Topic: Is Bitcoin for “Fake Rich”? - page 6. (Read 930 times)

Are you for real, what do have say about institutional investors who have invest heavily on bitcoin? They believe in bitcoin and its revolutionary concepts, they don't want to depend and hope on centralized system that's why they have their share of wealth and investment into Bitcoin and altcoins.
Take it or leave it, Bitcoin is just as good as messiah who gave many individuals an opportunity to show the world the less previlage their power of decentralization to wealth.
Many of today top reach people started earlier, that's why they have been at the top and don't want to step down. $3k to $19k is super amazing as investment than keep money on fixed deposits with shit profits.

Yes, I also think so as you noted above.


With this point I would disagree. You can be part of the elite with just the latest smartphone or rented things. Check here the latest story: https://www.whatsonweibo.com/the-fake-rich-of-shanghai-peeking-inside-a-wannabe-socialite-wechat-group/

It's about girls in Shanghai who pretended to be rich, to get rich husbands (thus joining the elites eventually). There are similar things in Russia (not so organised though ), and I guess in many other places. That's why people say "fake it till u make it".

People who want to portray themselves as being rich, while not actually being ones - mostly hungry for money, greedy, or just simple people who don't see other ways of improving their lives. Just with regular social / life pressure - people are stimulated to show success and rewarded for doing so (YouTubers, Instagramers, TikTokers, etc.), and eventually some of them do turn out to become actually rich and go to buy houses, cars, some shops, restaurants, etc.


Don't worry I am definitely not waiting for the apocalypse. And while the elites might have some "Plans Z" for such case, with the end of the world, as you said correctly - it's unlikely there's anything what can save anyone.


Very agree with the first part, but haven't some assets had proven historically that they are here for a very long time? With Bitcoin - we just need to wait and see how it goes in the next 100-1000 years just like we saw with gold. Bitcoin indeed can heal the current rotten financial system, or it can get crashed when someone thinks "that's enough" and then again the old elites just continue with their own old pace and things get back to where they were (or probably get worse).

The dollars in your bank account are (for the most part) invisible as well, so I don't see much a difference here.  There are not nearly as many physical dollars in existence as there is electronic dollars in the system, so either way you're relying on faith that what you consider to be a valuable asset that others will as well and accept it as a barter exchange, whether it's bitcoin or dollars.  With bitcoin though, it's not completely invisible as you can transfer the value in the ledger to others who can accept that as payment.

We invested in BTC back in 2016, while knew about it from even earlier. Thus believe me education about what is Bitcoin, it's tech side, economic side, investment side, and all others - is there For the point about BTC can be used as a payment method - well I already wrote about that above. As for billionaires who recently invested: 1) have you actually checked their wallet personally to know it's true? 2) you registered in BitcoinTalk since 2016, thus I assume you do know from the history what usually happens soon afterwards such claims by such people / banks / funds / etc. are publicly made. And again, neither I, neither anyone us here is against Bitcoin or cryptocurrencies at all. Just check what is happening in the world, economy, society, how marketing works, and you eventually will notice the (possible) trends.




That's very deep and good point though.




Well of course they got the car cuz they sold their BTC. But eventually if BTC is really so-so-so good (from their perspective), why they didn't keep it till it reaches $1M/1BTC? Or they just played the "greater fool theory" pretty well at a time when it permitted?

For sure people won't buy BTC to show off that they have 1-2 BTC, but they will buy it because it will give them access to the status of "rich" as they believe (which could be just "fake rich"?). Just like in the daily life there's a phone (some old Nokia for poor (no offence for anyone) vs. latest Verty for super rich vs. latest iPhone for "fake rich"), there's a car (some old Ford model for poor vs. latest Bugatti / Rolls Royce for super rich vs. Tesla for "fake rich"), and there are assets (lottery tickets for poor vs. direct PE/VC/infrastructure investments for super rich vs. ... ) Still it's just thinking out loud - no claims here or assured statements, as some of the people here noted - value of wealth, and how you measure it - relative thing which will change with time and with each own individual preferences.

But those lambo boys got their cars because they made profit from the buying BTC cheap, not because they bought BTC when it was 15,000 USD so they bought Lambo with BTC tags in order to brag. When I see people around me that are buying bitcoin, I see none of those that are buying it for a status symbol. They even hide how much they have.

People often buy iPhone with the money they don't have have in order to impress, but I don't know how would you brag with few thousands of dollars worth bitcoin, and who would even be impressed with that.

So no, I don't think that bitcoin is for the "fake rich".

If you have a few bitcoins, or a large amount of bitcoins, of course you will not get fake wealth anymore, but you are really rich. The bitcoin price currently hitting $ 19,000 is a fantastic price. all that happens is that you have an invisible asset. real not fake

If we look at things in general, then it really is that way, and it has always been that way - because in order for the rich to be rich, the others must be poor. All my life I have heard that 10% of people in the world control 90% of everything that exists, and 90% of people fight for the remaining 10%. Since the poor constitute the majority, it is their fault that they do not change the system and allow everyone to live a dignified life.


Pretending is ultimately just pretending after all, you can’t be part of the elite just if you own the latest smartphone or if you sell a kidney or some other body part to buy a car driven by the elite. Being part of the elite means having an almost inexhaustible source of money which ultimately distinguishes them from what we call ordinary people.

The real question is actually who are these people who want to portray themselves as fake rich people? I personally would never want to (even if I could) stand shoulder to shoulder with most of these people who make up today’s elite.


I hope you are not one of those who are waiting for the end of the world at any moment, because if some kind of global apocalypse happens there will not be much difference between whether you have great wealth, or you are as poor as a church mouse - of course if you don't believe the rich have a solution to their salvation - something like what was shown in the 2012 movie. It is never wise to keep all the eggs in the same basket, I think that is also true when it comes to BTC.


The “fake rich” paradigm in the context of Bitcoin is completely wrong in my opinion, because anyone can be rich if they own something valuable. A man who owns gold is rich until that gold loses its value or someone steals it - he who owns shares in a company is also rich if the company is successful - but he can lose everything overnight because of a scandal in which that company finds itself.

Bitcoin, as far as we know, came in response to this perverted and rotten financial system that currently exists, and has given people the opportunity to try to be as independent as possible from that system. Bitcoin is for some much more than money, freedom has never had a price.

To make it clear, even if you do own a lots bitcoin and you still don't know anything about this project in my on idea you own nothing. Because by owning a piece of named private key and saving it under carpet you won't be rich you should do your own research and know what is the bitcoin. Imagine someone who don't know difference between gold and metal owning 90k of gold what is the point if he doesn't know what is it and how to use it? Knowledge is wealth and power.

How can you say this words if you think that bitcoin is just a fiction then you should educate your self try to do more research for more about bitcoin and never ever compare anything into liquid materials comparing bitcoin into Iphones? Bitcoin is per to per and it can be use anywhere and now can be use as payment method to those restaurant who uses it. How about those billionaires who already invested in bitcoin? They put their trust into bitcoin to make more profit then they should be faking it too? is that what you meant? People nowadays are luck on educational it is better to do your own research mate just sayin.

I didn't made any claim, but rather shared potential historical analogy, and happy to hear everyone's opinion here.

I think you made the best point, which can just cover all other comments and requires no debates. It's just about perception of value, which can be attached to anything any time / or can forcibly change, and people's wealth perception and number-based calculated could immediately change. Some assets have shown to have long-lasting attached perception of wealth (land, gold, factors of production, etc.), while others - we just need to wait and see if it's same (Bitcoin), or it's not, or it will be completely another thing.



Another great point! But I was refering to those with Lambo with BTC place, or the ones that actively show off how much they good (on Twitter, Youtube, etc.) - that's the major point of analogy with iPhone/Tesla/etc. owners (I have nothing against either of those though).




Oh yes, there's gonna be huge difference between all of those (trader, businessman, lottery winner, etc.). The lottery winner is probably gonna be the most "fake rich" among others But as you correctly said, there's different type of "rich". Rich with 1,000 Bitcoins in many places will be nobody (go to the North of Russia and see yourself), while rich with actual $19,000,000 in the same place is gonna be a different story and probably the mayor would come to meet him in person




Absolutely agree with your points. Gold will be also the most easy "thing" to use as a medium exchange, since there will be no printers to print new USD, nor any computer to mine BTC/verify transactions/send money to someone (apart from yourself).

As noted above, neither I, neither our team, neither our company hates BTC or any crypto-asset (except for scammers). It's just an example of analogy that can be made based on how things in the world develop.


Yes, and you will end up owning the paper money or plastic or stone with BTC printed. But it won't be that type of asset owned by the "elites", will it?

Yeah, one of points also. What you refer to is "greater fool theory" (https://en.wikipedia.org/wiki/Greater_fool_theory)


Not at all - doesn't mean I think Bitcoin doesn't have a value. Otherwise I wouldn't be here, and our project wouldn't be starting with BTC as underlying first Just out of curiosity and analogy, had this possible thinking based on socio-economic trends, how iPhone, then Tesla, then now in China real estate developers - all playing on the same trend "fake rich", and with the above comments about "owning a number" - I guess it adds points to the theory about BTC also?


Come to China or Hong Kong and you will see 99.9% don't know what is Bitcoin or how to buy it, and you might have even 10 Bitcoins, but most of the people you meet will be more rich than you because they got apartments, which continually increase in price without drops (yes, it can be another topic for discussion about possible real estate bubble there).


Food, water, shelter, sleep, etc. - something what can satisfy basic needs - you are correct. I guess the rest of your comments are also correct but about Bitcoin - yes, it's good medium of exchange, very convenient for international transactions, etc. But when most of the people get $1,000,000 first time, what they do? - for for real estate, some FX, some equity, and might consider minor risky assets (you can check even those "currently rich" crypto millionaires / billionaires). So how do you think why? - do they want to finally get attached to the "true elites" with real wealth? If BTC on that level would be really as good as other assets (i'm not against any nor support any - everything is good for own purposes), why wouldn't they just buy all BTC they can? Then earn, then buy more, and more? And currently / historically / likely in the future the future of country / nation is decided not by the top-crypto holders, but by the ones with significant political influence, or by UHNWI & corporates. - this can be summarised, as they say in Russia "there are 2 types of politicians: 1) politicians who own banks, and 2) politicians who are owned by banks" - effectively it's bankers and their closed circle, not crypto-billionaires who get to decide what will be our future.

Well here I have to agree - shelter, food, and as another commenter said - water (basic needs) will matter only. But from there eventually people will have to restart economy for which they will need medium of exchange, which is unlikely to be BTC since there might be no electricity.


Here I agree about everything, but "isn't a new iPhone" - not so sure. It depends on how you perceive that. Can I buy with iPhone something? - yes. Can I "invest" in iPhone? - yes, - buy wholesale at pre-orders, and sell retail during public release (if you would be in China you would see that's a common model to earn money ). Yes, absolutely BTC & iPhone are incomparable in terms of life-span - you unlikely will see price appreciation of iPhone 10000% times like with BTC over 5-10 years (but the opposite), but for short period of time - can. Different lengths of cycles. Like some animals live only few days - for them it's a long live; for humans 100 years is a long live, but for some plants - 1,000 years is a long live. Just the difference on micro/macro levels. But eventually, while most of Forum participants are relatively young (unlikely to be 60-90s yo), and do wish to "be rich", but not all are ready to work hard for that. So they get to pay $19,000 (if they have) to own a number on the screen with the hope that in the future that number will be perceived even more expensive.


They are just "rich" now, for a moment in time when price hit $19k, but after a moment - there's a flash crush, and they are on the street? How about if you own 100 tones of gold? 100 apartments in NY? 100 production factories? - as opposed to owning "a number showing you have 100 numbers of X"

I think it is very bad to say that Bitcoin is "Fake Rich". Even though maybe you yourself also store Bitcoin and like it. Could it be that these are just words to scare, in order to buy as much Bitcoin as possible. But what I know is that Bitcoin is amazing, it has proven to be able to last for a long time even since 10 years ago. So of course it can be said that Bitcoin as a real asset of wealth is not just a fake.

Good point I missed! And loved your point about ETFs and BTC-backed stocks of some companies


In the post-apocalyptic scenario even renewables are unlikely to save you. The only "widely-accepted and agreed on assets / forms of payment" will be left only real assets eventually, like gold, silver, etc. - something what is in possession by the "old elites" and the "truly rich", while the rest are left to play around with iPhones, Teslas and Bitcoins?..


Yes, totally agree. And who controls / owns those now? - I think the answer can be as I mentioned about "the truly rich - old elites"?


Well here we talk about globally accepted and consensus-based reference for intrinsic value of asset - market price. While it surely gives indication of your current net worth, it doesn't mean you are rich though. If today you hold 1,000 of Bitcoin and tomorrow every single country bans it and makes it illegal to hold Bitcoin, then you cannot even use it as collateral for getting loans. With gold (for example) such scenario is unlikely as making it illegal would mean collapse of all central banks (not the case with BTC), would mean end of production of important electronic components (not the case with BTC), collapse of supply chains and monetary systems (if Bitcoin dissapears tomorrow only small % of people will actually care, as most of the population still doesn't even know what that is). That's why doesn't that show you the similarity with Tesla / iPhone - small group of people worked together to hype it to make it as indication of own status and wealth, while in reality the truly wealthy ones stay with traditional side.

Bitcoin is for everyone! And owning more bitcoins makes you a rich person! You can exchange bitcoins for other currencies or goods, or you can spend them for fun... there's nothing fake in that, it's real as it can be!
But I understand what OP wish to say, and some people made a good comments about that! I met with people who don't think Bitcoin is real, they can't see it and they can't touch it (their big argument) and they think that the entire crypto world is "fake". In the same time these people don't understand the economic and monetary system of our own country, they don't know where cash is coming from, and what banks are doing... They will wake up, but until that point crypto will break new old and many new records, maybe they will regret their decisions...who knows!

Gold will still hold some sort of value in an post apocalyptic scenario, we as humans have always been fascinated by the glitter of gold and I do not think that an apocalypse will remove our love for this kind of things. Minerals will be a debatable case as some might not be of use in the current state of things. If crypto becomes something that you use to show off to your friends for clout, I think it does not change the fact that they are still social climbers, they just changed the medium that represents them but the state that they are in will never change.

I don't think a bitcoin millionaire is anything different from a normal millionaire. What if you won your millions in the lottery? Or by trading stocks? Orby selling a company? I would make a difference between all of these. In the end money is money. There so many people willing to sell goods like a car or other things for bitcoins.

I don't think that you can compare bitcoin to iPhone and Tesla. Those two are status symbols (same as expensive watches) simply because when person is wearing it, he sends the "signal" to others that he is successful/rich/whatever. I never saw someone carrying Ledger around their neck to show off. People I know that own bitcoin usually keep it to themselves and don't brag around how much they own, apart of lambo guys that have "BTC" license plate, but that's another story.

General public is still skeptical of bitcoin, unfortunately. Real life is not bitcointalk. If anything, there is more chance that they will ridicule you for owning some than think that you are successful.