Is Bitcoin for “Fake Rich”?

[gaston castano]

but the price of an item as you say is decreasing every day so someone can buy it after it has been out for maybe more than 1 year and the price has gone down in the 30-50% range, so in the long run it won't really affect someone's finances if they buy it based on need and have enough money.
while bitcoin value can go up and down depending on demand but in the long run its value is sure to go up.
so between goods and commodities is very clear.

[1715196744]

1715196744

[Kez1817]

People who use bitcoin already experienced the power and value of it. Those who become rich through bitcoin is a real rich and not fake. Bitcoin is volatile, this means that its value can go up and down where everyone has an opportunity to buy and own a large part of bitcoin and become rich. Many are now adopting and investing in bitcoin because they know why bitcoin was created and what is the use of it. We are in a new generation which almost everything are computer generated which is need an internet and electricity. So, I think there is no possibility that the power supply and internet will disappear even in the future.

[wheelz1200]

I know this post might sound ridiculous, but I just want you to think about this…

With the current socio-economic development (worsening) of situation, rich are getting richer, poor are getting poorer. Young generations are either trapped in “forever middle class”, or slip to the poverty, or understandingly (or not) work 9-5 (in some places 9-9-6) like in modern slavery…

However, the poor (not literally poor) ones want to show off, want to get hot girls, want to get attention from rich guys, want to show they also belong to the elite class. So what they can do? – They pretend to be rich / from higher social class.

This is one of the emotions / social factors well played by iPhone in the early days. While it was not the best option from functions, from what it could do, it was priced higher than the same Android-based models. Apple refused to compete in the same old “mobile phone” space, and made out of it a life-style or new generation, where you can be upper class, while not being from there actually (google the stories people selling kidneys or taking loans to buy the new iPhone). And they succeeded! Now if you don’t have the newest iPhone – you are not cool, and “even more poor than me“, while the real elites would be buying Vertu and those phones, “fake rich” happy showing they are rich, while not being one of them. And happy to overpay for it 

 Then comes Tesla. While being highly disadvantageous in terms of performance, design, external/internal interior design, and anything you can imagine as compared to the available at that time cars, they overpriced the very first model, added the ESG b*shit hype, and allowed you to feel part of the “elite new community” who care about environment, who own a car like iPhone (highly manageable from phone, etc.), and they refused to compete in the same pricing category as BMW, Ford, Nisan, etc. And they overpriced it. The story afterwards you know well too

With all the “fake rich” class people needed a new way of showing they are rich, while not being rich / failing to be rich. And Bitcoin, while not being created for that purpose (or being – idk), became a perfect target. Just think about it – you can own a line of code, and nothing more, but be a billionaire sitting on a large pool of digital currency.

YOU LITERALLY OWN A PIECE OF CODE, BUT YOU ARE BILLIONARE PERIOD

What is gonna happen once the post-apocalyptic scenarios come true? When/if there will be no electricity, computers, phones, etc.? People will value no US Dollar backed by state promise to pay off debt… your decentralized piece of code will not exist anymore (I do know about some offline-friendly cryptocurrencies)… only gold or natural resources will become valuable again.

While I do know many “Bitcoin evangelists” will probably hate me for the words above, but don’t you think that Bitcoin intentionally or unintentionally became the new asset for the “fake rich”?

Bitcoin is good just for money grab
Year 2017 shows dont be late dont be the bag holder!!

Like all the Investment Bitcoin is no Different main thing just dont be the that last guy the bag holder.

So you think bitcoin is a ponzi lol, how near sighted are you.  If people use bitcoin to "buy" things then how can it be a money grab?  You aren't the first and you won't be the last to say it :/

[0t3p0t]

What is gonna happen once the post-apocalyptic scenarios come true?

Then not only Bitcoin, but all will be gone. All fiat money are fictional too, like the Bitcoin private keys without electricity.

Start collecting tangible goods - gold, silver, etc.
Learn surviving skills - archery, etc.

I agree with your idea mate. Worst possible scenarious are meteor  impact and electromagnetic pulse attack where we don't know what will really happen but one thing is for sure economies and of course lives will be gone except for the gods money which is the precious stones and metals.

[as.exchange]

but the price of an item as you say is decreasing every day so someone can buy it after it has been out for maybe more than 1 year and the price has gone down in the 30-50% range, so in the long run it won't really affect someone's finances if they buy it based on need and have enough money.
while bitcoin value can go up and down depending on demand but in the long run its value is sure to go up.
so between goods and commodities is very clear.

I agree that BTC price is volatile, however, it's not a clear thing that "in the long run its value is sure to go up". It really depends on the investment time-frame. If 10-20 years is the long-term - then yes, definitely, if it's the real long-term 100-500 years - then I wouldn't be so sure.

People who use bitcoin already experienced the power and value of it. Those who become rich through bitcoin is a real rich and not fake. Bitcoin is volatile, this means that its value can go up and down where everyone has an opportunity to buy and own a large part of bitcoin and become rich. Many are now adopting and investing in bitcoin because they know why bitcoin was created and what is the use of it. We are in a new generation which almost everything are computer generated which is need an internet and electricity. So, I think there is no possibility that the power supply and internet will disappear even in the future.

Yes, you are correct, however, there have been precedents among certain states of shutting down internet and electricity (if we exclude the post-apocalyptical scenario). But generally I tend to agree with you.

So you think bitcoin is a ponzi lol, how near sighted are you.  If people use bitcoin to "buy" things then how can it be a money grab?  You aren't the first and you won't be the last to say it :/

That's the common understanding of Bitcoin btw in the market. Just very illustrative of how majority sees it I would say 60% admit they see it like that, 30% say they really believe in Bitcoin, but actually don't want to admit that they are part of those 60%, and probably on the rest of 10% are the actual believers.

I agree with your idea mate. Worst possible scenarious are meteor  impact and electromagnetic pulse attack where we don't know what will really happen but one thing is for sure economies and of course lives will be gone except for the gods money which is the precious stones and metals.

Do you mean gold and diamonds? So you do admit that under the extreme stress-testing only the few things/assets will be left valuable which were tested for thousands of years, unlike the currently dominant or overhyped ones?

[PIMPdev]

Ironic, the fake rich, looking at the number, the number won’t lie, people can write a wall of text of lies, yet they don’t want to trust the number won’t lie, because they’re so biased, they rather believe in story than a globally recognised parameter of rich: the number won’t lies, the current number of bitcoin is standing at 19k it’s not gonna lie the current gold value is standing at 1930, it’s not gonna lie, the current blue chip value is standing at 30,000 it’s not gonna lie, yup be mature and accept the numbers.

actually it is not fake once you withdraw that's fine

[SmokerFace]

Which code you're discussing?. Is it wallet id for sure ? or possibly you're thinking about the satoshi as the code.
When you purchase bitcoin, you gather some number called a satoshi, so it's not the code. It is genuine cash.
At any rate, you're rich as long as you hold your speculation.
Counterfeit rich can be considered for the individuals who put their all cash in bitcoin to begin dreaming of getting wealthy in nights.
Yet, things never happen that way. It relies upon us how we deal with our speculation to get rich.

[Arkann]

Which code you're discussing?. Is it wallet id for sure ? or possibly you're thinking about the satoshi as the code.
When you purchase bitcoin, you gather some number called a satoshi, so it's not the code. It is genuine cash.
At any rate, you're rich as long as you hold your speculation.
Counterfeit rich can be considered for the individuals who put their all cash in bitcoin to begin dreaming of getting wealthy in nights.
Yet, things never happen that way. It relies upon us how we deal with our speculation to get rich.

I think that every cryptocurrency user who previously invested profitably in the most rated cryptocurrencies, such as Bitcoin and Ethereum, today they have every opportunity to just sleep at night and dream about how high these cryptocurrencies will rise. But this is quite realistic, given the current bullish race, if you do not take into account the last correction.

[StartupAnalyst]

What is gonna happen once the post-apocalyptic scenarios come true? When/if there will be no electricity, computers, phones, etc.? People will value no US Dollar backed by state promise to pay off debt… your decentralized piece of code will not exist anymore (I do know about some offline-friendly cryptocurrencies)… only gold or natural resources will become valuable again.
While I do know many “Bitcoin evangelists” will probably hate me for the words above, but don’t you think that Bitcoin intentionally or unintentionally became the new asset for the “fake rich”?

In post-apocalyptic world those hundreds of people who will survive will definitely think not about BTC, treasures or dollars, they will think about food, roof over the head and some clothes to wear. But we are not in post-apocalyptic world now. We live in interesting time when people taught how to make money from "nothing". They trade in exchanges, hodl BTC and some stocks and are quite happy that they have profit and don't have to work somewhere on plants or do other dirty work. Are they "fake rich"? Not really. If they can exchange their assets on fiat and buy everything they need for their lives than they're clever people who learnt how to live in this world and in this time.

[verita1]

I don't think so, bitcoiners don't have time for frivolity. We are more aware of how the market works than to be wearing anything that could indicate some type of wealth. Sometimes we are anonymous because we fear the underworld. Although it could be the case but our culture is not to be showy rather sometimes we act in a low profile.
We do not want to make public that we own X bitcoin because we do not have the proper security when we are not really rich to pay for security.

[Ozero]

I don't think a bitcoin millionaire is anything different from a normal millionaire. What if you won your millions in the lottery? Or by trading stocks? Orby selling a company? I would make a difference between all of these. In the end money is money. There so many people willing to sell goods like a car or other things for bitcoins.

As long as bitcoin is valuable, it makes no difference what its value is based on. It is recognized as the same as the value of any other currency in the world and also has a measure of the value of any currency.
When a global catastrophe occurs, not only cryptocurrencies will disappear, but almost all current state currencies will disappear. After all, then no one can guarantee their value. However, it may happen that a catastrophe can only have a man-made character, when for some reason only the Internet and certain types of high-tech communications can disappear. A weapon may also appear that will disable everything that uses electronics. Then paper money will remain, and all non-cash money, including cryptocurrency, will disappear.

[iamsheikhadil]

but the price of an item as you say is decreasing every day so someone can buy it after it has been out for maybe more than 1 year and the price has gone down in the 30-50% range, so in the long run it won't really affect someone's finances if they buy it based on need and have enough money.
while bitcoin value can go up and down depending on demand but in the long run its value is sure to go up.
so between goods and commodities is very clear.

Lol, we can't really compare commodities to investments. Some of these commodities are necessary like furniture, good beds, a good room and decoration which sometimes goes into our "need" list instead of "wants" and sometimes it even includes as our status increases like cars, phones, gadgets etc. We gotta need these commodities even if their prices go down in long run

[paxmao]

...

With all the “fake rich” class people needed a new way of showing they are rich, while not being rich / failing to be rich. And Bitcoin, while not being created for that purpose (or being – idk), became a perfect target. Just think about it – you can own a line of code, and nothing more, but be a billionaire sitting on a large pool of digital currency.

YOU LITERALLY OWN A PIECE OF CODE, BUT YOU ARE BILLIONARE PERIOD

...

While I do know many “Bitcoin evangelists” will probably hate me for the words above, but don’t you think that Bitcoin intentionally or unintentionally became the new asset for the “fake rich”?

Nothing new under the sky, it is very usual that people want to show their best image and looks and that they spend money, sometimes borrowed money in doing so, call it a Tesla, a Rolex, jewels, ... most of the luxury industry is built on that. i do no see that as unusual.

Is bitcoin part of that? Nah... it may be for some people but bitcoin is something you cannot go a show around (or at least you should not if you know what you are doing) and yes, it is digital, just the money you hold in your bank: an electronic record and nothing else.

I just do not find anything worth in this argument. BTW you do not own a piece of code.