Topic: Is Bitcoin for “Fake Rich”? - page 5. (Read 930 times)

The idea of Bitcoin is not really understood by many people up until this point. They just knew that it is either a digital currency or a form of investment so I guess it won't be something to flex towards other people if they won't really know its importance in the first place unlike on physical things such as cars, phones and the likes. Those wherein OP have referred to as 'fake rich' are typically social climbers, to be more appropriate. The fact that single thing you own will not make you to the upper class, doesn't really make any sense.
 I the post-apocalyptic scenario, nothing will matter anymore except from food, and other necessities an individual will need to survive, that's it. Things are applicable not only with Bitcoin but to all currencies, if this scenario will meet the reality. Technologies will be close to being useless except for those which will contribute to one's survival but for sure there will no longer be systems in general, that will be functional because that would be a total chaos which will more likely to happen.

I think post apocalyptic scenario is too much exaggerated. See, in any case the apocalypse won't happen suddenly or in blink of an eye. The change would be gradual and seriously it is happening right now but we are not seeing it anyway.

So we will have changes into blockchain as well. May be there won't be changing of codes but there will be upgraded system. May be a completely different blockchain based technology. This kind of revolution is always there when we need it or when it's outdated tech that we still using. May be it's time to sit back and enjoy the pie that we have.

Great. It seems you've done great with your exchange. What you need now is to promote your exchange here, so people know that you can be bigger and have a chance to compete with the other exchanges.

Yes, I am happy to sell my bitcoin at my target price, waiting for the next target price. I also load up more bitcoin by buying back bitcoin at below $23k because I expect another bitcoin price jump. Can you explain more details about Tranched Value Securities?

Who said that with liquidating BTC position prices won't fall down?




I think the phenomenon is quite global though. While you think it might be happening with TikTok-ers only in the specific country, it takes place in USA, EU, Asia, Russia... Don't have enough knowledge to comment about Latin America or Africa, but I would assume it should be same. And this trend is way too fundamental not to influence other things. And my comment about "fake rich" is not about showing off with your public key, but rather about this particular asset being trendy and very well positioned to be inline with the overall trend so that it could give a hope to those "wanna be rich" that they can avoid savings, FX, bonds, stocks, etc., and there's such an easy and quick way to move in their social status via this particular tool.


True, but that's a good baseline of what is really fundamental and will be left once extreme-case scenario takes place.




Of course would prefer to own a farm rather than Picasso or Bitcoin... and farm itself is an asset, isn't it? I believe ATH isn't the best indicator of something's resilience, as tulps, Lehman, LTCM, and many other things had ATH at some point in time too.




We already got approximately $40-50k daily, which is a good start given that we launched just recently, so we are on the way Don't lose this link! And thank you for your trust - we are also confident that in 2021 fairly quickly we should reach the goal! You can help us too


Given the today price development you already did profit a great deal from BTC! So congratulations on that! But you could profit even more if you would be using our Tranched Value Securities with less risk




I think fair point. Yet, the discussion and question were not about that.




Even when price reaches $100,000 / BTC or $1M - it won't change the fundamental things that me and other members have mentioned.

With the Bitcoin price above 22,000 USD, I wouldn't call that "fake rich" anymore. With those kind of price levels you are actually rich by holding some coins. Nothing wrong with that. I wouldn't care about anyone looking down on me if I made it big with cryptos. Unfortunately it's still a long way to go for me.

I also believe that some of those people really used Bitcoin or crypto as their asset,
But do we need to care about how they want to spend their money?
They earned it on their own so they have the right to buy what they want unless you are envious about their achievement or what they have.

Hahaha
Done to screenshot and save the link
You can tell us when your exchange hits $1M daily trading volume
That will be challenging to hits that, but I am sure you can do that if you can attract so many traders to trade on your exchange.

I will be happy too if I can profit from bitcoin, especially when the bitcoin price can break $21k. I am waiting for this moment to sell some bitcoin I have, and I am making some profit. I treat bitcoin as an investment and income source, so I will try to make as much profit as possible.

as just another value asset bitcoin has a market and people ready to buy and sell.
I don't think any asset would be needed in a post-apocalyptic scenarios...did you prefer to own a Picasso painting or a farm? covid19 has been already a sort of day 0, something very hard that has changed our life. bitcoin has showed a strong resilience, touching also a new ATH

The social phenomenon of poor people pretending to be rich is way too rare to have any influence on other things, like Bitcoin. What you're asking is if Bitcoin is a status symbol, and it's obviously not - you can own even tiny pieces worth less than $1. You can't show it off, if you'd tried to post a Bitcoin signed message on social media, no one would understand what it means.


Who cares about post-apocalyptic scenarios, if they would actually happen, 99% of us will be instantly dead.

Bitcoin millionaire can liquidate all of their money and can spend it whereas the stock investor can't really do that because meanwhile doing the prices will actually going to fell down which is also possible in bitcoin but more likely to happen when a billionaire by stock market investor is doing it.

Bitcoin is actual currency and also can be considered as an asset which is more convenient to use so its actually going to be a part of every billionaire's portfolio in the near future.

Yes, I totally agree. Different times, different instruments, but the human nature stays the same.


This was exactly my point. It's about how smart you utilize the means to move from "wanna be rich" to "actual rich". But eventually for the "actual rich", nor iPhone, nor Tesla, nor Bitcoin currently are not the final destinations once they reach the "actual rich" (of course there are exceptions). Maybe it will change over time, but not right now I believe.

Honestly "fake rich" has been a thing before crypto as well, it could be part of it nowadays but that doesn't mean there was a problem with fake-rich people after crypto neither, nor there is a problem with crypto.

So, I would have to say just like how tesla wasn't made to look like you are rich, it was build because it was electric and it would be a lot more helpful for the world instead of using basically oil in the end, so all I can say is the fact that people are looking at bitcoin differently and they could promote how "rich" they are with it if they want to, but when they fail to actually spend that kind of money, it will turn out that they are not rich at all and their whole ruse will come to an end, don't know how long they can continue with it but they totally can.

I personally and we as the team will make sure you come to China & Hong Kong for a trip, once as.exchange hits $1M daily trading volume you can screenshot this and save, and BitcoinTalk members will be the witnesses of this promise



So you mean that you treat BTC like some super-rich tread pieces of art, right? They also buy it for the sake of personal belief and pleasure, yet if they profit from it - they are happy, if not - not a big deal in the end.

Well you mentioned several parts, so I will answer part by part
1) Institutional investors is not a good benchmark, because you can check what happened with LTCM, Lehman Brothers, and many many other bankrupt funds
2) They don't invest in asset because they believe in it. They think they can profit from it and that's all. Yes, some people might believe, but very few of them will direct institutional money simply because they believe in it
3) They say they believe - doesn't mean they do. It can simply be market manipulation - check the history of BTC before when GS said it's gonna go up, and their subsidiary in EU was selling all clients' BTC, and after that market crashed
4) The above points refer to the "Greater Fool Theory" - buy it if you believe there will be fools who will buy from you later @ higher prices
5) If you believe $3k to $19k is amazing, what you can say about the following?:

- Novavax $NVAX +3030%
- Nio $NIO +1030%
- Arcturus $ARCT +1025%
- Overstock $OSTK +765%
- Fiverr $FVRR +760%
- Moderna $MRNA +728%
- Plug Power $PLUG +700%
- Celsius $CELH +682%
- Seres $MCRB +660%
- Tesla $TSLA +650%
- Bitcoin $BTC +182% over same period

6) If you believe Bitcoin will change your life / global economy, then you should believe also that e-cars will do so, vaccine by Moderna will do so, etc. etc.





You are absolutely correct. I didn't mean that BTC is made for showing off and making someone "fake rich", the point was maybe it became so popular, because it gave hope to those who are "wanna be rich". Of course not 100% only because of this, but I think it could have played on this global trend?





Yet if Bitcoin is for "old elite rich" why do you sell it to cash out? Just keep holding BTC forever, but you eventually exit (maybe partially or completely - doesn't matter) to fix your profit in the "real rich" measure - USD / gold / real estate / stocks / consumables. That is your final goal, rather than collect BTC and sit on it...





Yes, mostly agree with you. It's about how you personally perceive it and use it. But the end point for those who are "wanna be rich" is still having USD account even after profiting from BTC. USD / gold / EUR / estate / etc. is the end destination to be rich for most of those people, isn't it? So if you look at it from another side - BTC is a transmission tool to uplift your (not you personally, but overall ) social class. Again, like with those with iPhone, Tesla, case in China/HK, etc. - they use those tools to uplift social class and not seam too poor, so they can eventually get to know more rich people, get more opportunities, and eventually hope to transit to "old elites".





You depicted the current system and historical trend very sadly, yet very correctly. It's also about how you view it. We can blame socio-economic system to be rotten and bad, others can take advantage of it. Same is happening with cryptos and any other area. You are always "in" and use it / benefit from it, or "out" and can blame it for being unfair or bad. Same will be with Bitcoin after 50 years - new generations will likely blame all of us and forum members for being explotive manipulators who took control to the extend we could during the early days of Bitcoin and crypto currencies.

If you buy me a ticket plus all accommodation to China or Hong Kong, I will go there

I guess that is happening in many countries, not just in China or Hong Kong because people do not think about bitcoin or other new things around them. Having bitcoin really means for me, and I don't care if they are rich than me because I have my life, and as long as I can feel enough for my life, that will be good for me.

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It has been a blessing to a lot of gold bug didn’t listen to those non sense stock market create real value story, and these gold bugs hodl their gold like a religions through the entire market cycle, and their reward is so sweet, they watch their value goes up which is re best rewards ever it doesn’t need a lot of fancy praising and attention given to them on the social network, they enjoy the reward alone and on he dark so they’re extremely aware of social event which sound very fake to them just some wannabe rich who get a lot of wealth suddenly and making a lot of noise to impress some fast women fast car and fast house. We are the gold bugs, watching all the blue chip mega rich, spending money like a drug addict over the past decade and turn their once very famous very perceived rich to a dumpster red chip that the companies eventually goes burst and get boot off the bourse.

Yeah yeah the perceived “real rich” business owner very famous on the social network very political influential very high smv very successful, just over ten year they turn from having everything to have long nothing but a bloke, such a “real rich” to be ironically.

Too bad, the gold bugs are too very smart they had know ahead of time all this so called perceived “real rich” and their little cat and mouse game, they decide to not play this stupid game of the “real rich”, they do not crave for attention, they do not crave the recognition, they do not need to tell everybody they’re rich all over the place, the only thing they care most about is looking their numbers goes up, it’s very frugal, very real, very inspiring, and very encouraging number to them, their life is totally out of the social norms, they don’t need those noise to tell them they’re really the greatest person on be earth.

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Maybe it is just a number, not seen and not touchable, however, the numbers show really what we have and we will also be able to make it true for us when cashing out. I do not mind about considered as a rich man or not, about entering a high class or not. this is just what we have and what we can do with this. As long as this is earning for us, why not.
Some people may use Bitci as their power of wealth. It is also not their fault because that is the fact they own it and be able to cash it out to make them rich. however, if it is still in Bitcoin, this is a code and digiatl. Not all people will know about it,

It depends from how you interpret this matter, Bitcoin is an opportunities to those who understand it well, while for some it's just a fake wealth maybe becaus of volatility and it's behavior that it can go down within the glimpse of an eye. By following you with your sentement, it helps you in your financial state so it's useful.


Yeah right, better to focus with your life on how to improve it than to care about things that won't help you, conserve your energy and focus to whatever you think that beneficial to you.

Go ahead if you think Bitcoin is for fake rich, but for me Bitcoin can make my finances even more. In fact, I can buy some items
from the profit I made from Bitcoin, so Bitcoin gives me real wealth. In fact I am also sure that there are many people who have
the same opinion as me, therefore many people are competing to collect as much Bitcoin as possible. Because they believe the wealth
that Bitcoin will give is real.

People will always try to show off wealth and try to "fake it 'til you make it" has been around for a long time. I wouldn't say that Bitcoin is especially popular for this purpose, because it is hard to show off a "piece of code" compared to a loan spent to buy a flashy car or the latest piece of fashionable clothes that they can show around town. Either way it is better to ignore such trivial displays of wealth and concentrate on improving your own life.