The Emergence of the Sovereign Elite

[CTO114]

From ancient times, elites derived power from controlling institutions.

Governments controlled money, banks controlled payment and corporations controlled opportunities.

But with Bitcoin a new set of elite is created;

People who can preserve and transport wealth without asking permission.

For the first time an individual can carry millions of dollars across borders using nothing but memorized seed words. Unlike traditional elites Bitcoin elites often do not display visible status.
You can identify a billionaire through private jets, mansions and luxury cars, but you can't identify a Bitcoin r holding 10000 BTC by just looking at them.

This is a form of sovereignty previously available only to states and powerful institutions.

The world's future elite may become increasingly difficult to identify because Bitcoin wealth is portable, private and often hidden.

[Pmalek]

I think it was Senator Lummis who said recently that bitcon is the first form of money that can me memorized. She was referring to remembering seed phrases. It's an interesting observation. Bitcoin isn't the only digital asset that you can "remember." A seed is information, but so is a PIN code, a password or a credit card number.

However, only bitcoin is decentralized information that you can carry in your head anywhere and trustless. Your PIN or credit card number will work as long as the custodian still exists and doesn't lock you out or there aren't other mechanisms that prevent you from accessing your money in a new location. Bitcoin doesn't suffer from such potential limitations. As long as you are the only one who knows the seed, you have absolute control of your money.

[BlackBoss_]

You can identify a billionaire through private jets, mansions and luxury cars, but you can't identify a Bitcoin r holding 10000 BTC by just looking at them.

It's impossible.

You only can look at Bitcoin addresses in the Bitcoin Richlist while you mostly don't know who are owners of those addresses. Most of addresses in Bitcoin Richlist are very old ones and you can not identify the owners if there is no extra information available publicly.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

[Charles-Tim]

For the first time an individual can carry millions of dollars across borders using nothing but memorized seed words.

I understand your point, you are right, especially for 12 word seed phrase which is the least and still not vulnerable, but not long more than 12 words. It is worth knowing that you should have offline backup like a paper or stainless/titanium sheet backup, because the memory can disappoint anyone at anytime.

[Die_empty]

The world's future elite may become increasingly difficult to identify because Bitcoin wealth is portable, private and often hidden.

Bitcoin usually attracts those who want to live private lives. The bank manager or workers know how much every customer owns. Rich folks who want to live moderately without public attention will always keep Bitcoin.

The portability of Bitcoin makes it the easiest asset to move from one country to another without restrictions. When I look at the destruction of properties and businesses caused by war in some countries, I keep realizing the benefits of keeping Bitcoin. In times of conflict, people lose their assets because they have to move to a safer area. A bitcoiner can easily move millions anywhere in the world with a single piece of paper.

[Aanuoluwatofunmi]

From ancient times, elites derived power from controlling institutions.

Governments controlled money, banks controlled payment and corporations controlled opportunities.

But with Bitcoin a new set of elite is created;

People who can preserve and transport wealth without asking permission.

Despite knowing all this, we still discover that some people are not willing to adopt this same decentralized digital currency because they don't want to take the risk in needs or they are being reluctant to learning new things in order to move on with life.

Government of tried every necessary effort to pull down bitcoin because they don't want it to progress to this stage, but it has been made with resistance to all this forms of attack that may be coming from any angle, because it's solution to what people need when it comes to financially economy and we need transparency as well as control over our coins, if not for Bitcoin, many of us would have been left without option.

[BlackHatCoiner]

There is no way you have 10000 BTC, and you are completely unknown and you get to enjoy that money. If you want to live a like a billionaire, and buy houses, jets, cars etc., you will have to sell a big fraction of that, and it will be noticeable on-chain, so chain analysis companies can at least know you own those.

And please, don't memorize seed phrases... I know people say this figuratively, but it's bad regardless.

[Abiky]

From ancient times, elites derived power from controlling institutions.

Governments controlled money, banks controlled payment and corporations controlled opportunities.

But with Bitcoin a new set of elite is created;

People who can preserve and transport wealth without asking permission.

For the first time an individual can carry millions of dollars across borders using nothing but memorized seed words. Unlike traditional elites Bitcoin elites often do not display visible status.
You can identify a billionaire through private jets, mansions and luxury cars, but you can't identify a Bitcoin r holding 10000 BTC by just looking at them.

This is a form of sovereignty previously available only to states and powerful institutions.

The world's future elite may become increasingly difficult to identify because Bitcoin wealth is portable, private and often hidden.

I would differ on that last part. This is only true, if the "Elites" holding Bitcoin do so in a non-custodial manner. But those holding it on centralized exchanges and/or wallet services? That's another story. Governments can easily identify them if they take a look at their transaction history. Even third-parties if the exchange is hacked. Non-custodial can also be identified, but only if you disclose your public keys.

As it's said in the real world, "keep it secret, keep it safe". By being discreet, no one will suspect you are a Bitcoin millionaire (or billionaire). At least, holding Bitcoin is so much better than holding Gold. Portability is its main "selling point". Hopefully, more people get on-board to minimize Fiat's dominance in the mainstream world.

[m2017]

From ancient times, elites derived power from controlling institutions.

Which they created themselves.

Governments controlled money, banks controlled payment and corporations controlled opportunities.

Governments have always controlled power, and money is just one of the derivatives of power. Banks control deposits and loans, and corporations control goods and services.

But with Bitcoin a new set of elite is created;

Which exists as long as bitcoin has value in the eyes of the rest of the world.

People who can preserve and transport wealth without asking permission.

As long as governments allow this to happen (due to the impossibility of controlling it).

For the first time an individual can carry millions of dollars across borders using nothing but memorized seed words.

Until governments learn to stop it. Brain scan for seed phrases?

Unlike traditional elites Bitcoin elites often do not display visible status.

Yeah, right. What about the bitcoin Lambo? These are the same people who brag about their expensive "toys" even more, because, having previously been unable to afford luxury junk, they now actively flaunt it to compensate for their previous financial limitations.

You can identify a billionaire through private jets, mansions and luxury cars, but you can't identify a Bitcoin r holding 10000 BTC by just looking at them.

But it is easily recognized by its expensive luxury attributes. For example, buying an island.

The world's future elite may become increasingly difficult to identify because Bitcoin wealth is portable, private and often hidden.

It's very easy to identify: by current expenses. Or do you think that those with 10,000 bitcoins will live on bread and water, completely depriving themselves of the joys of life?

[aoluain]

For the first time an individual can carry millions of dollars across borders using nothing but memorized seed words. Unlike traditional elites Bitcoin elites often do not display visible status.
You can identify a billionaire through private jets, mansions and luxury cars, but you can't identify a Bitcoin r holding 10000 BTC by just looking at them.

As others have said thats too general an observation. Not all wealthy Bitcoiners have or will
stay under the radar and live frugal lives. Put 10 people driving luxury cars in a row and the
general public wont know how they got to own them. Putting your wealth on display is a
personal choice regardless of whether you own a multi national corporation or Bitcoin.

People who can preserve and transport wealth without asking permission.

This is a very big advantage and should be a very big attraction for those who live in a volatile
economy/society for example. For the most part though most of us will never need or acail
of that feature.

[Synchronice]

People who can preserve and transport wealth without asking permission.

For the first time an individual can carry millions of dollars across borders using nothing but memorized seed words.

This is one of the biggest benefit of Bitcoin. They can check your house, your laptop, smartphone, absolutely everything but when seeds are memorized in your brain, there is nothing they can do about that. So, basically no one can touch memorized seed phrases and you can claim your coins at any time you wish.

You can identify a billionaire through private jets, mansions and luxury cars, but you can't identify a Bitcoin r holding 10000 BTC by just looking at them.

Wrong! If you use your wealth and buy things, people will identify you and if you don't use your wealth, then they won't identify you. It has nothing to do with Bitcoin. If you are a Bitcoin holder who lives a poor man's life, then everyone will think that you are poor. The same applies to owning a lot of cash too.

I think it was Senator Lummis who said recently that bitcon is the first form of money that can me memorized. She was referring to remembering seed phrases. It's an interesting observation. Bitcoin isn't the only digital asset that you can "remember." A seed is information, but so is a PIN code, a password or a credit card number.

However, only bitcoin is decentralized information that you can carry in your head anywhere and trustless. Your PIN or credit card number will work as long as the custodian still exists and doesn't lock you out or there aren't other mechanisms that prevent you from accessing your money in a new location. Bitcoin doesn't suffer from such potential limitations. As long as you are the only one who knows the seed, you have absolute control of your money.

You can remember your credit card number and PIN code but you won't be able to pay in the shop if you don't physically have your card in your hand. Also, if you shop online, besides those 16 numbers, expiry date and CCV code, you might be required to verify the transaction via sms code. Also, if you want to log in to your bank account, you'll need to confirm it via sms code. With Bitcoin, nothing is required and as you said, bank can ban your account but no one can ban your Bitcoin address.

[Darker45]

It's probably not about whether you're rich in fiat or Bitcoin, it's simply about who you are. The tendency to show off isn't monopolized by those rich in fiat. Just because you're rich in Bitcoin doesn't mean you'd choose to ride Uber over a luxury car.

I know of a local guy who became rich because of Bitcoin who bought a sports car out of his gains. I think this isn't about Bitcoin being portable and private. This is about individual character.

[Donneski]

You can identify a billionaire through private jets, mansions and luxury cars, but you can't identify a Bitcoin r holding 10000 BTC by just looking at them.

It's impossible.

You only can look at Bitcoin addresses in the Bitcoin Richlist while you mostly don't know who are owners of those addresses. Most of addresses in Bitcoin Richlist are very old ones and you can not identify the owners if there is no extra information available publicly.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

@BlackBoss_ I think you actually misread the content of Op's post. Both of you are literally saying the same thing but how you started with "it's impossible" makes it look like a contradiction

I suspect you missed the "can't" part of of Op's post, reason you decided to give a solid breakdown that ended up agreeing with him 100%.

Thanks for the Bitcoin rich list link though, you unintentionally gave an answer to my question of "what could be the highest number of BTC holding wallet"

[Gozie51]

But with Bitcoin a new set of elite is created;

Yes sure. Bitcoin is a new kind of money generation or creation that you don't need to build manufacturing industry, get raw material, employ people and pay them salary to work for you. It is no longer such physical form of creating wealth. You can buy and hodl bitcoin or trade it and that's what matters.

People who can preserve and transport wealth without asking permission.

That is part of the difference. No third party encumbrances. No banks or government regulations. Just P2P transport and transaction.

For the first time an individual can carry millions of dollars across borders using nothing but memorized seed words. Unlike traditional elites Bitcoin elites often do not display visible status.
You can identify a billionaire through private jets, mansions and luxury cars, but you can't identify a Bitcoin r holding 10000 BTC by just looking at them.

But you can also carry your fiat through your credit card and or bank app without being noticed.

This is a form of sovereignty previously available only to states and powerful institutions.

Surely wealth creation has moved from analogue to digital. You are right.

The world's future elite may become increasingly difficult to identify because Bitcoin wealth is portable, private and often hidden.

It may not be difficult to identify if bitcoin elite and hodlers decides to live same flamboyant life style. If a bitcoin trader buys a posche or Lamborghini, people will also easily identify him as a bitcoin hodler.

[viljy]

~
The world's future elite may become increasingly difficult to identify because Bitcoin wealth is portable, private and often hidden.

If a rich person is forced to hide his wealth, it means only one thing - he will not be able to protect it. Usually, rich people, on the contrary, live on a grand scale. Bitcoin is a special form of wealth. It can be taken away from the owner under torture or threat of death. This happens if information about major bitcoin owners becomes known to criminals.

Perhaps such information is sold by government employees who have access to tax reports. KYC on exchanges also carries similar risks. Anyway, people who are forced to hide and conceal their wealth cannot be elite. Because the elite do not live in fear and the sword of Damocles of personal information disclosure does not hang over it. This is the difference between the elite and all other people. The future of ordinary people depends on someone higher up. The future of the elite does not depend on anyone, it is reliable.

[YOSHIE]

The world's future elite may become increasingly difficult to identify because Bitcoin wealth is portable, private and often hidden.

We know that the emergence of an elite in Bitcoin circles will refer to the concentration of wealth individually, meaning whose finances can regulate global market changes, as has been done by a small elite group of entities, but they couldn't survive for long, for various reasons, because Bitcoin didn't fit the concept they wanted.

But if you look at the current development of the crypto market, especially Bitcoin, I think that in the future the elite who own Bitcoin wealth assets, namely officials such as politicians and policy makers, will become the legislative elite in Bitcoin in the future. they have the power to regulate all of that, we can see regulations such as those carried out by government officials and so on.

[ColdLava40]

The world's future elite may become increasingly difficult to identify because Bitcoin wealth is portable, private and often hidden.

These are some of the features that has distinguished Bitcoin from the older systems. No control, no central authority, just you and your keys.

One thing that also entrigue me about Bitcoin is that after the real owner of the coins no longer exists, the ownership could be lost except he gives them to his predecessors before he passes away.

The kind of freedom Bitcoin empower the world today is not meant for just a particular set of people. Bitcoin doesn't care of you are rich or power, when you own it, you have power over it.

[Filicius]

For the first time an individual can carry millions of dollars across borders using nothing but memorized seed words.

I understand your point, you are right, especially for 12 word seed phrase which is the least and still not vulnerable, but not long more than 12 words. It is worth knowing that you should have offline backup like a paper or stainless/titanium sheet backup, because the memory can disappoint anyone at anytime.

I think that what the OP really meant is that these individuals can travel around the world as if they carried all that money with them, but without the need to carry anything physical with them. I imagine that most of these individuals already have their seeds words stored in some safe place, but that does not mean that they have to transport them in order to use them abroad.

In any case, yours is an appreciation that never hurts.

[DiMarxist]

Bitcoin has given the right for individuals to control their wealth, so your not far from the truth when you say that a new sovereign elite has emerged which the government doesn't control their wealth but every thing about their wealth is all covered up in a sets of words which is disclosed only to them as a private keys which they control. This is a new era and the world is gradually moving towards this state were individuals will hold Custody of their wealth going into the future.