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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 594717 times)
rpietila
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February 17, 2014, 09:14:31 AM
 #801

2018 $18,000 (US votes for BitCoin backed Dollar)

As in "The FED announces it has all USD backed by 18kUSD BTCs"? Do the math how far off you are even if they had 21 million bitcoin by that date. That would put US M1 to 21MɃ * 18k$/Ƀ = 378G$ << 2.7T$

Good point math champ!  Question then, if BitCoin were to replace 100% of the world's fiat tomorrow, how much would 1BTC be worth in USD?

Define the world's fiat and do the math yourself.

The world is valued at 400T (trillion) USD currently.

Because USD will die, we can only use the relative figures.

Most of the financial system serves absolutely no legit purpose (except to siphon wealth from producers to puppetmasters via innumerable methods).

When all that is destroyed, BTC can perhaps store 25% of value, which is 100T at current prices and would be 8M per bitcoin in purchasing power. (I would use 5 million to be on the safe side)
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Tirapon
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February 17, 2014, 09:30:14 AM
 #802

2018 $18,000 (US votes for BitCoin backed Dollar)

As in "The FED announces it has all USD backed by 18kUSD BTCs"? Do the math how far off you are even if they had 21 million bitcoin by that date. That would put US M1 to 21MɃ * 18k$/Ƀ = 378G$ << 2.7T$

Good point math champ!  Question then, if BitCoin were to replace 100% of the world's fiat tomorrow, how much would 1BTC be worth in USD?

Define the world's fiat and do the math yourself.

The world is valued at 400T (trillion) USD currently.

Because USD will die, we can only use the relative figures.

Most of the financial system serves absolutely no legit purpose (except to siphon wealth from producers to puppetmasters via innumerable methods).

When all that is destroyed, BTC can perhaps store 25% of value, which is 100T at current prices and would be 8M per bitcoin in purchasing power. (I would use 5 million to be on the safe side)

Still need to get to $300k first.  Smiley
wang_yan
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February 17, 2014, 09:42:27 AM
 #803

2018 $18,000 (US votes for BitCoin backed Dollar)

As in "The FED announces it has all USD backed by 18kUSD BTCs"? Do the math how far off you are even if they had 21 million bitcoin by that date. That would put US M1 to 21MɃ * 18k$/Ƀ = 378G$ << 2.7T$

Good point math champ!  Question then, if BitCoin were to replace 100% of the world's fiat tomorrow, how much would 1BTC be worth in USD?

Define the world's fiat and do the math yourself.

The world is valued at 400T (trillion) USD currently.

Because USD will die, we can only use the relative figures.

Most of the financial system serves absolutely no legit purpose (except to siphon wealth from producers to puppetmasters via innumerable methods).

When all that is destroyed, BTC can perhaps store 25% of value, which is 100T at current prices and would be 8M per bitcoin in purchasing power. (I would use 5 million to be on the safe side)

Still need to get to $300k first.  Smiley

It's happening very soon.

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February 17, 2014, 03:44:08 PM
 #804



When all that is destroyed, BTC can perhaps store 25% of value, which is 100T at current prices and would be 8M per bitcoin in purchasing power. (I would use 5 million to be on the safe side)

There is also a significant difference in the practical maximum amount of velocity between the current credit based financial systems and what Bitcoin can maintain.  Assuming that the transaction volume issues can be solved or worked around, bitcoin can turn over it's entire currency base every hour.  The US dollar credit system, for example; while transactions can be completed nearly instantly (like Visa) the final settlement of those transactions still require weeks on average.  Furhermore, velocity is limited in the private realm as well, since there is a delay of about a week from the time an employee earns his wages to the time he can receive, deposit and cancel his paycheck.  The net effect of higher velocity is similar to inflation, so not as much bitcoin would be required to service the world's transaction needs as is present in the fiat currency totals.  Keep in mind, that although the employee is unlikely to get paid more often than weekly, if Walmart was accepting bitcoins at the registers and paying their employees as well, it's entirely plausible that the employee who gets paid in bitcoin today for last week's work will still be getting paid out of bitcoins spent at the register the same day as his payday, gathered up automaticly from registers across the world.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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February 17, 2014, 04:47:28 PM
 #805

What are you going to do with your Bitcoin wealth once your coins hit upwards of $10,000 a pop?

46.83 billion US dollars.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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February 17, 2014, 05:51:02 PM
 #806

You belong to the wealthy elite as long as the bitcoin price stays at these levels but have you considered the fact that the system has techinical problems and therefore cannot be used for currency.
Recently we have seen this type of things happening around bitcoin.
Remember, you belong the wealthy elite as long as you have the cash - perhaps it is time to start taking the profits and make sure you have something left if the coin crashes while the new rockets will replace the old giant.
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February 17, 2014, 06:09:48 PM
 #807

2018 $18,000 (US votes for BitCoin backed Dollar)

As in "The FED announces it has all USD backed by 18kUSD BTCs"? Do the math how far off you are even if they had 21 million bitcoin by that date. That would put US M1 to 21MɃ * 18k$/Ƀ = 378G$ << 2.7T$

Good point math champ!  Question then, if BitCoin were to replace 100% of the world's fiat tomorrow, how much would 1BTC be worth in USD?

Define the world's fiat and do the math yourself.

The world is valued at 400T (trillion) USD currently.

Because USD will die, we can only use the relative figures.

Most of the financial system serves absolutely no legit purpose (except to siphon wealth from producers to puppetmasters via innumerable methods).

When all that is destroyed, BTC can perhaps store 25% of value, which is 100T at current prices and would be 8M per bitcoin in purchasing power. (I would use 5 million to be on the safe side)

Still need to get to $300k first.  Smiley

It's happening very soon.

How do you know? Im looking for info but so far no-thing interesting found
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February 17, 2014, 06:59:04 PM
 #808

You belong to the wealthy elite as long as the bitcoin price stays at these levels but have you considered the fact that the system has techinical problems and therefore cannot be used for currency.

That's a strange statement, since I've been using as currency for four years.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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February 17, 2014, 07:12:57 PM
 #809

You belong to the wealthy elite as long as the bitcoin price stays at these levels but have you considered the fact that the system has techinical problems and therefore cannot be used for currency.

That's a strange statement, since I've been using as currency for four years.

He is here to pump WorldCoin so it is not surprising he is bashing bitcoin - see his post history.
Erdogan
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February 18, 2014, 12:40:09 AM
 #810

I'm pretty confident the people from the first 10-12 or so pages are the new wealthy elite, gentlemen........ but the rest of us? Lol, keep dreaming pal. Maybe in 5 years AND if we're lucky.

Since Dec 2013, I feel broke as hell

If all goes well, we will have at least a multiplication of 10 each year. Depending on how much you put in (USD 10000, USD 1000 or USD 100 , you will have to wait 2, 3 or 4 years to get a million 2013 USD). In some parts of the world, that is the definition of being rich. A dollar millionaire.

4 years is nothing unless you stand with one foot in the grave.

Also, don't forget risto's strategy to dollar out. During the rise, dollar out substantially less than 90 % of your hoard. That means you can take out a considerable amount for consumption each year (but less than 90%), then the value of the rest of your bitcoins will still rise year by year.

In short, if you have discovered bitcoin now, well before the adoption has reached its natural level, you don't have to feel broke at all.

MakeBelieve
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February 18, 2014, 12:46:38 AM
 #811

I think a lot of us still have a good chance of becoming rich it just depends on how much we invest and if we are willing to take the risk of losing it all.

On a mission to make Bitcointalk.org Marketplace a safer place to Buy/Sell/Trade
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February 18, 2014, 12:48:41 AM
 #812

By the time we reach page 100, they will look back at us here on page 42 in envy. My family can't believe that I will be a multi millionaire in a few years with my .25 bitcoin, but i told them they don't understand because they've been trained to love fiat currencies and that they can either join in or follow the other sheep with their paper money. Never thought I could ever become part of thr wealthy elite, but now we know anything is possible!

Night gathers, and now my bitcoinwisdom watch begins.
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February 18, 2014, 12:52:24 AM
 #813

By the time we reach page 100, they will look back at us here on page 42 in envy.
[...]

... unless there is a page inflation episode, and we get to page 100 tomorrow!


minerherecoin
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February 18, 2014, 04:16:07 AM
 #814

Saving this post at 0.5 btc in my account. To the moon.
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February 18, 2014, 04:21:37 AM
 #815

By the time we reach page 100, they will look back at us here on page 42 in envy. My family can't believe that I will be a multi millionaire in a few years with my .25 bitcoin, but i told them they don't understand because they've been trained to love fiat currencies and that they can either join in or follow the other sheep with their paper money. Never thought I could ever become part of thr wealthy elite, but now we know anything is possible!

Millionaire status might be achieved at a faster pace if you have a little more than .25BTC  Prices are pretty good right about now.  But hey, it is a start at least and crazy to think you are in the top 1 percent of the world (not sure the exact number here but I am guessing) with just that amount. 

1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
Erdogan
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February 18, 2014, 11:51:31 AM
 #816

just get such a kick out of this thread title and OP every time it re-surfaces, such moxy, it's great ... dreams are free and BSing at the top of a rally is hilarious.

Every time this thread is resurrected, it is a bullish signal.

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February 18, 2014, 11:54:35 AM
 #817

wrong, you are not the new elite, you are the old elite. noone who is poor could have ever afforded to mine or buy bitcoins or any other cryptocurrency. its a wealthy-people-thing only.
Jomppe
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February 18, 2014, 12:08:52 PM
 #818

You belong to the wealthy elite as long as the bitcoin price stays at these levels but have you considered the fact that the system has techinical problems and therefore cannot be used for currency.

That's a strange statement, since I've been using as currency for four years.


Based on the slowness of transaction.
It can be used for transactions that are rare (such as buying lambo or a castle in Estonia), but not for everyday purchases such as cup of coffee/tea and bag of food etc. You see, it is too slow for merchants (the 1st confirmation takes 10 minutes).
WorldCoin takes 30 seconds. The transaction is fully confirmed within 1 minute.
salstimda
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February 18, 2014, 12:11:33 PM
 #819

You belong to the wealthy elite as long as the bitcoin price stays at these levels but have you considered the fact that the system has techinical problems and therefore cannot be used for currency.

That's a strange statement, since I've been using as currency for four years.


Based on the slowness of transaction.
It can be used for transactions that are rare (such as buying lambo or a castle in Estonia), but not for everyday purchases such as cup of coffee/tea and bag of food etc. You see, it is too slow for merchants (the 1st confirmation takes 10 minutes).
WorldCoin takes 30 seconds. The transaction is fully confirmed within 1 minute.

30 seconds or 1 minute is still way too long for a coffee or any other everyday purchase
poewerden
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February 18, 2014, 12:19:02 PM
 #820

You belong to the wealthy elite as long as the bitcoin price stays at these levels but have you considered the fact that the system has techinical problems and therefore cannot be used for currency.

That's a strange statement, since I've been using as currency for four years.


Based on the slowness of transaction.
It can be used for transactions that are rare (such as buying lambo or a castle in Estonia), but not for everyday purchases such as cup of coffee/tea and bag of food etc. You see, it is too slow for merchants (the 1st confirmation takes 10 minutes).
WorldCoin takes 30 seconds. The transaction is fully confirmed within 1 minute.

1 Bitcoin confirmation is safer than hundreds of shitcoin confirmations. Keep fooling others in altcoin section...
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