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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 507668 times)
salstimda
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February 18, 2014, 12:11:33 PM
 #821

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
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February 18, 2014, 12:19:02 PM
 #822

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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February 18, 2014, 12:23:34 PM
 #823

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.
Oh really? So how come it works in Berlin?
http://www.theguardian.com/technology/2013/apr/26/bitcoins-gain-currency-in-berlin
And remember, this was ten months ago, there are a lot more merchants accepting it now.

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February 18, 2014, 12:26:24 PM
 #824

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.

No, see
https://bitcointalk.org/index.php?topic=12156.msg5209552#msg5209552

Edit: This is a link to my post uptread.
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February 18, 2014, 12:28:15 PM
 #825

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.

Depends on where you live, someone living in Sweden or the USA can be quite poor with the standards of that country and still afford to buy half a bitcoin.
Owners of small quantities of bitcoin in the western world is by no means wealthy or elite. The fact that people are poorer in other places doesn't change that.

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salstimda
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February 18, 2014, 12:47:24 PM
 #826

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.
Oh really? So how come it works in Berlin?
http://www.theguardian.com/technology/2013/apr/26/bitcoins-gain-currency-in-berlin
And remember, this was ten months ago, there are a lot more merchants accepting it now.

The guy in this article is so delusional...its almost hilarious:

"The truth is, I really want to believe in it. And I like the fact that Bitcoin scares people in suits, because if this thing were to really take off, it would bankrupt a lot of bankers."

Sure, bankers aren't getting rich at all with Bitcoins, they are scared by it and get bankrupt by it...omg how naive...
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February 18, 2014, 12:48:45 PM
 #827

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February 18, 2014, 02:36:53 PM
 #828

1 Bitcoin = $1 million soon my fellow wealthy elite

A year or so ago, I would (while spiritually sympathetic with the bullishness) have quietly laughed away this suggestion as preposterous. Now, I don't think it is - the only problem is, thanks to Janet Yellen, that million-dollar bitcoin might only be worth about $50k or so in today's money. Still nothing to scoff at though. Smiley

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February 18, 2014, 02:46:37 PM
 #829

Well of course I am part of the elite, I always been. What is new is that everyone can be part of it. Bitcoin is open to everyone.
It doesn't matter your background and education. Anyone can learn. Information is free and transparent.
It doesn't matter how much you invest in, everyone can invest and make a profit.


I was wrong. I am such a fool ! I am probably an entitled-kid-who-got-everything-from-his-parents.

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February 18, 2014, 03:04:51 PM
 #830

1 Bitcoin = $1 million soon my fellow wealthy elite

A year or so ago, I would (while spiritually sympathetic with the bullishness) have quietly laughed away this suggestion as preposterous. Now, I don't think it is - the only problem is, thanks to Janet Yellen, that million-dollar bitcoin might only be worth about $50k or so in today's money. Still nothing to scoff at though. Smiley

Do your math. Janet Yellen's term as head of the FED is 4 years (I had to google that). If within her term 1Ƀ went to $1M being worth todays $50k, where is the rest of the value? In an 2000% inflated USD? Yeah, that could indeed drive the bitcoin price to such highs in a short time but then the valuation would only be a snapshot of a landslide and the next day 1Ƀ would be $2M. 2000% inflation in 4 years is 376% inflation per year. Assuming from where we are now to a total of 2000% in 4 years is a smooth process, things would look even worse USD not being anymore like within weeks.

What is new is that everyone can be part of it. Bitcoin is open to everyone.
It doesn't matter your background and education. Anyone can learn.

Well, I guess this is true in an idealistic sense but not in the real world. I evangelize Bitcoin to people and made no difference of background or education. Giving a $10 paperwallet to a filthy flying salesman feels sadistic though, no matter if I explain it to him patiently for 10 minutes or not. He will not remotely grasp my good intention as he's not used to good intentions and even if he does, he will not be able to get started for so many reasons, lacking smartphone and lacking education just being the most obvious.

I sad I "made" no difference of background, not "make" because now the shadiest of all people greet me in the street when I'm out with friends cause I was nice with them. Embarrassing with some, maybe dangerous with others who might think I am some wealthy elite gentleman, so there again is a barrier to entry even for the information flow.

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February 18, 2014, 03:05:00 PM
 #831

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

nxt/nem will be instantaneous

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salstimda
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February 18, 2014, 03:06:18 PM
 #832


Well of course I am part of the elite, I always been. What is new is that everyone can be part of it. Bitcoin is open to everyone.
It doesn't matter your background and education. Anyone can learn. Information is free and transparent.
It doesn't matter how much you invest in, everyone can invest and make a profit.


"Bitcoin is open to everyone"

Nope, its not. Well maybe for a few entitled kids who got everything from their parents it is. But for the majority of the world's population it isn't. The majority of the world population doesn't have a computer, even less people have internet, and most people don't have any money to buy bitcoins with, because they use all their money for food and still they starve.

I always get a little angry, if I see entitled kids from rich parents claiming everything is for free. The world doesn't work like that. Try to look beyond the little box you live in, pal.
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February 18, 2014, 03:38:39 PM
 #833


Well of course I am part of the elite, I always been. What is new is that everyone can be part of it. Bitcoin is open to everyone.
It doesn't matter your background and education. Anyone can learn. Information is free and transparent.
It doesn't matter how much you invest in, everyone can invest and make a profit.


"Bitcoin is open to everyone"

Nope, its not. Well maybe for a few entitled kids who got everything from their parents it is. But for the majority of the world's population it isn't. The majority of the world population doesn't have a computer, even less people have internet, and most people don't have any money to buy bitcoins with, because they use all their money for food and still they starve.

I always get a little angry, if I see entitled kids from rich parents claiming everything is for free. The world doesn't work like that. Try to look beyond the little box you live in, pal.

second that.. im in college and working 40 hours paying a 8k euro loan and 20k mortgage (neither are my debts,,, im 22) and i struggle to afford buyin any coins.. i havnt gone out in 4 months since i heard about crypto (not even for xmas) cos bar food, bills and other necessities i am putting everything i can into crypto in the hope that in 2-3-4-5 years.. my family wont be broke as shit like it has bin my hole life! i genuinely feel sorry for any one who can see the potential and the money that can be made but just cannot afford to put money in.. everyday things will always come first before investment.. i think the only way crypto will help people in 3rd world countries is by shielding them from inflationary currencies and by allowing family members to send money home with much lower fees but that will only happen once they have access to buy-send-sell coins.. i live in ireland and i have no way of cashing out and i dont see any way in the fore see-able future.. im not sending passport details and address details and all sorts to 3rd party exchanges/processors. fuck that! so i dont see how any one in a worse situation could? (yes i know theres far more people in allot worse situations)...

ps. i cant fucking stand those rich kids that think they deserve everything.. i also have little respect for any one who claims to be a "self-made millionaire" or successful business man/women when if you look into their back ground..  they come from wealthy families who could give them thousands to start out.. if you didnt earn every penny yourself, say so and stop acting like you worked your ass of to earn you first 1k,10k,100k... that first 10/20k is the hardest part... lets see them start with minimum wage jobs payin rent and bills and food and see how well they do.. dont claim to be self made if some one built the fucking ladder for you and all you had to do was climb it.. massive respect to anyone who came from a hard background and made something of themselves!

sorry.. rant over lol

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February 18, 2014, 03:45:35 PM
 #834


Shitstorm. Ok gentlemen, let me correct.

Bitcoin is open to anyone that can invest xx amount of money and have xx minutes per day to spend reading on the Internet about cryptocurrency.

Agree now ?

salstimda
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February 18, 2014, 03:55:06 PM
 #835


Well of course I am part of the elite, I always been. What is new is that everyone can be part of it. Bitcoin is open to everyone.
It doesn't matter your background and education. Anyone can learn. Information is free and transparent.
It doesn't matter how much you invest in, everyone can invest and make a profit.


"Bitcoin is open to everyone"

Nope, its not. Well maybe for a few entitled kids who got everything from their parents it is. But for the majority of the world's population it isn't. The majority of the world population doesn't have a computer, even less people have internet, and most people don't have any money to buy bitcoins with, because they use all their money for food and still they starve.

I always get a little angry, if I see entitled kids from rich parents claiming everything is for free. The world doesn't work like that. Try to look beyond the little box you live in, pal.

second that.. im in college and working 40 hours paying a 8k euro loan and 20k mortgage (neither are my debts,,, im 22) and i struggle to afford buyin any coins.. i havnt gone out in 4 months since i heard about crypto (not even for xmas) cos bar food, bills and other necessities i am putting everything i can into crypto in the hope that in 2-3-4-5 years.. my family wont be broke as shit like it has bin my hole life! i genuinely feel sorry for any one who can see the potential and the money that can be made but just cannot afford to put money in.. everyday things will always come first before investment.. i think the only way crypto will help people in 3rd world countries is by shielding them from inflationary currencies and by allowing family members to send money home with much lower fees but that will only happen once they have access to buy-send-sell coins.. i live in ireland and i have no way of cashing out and i dont see any way in the fore see-able future.. im not sending passport details and address details and all sorts to 3rd party exchanges/processors. fuck that! so i dont see how any one in a worse situation could? (yes i know theres far more people in allot worse situations)...

ps. i cant fucking stand those rich kids that think they deserve everything.. i also have little respect for any one who claims to be a "self-made millionaire" or successful business man/women when if you look into their back ground..  they come from wealthy families who could give them thousands to start out.. if you didnt earn every penny yourself, say so and stop acting like you worked your ass of to earn you first 1k,10k,100k... that first 10/20k is the hardest part... lets see them start with minimum wage jobs payin rent and bills and food and see how well they do.. dont claim to be self made if some one built the fucking ladder for you and all you had to do was climb it.. massive respect to anyone who came from a hard background and made something of themselves!

sorry.. rant over lol

i mostly agree, the only thing i have a problem with is you claiming that we could help the 3rd world by "shielding them from inflationary currencies". fact is, deflationary currencies are good for the HAVEs, not for the HAVE-NOTs. someone who doesn't have anything to save up because he has to put everything into food and shelter is obviously better off with an inflationary currency, where he earns more every day and can afford the same stuff. with a deflationary currency, only someone who is able to save it up for a while can profit from it. everyone else loses, especially those who don't have any money. it's really very simple, and very obvious. what i don't understand is how you can confuse this and think its the other way around? actually many people here do...but why? who spreads this FUD?

to make this more clear: why is inflation good for someone who doesnt have anything to save? because he will spend it the same day he earned it, so inflation doesn't affect him. it only affects people who have so much that they just leave alot of money lying around, not doing anything with it. for them, the value decreases, so inflation is bad for people with lots of money. conversely, a deflationary currency helps the people with big stashes of money, because they just have to let it lie around and it gets worth more and more. they don't have to work or do anything, other people will work for them. just inherit some deflationary currency, and all is well. for the poor guy, who cant save up and who didn't inherit anything, its very bad, because services will be more expensive for him, since he has to spend it right away and cant wait before the money gets worth more.
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February 18, 2014, 04:13:18 PM
 #836

i should said i ment any one that CAN save money... woulda saved you the hassle of writing that essay in reply to 5 words..lol


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February 18, 2014, 04:31:13 PM
 #837


Well of course I am part of the elite, I always been. What is new is that everyone can be part of it. Bitcoin is open to everyone.
It doesn't matter your background and education. Anyone can learn. Information is free and transparent.
It doesn't matter how much you invest in, everyone can invest and make a profit.


"Bitcoin is open to everyone"

Nope, its not. Well maybe for a few entitled kids who got everything from their parents it is. But for the majority of the world's population it isn't. The majority of the world population doesn't have a computer, even less people have internet, and most people don't have any money to buy bitcoins with, because they use all their money for food and still they starve.

I always get a little angry, if I see entitled kids from rich parents claiming everything is for free. The world doesn't work like that. Try to look beyond the little box you live in, pal.


I think everyone that lives in a developed country with access to the internet is part of an "elite" crowd already in a way.  We can get philosophical about this.  But I think the main point is that anyone that can afford to buy a few lattes at their local Starbucks can log into free internet there and buy Bitcoin.  It is fairly accessible to anyone, regardless of how entitled the person is.  The question of course is how much can they buy?  They should be able to buy at least $5 worth if they just forgo one Frappuccino.  But I do agree the the open to "everyone" was exaggerated when thinking in global terms.  


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February 18, 2014, 04:39:13 PM
 #838


Well of course I am part of the elite, I always been. What is new is that everyone can be part of it. Bitcoin is open to everyone.
It doesn't matter your background and education. Anyone can learn. Information is free and transparent.
It doesn't matter how much you invest in, everyone can invest and make a profit.


"Bitcoin is open to everyone"

Nope, its not. Well maybe for a few entitled kids who got everything from their parents it is. But for the majority of the world's population it isn't. The majority of the world population doesn't have a computer, even less people have internet, and most people don't have any money to buy bitcoins with, because they use all their money for food and still they starve.

I always get a little angry, if I see entitled kids from rich parents claiming everything is for free. The world doesn't work like that. Try to look beyond the little box you live in, pal.


I think everyone that lives in a developed country with access to the internet is part of an "elite" crowd already in a way.  We can get philosophical about this.  But I think the main point is that anyone that can afford to buy a few lattes at their local Starbucks can log into free internet there and buy Bitcoin.  It is fairly accessible to anyone, regardless of how entitled the person is.  The question of course is how much can they buy?  They should be able to buy at least $5 worth if they just forgo one Frappuccino.  But I do agree the the open to "everyone" was exaggerated when thinking in global terms.  

omg...you just said "everyone that lives in a developed country" and not 3 sentences later you claim its "fairly accessible to anyone". so the 5 billion people who aren't in this special group can be just swept under the rug, only really the 2 billion people in developed countries count? this is really disgusting...how can someone be so entitled...
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February 18, 2014, 04:53:16 PM
 #839

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.

There are huge threads about this - credit cards take months to "confirm" and yet people can buy coffee with them. The ten minute block time is something used as FUD, if you really want to understand the issue, read the threads to get a good understanding.

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February 18, 2014, 05:06:48 PM
 #840


Well of course I am part of the elite, I always been. What is new is that everyone can be part of it. Bitcoin is open to everyone.
It doesn't matter your background and education. Anyone can learn. Information is free and transparent.
It doesn't matter how much you invest in, everyone can invest and make a profit.


"Bitcoin is open to everyone"

Nope, its not. Well maybe for a few entitled kids who got everything from their parents it is. But for the majority of the world's population it isn't. The majority of the world population doesn't have a computer, even less people have internet, and most people don't have any money to buy bitcoins with, because they use all their money for food and still they starve.

I always get a little angry, if I see entitled kids from rich parents claiming everything is for free. The world doesn't work like that. Try to look beyond the little box you live in, pal.


I think everyone that lives in a developed country with access to the internet is part of an "elite" crowd already in a way.  We can get philosophical about this.  But I think the main point is that anyone that can afford to buy a few lattes at their local Starbucks can log into free internet there and buy Bitcoin.  It is fairly accessible to anyone IN A DEVELOPED COUNTRY, regardless of how entitled the person is.  The question of course is how much can they buy?  They should be able to buy at least $5 worth if they just forgo one Frappuccino.  But I do agree the the open to "everyone" was exaggerated when thinking in global terms.  

omg...you just said "everyone that lives in a developed country" and not 3 sentences later you claim its "fairly accessible to anyone". so the 5 billion people who aren't in this special group can be just swept under the rug, only really the 2 billion people in developed countries count? this is really disgusting...how can someone be so entitled...

OK.  I fixed it.  I would have thought you could get my point with the context.

Notice my last line "open to "everyone" was exaggerated when thinking in global terms."

Wow.  Just wow.

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