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Author Topic: What do these new people getting rich off crypto mean to the economy at large?  (Read 1762 times)
dazbog835
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June 21, 2017, 02:47:20 PM
 #1

I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?
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June 21, 2017, 06:10:19 PM
 #2

I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?

You need a real understanding of the economy and how it works to be around the trading world and there are very few that have that here and it appears we now have a new one.  Making money in any form makes more money for the economy, it is a base and core element of the economy and taught in high school.
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June 21, 2017, 06:40:35 PM
 #3

I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?


In a world of 7.4bn people where you already have some 35 million millionaires I don't see why 100~500 even 1000 new ones would make a huge difference. Add to that the billionaires which even if they have huge chunks of money they can't really change the world (only rule part of it Wink ) and you get the picture. There's just too much value created every day in every possible way to be consumed even by the richest.
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June 21, 2017, 06:53:28 PM
 #4

I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?

I would just think of it as a wealth transfer to a different type of crowd.  The tech crowd is where the huge revenue potential is coming from nowadays...whereas maybe 20 years ago, it was more going towards professionals with formal education.  Things are changing and I think the impact of having more wealth in the hands of a younger and more tech savvy crowd is a good thing.  These are people that are typically against the current financial / banking / government system.  Those voices have always been around, but now they have wealth.
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June 21, 2017, 07:33:52 PM
 #5

I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?


In a world of 7.4bn people where you already have some 35 million millionaires I don't see why 100~500 even 1000 new ones would make a huge difference. Add to that the billionaires which even if they have huge chunks of money they can't really change the world (only rule part of it Wink ) and you get the picture. There's just too much value created every day in every possible way to be consumed even by the richest.

I different a bit. While a lot of people will likely squander their money on bullshit, there will be some that use the immense capital gain to start serious businesses. Like Coinbase or Kraken, these are pretty large, decent hiring, tax paying corps that are generating revenue for the Fed and State in a meaningful way. That job creation, tax revenue and promotion of widespread adoption are some seriously positive takeaways. Not the biggest chunk of Mammon in the world, but a nice one, at least.

I'll be honest and say the majority of early adopter bitcoin will be used on Thai hookers and blow. But 1 or 2 people incentivized to use the value the right way, could effect a huge change.
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June 21, 2017, 07:33:57 PM
 #6

One thing you're forgetting is that the percentage of investors/traders who are buying bitcoin (or any digital coin) is extremely small compared with those investing in stocks/bonds/forex. I can't give you a number, but there is still a HUGE population of well-educated people who have not even heard of bitcoin yet. Anyone buying bitcoin even at today's price of nearly $3000 is still considered an "early" investor, compared with the potential. Imagine what might happen if even just 10% of the stock traders start investing in bitcoin. Price would go through the roof.
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June 21, 2017, 07:37:37 PM
 #7

It just means they got rich and they have to pay taxes when they convert those cryptocurrencies before they can use them. Generally this is like getting rich from investing in stocks. Life goes on if those traders get rich.
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June 21, 2017, 08:36:55 PM
 #8

I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?


In a world of 7.4bn people where you already have some 35 million millionaires I don't see why 100~500 even 1000 new ones would make a huge difference. Add to that the billionaires which even if they have huge chunks of money they can't really change the world (only rule part of it Wink ) and you get the picture. There's just too much value created every day in every possible way to be consumed even by the richest.

I different a bit. While a lot of people will likely squander their money on bullshit, there will be some that use the immense capital gain to start serious businesses. Like Coinbase or Kraken, these are pretty large, decent hiring, tax paying corps that are generating revenue for the Fed and State in a meaningful way. That job creation, tax revenue and promotion of widespread adoption are some seriously positive takeaways. Not the biggest chunk of Mammon in the world, but a nice one, at least.

I'll be honest and say the majority of early adopter bitcoin will be used on Thai hookers and blow. But 1 or 2 people incentivized to use the value the right way, could effect a huge change.
The problem is that if these people are "getting rich off crypto" instead of "investing in blockchain startups and technology", it means they're in it for fiat, and therefore what they do will not contribute to blockchain technology.

However, it's false to pretend that rich people spending a lot of money on things doesn't help the economy.  It brings all this money back into circulation, helps the businesses which they're buying things from and reduces inequality.
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June 21, 2017, 09:05:03 PM
 #9

One thing you're forgetting is that the percentage of investors/traders who are buying bitcoin (or any digital coin) is extremely small compared with those investing in stocks/bonds/forex.

That's a good point. What I would add is the number of people that are getting rich through their steady jobs.
There was a time when I didn't even know how much people around the world are earning a year. I thought it's normal to get $12k a year and if you're earning $20k you're lucky. Then I met people who were getting over $40k steadily for the last 20 years and that's nothing special if you're living in certain areas. There are neighborhoods of people earning this much. Now investing in crypto and taking out a fat sum of $500k may seem like a big deal to people, me included as I'd be able to retire on it, but some people need only 8-10 years to earn that in a normal job, while some need only a year. When you realize how much money is being made every single day around the world by people just like you, you'll see how insignificant crypto markets are.

 
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June 21, 2017, 09:18:52 PM
 #10

I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?


In a world of 7.4bn people where you already have some 35 million millionaires I don't see why 100~500 even 1000 new ones would make a huge difference. Add to that the billionaires which even if they have huge chunks of money they can't really change the world (only rule part of it Wink ) and you get the picture. There's just too much value created every day in every possible way to be consumed even by the richest.
35 Million millionaires? I'm wondering where you got this kind of information, just speculation of some people maybe or Forbes has stated it "in 2017 there are some number of rich people". I'm​not sure how much people who get rich because if cryptocurrencies, but 1000 is make sense.
There are a lot of money (unlimited) because govs always print it for their citizens, then people want to spend it on something which one of the option that available is cryptocurrency, the main reason bitcoin (or altcoins) always growing up because fiat currency flow into this digital currency. Then people trade these objects and some of them could make profit through all of these cryptos.
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June 23, 2017, 10:18:35 AM
 #11

I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?
Not sure what you meant by 'people getting rich off crypto' - no they aren't in the first place because of crypto; they are becoming rich, if so, for their efforts and strategies. The only difference a crypto currency can contribute is a decentralized mode of payments.
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June 23, 2017, 10:30:38 AM
 #12

not much because the money they are making come from other people that did lose something, it's like the homeless on the street that beg $1 from 100k different person, and he become reach because they helped him

the money just move from one place to another, and for someone becoming rich many other have lost a tiny portion of their wealth, this translate in that some people are actually losing on crypto and only a few are making big money
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June 23, 2017, 10:31:09 AM
 #13

two things to consider in my opinion about your question:
first is the fact that there aren't really that many who get rich doing what you read in the news. these are very rare cases of random people. the rest who get rich by investing in bitcoin or ... would have gotten rich any other way so no balance is being disturbed.

second is the question of what will they do with their money. again those random cases who got rich randomly, will most probably blow it off as easy as they gained it. and the other group who worked for getting rich will use it wisely and again no balance is disturbed.

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June 23, 2017, 11:26:39 AM
 #14

There are not that many people who have become rich off Bitcoin. Many people were early investors, but instead of holding onto their coins, they sold them and that train kept on going so Bitcoin was spread out quite a lot. Because of this, there are not many people in the world right now who are rich because of Bitcoin. The ones that are rich, they don't really make much of an impact on the world's economy at all. Pretty much everyone who became rich off Bitcoin are just millionaires, they aren't even close to becoming billionaires. Millionaires aren't the ones who have an impact on the economy, only billionaires and above do.
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June 23, 2017, 12:38:09 PM
 #15

There are only few people that knew bitcoin or crypto currencies, so there are not many rich people from crypto, if there are too many people getting rich from crypto it can caused chaos to the economic stability, that is the first concern from the economic expert when they heard bitcoin, but people still need crypto currencies because there are still so many people live in poverty, so actually the crypto now is helping the people for a better life and gave a better economic for people


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June 23, 2017, 12:41:33 PM
 #16

I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?

When there are many people getting rich with cryptocurrencies there are also people who are losing profit and getting bankrupt. The balance is maintained and the fiat currency that goes into cryptocurrency will also goes to other person who sold their virtual currency. Money is not being reproduced but was only transferred.
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June 23, 2017, 12:47:02 PM
 #17

yes, I can understand the argument.. naturally, the value is in the value given by purchasing crypto with fiat. in hindsight it seems pretty obvious. It just seemed like money coming from thin air, when so many new cryptos are coming around, but yes, I do see that there needs to remain a balance.

It's just that I see how I made a 1000% profit in my savings through crypto and I immediately become suspect. But yes, I see now. It's pretty logical actually Cheesy

thank you all for clarifying it to me Smiley

in a sense, cryptos have only enabled a democratization of wealth in the sense that anyone could do it if they were being smart about it.
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June 23, 2017, 03:03:12 PM
 #18

There is nothing to be alarmed because the total global population is now beyond seven billion and yet the cryptocurrency market is still so young and small. And the money made by many cryptocurrency millionaires would always go back into the real economy which can help to induce more growth stimulus.

Cryptocurrency for all of its hypes is still a small boat in the middle of the big ocean. It can be growing by leaps and bounds but still compared to many countries GDP and big corporations' stock value we still have many rice (I am an Asian, you see) to eat to get there. 

We should instead be happy that finally there is a great opportunity to build wealth on a new frontier -- and that is the relatively new cryptocurrency market.
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June 23, 2017, 04:31:56 PM
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I apologize if this question is in any way naive.. I'm not really any kind of economics expert. I was just wondering what might happen to the world economy since there are so many new people getting rich off these cryptocurrencies... Just based off speculation or holding the right coins a lot of people have gained in wealth in the past years. And it doesn't seem to be slowing down.

So, you have a lot of 'new money' propagating even 'newer money'... and so on and so on, until a lot of people are pretty rich. Does this mean that there is a huge depression ahead of us? Surely just making more and more money can't go on forever, can it?

I'm sure I'm not seeing the big picture here so please, could someone explain it to me?

Two points,
Number one, until and unless holders sell coins, it won't add anything to economy. Their wealth will just be estimated and won't count towards economy because Bitcoin and other crypto aren't legalized yet.
Number two, when holders sell coins, it leads to shift of wealth from one nation to others. Suppose A from US bought Bitcoin for $500 and sold for $3000 to B from UK. So it would result in addition to US economy by $2500 and deduction in UK economy by $3000. Several people think cryptocurrencies are blowing up the economy which isn't true, it is just shift of money worth either inter country or intra country.

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June 25, 2017, 03:55:31 AM
 #20

There is nothing to be alarmed because the total global population is now beyond seven billion and yet the cryptocurrency market is still so young and small. And the money made by many cryptocurrency millionaires would always go back into the real economy which can help to induce more growth stimulus.

Cryptocurrency for all of its hypes is still a small boat in the middle of the big ocean. It can be growing by leaps and bounds but still compared to many countries GDP and big corporations' stock value we still have many rice (I am an Asian, you see) to eat to get there. 

We should instead be happy that finally there is a great opportunity to build wealth on a new frontier -- and that is the relatively new cryptocurrency market.
No doubt the cryptocurrency is a new technology and many of the people still require get educated on the crypto system. The real or I will use the traditional economic system is too old and too strong that almost all the money earned from the crypto becomes part of that old system.

The only thing that makes a difference is many people are accepting it because they see that people attached to the crypto system have handsome earning.


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