Some rich person not interest about bitcoin for following reason - page 7.

Sanitough

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

They have their own reasons and we have our own reason as well. And we can't just expect that whatever we say about bitcoin, they will find it easily believable and easily put their trust on it. Know that once money is involved, rich people are more meticulous than average people and they won't easily invest on something unless if they have seen it more worthy of their money and more profitable than other types of investment.

It's safe not to assume that if bitcoin creates a life-changing result with some people, the outcome might be somehow different to other people. One thing is certain, you have to trust your investment first before you decide to take the risk. That way, you will be more open whatever outcome it brings to you.

Stalker22

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

Looking forward to the well thought out opinion of the experienced in this regard.

Okay, I do not think your buddy is looking at this the right way. The crypto market is friggin' enormous and even if some big players like CZ or Saylor or whoever have a decent chunk of Bitcoin, thats still just a drop in the ocean compared to how much Bitcoin is out there. I mean do the math. These guys cannot control the whole market.

Sure, if one of them makes a big move, it will cause some ripples and people will react. But sinking the whole ship? No way. Thats just not realistic. Bitcoin has gotten so big that no single person or group can have that much influence anymore. Theres too much momentum behind it at this point. So in my opinion, it is silly to freak out about a few whales moving the price up and down. Thats just short-term noise.

Finestream

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

Probably he doesn't see any high potentials with bitcoin and he's good even without bitcoin. Even if you are aware how bitcoin works, as long as you're not totally convinced that its going to give you life-changing profits, then you won't be totally in it. If you don't have enough faith on bitcoin, then it's better to just stay away from it. Otherwise, if you suffer from losses, you might be putting your blame to other people.

People have different views about bitcoin. Some may positively see it as a means to improve their life, while others believe that there's no special on it. As long as you don't see yourself convincing other people to trust on it, then you're safe.

tabas

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The market isn't interested in him neither and that's why let him say what he want to say and let his opinion be voiced out about Bitcoin. It's true that there are a lot of holders that can move the market as what we call whales. But it's not what he's thinking of letting the market down through them. Aren't we used already to the moves of the market based on the news that we're seeing whenever there are good or bad news that's being released by the media? It's okay if your friend doesn't need Bitcoin, the known and rich people in several industries that are investing on it. Nothing personal, someone might like or not Bitcoin and your friend is on the latter.

Crypto Library

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First of all I don't know how much your friend is richest Roll Eyes

. But he has the full rights to control his fund where he should invest. There is no need to force him to invest in Bitcoin. If you want, you can show him just some information.
For example, does he know what percentage of Bitcoin's total supply is lost forever? It is estimated that about 30% of the total supply of Bitcoins is lost forever and this 30% Bitcoins will act as a donation to many future Bitcoiners. So apart from these there are now large whales who are holding and many more miners and bitcoin holders than that. Otherwise only they would have manipulated the market so far. Manipulating phenomena is not completely untrue but its effect is not long lasting. But to avoid this little manipulation, I think it is true that the adoption of Bitcoin by more people on a larger scale is more important than holding such big whales.

target

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You have to explain to him that the world is going digital and if he lives longer, his cold hard cash may not be useful anymore because the government will deem them useless. But I think old rich people are more into gold investment as they are more into physical investment like real properties.

I have met such kind of person and he is open to new things, he still lives in the old town since the time he was born. Never go live somewhere else.

tjtonmoy

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Learning about it does not make someone fully trust on Bitcoin. People's opinion will only change about Bitcoin being positive when they learn everything about it. When I say everything I mean everything. From the good, to bad, to the worst. Every single details need to be known for person to fully understand what Bitcoin really is and what it can do.

Assuming that your friend knows enough but still don't want to trust Bitcoin, then it is his personal choice. If they are not interested in it then leave it like that. Him joining crypto world won't make any good for you. So why waste time on people who are ignorant? If you are happy with your decision about joining the crypto world, be happy with it. What others do and doesn't, it shouldn't affect your life at all. Be on your own and write your own story. Do not interfere in other people's personal space. And never give financial advice to people even if they are your best friends.

Ojima-ojo

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

So who then is your friend, that he is afraid of all the names mentioned?

I don't believe in your friend's assumptions that Bitcoin is only held by a few sets of people who like their control over what direction the value of Bitcoin will go, so for sure bitcoin as a proof of work, is not easily manipulated by high volume providers like what we have with the proof of stake network where a few pool providers can easily manipulate and control the transaction confirmation, e.g like the Ethereum network recent network migrations.

Cryptomultiplier

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Quote from: Abu-Naim on November 15, 2023, 01:50:25 PM

Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

Your have limited knowledge about Bitcoin that is why he thinks that it is only few people that hold bitcoin and they can let it down when they want which is very wrong.
Despite bitcoin been in a limited supply, it is a store of value and it is decentralize unlike altcoin.
If your friend said that Altcoin can go down if the investors decide to brings it down, I will agree 100% with his thoughts because they are centralized and can be tempered with through bankruptcy, emotions and others.

Apart from even having rich friends not interested in BTC, one thing to understand about the Bitcoin idea is that it is still money. It is an option for a kind of money that has its own opportunities and discoveries.
Those who become rich from BTC investments sort after it as a means by which to get more wealth by being disciplined and persistent with investments in it, or by using it as an alternative to stay safe away from prying eyes and government palava.

Abu-Naim

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

Your have limited knowledge about Bitcoin that is why he thinks that it is only few people that hold bitcoin and they can let it down when they want which is very wrong.
Despite bitcoin been in a limited supply, it is a store of value and it is decentralize unlike altcoin.
If your friend said that Altcoin can go down if the investors decide to brings it down, I will agree 100% with his thoughts because they are centralized and can be tempered with through bankruptcy, emotions and others.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Don Pedro Dinero on November 15, 2023, 10:32:21 AM

If you could tell us in your words, how rich he is.

You should lower your expectation level mate, I dont think the OP here is interested in that discussion rather trying to "fish" for other forum related "goodies".

No offense to the OP though, but I and most members here have seen more number of threads like this and we all know how real these "friends" are. In either case if they think that a few people owning big amounts of bitcoin means they control it, you are explaining it wrongly - focus on what decentralization is and how bitcoin is minted and the supply. Show them how charts have been changing and what happens when price rise or dump starts.

If they still dont understand it, dont force it. It is their money and they are free to use it as they wish.

Hamza2424

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

Haha, OP, you got me all mixed up with the name! When I saw the notification for the new topic started by [SAHASAN], I was totally expecting something else. Anyway, whether it's Shasan or Sahasan, doesn't matter! Grin

But hey, sometimes it does matter, right? Wink

.

Anyway, according to your friend, there are fewer people with more Bitcoins and a fact, but there's a large community just waiting for a drop to accumulate this is what we call the reliability and Bitcoin's strength. even if the market drops there are huge potential buyers to pull back the market to the same level. Weather to invest or not in the Bitocin is totally a person's choice bu before making any decision better analyze the community views, Historical events and upcoming potential adoption.

ajiz138

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Does he not understand the concept of bitcoin despite having studied it? Maybe he already considers himself rich and is afraid of being cheated when investing with bitcoin because of the people mentioned, let people like this even I myself will not respond if I have friends like that.
He will not believe in bitcoin even though he knows, but he will regret it when the price is high, no matter how rich the person will certainly need a profitable investment but with this mindset he tends to ignore other thoughts, I think he did not have an interest from the start even though he had studied it.

moneystery

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whether he is interested or not interested in investing in bitcoin is his choice and i have no right to change his views. but such a simple reason doesn't make sense to me, does he think that such a large global economy is not controlled by just a few institutions, families and people? he was too naive.

and moreover, why did he immediately conclude that bitcoin was only held by a few people and institutions when he just learned about it? which website did he see that made him say that? because as far as i know the global distribution of bitcoin is not centralized in just a few people and it would be very difficult for them to control this market as a whole.

Wapfika

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

This is nonsense, there are tons of whale holders including institutional investors, exchange, VC and crazy rich person. I’m not sure what kind of nonsense he is talking but even on stock exchange has this kind of share holders that holds the majority of the stocks.

I believe the real reason why many rich people don’t want to invest on Bitcoin is because they are afraid on the volatility. They already have a decent source of income that makes them rich, entering a much riskier investment will surely turn them off unless they are risky type rich that wants more aside from their original investment.

Don Pedro Dinero

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Quote from: DaveF on November 15, 2023, 11:33:43 AM

Some car people not interested in Ferrari
Some foodies not interested in French pastries
Some landlords not interested in house boats.

And so on.

Yeah, and some people are not interested in answer simple questions to threads they open, asked to them in the first comment, which leads some to think that the story is made up, especially if we look at the OP's post history. It seems that not having much success in the bounties section drives some people to this section.

DaveF

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Some car people not interested in Ferrari
Some foodies not interested in French pastries
Some landlords not interested in house boats.

And so on.

Many people are never going to want to be involved in BTC / crypto.
That's fine. Same way you can pick any of the examples above where a lot of people are making / spending a lot of money and have no interest in certain things that are associated with what they are doing.

-Dave

pooya87

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.

Well you should know and also tell them that Bitcoin is not an investment, it is a currency and its purpose is not to give you profit. It is made to give you financial sovereignty. By converting your centralized censorable fiat to the decentralized censorship resistant bitcoin you can freely use your money without having someone else's hands in your pocket.

Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

Example: Cz. Craig wright & Michel Sailor etc.

The fact that your "friend" thinks a scammer like Wright has a lot of bitcoin shows how little he understands of the Bitcoin world. They are probably better off not having any bitcoins at all. Wink

Such people can be easily fooled and be taken advantage of.

NeilLostBitCoin

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

He is right but why haven't the people with a lot of bitcoin sold any? Some continue to accumulate even with a significant amount.

When it comes to bitcoin investment its important to understand that not everyone might feel comfortable investing in it. If you have a friend who is hesitant to invest in bitcoin, its best to approach the topic with an understanding attitude and provide them with as much information as possible about bitcoin and its potential risks and benefits. The decision to invest in bitcoin must be left to the individual. Its not necessary to force anyone to invest in something they're not comfortable with.

iBaba

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

I don't think his assertions are correct on this note. This is just a perspective he's giving to it but he hasn't really go deep in the whole Bitcoin technology. Truth of the matter is, Bitcoin is not owned or controlled by a small number of people like he portrayed but Bitcoin is a growing technology that has developed a large number of individuals from across the globe. Because of the anonymous nature of Bitcoin and the crypto world, it becomes very difficult to simply put that Bitcoin is owned by the above-mentioned names. That cannot be the case.

There are an estimated number of 400 million plus owners of Crypto wallets with over 219 million of those numbers owning Bitcoin private wallets and the trading value of 17 billion dollars traded in just 24 hours as of August this year Source.

So I think it will be too simple to come to that assertion about the number of those who control the decentralized market. Although, your friend has all the options to stick to his choices, but if really he's that stinkingly rich and he's an investor, he would love to have a major share in the Bitcoin market.

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