What will you do if bitcoin "wins"?

[Perchy]

Hello fellow bitcoin holders!

It occurred to me that if bitcoin really succeeds in the way that some of us are predicting, then many of you and I will become very rich very fast.

We are talking between lottery winner rich and powerball winner rich depending on how many coins you're holding.

It seems much of the discussion is about how this is possible, and when it will happen if it does. In this discussion, let's assume that it's already happened. Bitcoin worked. Congratulations to us all, were rich!

Now what? How is your life going to change? Can you finally start doing that thing you've always dreamt of doing? You are better off financially than you were before. Is this a good thing?

Lottery winners (I'm using the comparison only because the sudden and dramatic change in bank account balance is similar to what would happen if bitcoin caught on). It's been documented that lotto winners do not live happier or more fulfilled lives since winning the lottery. Often in fact, they cite winning the lottery as making their life and their relationships with other people more complicated and making them unhappy.

I'm sure that won't be the case with any of us. We never really believe those lottery stories anyway. How foolish they must be if they can't be happy! How can they be miserable with that much money?

Even still, I'm curious if anyone has given thought to how their life would be impacted by having a lot of money. Even if bitcoin doesn't work out, it might still be an interesting thought experiment. And who knows, you might win the lottery someday?

[traiz]

How rich is "rich"?
Is it enough to buy my own tropical island?
Or enough to own my own space station?

More likely, let's say if bitcoin were to go to $10,000 a coin, the majority of us will still have less than $1-2 million in fiat.
Around where I live, that might buy a house..

[Flashman]

I will probably put money into warp drives, replicators and robots.

[Perchy]

Great point, traiz. How rich is rich?

No matter how high bitcoin might go, I imagine that I will always want it to go higher. Despite this, I am already living a comfortable life. I have my needs met, and I am not going to starve anytime soon. Does wanting btc to continue to rise make me greedy? Will being a fiat millionaire actually make me happy?

I don't know, but I don't expect that it would.

On a somewhat related note, I want to make a pledge to donate to charity. If bitcoin reaches X amount, then I will give Y% to charity Z.

I want to do this in a public space (this forum) so that it makes it harder for me to go back on my word when it happens.

I've never given a significant sum of money to charity before, so I'm a newb. Any ideas for plugging in the X, Y, and Z to my proposal?

[Bono]

Great point, traiz. How rich is rich?

No matter how high bitcoin might go, I imagine that I will always want it to go higher. Despite this, I am already living a comfortable life. I have my needs met, and I am not going to starve anytime soon. Does wanting btc to continue to rise make me greedy? Will being a fiat millionaire actually make me happy?

I don't know, but I don't expect that it would.

On a somewhat related note, I want to make a pledge to donate to charity. If bitcoin reaches X amount, then I will give Y% to charity Z.

I want to do this in a public space (this forum) so that it makes it harder for me to go back on my word when it happens.

I've never given a significant sum of money to charity before, so I'm a newb. Any ideas for plugging in the X, Y, and Z to my proposal?

"If Bitcoin reaches $800, I will give 99% to St. Jude's."

[Perchy]

Great point, traiz. How rich is rich?

No matter how high bitcoin might go, I imagine that I will always want it to go higher. Despite this, I am already living a comfortable life. I have my needs met, and I am not going to starve anytime soon. Does wanting btc to continue to rise make me greedy? Will being a fiat millionaire actually make me happy?

I don't know, but I don't expect that it would.

On a somewhat related note, I want to make a pledge to donate to charity. If bitcoin reaches X amount, then I will give Y% to charity Z.

I want to do this in a public space (this forum) so that it makes it harder for me to go back on my word when it happens.

I've never given a significant sum of money to charity before, so I'm a newb. Any ideas for plugging in the X, Y, and Z to my proposal?

"If Bitcoin reaches $800, I will give 99% to St. Jude's."

That's too steep of a commitment at too low of a price threshold for me. I still want to enjoy the bitcoin roller coaster for a while 

St. Jude's, however, looks like a very worthy cause, and I will consider it. Thank you.

[cgriswold]

It's not a question of whether or not bitcoin wins.  I see btc as another hedge against inflation.  If you happen to live in a country where currency values might dramatically decline, the btc is a good alternative.  Don't think there's any chance btc will become the Global currency, but if you live in the USA where more money's been printed than Newspapers, then btc is almost a certainty to gain value against the dollar in 2014.

[hilariousandco]

Most people become unhappy when they win large amounts of money because they were operating under the assumption that money equals success and happiness, and it doesn't, and this gives them a cold, hard shock. A good percentage of people who suddenly win big end up losing their fortune because they don't know how to manage money properly and try to buy happiness in materialistic goods etc. If you're happy and healthy you're rich already. It's a shame most people don't realise this already.

[traiz]

Most people become unhappy when they win large amounts of money because they were operating under the assumption that money equals success and happiness, and it doesn't, and this gives them a cold, hard shock. A good percentage of people who suddenly win big end up losing their fortune because they don't know how to manage money properly and try to buy happiness in materialistic goods etc. If you're happy and healthy you're rich already. It's a shame most people don't realise this already.

I have to disagree to a certain extent.
While there's some truth to the saying , "Money can't buy happiness",  it can certainly rent it...

There's a difference between someone living paycheck to paycheck (who has to struggle to make rent, care for their kids, parents, etc)
and someone who's comfortable enough to risk some funds in an unproven crypto-currency..

That being said, there is probably an upper limit on how much money would be needed to make you happier.
an extra $10k year makes a huge difference to someone making $35k/year
It might make someone making $70k/year happier for a month
Someone making $140k/year might be glad for a few weeks
$280k/year - ok, thanks
$560k/year - ok w/e
$1120k/year wouldn't even blink...

[hilariousandco]

Most people become unhappy when they win large amounts of money because they were operating under the assumption that money equals success and happiness, and it doesn't, and this gives them a cold, hard shock. A good percentage of people who suddenly win big end up losing their fortune because they don't know how to manage money properly and try to buy happiness in materialistic goods etc. If you're happy and healthy you're rich already. It's a shame most people don't realise this already.

I have to disagree to a certain extent.
While there's some truth to the saying , "Money can't buy happiness",  it can certainly rent it...

There's a difference between someone living paycheck to paycheck (who has to struggle to make rent, care for their kids, parents, etc)
and someone who's comfortable enough to risk some funds in an unproven crypto-currency..

That being said, there is probably an upper limit on how much money would be needed to make you happier.
an extra $10k year makes a huge difference to someone making $35k/year
It might make someone making $70k/year happier for a month
Someone making $140k/year might be glad for a few weeks
$280k/year - ok, thanks
$560k/year - ok w/e
$1120k/year wouldn't even blink...

Mo' money mo' problems.

[oprahwindfury]

If bitcoin wins, monetization will occur and people will begin switching from fiat currency (USD for example) to bitcoin. This will increase bitcoin's purchasing power and increase it's value I believe. This would put the early adopters in a very good position to get richer. I hope we are still in the early adopter's market at the current price of around $750 - $800. As bitcoin grows and is successful and "wins", it will have many more mercantile adopters. I think having bitcoin as a head to head battle with fiat currency gives power back to the people in the long term. Many of those who are incapable of dealing with banking institutions such as the inpoverished or Nations who do not have the necessary infrastructure such as several African countries will benefit. It will be like introducing the INTERNET to an entire civilization that has never seen it before. As long as data transfer is available online, bitcoin will prevail. The success of bitcoin will spur innovation because it will free people from the tyranny of money laws such as the ones brought on by the PATRIOT Act in the U.S.---one of my least favorite laws by far.

[NextGenBit]

but what about regulations that are bound to be pressed on bitcoin? We can't expect zero regulation by countries such as the US,China, or the European union.

[monsterkill]

 

[hilariousandco]

but what about regulations that are bound to be pressed on bitcoin? We can't expect zero regulation by countries such as the US,China, or the European union.

Regulation will be inevitable, but that's not really a bad thing. Bitcoin and cryptocurrencies will be very difficult to regulate anyway, even more so than cash.

[bumface]

dance

[NextGenBit]

but what about regulations that are bound to be pressed on bitcoin? We can't expect zero regulation by countries such as the US,China, or the European union.

Regulation will be inevitable, but that's not really a bad thing. Bitcoin and cryptocurrencies will be very difficult to regulate anyway, even more so than cash.

Could the difficulty in regulation turn people away, you have to admit the volatility of btc is a little nerve wracking.

[hilariousandco]

but what about regulations that are bound to be pressed on bitcoin? We can't expect zero regulation by countries such as the US,China, or the European union.

Regulation will be inevitable, but that's not really a bad thing. Bitcoin and cryptocurrencies will be very difficult to regulate anyway, even more so than cash.

Could the difficulty in regulation turn people away, you have to admit the volatility of btc is a little nerve wracking.

For sure. The currency is only volatile as it's still in its early days. Regulation could put people off, but it's a necessary evil for mainstream adoption really. Governments aren’t just going to sit back and watch people launder money without paying taxes on it.

[NextGenBit]

but what about regulations that are bound to be pressed on bitcoin? We can't expect zero regulation by countries such as the US,China, or the European union.

Regulation will be inevitable, but that's not really a bad thing. Bitcoin and cryptocurrencies will be very difficult to regulate anyway, even more so than cash.

Could the difficulty in regulation turn people away, you have to admit the volatility of btc is a little nerve wracking.

For sure. The currency is only volatile as it's still in its early days. Regulation could put people off, but it's a necessary evil for mainstream adoption really. Governments aren’t just going to sit back and watch people launder money without paying taxes on it.

When governments start getting would it be possible for one of the central banks from buying up mass amounts of btc in order to control distribution of them. I really feel the decentralized part of btc is one of it's greatest attributes wouldn't governments try to centralize and control it more. at the end of the day it's all about profits.

[Flashman]

the cryptocurrency realm is a bit like a bar of wet soap, the harder you try to grip it, the more likely it is to fly out of your hand.

In other words, BTC gets to be controlled by the wrong people then all the grassroots support will evaporate and get behind something else.

[riggityroche]

Am I the only one who's going with the traditional hookers and blow?