predictions and possibilities with the $25K-$250K and the reasons you believe in for the $25K-$250K ones as well.

I know this will take time and effort from you, thanks in advance and really so much appreciated, but as I always said, I always learn from you guys, especially from my dear friends, like you Smiley




Thank you for this discussion point. 

I believe it is a good thought exercise to consider our own views of the future and price possibilities (in our own thinking), and surely such an exercise can be specific and at the same time demonstrate how our subjective feelings can materialize into somewhat evolving views of probabilities. 

Here’s the substance of what I predicted to you via PM in late September 2015.


Probably, the below is a decent snapshot of my opinion... [regarding] 10 years and $100K

5 years:
less than $200 < 5 % chance
$200 to $300 about 5-10% chance
$300 to $500 30-40% chance
$500 to $1000 30-40% chance
$1000 to $5000 12-18% chance
$5000+ about 5% chance

10 years:
less than $200 < 2 % chance
$200 to $300 about 2-5% chance
$300 to $500 10-20% chance
$500 to $1000 20-25% chance
$1000 to $5000 15-20% chance
$5000 to $20,000 < 5% chance
$20,000 to $50,000 < 3% chance
$50,000 to $100,000 < 2% chance


Here’s my current speculation, and I feel that my numbers have not changed too much.  Of course, I am no expert, and I am kind of guessing off the seat of my pants and based on the totality of my current information and impression of circumstances regarding how the space has been developing:

5 years:
less than $200 < 2 % chance
$200 to $300 about 2-5% chance
$300 to $500 5-25% chance
$500 to $1000 25-40% chance
$1000 to $5000 8-30% chance
$5000+ about 8% chance

10 years:
less than $200 < 1.5 % chance
$200 to $300 about 1.5-3.5% chance
$300 to $500 3.5-15% chance
$500 to $1000 15-22% chance
$1000 to $5000 20-40% chance
$5000 to $20,000  5-15% chance
$20,000 to $50,000 3-10% chance
$50,000 to $100,000 < 3% chance



I would be interested to see how others plug in these kinds of predictions.











bitebits
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Bitcoin != exchange rate


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July 08, 2016, 05:50:22 PM
 #3398

I would look at it from a different standpoint.
Considering that (believe it or not) 90%, if not more of population, knows jackshit about
computers, having a up and running altcoin/bitcoin wallet with even tiny amount of
coins in it, makes one an elite.
Riches or wealth not always are measured in the amount of money on the account.
Knowledge and experience with modern technology, IMO are one of those unmeasured
riches.
Sure that 20, 50 coins (relatively) are not that huge amount of cash but consider how many
working hours, problems solving, XP etc that quantity consumed. No body will rob you from this, maybe accept Alzheimer Tongue

If you know how to operate BTC, if you understand how it works, you already are among elite.
I do realise that this is some form of wishful thinking but really most people cant change their email password without serious stress producing problems...where we talk about most advance net tech. on daily basis.  
 

... this guy gets it. The new money is information.

It is all about your reference. Bitcoin is (still) inevitably experienced in a bubble.

You can figure out what will happen, not when /Warren Buffett
Pay any Bitcoin address privately with a little help of Monero: on your mark, get set, go!
Superbitzz
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July 08, 2016, 06:49:33 PM
 #3399

Any one caring more than 1 full bitcoin to their wallet is part of the 0.003% richest world population. Yes it takes only this small amount to be hold in bitcoin to be in the 0.003% richest people who owns some bitcoin. I also agree that if not we will be soon the new wealthy elite. Bitcoin empowers people.
yes you have estimate correctly. but what about the price after 4 to 6 years. and holding bitcoin from the present time. i think there will be no dount about this. it is a fact that bitcoin can make a person so rich that he can consider himself in the list of wealthy elite class people.
hermanhs09
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July 09, 2016, 02:49:06 PM
 #3400

I understand what is all about this thread,it was made a long time ago.
Back then,people using bitcoin were really a elite,but now too many people know about BTC im so sorry Smiley

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