I am pretty confident we are the new wealthy elite, gentlemen.

[Beliathon]

When we are bitcoin billionaires there won't be "non-profits". That spawn of fed-gov too shall pass.

That is correct. As we are now well into the era of zombie-capitalism, and will soon begin the transition to post-capitalism, we will begin to see charity melt away into the past, as solidarity and revolutionary politics rise to take its place.

Related: https://www.youtube.com/watch?v=hpAMbpQ8J7g

[JayJuanGee]

I don't wanna be part of a new elite replacing the old one. Fuck the yachts. If I become a Bitcoin Billionaire I'm going to open entrepreneurial academies and startup incubators in developing countries.  

The above quote is from page #3.
I never noticed it before, "Bravo" to Timo Y.  

I was looking for the post thanks
When you are a Billionaire you can get the yatch and the entrepreneurial academie + a cool non profit so people like you and compliment you in dinners 

When we are bitcoin billionaires there won't be "non-profits". That spawn of fed-gov too shall pass.

Surely aspirations of BTC holders will vary, and a BTC holder can do a lot more with a $billion as compared with a $million. 

A $million would probably give the BTC investor enough to live a fairly frugal life with a passive income of about $3,333 per month.  That is assuming a minimum 4% average per year withdrawn distribution. 

My area and past lifestyle had required an income higher than $3,333 per month, yet I could probably get by with $3,333 passive income per month (but a fairly frugal living).  Part of the reason in my past for the need for the higher income has been to attempt to build up various investments, but if I were NO longer using my income to build further investments, then I could get by on less than previously.  In any event, I do tend to think that a certain part of one's income should be dedicated to reinvestment for the future to prepare for various uncertainties and have some cushion nestegg, unless the person is really sure about the number of years that s/he has remaining on this earth.... which is frequently a difficult calculation.

So, personally, i could get by, personally, with various lifestyles with between
$1-3 million in assets.  I would feel more comfortable having around $3million, just to be able to do things a little beyond my current lifestyle without having to worry about that sometimes draining activity called work. 

Now, if I intended to be more philanthropic and to employ myself with the embetterment of mankind in various ways or to make my mark in various ways, I would feel better making any those kinds of attempts with greater than $3million in assets. 

At the moment, having a billion $$ in assets (acquired through bitcoin) is a bit fanciful for me b/c currently my bitcoin  holdings are about 57BTC.. and currently that bitcoin reserve is worth a little bit less than $25,000.  Have a long way to go upwards in order to get to either the million dollar level, the 3 million dollar level or the billion dollar level.... that is if I can maintain my current level of BTC holdings over the years or maybe increase my BTC holdings to 100 BTC or more? which seems possible.. depending on a variety of currently unknown or quasi-known factors...

[JayJuanGee]

I don't wanna be part of a new elite replacing the old one. Fuck the yachts. If I become a Bitcoin Billionaire I'm going to open entrepreneurial academies and startup incubators in developing countries.  

The above quote is from page #3.
I never noticed it before, "Bravo" to Timo Y.  

I was looking for the post thanks
When you are a Billionaire you can get the yatch and the entrepreneurial academie + a cool non profit so people like you and compliment you in dinners 

When we are bitcoin billionaires there won't be "non-profits". That spawn of fed-gov too shall pass.

this seems to be a bit pie in the sky in a couple of ways.

Just becoming a bitcoin billionaire.. would require a BTC investor with 1000 bitcoins and bitcoins at 1 million per BTC or 10,000 bitcoins at $100,000 per BTC.  A decamillionaire would be more realistic.  That would be 1000 BTC valued at $10k each.. which seems more reachable.  or 250 BTC valued at $40K each.  Those both seem very reachable in 5-10 years.

BTC is NOT going to resolve all of the government issues or remove non-profits - I really doubt that.. NOT in 5-10 years... but we may get a lot of societal transformations

[Biomech]

Is there any particular reason for the dip? According to fiatleak the Chinese are still buying like crazy.

Personally I think we will soon see the price moving up again, it seems to move in cycles of approximately seven months.

Not sure. I think a lot of it is the rumour, even now that it's largely dispelled, that China is going to ban BTC. Also, it's just short of tax day in the US, and that's always a downer in that market.

Personally I hope it stays down for a few more weeks. Slows down the network growth a little bit, and besides, I have a new, better job. I can buy in if it stays low!

Last time it went way down like this, the spike upward was pretty fantastic, so those of you HODLing, keep it up. You'll likely be rewarded.

[Biomech]

In 2016 we buy mansions next to each other

No way. I'll be as far from the madding crowd as I can get. I'm buyin' a freakin ISLAND!


...but I will be sure to invite you. You make me laugh

[Biomech]

If we are the new wealthy elite, why don't "we" open up some BTC friendly banks?

Why we need middle-men? Exchanges are OK. But I am against the banks. If you want to store the coins, you have wallets. If you want to buy the stocks, then you have stock exchanges such as Cryptostocks. If you want to exchange the coins to fiat, then you have Bitcoin-exchanges such as Bitstamp and BTC-E. Then why we need the banks?

Banks are not inherently evil. They just get that way when there is a centralized fiat currency that they either create, control, or are able to manipulate in a major way.

The business of a legitimate bank is to get money loaned out on a risk appropriate basis, and make money for their depositors via interest. Doing this fosters development and adoption. There are a great many reasons why banking would be very good for bitcoin and other cryptos.

So long as said banks are well capitalized, properly insured, and transparent in their business, they will be a positive force for bitcoin. If they are allowed to operate in the dark and without restriction like the modern "banks", then they will be a huge liability.

To give a small illustration as to why a bank is good, think on this: You take a portion of your bitcoin out of your wallet, where it's safe but doing nothing, and invest it in a bank's Certificate of Deposit for a period of, let's say, six months at 10 percent per annum, compounded daily. You can't touch that money for six months or you lose the accrued interest.

The bank, then, lends it out at 20 percent. They make a profit, and share half of it with you. At the end of the six months, you are about six percent richer (off the top of my head, I didn't actually calculate this), some slob with a business idea has put your coin to work in advancing bitcoin as a payment platform, thus raising the value of your coins, making you richer yet.

This same bank has insurance on your deposits ( a service that also incurs fees, and thus interest for it's investors) doing much the same. This leads to a growing adoption and a growing value.

It has been done, and it will be done with bitcoin. So long as it is not "overseen" by central authorities, but rather beholden to its depositors, it's a profitable and noble endeavor.

Soon, and I can guarantee this is true, such an institution will exist. And it will drive bitcoin into the mainstream.

[Biomech]

I don't wanna be part of a new elite replacing the old one. Fuck the yachts. If I become a Bitcoin Billionaire I'm going to open entrepreneurial academies and startup incubators in developing countries.  

The above quote is from page #3.
I never noticed it before, "Bravo" to Timo Y.  

I was looking for the post thanks
When you are a Billionaire you can get the yatch and the entrepreneurial academie + a cool non profit so people like you and compliment you in dinners 

When we are bitcoin billionaires there won't be "non-profits". That spawn of fed-gov too shall pass.

+21 million.

[bryant.coleman]

OK... I'll give you the perfect idea. Go to year 1998. Then publicize Bitcoins and start mining them. By 2014, each of the coins will be worth anywhere from $10K to $100K.  . Everyone gains.

[Dafar]

How do you guys plan on being a 'wealthy elite'?
Maybe if you have at least 1000 btc

[bitpop]

How do you guys plan on being a 'wealthy elite'?
Maybe if you have at least 1000 btc

All it takes is 1

[JayJuanGee]

How do you guys plan on being a 'wealthy elite'?
Maybe if you have at least 1000 btc

All it takes is 1

I am NOT trying to screw up anybody's wishes, yet I would like to hear how 1 BTC is going to make the holder a wealthy elite, and by when.. and how much will it be? 

I do understand the theory of BTC having the potential to take over about 25% or more of known currencies transactions and storage of value functions - however, something like that would be quite a ways into the future, if ever.

I also understand the theory of 7 Billion people in the world and only 21 million bitcoin (some bitcoin will be lost or forever removed from circulation) - but the 1 BTC to be a wealthy elite assumes fairly wide adoption of bitcoin and desire for bitcoin by the world... and acceptance by the current status quo wealthy to transfer some of their wealth into bitcoin.

So, by when will 1 BTC make a person a wealthy elite..?  and how much will it be?  and by the way, I don't expect to live forever, either, so I would like to enjoy some of this wealthy elite status while I still have some youth and energy.

[Dafar]

How do you guys plan on being a 'wealthy elite'?
Maybe if you have at least 1000 btc

All it takes is 1

Maybe our grandchildren

[bitpop]

1 btc = $1 million

[rpietila]

How do you guys plan on being a 'wealthy elite'?
Maybe if you have at least 1000 btc

All it takes is 1

I am NOT trying to screw up anybody's wishes, yet I would like to hear how 1 BTC is going to make the holder a wealthy elite, and by when.. and how much will it be? 

I do understand the theory of BTC having the potential to take over about 25% or more of known currencies transactions and storage of value functions - however, something like that would be quite a ways into the future, if ever.

I also understand the theory of 7 Billion people in the world and only 21 million bitcoin (some bitcoin will be lost or forever removed from circulation) - but the 1 BTC to be a wealthy elite assumes fairly wide adoption of bitcoin and desire for bitcoin by the world... and acceptance by the current status quo wealthy to transfer some of their wealth into bitcoin.

So, by when will 1 BTC make a person a wealthy elite..?  and how much will it be?  and by the way, I don't expect to live forever, either, so I would like to enjoy some of this wealthy elite status while I still have some youth and energy.

99% of people don't (really) care shit about gold, but still if you have 1/21,000,000 of the world's gold (approx 9 kg), you are pretty well off. Not rich yet, but 10 times that amount makes you really rich. Even if 99% don't care.

If BTC does as well as gold (which was my last year revelation, considering fractional reserve and such - which is only now coming mainstream) having BTC1 is good and BTC10 is really rich.

If it becomes more accepted than gold is now, even BTC1 could suffice. But because the road there is so bumpy, make sure you have at least BTC10 now so that you don't squander all in the speed bumps ahead

[boumalo]

Is there any particular reason for the dip? According to fiatleak the Chinese are still buying like crazy.

Personally I think we will soon see the price moving up again, it seems to move in cycles of approximately seven months.

Not sure. I think a lot of it is the rumour, even now that it's largely dispelled, that China is going to ban BTC. Also, it's just short of tax day in the US, and that's always a downer in that market.

Personally I hope it stays down for a few more weeks. Slows down the network growth a little bit, and besides, I have a new, better job. I can buy in if it stays low!

Last time it went way down like this, the spike upward was pretty fantastic, so those of you HODLing, keep it up. You'll likely be rewarded.

It is nice to read optimistic but realistic comments based on Bitcoin history and facts

Today's prices seem like a buying opportunity when you remember how you felt about the price in November and December were you would have sell you car and go in debt to have an opportunity to buy at 320$ or even 460$

[JayJuanGee]

1 btc = $1 million

Could you be more specific?  I mean I was pretty specific in my questions, and I am NOT trying to get you to do all the work but only to disclose more specifically your projection.  If I were to make such a prediction / projection, I would attempt to be somewhat specific (and a range is usually safer than an absolute specific number)

[JayJuanGee]

How do you guys plan on being a 'wealthy elite'?
Maybe if you have at least 1000 btc

All it takes is 1

I am NOT trying to screw up anybody's wishes, yet I would like to hear how 1 BTC is going to make the holder a wealthy elite, and by when.. and how much will it be? 

I do understand the theory of BTC having the potential to take over about 25% or more of known currencies transactions and storage of value functions - however, something like that would be quite a ways into the future, if ever.

I also understand the theory of 7 Billion people in the world and only 21 million bitcoin (some bitcoin will be lost or forever removed from circulation) - but the 1 BTC to be a wealthy elite assumes fairly wide adoption of bitcoin and desire for bitcoin by the world... and acceptance by the current status quo wealthy to transfer some of their wealth into bitcoin.

So, by when will 1 BTC make a person a wealthy elite..?  and how much will it be?  and by the way, I don't expect to live forever, either, so I would like to enjoy some of this wealthy elite status while I still have some youth and energy.

99% of people don't (really) care shit about gold, but still if you have 1/21,000,000 of the world's gold (approx 9 kg), you are pretty well off. Not rich yet, but 10 times that amount makes you really rich. Even if 99% don't care.

If BTC does as well as gold (which was my last year revelation, considering fractional reserve and such - which is only now coming mainstream) having BTC1 is good and BTC10 is really rich.

If it becomes more accepted than gold is now, even BTC1 could suffice. But because the road there is so bumpy, make sure you have at least BTC10 now so that you don't squander all in the speed bumps ahead

Yes, and we know that bitcoin has a lot more potentially useful features, as compared with gold, so I agree with you about that.   

I know in the wall observer thread you have given your bitcoin price projections for 2014, and I believe I had seen some of your various bitcoin price projections beyond that.. so I kind of have ideas from where you are coming.

 Generally, I agree with your optimism about bitcoin, and certainly each of us have different expectations and experiences (whether relating to bitcoin or other areas).  Even though you are quite a bit more bullish than me, I would prefer for some of your scenarios to come to fruition rather than my own.

Actually, another thing that I have noticed is that a different perspective regarding BTC likely evolves after achieving a bit of a profit cushion... so I am definitely looking forward to that day, with my current bitcoin portfolio.





 

[QuestionAuthority]

How do you guys plan on being a 'wealthy elite'?
Maybe if you have at least 1000 btc

All it takes is 1

I am NOT trying to screw up anybody's wishes, yet I would like to hear how 1 BTC is going to make the holder a wealthy elite, and by when.. and how much will it be? 

I do understand the theory of BTC having the potential to take over about 25% or more of known currencies transactions and storage of value functions - however, something like that would be quite a ways into the future, if ever.

I also understand the theory of 7 Billion people in the world and only 21 million bitcoin (some bitcoin will be lost or forever removed from circulation) - but the 1 BTC to be a wealthy elite assumes fairly wide adoption of bitcoin and desire for bitcoin by the world... and acceptance by the current status quo wealthy to transfer some of their wealth into bitcoin.

So, by when will 1 BTC make a person a wealthy elite..?  and how much will it be?  and by the way, I don't expect to live forever, either, so I would like to enjoy some of this wealthy elite status while I still have some youth and energy.

If BTC does as well as gold (which was my last year revelation, considering fractional reserve and such - which is only now coming mainstream) having BTC1 is good and BTC10 is really rich.

I must be Warren Buffett then.

[Bit_Happy]

In the future:
wealthy = ~2 to 10 BTC
Wealthy elite = ~100+ BTC

For your grand-kids the numbers needed will probably be lower.
FYI: A ticket on Satoshi's spaceship (when he returns) will cost at least 10 to 20 BTC.

[boumalo]

It is strange to see all the negativity about Bitcoin in the "Wall Observer BTC/USD - Bitcoin price movement tracking & discussion" when it has gone from 0 to where it is and with all the potential and talent that has a vested interested in Bitcoin success