Topic: Is Bitcoin for “Fake Rich”? - page 4. (Read 930 times)

You describe the world of Mad Max ...

Yes, an apocalyptic world is possible, where the value is gasoline, iron, cartridges, water, medicine, weapons, etc.

Gold in such a world is also of little use.  To understand the value of gold, you need big cities, not small settlements. 

Bitcoin is not needed in such a world.  It's clear. 

However, what is the probability of such a Future?  While we are seeing completely different trends - the rejection of the real world in favor of virtual reality.  Digitalization.

The concept of fake rich or more correctly the "nuoveau riche" isn't really new.

Yet, extending that to Bitcoin is false. The premise you build upon is also not correct IMO. Tesla cars of the beginning introduced some very advanced concepts. Some of the technology that went into optimizing the battery management, materials for batteries and stacking were patented ideas put into an actual product for the first time. Tesla's induction motor and its cooling concepts still baffle the enthusiasts who work on this sort of thing. It was priced that way to ensure funding for future projects and reducing the cost gradually was the plan all along.

Calling those who support bitcoin "fake rich" maybe true for those who are only in it for massive gains. There is nothing wrong if they get them. Yet, people who truly understand bitcoin know that all the new use-cases for blockchain are still being discovered and this space has massive opportunity. Bitcoin, on the other hand, is a finished product which actually has many imitators but nothing like it.

Appreciate your engagement and POV but this is just false.

Well. Many people in this world couldn't stay humble and always flex their profits to everybody out of nowhere. So I guess we shouldn't be praising this kind of people and always begging their attention because they have nothing good to do with us. Crypto is not made for people like this; investing in cryptocurrency can help us become independent and reach our goals in life, not to beome a materialistic person.

Haha, thank you for your great story and for sharing with us You are absolutely correct! Apparently as some people before were wrongly assuming that nobody would show off with X amount of crypto... some people actually do, as expected

I do not get these type of people, I had a "customer" like this once upon a time, he talked about how he had "5 million ripple" and how he was so rich that he could buy the whole operation instead of just buying the product, he was "that" rich. All I was doing was trying to sell him the product, not the operation so this didn't impressed me, and I said he could have 1 billion dollars or 100 dollars and I would still be asking for just 100 dollars.

This pissed him off even more, and he said I shouldn't treat people who can barely afford 100 dollars or people who could buy 1 thousand of them and not even be worried about it. So this type of people, who are either fake rich or even some real rich people, wants us to treat them as very rich people and try to be like moon to them never leaving their sight and always begging their attention and always kissing their ass. That is the purpose apparently.

Generally I do agree with your opinion, but as you noted also - "Bitcoin is for being a legitimate rich man because of profits you could have in the long run", thus it's an "accessible version" of investment which people hope will make them rich, while Bill Gates, Rothschild family, etc. would be buying out land, gold, corporations, diamond mines, real estate, which would make them even richer, while we as regular people can't do same, but are "wanna be" those cool guys, right?

In my opinion, impulsive buying your wants is different in being a FOMO when it comes to investments. Being a social climber is different from being a crypto guy who wants his life to be change rather than staying poor (not totally poor). Buying an iPhone won't give you any profits after you buy them, even in the long run, hence it will just gonna be depreciated, while buying Bitcoin is the exact opposite of it.

Bitcoin is not for "Fake Rich" display so you could ride in the same boat with the Elites. Bitcoin is for being a legitimate rich man because of profits you could have in the long run.

Wow, this is amazing point as well! I missed this direction though and meant another point as discussed earlier, but your point perfectly makes sense too.

You are pretty correct in the few first points, but you are not really correct by saying that "hating on everyone won't do you good". Nobody here hates anyone, and not sure from which sentences you drawn such conclusions While you certainly can just simply like some piece of tech/etc., there are very few out there that actually do (what so good iPhone 12 will do for you as compared to iPhone X as a regular user, for example?). Most people either understand what they do by getting the status symbols, or don't even understand.

And your comment about "bitcoin is there to help these people to gain profits" I think might be the most obvious sign of misunderstanding of the basic and core concept of Bitcoin as was stated by other members multiple times, whom I fully agree with. However, your perception of BTC as "to get profits" just proves my point, fortunately or unfortunately.


Yes, then let's talk about everything is made of strings as a part of string theory? Bitcoin is made of fundamental strings, us, cars, apartments, Earth, air - we are just a massive soup of strings if you wanna go that way of thinking, but please try to stay clear in your direction of thoughts, and let's not mess things up as if after LSD. Don't compare digitally recorded and created by human codes (new Android app, web-page, Bitcoin, etc.) with the codes of nature / God / luck / whatever you believe in (DNA, physical laws, mathematical principles, etc.).

And for the rest of your comment I am afraid you are again just proving the correctness of my point about Bitcoin for "Fake Rich" / "Wanna be Rich" as you don't see other hope but to play around and purchase for $24,000 "digitally recorded and created by human code". I assume you do purchase altcoins as well with the same motivation as you stated above? In any case, unfortunately, I don't know the reason but you obviously show that it's you unreasonably started hating me for simply asking people to share their opinion and discuss? Thus I believe we might not have a constructive dialogue, at least about this particular subject.

I don't know if I can fully agree with your point, but I do agree with the statement that Bitcoin is for "fake rich".
As far as I know most of bitcoin is being held by whales and makes sense - fees are not as valuable for them, you make enormous amount of money and its probably only 1-10% of your portfolio in bitcoin while the other parts are in way lower risk area.
People who invest >50% of their holdings into bitcoin are trying to gamble and get money fast which isn't necessarily will lead to wealth, because at the end of the day its still gambling

I'm not sure hwerd you're getting your ideas from, but a lot of people here will agree with me that bitcoin is for the people. Not exclusively for the rich, the poor, or the fake rich as you are trying to put it. Same goes with "status symbols" that you and the society implemented on to us. So what if we want an iphone? Is it not great to have a piece of tech? So what if you can afford these things and have a sedentary lifestyle? You are on your own in this world, hating on everyone won't do you good.

Besides, bitcoin is there to help these people to gain profits, not to show off that they can afford these things, why would you persecute someone who just wants to earn in a way he know? Truly ridiculous. Everything is made up of code really if you think about it. Even you yourself is made up of biological codes so I don't see where the discrimination is coming from. Though if you are content with having a simple lifestyle, we can't really blame you. But don't rub it to other people's faces because we have ambitions to fulfill, and unlike you, it cannot be simply satiated by a simple lifestyle where you cut off wood, build a campfire, play a banjo in the middle of nowhere and you're good to go. Some of us are sick and tired of being poor, which they were able to get out of thanks to things like bitcoin for instance. I'm not saying bitcoin is a get rich scheme. But it is a great help for people who are either:
* starting to learn how to trade/code
* people who knew they weren't cut for the regular 9-5 jobs because of circumstances.

So curb your dreams on your own, don't rub it on us.

You can be sure that with our offerings and patent that we are obtaining, even the top10 current crypto-exchanges will seam too small in the future compared to us. Because what they do is developing ecosystem around crypto-assets (exchange, payments, banking, etc.), but we don't and won't - we are specializing in innovative financial instruments and will be expanding in that vertical which will cover not only crypto-assets, but traditional ones as well. Though, it's not for self-promotion here And thank you for your valuable advise!


I will be happy to and it will be our team's pleasure! But I am not sure how appropriate it is to explain in this tread as other community members might perceive that as aggressive advertisement or spam in irrelevant thread. I would love to invite you to our telegram channel where you can chat with our CEO (in my signature) or to one of our threads where we talk about TVS (in ANN thread and "everything you wanted to know about BTC TVS") - whatever you feel more comfortable with.

I hope for understanding from other BitcoinTalk members, as this was not intended to be self-promotion or marketing thread

Buying anything below $23k might be a valid short-term strategy, but if you want to make sure you really earn good and sustainable return, you better wait for bigger correction (advise from our CEO ) - "buy when there's a blood on the streets" as someone said. Or use innovative financial products which will help you to lock in your own desired price/risk level




Well, I assumed apocalypses if happens will happen pretty quickly. Otherwise if it's gradual and slow - it's crisis and we will have time to prepare for that. And if we expect Bitcoin or other cryptos to be run on a completely other technology in the future, that means we don't expect the "true" and "authentic" Bitcoin which we all currently trade and have to exist. Do you mean we should prepare for the current Bitcoin to die gradually and be replaced by more advanced "improved Bitcoin"?




You really provided a great details and analysis of the possible scenario! Really appreciate that. However, "the single thing" can lift your social class... or at least make your social class appear to be higher than it is. Like if you go with lambo to some high end restaurant (even if you just rented it for 1 hr) will get you new and useful connections who can further uplift your class, as opposed to gong to the same restaurant by taxi or bus. And with post-apocalyptic scenario, as you correctly noted, all tech-things will become useless and not needed, but as there will be some people left who survived they will gradually re-establish social-economic system and they will need some medium of payment (as barter economy will soon prove them again to be inefficient), and BTC unfortunately won't be there top choice, but gold or something else, what is currently controlled by the "true elites". What do you think?




But as other members noted (not even me) that you pay that much for the chance to have that blink number to appear on your screen... If something happens (which we discussed in this thread - many things can happen) you will be left with nothing (which can happen intentionally or unintentionally due to someone specific or due to unforeseen events), and that would literally destroy all that wealth of the ones who believed in this idea, while leaving the "traditional elites" with more wealth and less competitors.




Your last two sentences are very close to my point but this is not exactly what I meant. Yes, I do accept Bitcoin is a great thing and invention, but all I mean is that it's mainly used by people who intent to be "fake rich" (obviously not all as we see from this tread), whether purposely or not, it gives those iPhone/Tesla/AppleWatch owners the second chance to own asset, which is just a number on the screen, and doesn't exist without the tech infrastructure (but gold, stocks and real estate will exist even without tech infrastructure), and a hope to uplift their social class due to their inability to participate in the core "elite" assets and investments.





Wow! I have nothing to add to your point. Very deep, very correct and very to the point. Nobody ever will say that Bill Gates is #2-3 in Forbes because he got 1,000,000 Bitcoins, but only because he got X billions of Dollars. So nobody will say Apple is finally 10,500,000 Bitcoins worth company (for example), but only "it's finally a Trillion Dollars company". That's the end of story where the true power is, despite USD being inflated, overprinted, etc. - when the time comes, the "elites" will replace it with something they need (even if it's Bitcoin), but not anything not that - is not for "real rich", but probably for "fake rich" to play around until the time permits.




True, and due to human nature, people will prefer to have something they can touch, smell, taste, see, rather than just believe in a number on the screen.




Yes, but what we gonna do if gov takes severe anti-crypto measures and cuts off all electricity for every single miner in the world (that's traceable and possible if needed)?





Yes, so isn't that a prove that they used Bitcoin to transit from "wanna be rich" to the "actual rich" simply by selling all Bitcoin and cashing out to fiat? If they would stay in Bitcoin or other crypto - they would become nearly bankrupt when BTC dropped to 4.8k (cuz they do have fiat loans), and would have nothing left to reinvest when BTC corrected recently. So as I said I assume - Bitcoin is a great tool for the "wanna be rich" to uplift in the social class to become "actually rich", but if you wanna be "actual rich", you not gonna stay fully in crypto.




It's not for fake rich, but it allowed "fake rich" or "wanna be rich" to become "actual rich" by cashing out.

Bitcoin wasn't for rich or fake rich 11 years ago when it costed less than $1.

Bitcoin allowed many of these people to escape the low or middle class level and enter the 1% elite.

I read once about the way white earbuds worked for Iphone. It was a visible sign of who had an expensive phone with them when a person walked down the street and they sold like fresh buns. Other companies saw that and Samsung begun to also sell white ones, followed by other companies but the damage was done. Apple knew people would buy ther products just for show and stand in lines to get the newest version.

Undoubtedly, every person who holds in his hands a material, physical value, he will value it much more than bitcoin, the code of which he does not understand and cannot even touch. But nevertheless, if you take the banking system as an example, then these institutions make money on the fact that they appeal only in numbers, and not in material values. Therefore, we should be calm, having cryptocurrency on our accounts.

Fake rich ? 
indeed everything that is digital feels imaginary and unreal. therefore even though there are one million bitcoins in your wallet, they are just numbers. it is useless if it is not withdrawn and made into fiat money for daily needs. the point is digital is just numbers and it is useless if it is not made into something real or that we can take advantage of. because everything has its characteristics, advantages and disadvantages, so I admit that bitcoin is very dependent on technology. if technology is lost then bitcoin will also be lost. but don't forget the excess bitcoin. let's balance the two  .

iPhone, Tesla, BMW, etc ,,, are physical forms that can be seen and displayed to others, while bitcoin is just a code of numbers and letters that we never know who owns it unless they have their private key.
if I may choose it is better to be plain than rich.
This life must be realistic, don't be too pushy if you can't, use what is available according to your ability.

There is indeed some truth in this because as everyone understands (even if they deny it on the surface, but inside they know for sure that this is so) that without relying on the same "fiat money", any cryptocurrency is just useless numbers that cost less than nothing.
everyone wants wealth in fiat money - dollars, euros - from cryptocurrencies, but they do not want to use cryptocurrencies as a measure of price in itself. no one wants to go to a restaurant and pay a conditional 0.2eth for dinner - they want to go to a restaurant and pay $ 100 for dinner, but through eth conversion.
People themselves have come up with a gasket between themselves and fiat money and believe that this is the real future and independence - but they do not want to understand that such actions simply kill what the cryptocurrency really is. and at the same time, they do not forget to say and write everywhere that fiat money is evil, that banks are evil, that the state that prints money is also evil.
And it's both very funny and very sad. Tragicomedy as it is.

No, Bitcoin is for real and I have no doubt about it. If you own just 1BTC in your digital wallet, you are absolutely rich if you are going to sell it and the value of your profits will depend on which particular countries you are in. You will be much richer if the value of USD is much higher in your respective country. So, for me, Bitcoins is not for fake rich because you can withdraw it anytime you want if you owned some. However, electricity and internet signal are the most important factors to Bitcoins to become alive and useful. Without this, we cant access our digital wallets, but this doesn't mean that Bitcoins is for Fake Rich with the absence of that. On the other hand, I understand your sentiments about such people who just wanted to show us that they were rich and they have the capability to go with the trend, though in reality they were over drowned with debts. Personally, I've known some people like that and sadly, we don't have the power to correct that kind of behavior. Maybe, its really their way to compete with the elite people and hide their depressions being on the lower class of the society. And with that scenarios you've given, I cant hardly compare Bitcoins with that rich-pretentious  people. I think its way too far with Bitcoins to be involved with that.

I agree. It is the same with other investments/assets as well. It might not be the same with others in which bitcoin is so volatile but that doesn't matter. The price is out there right now and it might increase much more in the next few years. These people might be anonymous as well, but for me that is just rightful following the pseudo-anonymity of bitcoin.