Topic: Do bitcoin millonaires deserve their wealth? - page 44. (Read 3441 times)

In today's world some core moral values, that previous generations had, are beginning to fade. It is not about hard work anymore. It's about smart work, and most importantly - adaptability.

Remember - not the most hard working, but the most adaptable species throghout the history survived to see today.

There must be all kind of people who have become millionaires with bitcoin. Those who were using it for illegal trades on Silk Route, those who bought/ mined on a whim and then forgot all about it, those who held on through the years or those who held on and traded since last year after it became mainstream.
I think they all deserve it except the first category. The scammers are plenty. To give an example of my own country India, there was a drive by the Indian government to curb black money by suddenly banning all big denomination notes in November 16. A lot of corrupt businessmen and bureaucrats keep their ill-gotten money as cash.
This even includes people like lawyers, doctors etc. who earn huge amounts from private practices but keep it in cash so that they don't have to pay takes on this.

Immediately after this demonetisation steps, a few shrewd guys who had known about bitcoin back then started offering to turn this cash into secret currency for these people. A huge amount of funds changed hands and the people were given bitcoins in the form of paper wallets etc. People invested millions of their ill-gotten money when BTC was  under 1000 USD.
Guess what, those people not only were able to save their black money but multiplied it many times making themselves multi-millionaires.

The Doctors/ lawyers probably deserve it but not the corrupt govt. officials who keep their bribe money in cash.

Well, I think yes, they deserve their wealth even they don't have particular knowledge about the economy and business because they work hard for it. It was their idea, it was their time, it was their strategy and it was their knowledge on why they are millionaires now. There's no rule that only those person with knowledge about economy and business has the right to be millionaire because every one can be.

Just having faith in something wont make anyone wealthy. That like saying having faith in USD makes someone wealthy. However I understood what you are trying to say which is that taking advantage of the rise and fall of bitcoin price one can make money and specially if they have been holding bitcoin for a long time.

But one must trade it in order to cash that profits - so simply faith wont help but others skills are also needed.

They were proactive in investing in bitcoins early and were patient in not selling out during the early spike periods for smaller profits. So, yes, they very well deserve their wealth. They have the forethought that this would be a gold mine in future and invested in them.

In my mind, if they didn't rob or scam someone, then it's fair. You may or may not like the fact that some people got rich easily, but they didn't do any harm to others, so it can't be a crime.
The idea that speculative profits are unfair comes from communist ideology, because in that theory value is created only through labor, therefore any non-labor income have to be some sort of a fraud, otherwise communists just can't explain it within their theory. But Austrian and mainstream economics view trading as a positive function that establishes market prices and creates signals that guide economic growth.

It doesn't matter it it's fair or not: sometimes you find yourself in the right place at the right moment, sometimes not.
And sometimes just a casual move makes you millionaire. Sometimes a casual move brings you to disaster.
That's life. So, congratulations to the bitcoin millionaires! :-)

that is their luck so they become a millionaire. they invest early and hold it for many years and they believe in bitcoin so that is the fruit of everything they done. it is fair for them to be millionaire so if you want to become millionaire you can invest too and hold and wait.

Yes, they maybe not familiar with technical things and how Bitcoin work, but they have faith in Bitcoin that is the one that make them wealthy, most of the millionaire here start from when Bitcoin is very cheap and some of them do hard work trading to make the fortune

All of us want to become a millioniare that is the reason why bitcoiner deserve of what they have and thats the fruit of success. Its so hard to earn thats why we need to work hard, sucrifice everything and pray to God for guiding every activity. Bitcoiner deserves the wealth because they did the right for the bitcoin. They earn for the right and for that they live a happy life.

We can't judge about all, if they deserve their wealth but in any case they are worth it. Being in the right time in the right place is a rare and valuable feature. By the way, I'm sure these people who are now bitcoin millionaires do not count money of other people 

Yes that's fair and they deserve what they have now regardless what education, status, and few bucks they have when they start gathering btc. People who had been millionaire through btc are those whose have the guts to take risk of making their cents to millions and losing as well which all of us can have during that time btc cost only cents but we decide not to believe and they do believe.

If you have knowledge of the financial system, then you would have chosen Bitcoin a long time ago. The knowledge of this broken system, would have pushed you towards Bitcoin and you would have made millions a lot earlier.

It is a pitty that this knowledge was not distributed a lot wider in the beginning and most early adopters were Libertarians and Crypto enthusiasts with Anarchist roots.  

YES!  bitcoin millionaires deserve their wealth because they work for it.  In fact they did an extra effort and believe nor trust bitcoin. It takes to long before their work has paid off and now they succeed.  So,  millionaires deserve it and to become one, we must also do the same thing.  It may takes years but it is so worth waiting.

Yes it is because they have bitcoin when they are still unsure of what will happen to it in the future in which they end up being millionaires. Those people who are risk takers are mostly the one who would end up being successful opposite from those people who are just always comfortable in their comfort zones who are afraid to take risk. We can still see it until now wherein there are still people who are very doubtful of cryptocurrencies and still stuck in investing in stocks and mutual funds because they feel secured with it but those who are willing to try the unknown are so far happy with their decision.

Yes of course they deserve what they have today .Bitcoin users or holders deserve it caused they choose to trust and invest on bitcoin crypto .they take the risk to invest on it and it fruits a lot for them .nowaday we have many people called as a  Bitcoin millionaire. And after all the efforts that they do they make it

Its only fair for them to become millionaire because they took the risk of buying bitcoin at a low price without even having an assurance that it will have a value in the future.
They deserve it nonetheless, People in the past were skeptic about bitcoin and doesnt trust what the whitepaper says because it was a proposition like no other, some took the risk and some doesnt, the one who took the risk are now millionaires while the ones who are skeptic are still being skeptic and envious the pioneers of bitcoin.

Anyone capable of grabbing opportunities and making the best out of them deserve what they have now. That person you are talking about can either be a risk-taker or a persuasive one. That is the reality of getting what you want- striving hard to get it.

Trying to bring in morality into investment in a free market can be a dangerous way of thinking.

That being said, Bitcoin millionaires or billionaires might have information advantage that could be considered "unfair". Not everyone had the choice to be tech-savvy or being educated sufficiently to understand Bitcoin since its inception. Thus the creation of wealth due to Bitcoin is certainly not egalitarian, it is biased toward a specific demographic, or group of people sharing certain characteristics.

Even though everything about Bitcoin is public information, not everyone can access them freely, for example, non english-speakers, people with no internet access, or people with no not enough human capital to understand the source code. These create information rent for Bitcoin's early adopters which is not too dissimilar to the economic rent collected by "insiders" in big institutions.

Whether this is good or bad depends on your view of the world. But there are certainly "fairer" way of issuing or introducing a cryptocurrency.

I think they deserve what they have right now. Bitcoin millionaires are rewarded because they believe on bitcoin and have kept their investments on it. Right now its their time to get the fruit of their investment.