Is Bitcoin for “Fake Rich”?

[as.exchange]

If you buy me a ticket plus all accommodation to China or Hong Kong, I will go there

I personally and we as the team will make sure you come to China & Hong Kong for a trip, once as.exchange hits $1M daily trading volume you can screenshot this and save, and BitcoinTalk members will be the witnesses of this promise

I guess that is happening in many countries, not just in China or Hong Kong because people do not think about bitcoin or other new things around them. Having bitcoin really means for me, and I don't care if they are rich than me because I have my life, and as long as I can feel enough for my life, that will be good for me.

So you mean that you treat BTC like some super-rich tread pieces of art, right? They also buy it for the sake of personal belief and pleasure, yet if they profit from it - they are happy, if not - not a big deal in the end.

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[el kaka22]

Honestly "fake rich" has been a thing before crypto as well, it could be part of it nowadays but that doesn't mean there was a problem with fake-rich people after crypto neither, nor there is a problem with crypto.

So, I would have to say just like how tesla wasn't made to look like you are rich, it was build because it was electric and it would be a lot more helpful for the world instead of using basically oil in the end, so all I can say is the fact that people are looking at bitcoin differently and they could promote how "rich" they are with it if they want to, but when they fail to actually spend that kind of money, it will turn out that they are not rich at all and their whole ruse will come to an end, don't know how long they can continue with it but they totally can.

[as.exchange]

Honestly "fake rich" has been a thing before crypto as well, it could be part of it nowadays but that doesn't mean there was a problem with fake-rich people after crypto neither, nor there is a problem with crypto.

So, I would have to say just like how tesla wasn't made to look like you are rich, it was build because it was electric and it would be a lot more helpful for the world instead of using basically oil in the end, so all I can say is the fact that people are looking at bitcoin differently and they could promote how "rich" they are with it if they want to, but when they fail to actually spend that kind of money, it will turn out that they are not rich at all and their whole ruse will come to an end, don't know how long they can continue with it but they totally can.

Yes, I totally agree. Different times, different instruments, but the human nature stays the same.

... when they fail to actually spend that kind of money, it will turn out that they are not rich at all and their whole ruse will come to an end, don't know how long they can continue with it but they totally can.

This was exactly my point. It's about how smart you utilize the means to move from "wanna be rich" to "actual rich". But eventually for the "actual rich", nor iPhone, nor Tesla, nor Bitcoin currently are not the final destinations once they reach the "actual rich" (of course there are exceptions). Maybe it will change over time, but not right now I believe.

[Findingnemo]

Honestly "fake rich" has been a thing before crypto as well, it could be part of it nowadays but that doesn't mean there was a problem with fake-rich people after crypto neither, nor there is a problem with crypto.

So, I would have to say just like how tesla wasn't made to look like you are rich, it was build because it was electric and it would be a lot more helpful for the world instead of using basically oil in the end, so all I can say is the fact that people are looking at bitcoin differently and they could promote how "rich" they are with it if they want to, but when they fail to actually spend that kind of money, it will turn out that they are not rich at all and their whole ruse will come to an end, don't know how long they can continue with it but they totally can.

Bitcoin millionaire can liquidate all of their money and can spend it whereas the stock investor can't really do that because meanwhile doing the prices will actually going to fell down which is also possible in bitcoin but more likely to happen when a billionaire by stock market investor is doing it.

Bitcoin is actual currency and also can be considered as an asset which is more convenient to use so its actually going to be a part of every billionaire's portfolio in the near future.

[hatshepsut93]

The social phenomenon of poor people pretending to be rich is way too rare to have any influence on other things, like Bitcoin. What you're asking is if Bitcoin is a status symbol, and it's obviously not - you can own even tiny pieces worth less than $1. You can't show it off, if you'd tried to post a Bitcoin signed message on social media, no one would understand what it means.

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.

Who cares about post-apocalyptic scenarios, if they would actually happen, 99% of us will be instantly dead.

[bitbollo]

as just another value asset bitcoin has a market and people ready to buy and sell.
I don't think any asset would be needed in a post-apocalyptic scenarios...did you prefer to own a Picasso painting or a farm? covid19 has been already a sort of day 0, something very hard that has changed our life. bitcoin has showed a strong resilience, touching also a new ATH

[michellee]

If you buy me a ticket plus all accommodation to China or Hong Kong, I will go there

I personally and we as the team will make sure you come to China & Hong Kong for a trip, once as.exchange hits $1M daily trading volume you can screenshot this and save, and BitcoinTalk members will be the witnesses of this promise

Hahaha
Done to screenshot and save the link
You can tell us when your exchange hits $1M daily trading volume
That will be challenging to hits that, but I am sure you can do that if you can attract so many traders to trade on your exchange.

I guess that is happening in many countries, not just in China or Hong Kong because people do not think about bitcoin or other new things around them. Having bitcoin really means for me, and I don't care if they are rich than me because I have my life, and as long as I can feel enough for my life, that will be good for me.

So you mean that you treat BTC like some super-rich tread pieces of art, right? They also buy it for the sake of personal belief and pleasure, yet if they profit from it - they are happy, if not - not a big deal in the end.

I will be happy too if I can profit from bitcoin, especially when the bitcoin price can break $21k. I am waiting for this moment to sell some bitcoin I have, and I am making some profit. I treat bitcoin as an investment and income source, so I will try to make as much profit as possible.

[acener]

I also believe that some of those people really used Bitcoin or crypto as their asset,
But do we need to care about how they want to spend their money?
They earned it on their own so they have the right to buy what they want unless you are envious about their achievement or what they have.

[Mauser]

With the Bitcoin price above 22,000 USD, I wouldn't call that "fake rich" anymore. With those kind of price levels you are actually rich by holding some coins. Nothing wrong with that. I wouldn't care about anyone looking down on me if I made it big with cryptos. Unfortunately it's still a long way to go for me.

[as.exchange]

Bitcoin millionaire can liquidate all of their money and can spend it whereas the stock investor can't really do that because meanwhile doing the prices will actually going to fell down which is also possible in bitcoin but more likely to happen when a billionaire by stock market investor is doing it.

Bitcoin is actual currency and also can be considered as an asset which is more convenient to use so its actually going to be a part of every billionaire's portfolio in the near future.

Who said that with liquidating BTC position prices won't fall down?

The social phenomenon of poor people pretending to be rich is way too rare to have any influence on other things, like Bitcoin. What you're asking is if Bitcoin is a status symbol, and it's obviously not - you can own even tiny pieces worth less than $1. You can't show it off, if you'd tried to post a Bitcoin signed message on social media, no one would understand what it means.

I think the phenomenon is quite global though. While you think it might be happening with TikTok-ers only in the specific country, it takes place in USA, EU, Asia, Russia... Don't have enough knowledge to comment about Latin America or Africa, but I would assume it should be same. And this trend is way too fundamental not to influence other things. And my comment about "fake rich" is not about showing off with your public key, but rather about this particular asset being trendy and very well positioned to be inline with the overall trend so that it could give a hope to those "wanna be rich" that they can avoid savings, FX, bonds, stocks, etc., and there's such an easy and quick way to move in their social status via this particular tool.

Who cares about post-apocalyptic scenarios, if they would actually happen, 99% of us will be instantly dead.

True, but that's a good baseline of what is really fundamental and will be left once extreme-case scenario takes place.

as just another value asset bitcoin has a market and people ready to buy and sell.
I don't think any asset would be needed in a post-apocalyptic scenarios...did you prefer to own a Picasso painting or a farm? covid19 has been already a sort of day 0, something very hard that has changed our life. bitcoin has showed a strong resilience, touching also a new ATH

Of course would prefer to own a farm rather than Picasso or Bitcoin... and farm itself is an asset, isn't it? I believe ATH isn't the best indicator of something's resilience, as tulps, Lehman, LTCM, and many other things had ATH at some point in time too.

Hahaha
Done to screenshot and save the link
You can tell us when your exchange hits $1M daily trading volume
That will be challenging to hits that, but I am sure you can do that if you can attract so many traders to trade on your exchange.

We already got approximately $40-50k daily, which is a good start given that we launched just recently, so we are on the way Don't lose this link! And thank you for your trust - we are also confident that in 2021 fairly quickly we should reach the goal! You can help us too

I will be happy too if I can profit from bitcoin, especially when the bitcoin price can break $21k. I am waiting for this moment to sell some bitcoin I have, and I am making some profit. I treat bitcoin as an investment and income source, so I will try to make as much profit as possible.

Given the today price development you already did profit a great deal from BTC! So congratulations on that! But you could profit even more if you would be using our Tranched Value Securities with less risk

I also believe that some of those people really used Bitcoin or crypto as their asset,
But do we need to care about how they want to spend their money?
They earned it on their own so they have the right to buy what they want unless you are envious about their achievement or what they have.

I think fair point. Yet, the discussion and question were not about that.

With the Bitcoin price above 22,000 USD, I wouldn't call that "fake rich" anymore. With those kind of price levels you are actually rich by holding some coins. Nothing wrong with that. I wouldn't care about anyone looking down on me if I made it big with cryptos. Unfortunately it's still a long way to go for me.

Even when price reaches $100,000 / BTC or $1M - it won't change the fundamental things that me and other members have mentioned.

[michellee]

Hahaha
Done to screenshot and save the link
You can tell us when your exchange hits $1M daily trading volume
That will be challenging to hits that, but I am sure you can do that if you can attract so many traders to trade on your exchange.

We already got approximately $40-50k daily, which is a good start given that we launched just recently, so we are on the way Don't lose this link! And thank you for your trust - we are also confident that in 2021 fairly quickly we should reach the goal! You can help us too

Great. It seems you've done great with your exchange. What you need now is to promote your exchange here, so people know that you can be bigger and have a chance to compete with the other exchanges.

I will be happy too if I can profit from bitcoin, especially when the bitcoin price can break $21k. I am waiting for this moment to sell some bitcoin I have, and I am making some profit. I treat bitcoin as an investment and income source, so I will try to make as much profit as possible.

Given the today price development you already did profit a great deal from BTC! So congratulations on that! But you could profit even more if you would be using our Tranched Value Securities with less risk

Yes, I am happy to sell my bitcoin at my target price, waiting for the next target price. I also load up more bitcoin by buying back bitcoin at below $23k because I expect another bitcoin price jump. Can you explain more details about Tranched Value Securities?

[so98nn]

I think post apocalyptic scenario is too much exaggerated. See, in any case the apocalypse won't happen suddenly or in blink of an eye. The change would be gradual and seriously it is happening right now but we are not seeing it anyway.

So we will have changes into blockchain as well. May be there won't be changing of codes but there will be upgraded system. May be a completely different blockchain based technology. This kind of revolution is always there when we need it or when it's outdated tech that we still using. May be it's time to sit back and enjoy the pie that we have.

[CODE200]

The idea of Bitcoin is not really understood by many people up until this point. They just knew that it is either a digital currency or a form of investment so I guess it won't be something to flex towards other people if they won't really know its importance in the first place unlike on physical things such as cars, phones and the likes. Those wherein OP have referred to as 'fake rich' are typically social climbers, to be more appropriate. The fact that single thing you own will not make you to the upper class, doesn't really make any sense.
 I the post-apocalyptic scenario, nothing will matter anymore except from food, and other necessities an individual will need to survive, that's it. Things are applicable not only with Bitcoin but to all currencies, if this scenario will meet the reality. Technologies will be close to being useless except for those which will contribute to one's survival but for sure there will no longer be systems in general, that will be functional because that would be a total chaos which will more likely to happen.

[FlightyPouch]

With the Bitcoin price above 22,000 USD, I wouldn't call that "fake rich" anymore. With those kind of price levels you are actually rich by holding some coins. Nothing wrong with that. I wouldn't care about anyone looking down on me if I made it big with cryptos. Unfortunately it's still a long way to go for me.

I agree. It is the same with other investments/assets as well. It might not be the same with others in which bitcoin is so volatile but that doesn't matter. The price is out there right now and it might increase much more in the next few years. These people might be anonymous as well, but for me that is just rightful following the pseudo-anonymity of bitcoin.

[Sapphire915]

No, Bitcoin is for real and I have no doubt about it. If you own just 1BTC in your digital wallet, you are absolutely rich if you are going to sell it and the value of your profits will depend on which particular countries you are in. You will be much richer if the value of USD is much higher in your respective country. So, for me, Bitcoins is not for fake rich because you can withdraw it anytime you want if you owned some. However, electricity and internet signal are the most important factors to Bitcoins to become alive and useful. Without this, we cant access our digital wallets, but this doesn't mean that Bitcoins is for Fake Rich with the absence of that. On the other hand, I understand your sentiments about such people who just wanted to show us that they were rich and they have the capability to go with the trend, though in reality they were over drowned with debts. Personally, I've known some people like that and sadly, we don't have the power to correct that kind of behavior. Maybe, its really their way to compete with the elite people and hide their depressions being on the lower class of the society. And with that scenarios you've given, I cant hardly compare Bitcoins with that rich-pretentious  people. I think its way too far with Bitcoins to be involved with that.

[bits4books]

There is indeed some truth in this because as everyone understands (even if they deny it on the surface, but inside they know for sure that this is so) that without relying on the same "fiat money", any cryptocurrency is just useless numbers that cost less than nothing.
everyone wants wealth in fiat money - dollars, euros - from cryptocurrencies, but they do not want to use cryptocurrencies as a measure of price in itself. no one wants to go to a restaurant and pay a conditional 0.2eth for dinner - they want to go to a restaurant and pay $ 100 for dinner, but through eth conversion.
People themselves have come up with a gasket between themselves and fiat money and believe that this is the real future and independence - but they do not want to understand that such actions simply kill what the cryptocurrency really is. and at the same time, they do not forget to say and write everywhere that fiat money is evil, that banks are evil, that the state that prints money is also evil.
And it's both very funny and very sad. Tragicomedy as it is.

[inanilujimi]

iPhone, Tesla, BMW, etc ,,, are physical forms that can be seen and displayed to others, while bitcoin is just a code of numbers and letters that we never know who owns it unless they have their private key.
if I may choose it is better to be plain than rich.
This life must be realistic, don't be too pushy if you can't, use what is available according to your ability.

[inoes]

Fake rich ? 
indeed everything that is digital feels imaginary and unreal. therefore even though there are one million bitcoins in your wallet, they are just numbers. it is useless if it is not withdrawn and made into fiat money for daily needs. the point is digital is just numbers and it is useless if it is not made into something real or that we can take advantage of. because everything has its characteristics, advantages and disadvantages, so I admit that bitcoin is very dependent on technology. if technology is lost then bitcoin will also be lost. but don't forget the excess bitcoin. let's balance the two  .

[Spaffin]

iPhone, Tesla, BMW, etc ,,, are physical forms that can be seen and displayed to others, while bitcoin is just a code of numbers and letters that we never know who owns it unless they have their private key.
if I may choose it is better to be plain than rich.
This life must be realistic, don't be too pushy if you can't, use what is available according to your ability.

Undoubtedly, every person who holds in his hands a material, physical value, he will value it much more than bitcoin, the code of which he does not understand and cannot even touch. But nevertheless, if you take the banking system as an example, then these institutions make money on the fact that they appeal only in numbers, and not in material values. Therefore, we should be calm, having cryptocurrency on our accounts.

[pixie85]

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…

Bitcoin allowed many of these people to escape the low or middle class level and enter the 1% elite.

I read once about the way white earbuds worked for Iphone. It was a visible sign of who had an expensive phone with them when a person walked down the street and they sold like fresh buns. Other companies saw that and Samsung begun to also sell white ones, followed by other companies but the damage was done. Apple knew people would buy ther products just for show and stand in lines to get the newest version.