Have people become wealthy before, like with bitcoin?

[cuddaloreappu]

If bitcoin becomes million dollars each, or litecoin goes for 500$ and dogecoin goes for 1$  the sheer number of fiat millionaires it could create in the world could be thousands..

Is this socially possible? yes lot of people have become lot wealthy with lots of bubbles in past, the dot com bubble is a classical example creating lot of millionaires.

So what happens to the world if millions of millionaires are created all of a sudden?

will governments and rich people who have a lot of influence over the world(like Bilderberg), allow that to happen?

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[cuddaloreappu]

no but it is only 15 million bitcoins in circulation, so that would put to 15 trillion..
bitcoin cuts into 9 trillion gold market atleast 20%

that adds 2 trillion,

butcoin cuts into metals and commodity markets that could add 3 trillion to market cap

bitcoins cuts into remittance market that adds some trillions.

all with some speculation could definitly put it at that range..

remember what satoshi told,, if it is suscessful , the value of bitcoin will be the maximum in the world's wealth and zero if it does not succeed..

so if bitcoin could go for 1 trillion then 15 trillion is just as possible as 1 trillion

[Ron~Popeil]

If bitcoin becomes million dollars each, or litecoin goes for 500$ and dogecoin goes for 1$  the sheer number of fiat millionaires it could create in the world could be thousands..

Is this socially possible? yes lot of people have become lot wealthy with lots of bubbles in past, the dot com bubble is a classical example creating lot of millionaires.

So what happens to the world if millions of millionaires are created all of a sudden?

will governments and rich people who have a lot of influence over the world(like Bilderberg), allow that to happen?

They won't have a choice. There is way too much capital inflow to shut it down now.

[bitbaby]

They have, people who bought gold before the year 2005 and hodled it did made a huge profit as shown below:

And it will happen again, with what commodity or with which coin, hard to say but it is going to happen. And govt can't do anything about it.

[blatchcorn]

They have, people who bought gold before the year 2005 and hodled it did made a huge profit as shown below:

And it will happen again, with what commodity or with which coin, hard to say but it is going to happen. And govt can't do anything about it.

Likewise with the stock market, either buying in the financial crisis or after WW2

[Kluge]

Don't forget the aluminum bubble, or the coal bubble, or the gasoline bubble, or the crude bubble, or the rhodium bubble, or the.... every other commodity on Earth, I think. Not just millionaires, either, of course. It's easy-come easy-go. People don't usually walk away and retire from work/gambling when they're a millionaire, and there are going to be sharp declines in the value of whatever you sell or hold, too.

Much more impressive than being a millionaire is consistently being a millionaire or billionaire for more than ten years.

[ljudotina]

If bitcoin becomes million dollars each, or litecoin goes for 500$ and dogecoin goes for 1$  the sheer number of fiat millionaires it could create in the world could be thousands..

Is this socially possible? yes lot of people have become lot wealthy with lots of bubbles in past, the dot com bubble is a classical example creating lot of millionaires.

So what happens to the world if millions of millionaires are created all of a sudden?

will governments and rich people who have a lot of influence over the world(like Bilderberg), allow that to happen?

Dont forget that in that time, effective value of $ will fall. So, one bread wont be 1$, it's gonna be 1000$ (not exact math, but you get the point). So yes, you will be millionair, but you wont be able to buy as much with that million as you can buy right now. End game situation would be BTC taking over fiat. In that moment you can have 100000000000$ and you wont be able to buy anything with it. As simple as that.

As aditional example, 1 milion dollars could buy you ALOT more 50 years ago than it can buy right now, and trend (value of dollar falling) will just speed up.

[johnatan32]

If bitcoin becomes million dollars each, or litecoin goes for 500$ and dogecoin goes for 1$  the sheer number of fiat millionaires it could create in the world could be thousands..

Is this socially possible? yes lot of people have become lot wealthy with lots of bubbles in past, the dot com bubble is a classical example creating lot of millionaires.

So what happens to the world if millions of millionaires are created all of a sudden?

will governments and rich people who have a lot of influence over the world(like Bilderberg), allow that to happen?

Dont forget that in that time, effective value of $ will fall. So, one bread wont be 1$, it's gonna be 1000$ (not exact math, but you get the point). So yes, you will be millionair, but you wont be able to buy as much with that million as you can buy right now. End game situation would be BTC taking over fiat. In that moment you can have 100000000000$ and you wont be able to buy anything with it. As simple as that.

As aditional example, 1 milion dollars could buy you ALOT more 50 years ago than it can buy right now, and trend (value of dollar falling) will just speed up.

You talk about inflation, I doubt the value of the dollar will fall as strong as in third world countries

[Beliathon]

They have, people who bought gold before the year 2005 and hodled it did made a huge profit as shown below:

And it will happen again, with what commodity or with which coin, hard to say but it is going to happen. And govt can't do anything about it.

Or looked at another way...



The profits from gold are really more about the decline of fiat than anything else. Remember, the value of any commodity is relative to the value of all other commodities!

[ljudotina]

If bitcoin becomes million dollars each, or litecoin goes for 500$ and dogecoin goes for 1$  the sheer number of fiat millionaires it could create in the world could be thousands..

Is this socially possible? yes lot of people have become lot wealthy with lots of bubbles in past, the dot com bubble is a classical example creating lot of millionaires.

So what happens to the world if millions of millionaires are created all of a sudden?

will governments and rich people who have a lot of influence over the world(like Bilderberg), allow that to happen?

Dont forget that in that time, effective value of $ will fall. So, one bread wont be 1$, it's gonna be 1000$ (not exact math, but you get the point). So yes, you will be millionair, but you wont be able to buy as much with that million as you can buy right now. End game situation would be BTC taking over fiat. In that moment you can have 100000000000$ and you wont be able to buy anything with it. As simple as that.

As aditional example, 1 milion dollars could buy you ALOT more 50 years ago than it can buy right now, and trend (value of dollar falling) will just speed up.

You talk about inflation, I doubt the value of the dollar will fall as strong as in third world countries

Petrodolar is very close to failing. Once that starts to happen, shit will hit the fan. With hyper printing FED does this days, it's just question of time.
What everyone should ask themselves is not how much BTC will cost in dollars, but how much "bread" or "oil" or "flour" will i be able to buy with 1 btc...that's correct question that needs to be answered and speculated.

[guybrushthreepwood]

What a silly title. Of course people have become wealthy from bitcoin. Very much so. I'm sure there'll be a lot more wealth created in the future too. If mainstream adoption kicks off the price will surely follow.

[FNG]

I expect the Forbes 400 list to contain dozens of bitcoin-billionaires. The rest of the list is going to be pretty pissed off

[JJB]

I expect the Forbes 400 list to contain dozens of bitcoin-billionaires. The rest of the list is going to be pretty pissed off

I wonder if Satoshi will ever make it on there?

[bryant.coleman]

So what happens to the world if millions of millionaires are created all of a sudden?

It has happened many times in the past. I will give you some examples.

1. In 1989, the DELL stock was going at $0.10. By 2000, it had increased to $55.1, which corresponds to some 550x increase.
2. Similarly, the MICROSOFT stock was going at $0.10 in 1987. By 1999, it had increased to $50.
3. The CISCO stock had increased to $64 in 1999, from just $0.08 in 1991.

[s.mouse]

I think becoming wealthy is what a lot of people here hope.

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[Beliathon]

I think becoming wealthy is what a lot of people here hope.

Hope?

It's not so much that we're getting rich, dear reader. It's that everyone else is getting poor.

[Ron~Popeil]

I think becoming wealthy is what a lot of people here hope.

A lot of us will. Freedom and wealth are great incentives.

[freebitcoins4u]

if everyone is going to be millionaire then money value will drop down.

[Ron~Popeil]

if everyone is going to be millionaire then money value will drop down.

We are the early adapters. Our community is a very small percentage of the world population so not everyone will become rich.  As the playing field levels wealth will inevitably move from early adapters to other people.

[bryant.coleman]

if everyone is going to be millionaire then money value will drop down.

IMO, only those Bitcoiners with more than BTC25 with them will be having any chances of becoming a millionaire in the near future. And according to rpitella, there are only some 40,000 people with that many coins. 

https://bitcointalk.org/index.php?topic=316297.0