Topic: The new wealthy elite world order (Read 1265 times)

Even when bitcoin's value goes down right now, we should expect that we will be the elite ones in the future considering the fact that others would just be starting on their investment or conversion while us, we already started way longer than they do. The value of bitcoin may go down right now but considering its potential, as it conquers the whole world, we will be seeing it more valuable than before that's why we should not give up on our investment and on bitcoin because sooner or later, it will give us lots of benefits and advantages.

I believe in the new wealthy elite because when fiat system crashes some of the hodlers will hodl their coins when central banks try desperately manipulate btc price to buy in and take control of the crypto. those strong hand hodlers will be part of the new coin elite of the world monetary system based on time (aka btc).

I'm not convinced that some kind of new crypto wealthy elite will be created. There are some people who got really rich with cryptocurrencies but very few and to my opinion these are only early Bitcoin adopters who kept their coins long enough.
Everyone else who expects to become multi millionaire with help of Bitcoin any time soon.is just day dreaming.

This order can occur at the time when the last bitcoin will be mined, when the price will rise many times.

Hyperdeflation of dollars so that a loaf of bread will cost you 1Million USD

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This already happened.the early adaptery who got IT For 1-4usd are rich

Thing is me or you are not early adopters.

I really think we'll become the new wealthy elite and it will happen regardless of price.
It will happen because we are the first ones to use and manage a revolutionary technology and in history every early adopter of a new technology ( cars, phones, computers, internet, ect. ) got great rewards.

The incentives of those who perform work to improve the system...the system for a long while incentivized status quo.

people  in here and everywhere talk shit all day long. In fact they talk because they like to hear themselves talk. You are not excluded from that btw.

Exactly. There is no need to go into details.
I don't know where people actually came up with this ideas that Bitcoin/Litecoin -> Gold/Silver?

I can tell the ganja has been passed around early this year-end...

all you need is the cool aid everyone is on around here. Faith can move mountains, you know?


incentives for what? The miners or the investors? What we have gone through was too much incentive for mining and not enough for investing. Bitcoin is not balanced enough and provides no incentive for investors because it heavily favours miners. In fact Bitcoin is just one big wealth redistribution from the investors to the miners. So now you have a lot of miners and no investors.

There's a ton of work to be done before Bitcoin can justifiably be highly valuable. When the network can service a significant fraction of the world's transaction volume, then we can talk in such lofty terms. But sitting on our hands will guarantee Bitcoin goes no where....or goes to the rubbish bin. Incentives need to stay aligned throughout the growth of the network.

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Yet Another Interesting bitcointalk.org Thread ("YAIBT"),,, 

franky1 is right about BTC being its own asset, really its own asset class.  I am more of a gold guy than BTC guy (but have a decent holding of BTC), so I agree that there is no real basis for "comparing" the two.  To the extent that anyone can hold both, you should!  Diversification, fishez!

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Re above comments on the super-rich buying up (and maybe then crashing) BTC price, ahh, my guess would be that BTC ownership would prefreably be like gold's ownership: the more who own some, the better off everyone is and the more stable the price (and probably higher price through time).

Imagine if one guy owned all (or almost all of) the gold.  Gold would then be illiquid, and few would want/use it for trade or investment.  It would be hard to value.  For the moment, I believe this would be similar in the case of BTC if Bill Gates bought most BTC (LOL)...

Further, if a 0.01%-er (a mere ordinary member of the 1% is not going to matter ZIPPO) did try to buy all the gold (or BTC), just that fact would start driving up buying prices as the buyer accumulates...  Remember the Hunt brothers in Texas some 40 years ago, ran the price of silver to $50 (for one day!) as they tried to corner it.  Then POW!  They lost it all...

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As a non-expert, I have found hardly ANYONE I know to be in BTC.  There DOES seem to be a LARGE LEARNING CURVE (or level of awareness) that must come for BTC to make a big difference.  Will it?  My guess is yes.  Holders of, say, 5 BTC or more will do just fine.

Those who do NOT hold Bitcoin (same for gold, I believe it has a HUGE potential, think $55,000 per oz) may face a "new wealthy elite world order".  And they, as FOFOA writes (from his inspiration "FOA"):

"Those who hate the current financial system will hate the next one too."

Very long and complicated, but worth it to anyone who closely follows gold: fofoa.blogspot.com (I started with his late 2009 pieces), HIGHLY RECOMMENDED!

Nothing to say about that if the price does drop to $1

Well, even despite having a real world purpose, the price hasn't been going up all the time .
Another thing that determines the price is the adoption and the use by people.

comparing bitcoin to gold at all is just wrong.

bitcoin is an asset.

gold is:
commodity
product
asset
currency

thus totally different.

what you should do instead is treat bitcoin on its own merits.

for instance if the population of the world put just $100 in their entire lifetime to buy bitcoin, that would make todays circulation cap $700billion, not $4bill.
for instance if the population of the just USA put $100 in their entire lifetime to buy bitcoin, that would make todays circulation cap $31billion, not $4bill.
which is not much of a investment for everyone to commit to, but can cause a price increase beyond golds 1oz price

so lets make it a $1000 investment
it only needs half the population of just new york city to invest just $1000 ever, to get the $4bill cap
it only needs half the population of just london to invest just $1000 ever, to get the $4bill cap
this can be reworded to say that only a quarter of new york and quarter of london combined need to invest $1000 each..


so lets take this a step further.
with just 2 million people. all they need to invest is $2000 EVER to get todays market cap.

so imagine 4 million people=$8bill cap, 7million people (0.1% population)=$14bill cap

so now getting to my point. if only 1% of people just invested $2000.. not their life savings. not their entire retirement portfolio.. just $2k each. bitcoin would have a $140billion cap, which is a $10k / btc price..

so it does not need the elites to cause a pump and dump. and it doesnt need average joe to put all their eggs into one basket. so i still fail to see your worries

Basically what you said about Gold is backing my point i was trying to make exactly

comparing bitcoin to an ounce of gold??
the amount of gold in circulation is about 174,000 tonnes or 6,137,676,000 ounces

so if you want a more fair comparison a bitcoin (with 13.662million in circ) makes 1 bitcoin equivelent to 449oz (based on a rarity scale)

so dont expect 1btc to be worth 449oz anytime soon (to be a fair comparison) but i have no idea why you think 1 bitcoin should be in correlation to 1oz.. there is just no statistic or reason to suggest a bitcoin should be compared to 1oz of gold.. it makes no sense, there is no logical reason for it.

as for saying anyone of the top 1% of the world wealthiest people could buy every BTC in existance and crash the market..

well that is a good thing.
initially to buy EVERY bitcoin, they would have to pay high prices, because as soon as these rich guys start buying. potential sellers will raise their prices as there is demand. and thus the very last btc ever to be bought by someone could fetch many many thousands of fiat..

and now average jo is fiat rich by finally giving in and selling their bitcoin to the rich for the high premium price.. the rich1% guys then tank the price when they sell..

guess what.. the new buyers will get cheaper coins thanks to the rich.

in short. if i sold my bitcoin for $10,000 because i chose to hang on as long as i could to my btc hoard untill they offered me a price i couldnt refuse.. id be a multimillionaire.

id wait till the rich 1%guys tank the price and then if it tanked to $1.. id buy up every btc i could get my hands on to know id have more BTC then i did before the rich guys done the pump and dump..

and so would other smart people, which would bring bitcoin back to stable levels again.

what you need to know is that bitcoin, no matter who owns it or who shouts out that it is bad or good, will be around for atleast 100 years, so no matter how many walls or pump and dumps are tried. each pump and dump will make someone on each side richer or poorer.. which in your case would be the top 1% richguys poorer due to buying coins off us lot at a nice premium.

until BTC is an equal competitor to prize of Gold/Oz on a pretty stable basis I dont see it ever being in competition with the worlds elite considering right now any one of the top 1% of worlds wealthiest people could buy every btc in existance and crash the market and not bat an eye to it