Topic: I am pretty confident we are the new wealthy elite, gentlemen. - page 181. (Read 631985 times)

How do you guys plan on being a 'wealthy elite'?
Maybe if you have at least 1000 btc

OK... I'll give you the perfect idea. Go to year 1998. Then publicize Bitcoins and start mining them. By 2014, each of the coins will be worth anywhere from $10K to $100K.  . Everyone gains.

+21 million.

Banks are not inherently evil. They just get that way when there is a centralized fiat currency that they either create, control, or are able to manipulate in a major way.

The business of a legitimate bank is to get money loaned out on a risk appropriate basis, and make money for their depositors via interest. Doing this fosters development and adoption. There are a great many reasons why banking would be very good for bitcoin and other cryptos.

So long as said banks are well capitalized, properly insured, and transparent in their business, they will be a positive force for bitcoin. If they are allowed to operate in the dark and without restriction like the modern "banks", then they will be a huge liability.

To give a small illustration as to why a bank is good, think on this: You take a portion of your bitcoin out of your wallet, where it's safe but doing nothing, and invest it in a bank's Certificate of Deposit for a period of, let's say, six months at 10 percent per annum, compounded daily. You can't touch that money for six months or you lose the accrued interest.

The bank, then, lends it out at 20 percent. They make a profit, and share half of it with you. At the end of the six months, you are about six percent richer (off the top of my head, I didn't actually calculate this), some slob with a business idea has put your coin to work in advancing bitcoin as a payment platform, thus raising the value of your coins, making you richer yet.

This same bank has insurance on your deposits ( a service that also incurs fees, and thus interest for it's investors) doing much the same. This leads to a growing adoption and a growing value.

It has been done, and it will be done with bitcoin. So long as it is not "overseen" by central authorities, but rather beholden to its depositors, it's a profitable and noble endeavor.

Soon, and I can guarantee this is true, such an institution will exist. And it will drive bitcoin into the mainstream.

No way. I'll be as far from the madding crowd as I can get. I'm buyin' a freakin ISLAND!


...but I will be sure to invite you. You make me laugh

Not sure. I think a lot of it is the rumour, even now that it's largely dispelled, that China is going to ban BTC. Also, it's just short of tax day in the US, and that's always a downer in that market.

Personally I hope it stays down for a few more weeks. Slows down the network growth a little bit, and besides, I have a new, better job. I can buy in if it stays low!

Last time it went way down like this, the spike upward was pretty fantastic, so those of you HODLing, keep it up. You'll likely be rewarded.

this seems to be a bit pie in the sky in a couple of ways.

Just becoming a bitcoin billionaire.. would require a BTC investor with 1000 bitcoins and bitcoins at 1 million per BTC or 10,000 bitcoins at $100,000 per BTC.  A decamillionaire would be more realistic.  That would be 1000 BTC valued at $10k each.. which seems more reachable.  or 250 BTC valued at $40K each.  Those both seem very reachable in 5-10 years.

BTC is NOT going to resolve all of the government issues or remove non-profits - I really doubt that.. NOT in 5-10 years... but we may get a lot of societal transformations

Surely aspirations of BTC holders will vary, and a BTC holder can do a lot more with a $billion as compared with a $million. 

A $million would probably give the BTC investor enough to live a fairly frugal life with a passive income of about $3,333 per month.  That is assuming a minimum 4% average per year withdrawn distribution. 

My area and past lifestyle had required an income higher than $3,333 per month, yet I could probably get by with $3,333 passive income per month (but a fairly frugal living).  Part of the reason in my past for the need for the higher income has been to attempt to build up various investments, but if I were NO longer using my income to build further investments, then I could get by on less than previously.  In any event, I do tend to think that a certain part of one's income should be dedicated to reinvestment for the future to prepare for various uncertainties and have some cushion nestegg, unless the person is really sure about the number of years that s/he has remaining on this earth.... which is frequently a difficult calculation.

So, personally, i could get by, personally, with various lifestyles with between
$1-3 million in assets.  I would feel more comfortable having around $3million, just to be able to do things a little beyond my current lifestyle without having to worry about that sometimes draining activity called work. 

Now, if I intended to be more philanthropic and to employ myself with the embetterment of mankind in various ways or to make my mark in various ways, I would feel better making any those kinds of attempts with greater than $3million in assets. 

At the moment, having a billion $$ in assets (acquired through bitcoin) is a bit fanciful for me b/c currently my bitcoin  holdings are about 57BTC.. and currently that bitcoin reserve is worth a little bit less than $25,000.  Have a long way to go upwards in order to get to either the million dollar level, the 3 million dollar level or the billion dollar level.... that is if I can maintain my current level of BTC holdings over the years or maybe increase my BTC holdings to 100 BTC or more? which seems possible.. depending on a variety of currently unknown or quasi-known factors...

That is correct. As we are now well into the era of zombie-capitalism, and will soon begin the transition to post-capitalism, we will begin to see charity melt away into the past, as solidarity and revolutionary politics rise to take its place.

Related: https://www.youtube.com/watch?v=hpAMbpQ8J7g

When we are bitcoin billionaires there won't be "non-profits". That spawn of fed-gov too shall pass.

 Isn't opening entrepreneurial academies and startup incubators in developing countries what being a wealthy elite is about? Among other things. 

True.
You can spend on your own fun and still give away $$$$$$.   

I was looking for the post thanks
When you are a Billionaire you can get the yatch and the entrepreneurial academie + a cool non profit so people like you and compliment you in dinners 

The above quote is from page #3.
I never noticed it before, "Bravo" to Timo Y. 

You are not too optimistic, when the **** hit the fan and the USD collapse, we will be looking at high 4digits pretty fast because a lot of money is on the sideline waiting to buy and a lot more people have heard about Bitcoin

Yes Gox needs to be replaced/fixed.

How about a side trip to an earlier date?
We need to edit a bunch of John Titor's posts, so he once again has a chance to be a genuine time traveler.

Mt Gox was launched in July 2010. Why don't launch a copycat a few months earlier?

McCaleb sold Mt Gox to Mark Karpelès on 6 March 2011.

Here is the announcement:

https://bitcointalksearch.org/topic/mtgox-is-changing-owners-4187

I know.  I got a bit of a chuckle out of that b/c if you were to acquire nearly all of the bitcoins, then that may cause bitcoins NOT to prosper b/c others need to have them as well.  Otherwise they are NOT worth much... but surely you could use bitcoins to accumulate a lot of other assets too... b/c supposedly you would have a pretty good idea about what was going to happen.. if you don't get too carried away.

Mark seems like such a fuck up, that he would still find a way to screw up bitcoin.

Good point.
It's way too easy to do major damage to the primary timeline.