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

[gondel]

https://medium.com/@vaurum/tim-draper-wins-govt-auction-partners-with-vaurum-to-provide-bitcoin-liquidity-in-emerging-markets-88f04a1d8598

Hi
Not sure if that is going to change something in the price of BTC..THe person who started this topic is not logged in the forum, which is a little suspicious also 

[1714172789]

1714172789

[bananaControl]

Never will there be 1 million people living at the same time, who each hold BTC1 or more. This is the law of the distribution of wealth.

Invest accordingly.

So few words so much meaning. Though I have a hard time really believing it, it still gives me the chills whenever I think about it.

[CMMPro]

And yet there are something like 13 million millionaires in the world..being a millionaire is now commonplace and doesn't make you important.

Owning a single bitcoin one day will mean you are a magnitude more wealthy than today's "millionaires".

[chaosPT]

I just hope that when we do get to that point, I have a ton of bitcoins sitting in my wallet:)

Ton of bitcoins ? Lol

Show us !

[wachtwoord]

https://medium.com/@vaurum/tim-draper-wins-govt-auction-partners-with-vaurum-to-provide-bitcoin-liquidity-in-emerging-markets-88f04a1d8598

Hi
Not sure if that is going to change something in the price of BTC..THe person who started this topic is not logged in the forum, which is a little suspicious also 

He's banned, he was mentally unstable and threatened to kill himself.

[BitChick]

I just hope that when we do get to that point, I have a ton of bitcoins sitting in my wallet:)

Ton of bitcoins ? Lol

Show us !

I thought they were weightless! 

The question is when will BTC1 = 1 ton of gold?   

[boumalo]

And yet there are something like 13 million millionaires in the world..being a millionaire is now commonplace and doesn't make you important.

Owning a single bitcoin one day will mean you are a magnitude more wealthy than today's "millionaires".

Bitcoin may not suceed, think it will but it may not, it is good not to be too unrealistic

655$ on Bitstamt at the moment so maybe we can get excited?

[QuestionAuthority]

And yet there are something like 13 million millionaires in the world..being a millionaire is now commonplace and doesn't make you important.

Owning a single bitcoin one day will mean you are a magnitude more wealthy than today's "millionaires".

Bitcoin may not suceed, think it will but it may not, it is good not to be too unrealistic

655$ on Bitstamt at the moment so maybe we can get excited?

It will be back at $1k by year end.

[Bit_Happy]

And yet there are something like 13 million millionaires in the world..being a millionaire is now commonplace and doesn't make you important.

Owning a single bitcoin one day will mean you are a magnitude more wealthy than today's "millionaires".

Yes, there will be a truly severe shortage of BTC.
Bitcoin will still be able to function as a currency, but the number of people able to own at least one whole BTC will be tiny compared to the number of people who want one.

[zimmah]

If we assume half of the earths population will eventually have bitcoin and we evenly spread all 21 million coins between 3.5 billion people than everyone would have 0.006 bitcoin.

I have no idea how much money everyone has on average (it will vary greatly between countries, in the US the average net wealth per adult is about $244k, while in Polans it's more like $20k and in african countries it's probably even much less).

But anyway if you have more than 0.006 bitcoin you're at least above average on a global scale (assuming at least 50% of the world population will eventually use bitcoin).

Not that that does not automatically mean you are wealthy, because even the top 50% is usually not wealthy on a global scale, so to be safe you should probably have more like 10 times that amount at least. But i;d advice to get as many as you can afford to buy without sacrificing too much on your current lifestyle.

[wachtwoord]

The average isn't that important. The median is very important though.

[Bit_Happy]

This thread isn't really about medians and averages, we want to be the "new wealthy elite". 
Fiat wealth is realistic, but eventually will not mean much; Keep an eye on BTC/Gold prices to know if you are truly rich.

[BitchicksHusband]

I was just skimming through very old threads, its amazing how people used to talk about 100-1000btc (or more), like it was nothing. I hope for their sake they held on.

Hopefully in two years they'll say the same about "people who own 1 or more bitcoin"

Will crypto win over fiat?
Is BTC the winning crypto?

As long as the answer to both of these questions is positive, just hold any number above BTC1 and you will be rich, and anything over BTC0.1 will be doing well, anything over BTC0.01 is above average, since the average guys will have BTC0.001 or less.

It does not matter at all how much fiat someone has, until he buys BTC with it, he will have none.

I was just thinking that at some point this logic (that even BTC1 is hugely valuable) should become widely known.  It hasn't crossed that line yet though.  The sentiment still seems to be that it is somewhat risky and highly speculative.

When will the masses see the value in holding 1?  I suppose this "knowledge" will be shown in the adoption rate but there might be a tipping point where it becomes more clearly obvious to a larger number of people.  

i don't think it's speculative, it just feels as if BTC1 is not enough to feel rich and be able to live the life i want to life. (Go on holidays with friends without having to work for a 'boss' and without having to worry about money).

I feel i need at least about BTC10 to do that. But maybe i'll be surprised. I will still keep trying to increase my stash to as high as i can get it.

The problem with bitcoin compared to fiat is that you don't easily earn interest on it, unless you invest it, but so far most investments are pretty risky, so i only feel comfortable having a fraction of my bitcoins invested. Of course the upside is that bitcoins don't inflate nearly as much as dollars, and after a while they will even start deflating.

More and more people use bitcoins, more innovation, time and effort are put in and around the protocole and the world wealth increases while the number of new bitcoins released everyday will reduce overtime; they won't deflate though except if you are thinking at the moment where all bitcoins will be mined to the last satoshi and that some people will lose their bitcoins

Bitchick: Don't feel obliged to invest. In a free world, it is up to the individual to decide. Say you have some amount of money, and, divided on the number of years you expect to live, it is enough to have a good life. Then you are free to choose that. If it is not enough, or if you want to earn more for any reason, do invest.

The problem with the current system is that saving is in practise disallowed. Even if everyone has four times more resources now, compared to two generations ago, it seems it is not allowed to save and live a quiet life.

Believe me, Bitchick and I have been all in longer than that.  We've invested everything that we can afford to be without.

[bitsmichel]

And yet there are something like 13 million millionaires in the world..being a millionaire is now commonplace and doesn't make you important.

Owning a single bitcoin one day will mean you are a magnitude more wealthy than today's "millionaires".

Bitcoin may not suceed, think it will but it may not, it is good not to be too unrealistic

655$ on Bitstamt at the moment so maybe we can get excited?

It will be back at $1k by year end.

I think this is very likely. Currently its at 654$ it seems to be rising fast right now.
Things are looking pretty well, it could be at $700 soon.  I think what we'll see now is a quick uptrend followed by a short stable trend

[Erdogan]

I was just skimming through very old threads, its amazing how people used to talk about 100-1000btc (or more), like it was nothing. I hope for their sake they held on.

Hopefully in two years they'll say the same about "people who own 1 or more bitcoin"

Will crypto win over fiat?
Is BTC the winning crypto?

As long as the answer to both of these questions is positive, just hold any number above BTC1 and you will be rich, and anything over BTC0.1 will be doing well, anything over BTC0.01 is above average, since the average guys will have BTC0.001 or less.

It does not matter at all how much fiat someone has, until he buys BTC with it, he will have none.

I was just thinking that at some point this logic (that even BTC1 is hugely valuable) should become widely known.  It hasn't crossed that line yet though.  The sentiment still seems to be that it is somewhat risky and highly speculative.

When will the masses see the value in holding 1?  I suppose this "knowledge" will be shown in the adoption rate but there might be a tipping point where it becomes more clearly obvious to a larger number of people.  

i don't think it's speculative, it just feels as if BTC1 is not enough to feel rich and be able to live the life i want to life. (Go on holidays with friends without having to work for a 'boss' and without having to worry about money).

I feel i need at least about BTC10 to do that. But maybe i'll be surprised. I will still keep trying to increase my stash to as high as i can get it.

The problem with bitcoin compared to fiat is that you don't easily earn interest on it, unless you invest it, but so far most investments are pretty risky, so i only feel comfortable having a fraction of my bitcoins invested. Of course the upside is that bitcoins don't inflate nearly as much as dollars, and after a while they will even start deflating.

More and more people use bitcoins, more innovation, time and effort are put in and around the protocole and the world wealth increases while the number of new bitcoins released everyday will reduce overtime; they won't deflate though except if you are thinking at the moment where all bitcoins will be mined to the last satoshi and that some people will lose their bitcoins

Bitchick: Don't feel obliged to invest. In a free world, it is up to the individual to decide. Say you have some amount of money, and, divided on the number of years you expect to live, it is enough to have a good life. Then you are free to choose that. If it is not enough, or if you want to earn more for any reason, do invest.

The problem with the current system is that saving is in practise disallowed. Even if everyone has four times more resources now, compared to two generations ago, it seems it is not allowed to save and live a quiet life.

Believe me, Bitchick and I have been all in longer than that.  We've invested everything that we can afford to be without.

I am sure you are, the comment was more about investing (as in getting profit or lending for interest so others can invest and profit) contra just saving, or holding money. Just holding is okay. Psycologial support. That's all.

[kireinaha]

If we assume half of the earths population will eventually have bitcoin and we evenly spread all 21 million coins between 3.5 billion people than everyone would have 0.006 bitcoin.

I have no idea how much money everyone has on average (it will vary greatly between countries, in the US the average net wealth per adult is about $244k, while in Polans it's more like $20k and in african countries it's probably even much less).

But anyway if you have more than 0.006 bitcoin you're at least above average on a global scale (assuming at least 50% of the world population will eventually use bitcoin).

Not that that does not automatically mean you are wealthy, because even the top 50% is usually not wealthy on a global scale, so to be safe you should probably have more like 10 times that amount at least. But i;d advice to get as many as you can afford to buy without sacrificing too much on your current lifestyle.

Where did you get the figure of $244k net wealth for US adults? That seems ridiculously high to me.. maybe for the white, retired demographic who own their own homes, but for the average adult, who's paying a mortgage, car loans, and student loans and saves little if anything toward retirement... I've got to call bullshit. Not to mention all the 20 and 30-somethings who still live with mom and dad.

[wachtwoord]

If we assume half of the earths population will eventually have bitcoin and we evenly spread all 21 million coins between 3.5 billion people than everyone would have 0.006 bitcoin.

I have no idea how much money everyone has on average (it will vary greatly between countries, in the US the average net wealth per adult is about $244k, while in Polans it's more like $20k and in african countries it's probably even much less).

But anyway if you have more than 0.006 bitcoin you're at least above average on a global scale (assuming at least 50% of the world population will eventually use bitcoin).

Not that that does not automatically mean you are wealthy, because even the top 50% is usually not wealthy on a global scale, so to be safe you should probably have more like 10 times that amount at least. But i;d advice to get as many as you can afford to buy without sacrificing too much on your current lifestyle.

Where did you get the figure of $244k net wealth for US adults? That seems ridiculously high to me.. maybe for the white, retired demographic who own their own homes, but for the average adult, who's paying a mortgage and car loans and saves little if anything toward retirement... I've got to call bullshit.

I already answered this:

The average isn't that important. The median is very important though.

A relatively low amount of outliers at the top skew the results dramatically.

[kireinaha]

If we assume half of the earths population will eventually have bitcoin and we evenly spread all 21 million coins between 3.5 billion people than everyone would have 0.006 bitcoin.

I have no idea how much money everyone has on average (it will vary greatly between countries, in the US the average net wealth per adult is about $244k, while in Polans it's more like $20k and in african countries it's probably even much less).

But anyway if you have more than 0.006 bitcoin you're at least above average on a global scale (assuming at least 50% of the world population will eventually use bitcoin).

Not that that does not automatically mean you are wealthy, because even the top 50% is usually not wealthy on a global scale, so to be safe you should probably have more like 10 times that amount at least. But i;d advice to get as many as you can afford to buy without sacrificing too much on your current lifestyle.

Where did you get the figure of $244k net wealth for US adults? That seems ridiculously high to me.. maybe for the white, retired demographic who own their own homes, but for the average adult, who's paying a mortgage and car loans and saves little if anything toward retirement... I've got to call bullshit.

I already answered this:

The average isn't that important. The median is very important though.

A relatively low amount of outliers at the top skew the results dramatically.

In that case, median net wealth for US adults is only ~$38,000 USD. Which I actually find surprisingly high.

[wachtwoord]

If we assume half of the earths population will eventually have bitcoin and we evenly spread all 21 million coins between 3.5 billion people than everyone would have 0.006 bitcoin.

I have no idea how much money everyone has on average (it will vary greatly between countries, in the US the average net wealth per adult is about $244k, while in Polans it's more like $20k and in african countries it's probably even much less).

But anyway if you have more than 0.006 bitcoin you're at least above average on a global scale (assuming at least 50% of the world population will eventually use bitcoin).

Not that that does not automatically mean you are wealthy, because even the top 50% is usually not wealthy on a global scale, so to be safe you should probably have more like 10 times that amount at least. But i;d advice to get as many as you can afford to buy without sacrificing too much on your current lifestyle.

Where did you get the figure of $244k net wealth for US adults? That seems ridiculously high to me.. maybe for the white, retired demographic who own their own homes, but for the average adult, who's paying a mortgage and car loans and saves little if anything toward retirement... I've got to call bullshit.

I already answered this:

The average isn't that important. The median is very important though.

A relatively low amount of outliers at the top skew the results dramatically.

In that case, median net wealth for US adults is only ~$38,000 USD. Which I actually find surprisingly high.

Thanks for that data point!

[justusranvier]

In that case, median net wealth for US adults is only ~$38,000 USD. Which I actually find surprisingly high.

That median is composed of the under 40 crowd who largely have negative net worth, and the over 50 crowd who compose the richest generation to ever walk the face of the earth and whose assets (stocks and house prices) are being propped up via money printing.