Does great wealth equal great responsibility?

Erdogan

legendary

Activity: 1512

Merit: 1005

Quote from: rjclarke2000 on May 06, 2015, 03:30:09 PM

I feel if it takes off and makes you rich you will find a lot of people may resent you. Unfortunately people like people to fail generally.

I have seen this recently with an old work colleague who won £1million last year on the lottery. Everyone was slating him and saying nasty things. (He is actually an arsehole but that's not my point)

Jealously is an awful thing.

The people who will do this most will be the close friends who laughed at you buying Bitcoin and never listened to you when you tried to explain the benefits over fiat and the possibilities it could bring you in the future.

They will kick themselves. I won't be that arsehole though......I will let them sit in my Lamborghini for as long as they want as I am a nice guy.

Or, you could just let them look on it...

rjclarke2000

legendary

Activity: 1358

Merit: 1016

I feel if it takes off and makes you rich you will find a lot of people may resent you. Unfortunately people like people to fail generally.

I have seen this recently with an old work colleague who won £1million last year on the lottery. Everyone was slating him and saying nasty things. (He is actually an arsehole but that's not my point)

Jealously is an awful thing.

The people who will do this most will be the close friends who laughed at you buying Bitcoin and never listened to you when you tried to explain the benefits over fiat and the possibilities it could bring you in the future.

They will kick themselves. I won't be that arsehole though......I will let them sit in my Lamborghini for as long as they want as I am a nice guy.

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: Biodom on May 06, 2015, 01:21:36 PM

Quote from: jehst on May 06, 2015, 12:42:57 PM

Quote from: thejaytiesto on May 06, 2015, 12:15:26 PM

Quote from: jehst on May 06, 2015, 11:30:40 AM

Facebook's IPO alone created a thousand millionaires.
http://www.businessinsider.com/facebooks-ipo-will-create-1000-millionaires-2011-12

If bitcoin becomes even a small global currency, it will make Facebook's IPO look like small potatoes. But you'll likely need to own 100-300+ bitcoin to really change your life. If you have 5 bitcoin and bitcoin goes to 20,000, that's good, but it's not going to change your life. You can get a new kitchen or you pay off your student loans early. Great.

Despite the famous stories, I don't think bitcoin has created more than 1000 millionaires in its entire lifetime. People are just too tempted to cash out after 1 or 2 doublings OR they held on for far too long.

The problem is getting 100 BTC before the rally happens. If it stays at this low price for a couple years then it's doable, but imagine it goes up while you are trying to stack up... it basically becomes mission impossible if it goes higher, so I hope we have a low price for a couple years so we can make decent amounts of BTC meanwhile.

Check my signature. Now is the time to accumulate. I think we have 5-6 years of volatility before bitcoin starts making much smaller moves. From now until then, I think we will have some opportunities to accumulate. If it goes down to $100 or $75, then it becomes attainable for lots of people to get to 100 BTC. Even now, most adults can do it in a couple of years with hard work.

IF it will go to $75-100, not many will even bother buying. Most will consider it dead after a 94% decline. I know that it would be roughly equivalent to 2011 decline, but that one was when there were a tiny number of participants. Going from $1200 to $75 would mean that everyone invested in 2014 will be losing large %%.

Bitcoin doesn't really care how much people have lost. There will be a price floor because there is non-speculative use. Silk Road at the least. And as long as that segment keeps growing, the price floor will keep rising. And it is growing. So if the post-speculator apocalypse price floor is $75 or $5 or $0.50, then so be it. That just means that I'll have more bitcoin when that floor is reached.

Biodom

legendary

Activity: 3892

Merit: 4331

Quote from: jehst on May 06, 2015, 12:42:57 PM

Quote from: thejaytiesto on May 06, 2015, 12:15:26 PM

Quote from: jehst on May 06, 2015, 11:30:40 AM

Facebook's IPO alone created a thousand millionaires.
http://www.businessinsider.com/facebooks-ipo-will-create-1000-millionaires-2011-12

If bitcoin becomes even a small global currency, it will make Facebook's IPO look like small potatoes. But you'll likely need to own 100-300+ bitcoin to really change your life. If you have 5 bitcoin and bitcoin goes to 20,000, that's good, but it's not going to change your life. You can get a new kitchen or you pay off your student loans early. Great.

Despite the famous stories, I don't think bitcoin has created more than 1000 millionaires in its entire lifetime. People are just too tempted to cash out after 1 or 2 doublings OR they held on for far too long.

The problem is getting 100 BTC before the rally happens. If it stays at this low price for a couple years then it's doable, but imagine it goes up while you are trying to stack up... it basically becomes mission impossible if it goes higher, so I hope we have a low price for a couple years so we can make decent amounts of BTC meanwhile.

Check my signature. Now is the time to accumulate. I think we have 5-6 years of volatility before bitcoin starts making much smaller moves. From now until then, I think we will have some opportunities to accumulate. If it goes down to $100 or $75, then it becomes attainable for lots of people to get to 100 BTC. Even now, most adults can do it in a couple of years with hard work.

IF it will go to $75-100, not many will even bother buying. Most will consider it dead after a 94% decline. I know that it would be roughly equivalent to 2011 decline, but that one was when there were a tiny number of participants. Going from $1200 to $75 would mean that everyone invested in 2014 will be losing large %%.

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Quote from: thejaytiesto on May 06, 2015, 12:15:26 PM

Quote from: jehst on May 06, 2015, 11:30:40 AM

Facebook's IPO alone created a thousand millionaires.
http://www.businessinsider.com/facebooks-ipo-will-create-1000-millionaires-2011-12

If bitcoin becomes even a small global currency, it will make Facebook's IPO look like small potatoes. But you'll likely need to own 100-300+ bitcoin to really change your life. If you have 5 bitcoin and bitcoin goes to 20,000, that's good, but it's not going to change your life. You can get a new kitchen or you pay off your student loans early. Great.

Despite the famous stories, I don't think bitcoin has created more than 1000 millionaires in its entire lifetime. People are just too tempted to cash out after 1 or 2 doublings OR they held on for far too long.

The problem is getting 100 BTC before the rally happens. If it stays at this low price for a couple years then it's doable, but imagine it goes up while you are trying to stack up... it basically becomes mission impossible if it goes higher, so I hope we have a low price for a couple years so we can make decent amounts of BTC meanwhile.

Check my signature. Now is the time to accumulate. I think we have 5-6 years of volatility before bitcoin starts making much smaller moves. From now until then, I think we will have some opportunities to accumulate. If it goes down to $100 or $75, then it becomes attainable for lots of people to get to 100 BTC. Even now, most adults can do it in a couple of years with hard work.

thejaytiesto

legendary

Activity: 1358

Merit: 1014

Quote from: jehst on May 06, 2015, 11:30:40 AM

Facebook's IPO alone created a thousand millionaires.
http://www.businessinsider.com/facebooks-ipo-will-create-1000-millionaires-2011-12

If bitcoin becomes even a small global currency, it will make Facebook's IPO look like small potatoes. But you'll likely need to own 100-300+ bitcoin to really change your life. If you have 5 bitcoin and bitcoin goes to 20,000, that's good, but it's not going to change your life. You can get a new kitchen or you pay off your student loans early. Great.

Despite the famous stories, I don't think bitcoin has created more than 1000 millionaires in its entire lifetime. People are just too tempted to cash out after 1 or 2 doublings OR they held on for far too long.

The problem is getting 100 BTC before the rally happens. If it stays at this low price for a couple years then it's doable, but imagine it goes up while you are trying to stack up... it basically becomes mission impossible if it goes higher, so I hope we have a low price for a couple years so we can make decent amounts of BTC meanwhile.

Paashaas

legendary

Activity: 3512

Merit: 4557

Quote from: jehst on May 06, 2015, 11:30:40 AM

Facebook's IPO alone created a thousand millionaires.
http://www.businessinsider.com/facebooks-ipo-will-create-1000-millionaires-2011-12

If bitcoin becomes even a small global currency, it will make Facebook's IPO look like small potatoes. But you'll likely need to own 100-300+ bitcoin to really change your life. If you have 5 bitcoin and bitcoin goes to 20,000, that's good, but it's not going to change your life. You can get a new kitchen or you pay off your student loans early. Great.

Despite the famous stories, I don't think bitcoin has created more than 1000 millionaires in its entire lifetime. People are just too tempted to cash out after 1 or 2 doublings OR they held on for far too long.

$100k is not good enough for you ore are you alrdy rich? You sound very ungrateful when Bitcoin reaches that lvl.

Bitcoin can change youre life IF it goes mainsream, a solid strategie will do that.

jehst

hero member

Activity: 798

Merit: 1000

21 million. I want them all.

Facebook's IPO alone created a thousand millionaires.
http://www.businessinsider.com/facebooks-ipo-will-create-1000-millionaires-2011-12

If bitcoin becomes even a small global currency, it will make Facebook's IPO look like small potatoes. But you'll likely need to own 100-300+ bitcoin to really change your life. If you have 5 bitcoin and bitcoin goes to 20,000, that's good, but it's not going to change your life. You can get a new kitchen or you pay off your student loans early. Great.

Despite the famous stories, I don't think bitcoin has created more than 1000 millionaires in its entire lifetime. People are just too tempted to cash out after 1 or 2 doublings OR they held on for far too long.

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

Lots of people became millionaires and all they were prior 2013 is NEETs that bought some BTC for shit and giggles and to buy some weed of Silk Road... thats how you become rich, be at the right place, doing the right thing at the right time, which in retrospective is basically look since you dont certainly know if you are doing the right thing.
You can't ask for responsibility, people is going to do whatever they want with their own money, it is what it is.

Alley

legendary

Activity: 910

Merit: 1000

Most people did not hold long enough to sell at $1000. If they bought for a few bucks or mined tons of them they sold at the $32 or $200 bubble.

randy8777

legendary

Activity: 896

Merit: 1000

Quote from: ensurance982 on May 05, 2015, 11:37:05 AM

Quote from: techgeek on May 04, 2015, 11:56:35 PM

If you are an early adopter, which most of us arent, you would be not question these guys on their wealth.

Its a similar thing where you get in a stock very early, and if you gained from it I`m sure eventually you`d want more of it. Its human nature to have greed, or go on creating more things which microsoft has, or expanding their options.

Most of those guys are have done a great impact by creating jobs in the private sector.

People who can control their emotions, and who know how to invest may not make those mistakes, though. They know when to get out, set specific goals, and stick to their strategies!

if every one was a great investor then the market would be very boring. people make profit off of people that don't know when to stop buying or when to get out.

Erdogan

legendary

Activity: 1512

Merit: 1005

Quote from: necrita on May 04, 2015, 11:41:31 PM

Has it ever happened in the history of mankind that some entity provides the returns btc has and makes a dent on the amount of millionaires in the world? This is excluding early microsoft, amazon holders. Is it possible for the above to happen at a scale that BTC could probably produce if it hits its potential?

Are there certain mindsets of the rich that we as a community must cultivate if we are to prepare for an order of magnitude increase in our wealth? I'm afraid to think about the amount of reading, research I'd have to do and sleep I'd lose If I made that much money from BTC. What do you guys suggest as wise steps to take to prepare for this event, if it ever occurred?

A basic rule of life or death is that you care for yourself and just respect others rights (and defend your own). This is a long time care, which obviously would include support to the community, but that is entirely up to the individual.

Trade (and the underlying production) creates value by offering something to the next guy which he values higher. A prosperous community is one that respects individual rights, and where the rich can keep what they have, and are respected not just for their wealth, but for the wealth they have created for their customers.

So no, there is no further responsibility to others.

ensurance982

hero member

Activity: 518

Merit: 500

Trust me!

Quote from: techgeek on May 04, 2015, 11:56:35 PM

If you are an early adopter, which most of us arent, you would be not question these guys on their wealth.

Its a similar thing where you get in a stock very early, and if you gained from it I`m sure eventually you`d want more of it. Its human nature to have greed, or go on creating more things which microsoft has, or expanding their options.

Most of those guys are have done a great impact by creating jobs in the private sector.

People who can control their emotions, and who know how to invest may not make those mistakes, though. They know when to get out, set specific goals, and stick to their strategies!

minerpumpkin

hero member

Activity: 686

Merit: 500

A pumpkin mines 27 hours a night

It only looks as if Bitcoin is making a lot of millionaires. I don't actually think this is happening. Sure there are some lucky early adopters who became quite rich, or still hold enough coins to be considered rich (in FIAT terms). But how many are we talking about? 100? Maybe 1000? That's not many, actually.

techgeek

hero member

Activity: 826

Merit: 1000

If you are an early adopter, which most of us arent, you would be not question these guys on their wealth.

Its a similar thing where you get in a stock very early, and if you gained from it I`m sure eventually you`d want more of it. Its human nature to have greed, or go on creating more things which microsoft has, or expanding their options.

Most of those guys are have done a great impact by creating jobs in the private sector.

necrita

newbie

Activity: 49

Merit: 0

Has it ever happened in the history of mankind that some entity provides the returns btc has and makes a dent on the amount of millionaires in the world? This is excluding early microsoft, amazon holders. Is it possible for the above to happen at a scale that BTC could probably produce if it hits its potential?

Are there certain mindsets of the rich that we as a community must cultivate if we are to prepare for an order of magnitude increase in our wealth? I'm afraid to think about the amount of reading, research I'd have to do and sleep I'd lose If I made that much money from BTC. What do you guys suggest as wise steps to take to prepare for this event, if it ever occurred?

Topic: Does great wealth equal great responsibility? (Read 924 times)