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Author Topic: Push Bitcoin for the rich and elite?  (Read 2562 times)
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January 12, 2012, 10:49:05 PM
 #21

The richest and most elite don't deal with money themselves. They have people for that. When they go places everything is usually bought for them or else they wouldn't deign to show up. They are beyond needing to show off.  Power and control is more important...  sure money is a part of achieving that but they have 'been there done that' and not something they have much to do with directly anymore. 

Those you are thinking of, no doubt, the ones you want to target, are the rich and elite wanna-be's... 
the upper middle class mostly. Those who care a lot about money and want to use it to show that they are
among the best of the best.   

 Cool


Bitcoin represents an alternative asset that can act as money and is virtually untraceable. If a number of wealthy individuals used bitcoins for their own large transactions they could avoid taxes (not legally,  but still they could hide money) and that makes bitcoins very appealing as a financial instrument.

Keep in mind, most rich people don't have a lot of money. They have a lot of wealth, and wealth can be in many forms. Managing wealth and transferring it between instruments is critical. And sloppiness could result in taxes.

Perhaps appealing to accountants of the rich is even better than targeting the rich, but I think it is naive to think that the rich don't care about managing their own money. You don't get there without knowing how to manage your wealth, and just handing the reigns over to someone to do it all for you is not an option. You get an account to as an adviser and person who fills in your paper work for you, but you still have to know the gist of the game.

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January 12, 2012, 11:32:36 PM
 #22

The rich already have their swiss bank accounts, tax consultancy services, good investment opportunities etc. Bitcoin offers nothing for them.

Hey rich dude who is doing all this work to hide money...

Buy this untraceable asset. You can even use it to buy and sell things among your friends to avoid tax events. Sell them that company at a loss for $1000 dollars, and have them give you 1M BTC on the side for it, then buy that yacht in btc, and pay the guy in BTC to avoid taxes. Have a congressmen to buy off? Don't bother with an envelope of cash, give him the slip from a fortune cookie, and let him know that the hash of it is a private key that will set him up for life. Then pay your corrupt tax attorney in BTC so he doesn't have to claim it either. Worried about storing all of your money in some off shore account. No worries, you can keep it in a thumb drive. Or better yet, a deterministic wallet seeded with the name of your favorite race horse. Watch the IRS try to seize that. Need to get some coke to keep the party going at your mansion... yeah that was the first thing we took care of (after the alpaca socks and the coffee)

Bitcoin, for people that know that fiat is for plebs.

all ^ lols

pictures billionaire sporting alpaca socks & stirring a tea spoon full of coke in to their coffee next to a large pile of BTC 1,000 gold Casascius coins

Lol well said. Totally agree, one way that the rich get richer is by exploiting loopholes in tax laws by hiding their wealth in various ways. Warren Buffet is the classic example, he openly admits to paying very little tax. Wealth held in BTC, if you don't declare it, would be hard to trace and therefore hard to tax.

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January 13, 2012, 02:07:56 AM
 #23

The rich already have their swiss bank accounts, tax consultancy services, good investment opportunities etc. Bitcoin offers nothing for them.

Hey rich dude who is doing all this work to hide money...

Buy this untraceable asset. You can even use it to buy and sell things among your friends to avoid tax events. Sell them that company at a loss for $1000 dollars, and have them give you 1M BTC on the side for it, then buy that yacht in btc, and pay the guy in BTC to avoid taxes. Have a congressmen to buy off? Don't bother with an envelope of cash, give him the slip from a fortune cookie, and let him know that the hash of it is a private key that will set him up for life. Then pay your corrupt tax attorney in BTC so he doesn't have to claim it either. Worried about storing all of your money in some off shore account. No worries, you can keep it in a thumb drive. Or better yet, a deterministic wallet seeded with the name of your favorite race horse. Watch the IRS try to seize that. Need to get some coke to keep the party going at your mansion... yeah that was the first thing we took care of (after the alpaca socks and the coffee)

Bitcoin, for people that know that fiat is for plebs.

all ^ lols

pictures billionaire sporting alpaca socks & stirring a tea spoon full of coke in to their coffee next to a large pile of BTC 1,000 gold Casascius coins

Lol well said. Totally agree, one way that the rich get richer is by exploiting loopholes in tax laws by hiding their wealth in various ways. Warren Buffet is the classic example, he openly admits to paying very little tax. Wealth held in BTC, if you don't declare it, would be hard to trace and therefore hard to tax.

Therefore, from a taxpayer's standpoint, it's better to receive Bitcoin than to spend the same. Receive BTC, but don't claim it, and spend converted BTC to fiat for the tax write-off.
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January 13, 2012, 05:09:49 PM
 #24

Perhaps appealing to accountants of the rich is even better than targeting the rich, but I think it is naive to think that the rich don't care about managing their own money. You don't get there without knowing how to manage your wealth, and just handing the reigns over to someone to do it all for you is not an option. You get an account to as an adviser and person who fills in your paper work for you, but you still have to know the gist of the game.

I didn't say they don't care at all but tried the make the point they don't care as much, as say someone whose life might actually change if they lost or gained a lot of money. I am talking about those who have already 'gotten there' and don't have to bother with the small matters of money management etc. 

Warren Buffet was mentioned as admitting to not paying much in taxes... he also admitted he wouldn't mind paying a lot more taxes... he also pledged most of his wealth to the Bill Gates foundation. It seems not uncommon that when you start getting into elite ultra rich levels you are more concerned with how to give it away than with how to make and keep more of it... and if you get your name on a hospital or some other big building who cares if a few or more coins fall through the cracks. I have read stats from people who study these kinda things which bear these opinions out but I don't really care that much to try and dig it up just to try and win an argument here.  I think it is naive to think that bitcoin would have very much interest to the richest and most elite...  but feel free to go and try and convert all your ultra rich buddies. Let us know how well you do.    Cheesy

Like someone else has expressed, I just think that there are better groups to target.

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January 13, 2012, 07:11:59 PM
 #25

Perhaps appealing to accountants of the rich is even better than targeting the rich, but I think it is naive to think that the rich don't care about managing their own money. You don't get there without knowing how to manage your wealth, and just handing the reigns over to someone to do it all for you is not an option. You get an account to as an adviser and person who fills in your paper work for you, but you still have to know the gist of the game.

I didn't say they don't care at all but tried the make the point they don't care as much, as say someone whose life might actually change if they lost or gained a lot of money. I am talking about those who have already 'gotten there' and don't have to bother with the small matters of money management etc.  

Warren Buffet was mentioned as admitting to not paying much in taxes... he also admitted he wouldn't mind paying a lot more taxes... he also pledged most of his wealth to the Bill Gates foundation. It seems not uncommon that when you start getting into elite ultra rich levels you are more concerned with how to give it away than with how to make and keep more of it... and if you get your name on a hospital or some other big building who cares if a few or more coins fall through the cracks. I have read stats from people who study these kinda things which bear these opinions out but I don't really care that much to try and dig it up just to try and win an argument here.  I think it is naive to think that bitcoin would have very much interest to the richest and most elite...  but feel free to go and try and convert all your ultra rich buddies. Let us know how well you do.    Cheesy

Like someone else has expressed, I just think that there are better groups to target.

Which brings us back to the average Joe: http://news.bbc.co.uk/2/hi/6230194.stm

Quote
But even though he invented the machine, Mr [John] Shepherd-Barron believes its use in future will be very different. He predicts that our society will no longer be using cash within a few years.

"Money costs money to transport. I am therefore predicting the demise of cash within three to five years."

He believes fervently that we will soon be swiping our mobile phones at till points, even for small transactions.

At 82, Mr Shepherd-Barron is very much alive to new ideas and inventions...
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