"Millionaire" is a fiat-based term

[Q7]

Gee.. that was tough. I tried cracking my head to find a good word and the best I could come up with is bitillionaire but that sounds really awful to pronounce. I agree the word millionaire should be confined to fiat system and we really really need our very own bitcoin terms because for someone to own let's say 1000 btc, that is already considered rich.

[asuryan180]

The term millionaire is rooted in fiat.  Should BTC replace fiat, 10 coins should be enough to classify as wealthy.  That number can be argued.  But we need a new term for someone with enough BTC that they are wealthy.

It is a fiat term to own 1million of any fiat currency but being one in one does not mean you are in another does it. I think 10coins just means you are testing the waters not that you are wealthy by any stretch of the imagination.

The term for someone who has a very large stack of Bitcoins is whale and i like that name for the wealthy who hold a lot it make sense the one thing we need to work out is how much Bitcoin someone needs to be a whale?  1000-10,000-100,000

[pitham1]

Being a millionaire was something to be proud about at one point of time.
The way dollar has lost value over the years, there are umpteen millionaires now.

That said, "millionaire" indicates a person holding a certain amount of wealth, and not necessarily fiat. So it should suit Bitcoin as well.

[ChuckBuck]

Forget fiat Millionaire, I want to be a Bitcoin Billionaire!!!



Realistically will probably never happen to me, but that game is highly addictive and funny! 

[CrackedLogic]

Forget fiat Millionaire, I want to be a Bitcoin Billionaire!!!



Realistically will probably never happen to me, but that game is highly addictive and funny! 

Remember to have your smartphone's or tablet's charger plugged in when playing the game, you're going to need it.

Regarding the Fiat-based term, the OP is right. With the volatile price we can't call one in the bitcoin industry to be a millionaire. We shouldn't look at bitcoin according to it's fiat based value. We should look at it as a bitcoin. Bitcoin = Bitcoin. Nothing less. Also since everybody here always makes a new term relating to bitcoin starting with a "b" or a "bit",
why not just replace the "M" in millionaire with a "B" or a "BTC"? It's optimistic.

[readysalted89]

Being a millionaire was something to be proud about at one point of time.
The way dollar has lost value over the years, there are umpteen millionaires now.

That said, "millionaire" indicates a person holding a certain amount of wealth, and not necessarily fiat. So it should suit Bitcoin as well.

You would need £30 to $50 million to live the lifestyle a millionaire had a few decades ago. A 4/5 bedroom house in an expensive area can easily cost a million today. A few decades ago you could have brought a mansion for that.

[futureofbitcoin]

Being a millionaire was something to be proud about at one point of time.
The way dollar has lost value over the years, there are umpteen millionaires now.

That said, "millionaire" indicates a person holding a certain amount of wealth, and not necessarily fiat. So it should suit Bitcoin as well.

You would need £30 to $50 million to live the lifestyle a millionaire had a few decades ago. A 4/5 bedroom house in an expensive area can easily cost a million today. A few decades ago you could have brought a mansion for that.

1 million will not buy you a very nice private island. You guys overestimate the term "millionaire". It's no longer what it was in 1950. I would say to live a "typical" "millionaire lifestyle" you probably need at the very least 30-50 million dollars.

There aren't that many 30-million bitcoiners, and even those who really are the really early adopters that have 100k+ bitcoins, it's simply not liquid enough to afford them that kind of a lifestyle. At most they can buy a pretty nice house/apartment in a major city and retire, likely they'll still be interested in bitcoin's progress.

You could've quoted me

[manselr]

Once BTC replaces all VISA, MASTERCARD, etc electronic payment methods and the market cap is on the trillions, 1 BTC will be considered as wealthy. There are only 21 million Bitcoins ever, lots have been lost forever, you do the math.

[Bobblehead Pete]

The term millionaire is rooted in fiat.  Should BTC replace fiat, 10 coins should be enough to classify as wealthy.  That number can be argued.  But we need a new term for someone with enough BTC that they are wealthy.

Is that a bitcoin millionaire? Anyone you know has a 1,000,000 BTC?

[calme]

why not just replace the "M" in millionaire with a "B" or a "BTC"? It's optimistic.

it's also fucking BTCrilliant. If I'm following you anyway. That is, instead of having the "BTC" symbol represent a certain amount such as "billion," but simply represent the BTC currency, then anyone holding BTC would be a BTCillionaire and could tell girls about it outloud since it sounds the same.

[tokeweed]

The term millionaire is rooted in fiat.  Should BTC replace fiat, 10 coins should be enough to classify as wealthy.  That number can be argued.  But we need a new term for someone with enough BTC that they are wealthy.

lol.  That makes you sound like a bitter lo...



So what if they're millionaires.

[mistercoin]

It originated in FIAT terms, but has evolved to encase a variety of meanings.

[Beliathon]

Each new millionaire the world generates is hoisted up on the backs of a thousand wage slaves. We don't need more of them.

[Snail2]

Each new millionaire the world generates is hoisted up on the backs of a thousand wage slaves. We don't need more of them.

What are you going to do if BTC hits "da moon" and on a nice morning you wake up as one of the dreaded millionaires ?

[BitcoinPenny]

Cryptillionaire works for me.
[/quote]

I like that one.

Me

[BillyBobZorton]

The term millionaire is rooted in fiat.  Should BTC replace fiat, 10 coins should be enough to classify as wealthy.  That number can be argued.  But we need a new term for someone with enough BTC that they are wealthy.

Is that a bitcoin millionaire? Anyone you know has a 1,000,000 BTC?

No, not to my knowledge no. No one ever owned 1 million, not even the super mega early investors and miners. But I could be wrong tho, no one can tell how many BTC a single entity owns by looking at the blockchain.

[fox19891989]

I have some new words derived from millionaire in crypto land.

bitllionaire: who has 1 billion satoshis, it's 0.00000001 * 1000000000 = 10BTC

satoshillionaire: who has million satoshits, it's 0.00000001 * 1000000 = 0.01BTC

So are you a bitllionaire or satoshillionaire?   

[R2D221]

Those are tongue-twisters for me :S

[luckyluigi]

I don't think we have to worry about this just yet...