Topic: How many people should get rich and how much is rich? (Read 3040 times)

What your discussing is the value of the Utility of Bitcoin, you can send 21 Million dollars @ 1 Dollar a coin with 21 Million coins, or 1 Coin @ 21 Million USD a coin whats the difference? Since we have a finite amount of Bitcoin, depending on the number of uses of Bitcoin, number of actors actively using Bitcoin, and currently available coins will determine the market price of the coin. It matters to some degree because if it is only 1 dollar a coin, the maximum value the Bitcoin network could secure is only worth 21 Million USD. I am unsure what is a reasonable amount of wealth is typically stored in one type of currency, upwards of Trillions of USD of wealth I would guess. (Now imagine their are over ~50 currencies like this)


I digress from your point about friction, rich is a really relative term much like Intelligence. I would argue that anyone who spends enough time with Bitcoin's Technology becomes rich just from trying to understand how things work.

Based on crude values in my head, if we had some sort of Full worldwide adoption (Not possible in my mind), I would say that less than 10,000,000 Bitcoin Users would be considered "rich" in a monetary sense by today's standards. In 2012 their were ~5 Million Millionaires in the United States alone, with ~10+ Million Millionaires world wide. Can't be more than 10 Million, in my mind and would certainly be much more than 100,000 users. 1/700 of the users of Bitcoin in the world are Rich by that crude math. In reality it might be worth nothing or more than we can hope for -shrugs-

You can get rich with bitcoin without even having a single bitcoin, personally however I think many people's main aims are to become financially stable with the help of investments through bitcoin.

I often say the same thing.  No king could listen to 12 different orchestras per hour, 24 hours a day, for free.  We can.  

Did you know there was a President of the United States who was killed by cherries with human feces on them?  That was the best in the world.  And what was the best medicine in the world, for the President?  The doctors gave him opium, to stop the diarrhea, and then maybe they cut open his veins for the healing powers of bloodletting.

http://www.foodsafetynews.com/2011/02/the-bug-that-poisoned-the-president/#.VPhNNPnF_A0

Oh dear the lord did not see that coming no?

This is the cycle of life my friend it will increase and it will decrease the trick is understanding this and then playing the game as best as you can.

Bitcoin has made many people rich and will continue to do so but these are people that are pro active and go getters they did not just buy a coin or 2 and expect to get rich they done something about it, investing, trading, creating,working.

Only those who deserve to be rich will become rich.

For me, I don't see or worry about the subject of getting rich. What is more important is that whatever fiat money that I have right now should still hold the same value or worth some day in the future. That is my bitcoin still retains the same value compared to fiat which is actually losing its worth.

shut up! everyone shut up bitcoin has dropped like 35 bucks

Anyways, how many people should be able to get rich off bitcoin. Is there a limit of how many and or when bitcoiner's can get rich.
should??
only wise people and people with experience get rich off of anything. not people who want to get rich quick in one night.

Does it matter if bitcoin's price is $1 $50 $100 $250 $300 $350, $1265, $2000, $5000?
it matters a little. if the price is say $10000 the early adoptors or people who bought at lowest price and held for long will get rich but others will profit from every rise and fall

In 3 pages, not a single person answered the question in the title. Even if wealth is relative and money isn't everything and all that, I think we can still give a straight forward answer that actually attempts to answer the question, however outrageous and wrong it may be.

I'll start:

If bitcoin really is the "next big thing" after the internet, my guess is within 5-10 years, we'll have:

Tier 1:
100-200 people at 100M+

Tier 2:
1000-2000 people at 10M-100M

Tier 3:
5000-20000 people at 1M-10M

This is their wealth GAINED purely from crypto related projects, like companies, coins and whatever else. So if Bill Gates bought 5M worth of bitcoins and it grew to 6M, he's tier 3. If Warren Buffet then bought 100M worth of bitcoins and it dropped to 50M, he wouldn't be in any of those tiers.

Also, my values are based on the present purchasing power of USD in America.

How many bitcoins are required to reach that level? Well, there are currently 106 addresses with 10,000 bitcoins or more, and another 1445 with 1,000 or more. Assuming Satoshi has 300k-1M coins (lower and upperbound estimates I've read here), even if all of those are in the richest addresses, he would take up the top 11 addresses. Then there are people like the winklevii, Roger Ver, etc. I doubt they'd use 100,000 addresses, 1 for each bitcoin. So chances are, a good number of the 1,000+ addresses are theirs.

Of course, a lot of people can also earn a lot of money from crypto businesses/alt coins without owning a lot of bitcoins themselves.

My guess is that potentially everyone with over 5000 bitcoins may be in tier 1, those with more than 500 will at least be in tier 2, and you may become a millionaire if you buy 50 bitcoins today.



Extremely optimistic? Probably, but hey, why not?

Being rich by hoarding USDollars or bitcoins is just an illusion: the real wealth is in the goods and services that are produced and exchanged in the economy.

I believe a lot in the sharing economy (apartments, car pools etc) as a way of using resources efficiently, in the optimal sharing economy you don't even need to have money to participate in the sharing economy. Instead you just have a good rating in a web of trust and people trust that you will contribute to the economy later on. Bitcoin would work as the public ledger in such economy, and hoarding bitcoins would not be necessary. The richness will instead be measured by your contribution to the sharing economy.

So if Bitcoin goes to $1000 or $10000 and the dollar collapses at the same time all you'll be able to buy for $100 will be a burger. What then? will you feel rich owning a 10BTC, worth $1000? 
From a different perspective if bitcoin goes mainstream all of us that own coins right now will be relatively rich.

Really?  Then I want to hangout with you.  Especially with your comparison to a monarch from 100 years ago.  I want to see your private steamer, mansions in multiple European countries, armies of servants, prized horses and hunting dogs and all the female courtiers you fool around with.

Home and property ownership was fairly high in the 1890s - if you were willing to relocate to the frontier.  Likewise after WW2, the GI housing bill and automobile ownership is what triggered the suburban housing revolution.

Today it is a lot harder to live in prior times.  In my area, a 3 bedroom home can start at $700,000 and people who graduated from law school or the engineering program wonder how they are supposed to get on the property ladder.

Rich?

I have more than the Kings of England could have imagined 100-200 years ago.  Fruit and vegetables out of season.  Go from London to Paris in a couple of hours.  Antibiotics.  Cell phone, with camera.

I have never missed a meal.

As Bob Marley said: Now that you got what you want, don't you want more.


And yet anytime I have spare fiat I buy cryptocurrencies.  Only because I believe it will enable me to continue not missing meals.

The first part of your musings are interesting. The carrying capacity of bitcoin is global M1, plus bonds, gold, silver, real estate, property and various other financialised assets that have been partially, sometimes excessively so, monetised by successive central bank pumped fiat monetary bubbles.

Frictionless, fungible, divisible, imperishable, verifiable, transportable bitcoin can be a major economic driver compared with current monetary offerings. It will continue to serve and benefit those who use it until something better comes along. The market naturally chooses the 'best' money and those who are using it ultimately benefit from that, be it swiss francs, US dollars, gold or british sterling. Noone wants to hold their savings in a devaluing money.

This is so true 10k in Africa could buy a shack type place and live for a few years if you have 100k which is 3-4 years of the middle wage in the UK, you would be just scraping by here but in another country you would have a life of luxury, my dream to make just enough to get out of dodge and into a country similar to Africa - Thailand to live out the rest of my days..

I agree with this.
Runpaint calls it again!

At such high level of adoption the BTC/USD rate would be rather irrelevant.

bitcoin could hit 10m usd / coin if world adopted it , and i'd consider that pretty damn rich my friend : )

But there are many people who are not rich, and yet does not care about the price of anything.

Anyone within bitcoin can get 'rich' but they will now need to earn it it is not going to just change 1 bitcoin into dreams coming true unfortunately. You will have to work your ass of creating and building a successful business or imo you stand little chance. 4 billion market cap makes a few rich but not as many as you woud think. Bankers have no need to change the system they have total control over,