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

[bitnanigans]

No, we're not. Not yet. Until we get rid of the greedy scammers and the scum. And until the greedy people stop being greedy. But that's never gonna happen.

[Q7]

Well we can continue to dream and dream non-stop but in order to make it a reality we need to encourage adoption of bitcoin as payment currency. For now patience is virtue as things are not moving fast. We can start first by telling our family members

[bitcoinaliens]

Isnt the theory that if you divided up all the worlds wealth and shared it out, that it would be back in the same hands within 12 months anyway - as some people are just good with money, investing, saving, and others just blow it.

Imo this might just be a re-distribution a little, but generally the "wealth" - now bitcoin, if it moves from fiat to bitcoin - will just get readjusted and back in the hands of the finance companies - bitcoin is still so smalltime that JPMorgan could buy up all the btc liquidity single handed, for a fraction of their market cap / turnover.. and thats what will probably happen, but just spaced out over the next 5 years as more transaction in btc take place and the price rises up and confidence solidifies.

[tss]

Well we can continue to dream and dream non-stop but in order to make it a reality we need to encourage adoption of bitcoin as payment currency. For now patience is virtue as things are not moving fast. We can start first by telling our family members

from the way you put it, sounds like a p-n-i ?  while i don't agree i can say only time will tell.

[CoinCidental]

Isnt the theory that if you divided up all the worlds wealth and shared it out, that it would be back in the same hands within 12 months anyway - as some people are just good with money, investing, saving, and others just blow it.

Imo this might just be a re-distribution a little, but generally the "wealth" - now bitcoin, if it moves from fiat to bitcoin - will just get readjusted and back in the hands of the finance companies - bitcoin is still so smalltime that JPMorgan could buy up all the btc liquidity single handed, for a fraction of their market cap / turnover.. and thats what will probably happen, but just spaced out over the next 5 years as more transaction in btc take place and the price rises up and confidence solidifies.

It probably is true lol

Most people haven't got a clue  how to be smart about money, I have many friends who live paycheck to paycheck
and if something goes wrong they need a loan to pay the rent or whatever

They're are a few financial geniuses who would prosper despite all adversity and end the year with more money than they started with but they are in the minority for sure...

[ARadzi]

Much as I want to believe that bitcoiners are the new wealthy elite, it doesn't really sink in. First, bitcoin is still on its early stage. History tells us that many fiat system were replaced by a new one, with greater value and with gold reserve to back it up. Second, bitcoin is not yet popular. Take for example in my community, Ive asked if what bitcoin is, and only 1 out of 35 knows what it is.

[JayJuanGee]

I am not only holding my btc, but also mine them using cloud mining, and I started buying more since the price is very low. I believe that the price will sky rocket once bitcoin get international recognition and more people start using it. This will take time, maybe 10 years, but it will happen and when it does we (the first investors) will be the richest people.  

If it is going to take 10 years to become the "new wealthy elite, gentlemen," then those of us aspiring for such status better have some decent will power and patience to be able to hold onto our coins for such an extended span of time.

These things tend to happen gradually. It will not take 10 years.

2-3 years TOPS, probably more like 1 year.

I think that is a reasonable amount of time to wait to be rich

Also gives you time to stock up on as many BTC as possible

Why do you guys want to be super rich so badly? What's the big deal? This is a serious question, could you guys answer why you want to be part of a wealthy elite? Don't you know the cons of being rich?

I know several of the cons about being NOT rich... for example having to work and having to pay bills and having to spend a lot of time engaged in trivial tasks that I would prefer to contract out.... and NOT having as much time or money to engage in some activities that I would prefer.

Yes in an ideal world there's no money worries and we all do whatever we want with our time. But I meant there's a difference between being rich and being comfortable. Comfortable is an acceptable wish, having not many worries, and a bit of fun here and there, a bit of travelling maybe, enough to treat yourself to something you like, etc, but RICH is a bit greedy, anyone who dreams and wishes for more than a couple of million is a PR!ck in my opinion, if you ask people everyone wants to win the lottery like 20 million, 50 million, what For?

Sounds as if you are lumping too many situations together and being overly judgmental about the desires of some people.

 Every person's level of comfort will be different.  Surely with about $1million or $2million, you can generate a fairly decent passive income from that ($3k to $6k per month); however, with $5million to $10 million the passive income will be even greater ($15k to $30k per month).   Some of us could be completely happy with a passive income of $3k per month; however, I would be more content with around $6k to $10k per month - and surely, I would likely be even more content with a bit more than $10k per month. 

Some would call $10k per month rich and some would NOT, and some would call $3k per month rich - especially if gotten from passive income.

$20 million to $50million would generate about $60k to $150k of income per month, and I agree that would be much more than what a lot of people would need to be happy - however, if a person had that kind of money, I am fairly certain that s/he would be able to figure out ways to spend it in order to strive towards increasing happiness... It is also possible that in the end, the person will NOT be any more happy with $50 million than s/he would have been with $5million... in other words, there may be a point of diminishing returns, yet that point of diminishing returns is likely going to differ from person to person.

Nah I wasn't being judgemental at all. I meant that after having the basics and a bit more for a few extras, everyone should be happy enough. Of course a few more extras would be nice. But I think there's a tipping point where too many extras could actually work against you. That's all I was saying.

But you guys still haven't answered my question..if you want to be rich, What's your main motive? (Apart from being able to have more fun and work less)
Are you trying to impress girls? Impress colleagues? Family members? Get confirmation you're not bad at business? Which one is it?? Is it something else??

To me, it sounds as if you are judging people to suggest that they should be happy to merely add a little bit to their comforts.

You have already granted that having a goal to work less and to have more fun are valid life goals, yet nonetheless, you add additional questions to suggest that people are striving for more.. such as to impress others.... In fact the impression of others will automatically come from the fact that a person is able to leave the rat race ... to work less and to have more fun.  What else is needed?  Two very valid goals.

[JayJuanGee]

No, we're not. Not yet. Until we get rid of the greedy scammers and the scum. And until the greedy people stop being greedy. But that's never gonna happen.

The more money there is in bitcoin (i mean as the price of bitcoin goes up), the more motivations that there are for scammers to figure out ways to exploit various weaknesses in bitcoin (whether that is taking transactions off the blockchain or some other schemes to obtain the bitcoins of others).

[notbatman]

No, we're not. Not yet. Until we get rid of the greedy scammers and the scum. And until the greedy people stop being greedy. But that's never gonna happen.

The more money there is in bitcoin (i mean as the price of bitcoin goes up), the more motivations that there are for scammers to figure out ways to exploit various weaknesses in bitcoin (whether that is taking transactions off the blockchain or some other schemes to obtain the bitcoins of others).

You mean like all the ASIC companies and the thousands of miners who got robbed blind by pre-order scams? How about the half a billion dollars in coins Empty Gox made disappear? First Pirate Savings & Trust?

[belk]

Maybe wealthy and elite, but have you read this forum? Maybe 10% are gentlemen.

[pissedoff]

OP I bloody hope you are right otherwise I'll be right pissedoff. 

[Beliathon]

Well we can continue to dream and dream non-stop but in order to make it a reality we need to encourage adoption of bitcoin as payment currency.

No, we don't. We need to wait a few years for the inevitable.

[jbreher]

Isnt the theory that if you divided up all the worlds wealth and shared it out, that it would be back in the same hands within 12 months anyway - as some people are just good with money, investing, saving, and others just blow it.

Imo this might just be a re-distribution a little, but generally the "wealth" - now bitcoin, if it moves from fiat to bitcoin - will just get readjusted and back in the hands of the finance companies - bitcoin is still so smalltime that JPMorgan could buy up all the btc liquidity single handed, for a fraction of their market cap / turnover.. and thats what will probably happen,

I don't think that would occur. By and large, the people in the upper level jobs in the parasite financial industry do fabulously well in compensation as compared to the rest of the population. A large part of the reason for this is that banks get to create money out of nothing, then charge us interest for the privilege of 'borrowing' it, then all this newly-created money (again, money they created out of nothing) ends up in their hands when the loan is repaid.

Not hard to do well if society has given you that power. In a bitcoin-denominated world, this would be impossible. All the arcane skills and knowledge they have acquired to work within the fiat system would be worthless. They would have to actually provide value to society to earn their daily bread.

[philiveyjr]

Honestly 10k is a low target now, my target is 50k

50k$ per coin?? Damn that would be the day...!! I dont see that happening soon though..!

[valvalis]

I am not only holding my btc, but also mine them using cloud mining, and I started buying more since the price is very low. I believe that the price will sky rocket once bitcoin get international recognition and more people start using it. This will take time, maybe 10 years, but it will happen and when it does we (the first investors) will be the richest people. 

Are you mining with CEX.IO or...? I'm currently investing into cex and have about 10ghs, slowly but surely and I'm planing on investing more, price is low atm.

I think the prices will keep going down and down.
I decided to sell all of my mining contract with cloud mining, because it's not profit anymore and I've got ROI so I think this is the right time.

[ninjaskip]

I am not only holding my btc, but also mine them using cloud mining, and I started buying more since the price is very low. I believe that the price will sky rocket once bitcoin get international recognition and more people start using it. This will take time, maybe 10 years, but it will happen and when it does we (the first investors) will be the richest people. 

Are you mining with CEX.IO or...? I'm currently investing into cex and have about 10ghs, slowly but surely and I'm planing on investing more, price is low atm.

I think the prices will keep going down and down.
I decided to sell all of my mining contract with cloud mining, because it's not profit anymore and I've got ROI so I think this is the right time.

Not a good time to make a living out of bitcoin mining ATM.
I predict the price will keep crashing to a lowest 100US dollars each in a few months time.

[efiin]

I only want enough to purchase my little nice home in the countryside.

[pissedoff]

I would love it just to get to $5k a coin that would set me up pretty nicely for the next 10 years.

[segvec]

I would love it just to get to $5k a coin that would set me up pretty nicely for the next 10 years.

$5,000 a coin would set me up for eternity.

[AdamSmith]

I would love it just to get to $5k a coin that would set me up pretty nicely for the next 10 years.

$5,000 a coin would set me up for eternity.

How many coin do you currently hold that set you free with $5000 per coin?

Aren't you risking a lot on lottery ticket?