Topic: There is already 1000 Bitcoin Millionaires in the world - effects on price (Read 4938 times)

Satoshi has quite a big stash too. I guess that sooner or later we will end up knowing about him.

I also think that since litecoins are a ridiculous noninnovation, BTC people should really stop being so smug and move on to mBTC.

It is a shame to be beaten by ltc!

I think LTC is controlled by single wealthy entity. He was able to collect/create large amount of LTC (creating currency, using GPU mining), and now he can pump and only he can dump :-) (he is owner of majority of LTC ... smart ass :-) ). 

I also think that since litecoins are a ridiculous noninnovation, BTC people should really stop being so smug and move on to mBTC.

It is a shame to be beaten by ltc!

I also think that since litecoins are a ridiculous noninnovation, BTC people should really stop being so smug and move on to mBTC.

It is a shame to be beaten by ltc!

It is possible that 2014 will be the year of Bitcoin. Yes, I am aware that 2013 already saw 100x gains

Perhaps next year will also see the rise of the Supernode.

If they just what? Tell us.

The number of 10-millionaires is still small, but this (the economically free people, no matter how many million) is the class that can have considerable impact if they just

Here I was thinking that perhaps a mere 1 million does not change anybody's life at least in high-cost countries. But several million will do. Depends on person, but most of us will feel considerable economic freedom after the net worth hits 2, 3, 5 or 10 million. I don't think anyone who started with humble means can say that $10 million is not enough for personal needs for the rest of his life.

The number of 10-millionaires is still small, but this (the economically free people, no matter how many million) is the class that can have considerable impact if they just

It is easy to give himself as an example. So I do I switched to all-Bitcoin in March 2013 and have spent 66 hours per month writing on this forum. If I was short of money, I could rake in anything between $200-$5000 per hour doing various things. But I regard writing about Bitcoin economics as more important. I am free to do it, and I am changing the world with my own small part.

The world at large is still absolutely clueless about Bitcoin. We can say that the general awareness was only really reached last month. The previous bubbles generated publicity, which faded away. Now it is not fading away, it is gaining grassroots adoption, and I believe that by trickling the knowledge that I and others generate, to the masses, the party can go on and on. It is possible that 2014 will be the year of Bitcoin. Yes, I am aware that 2013 already saw 100x gains

Here I was thinking that perhaps a mere 1 million does not change anybody's life at least in high-cost countries. But several million will do. Depends on person, but most of us will feel considerable economic freedom after the net worth hits 2, 3, 5 or 10 million. I don't think anyone who started with humble means can say that $10 million is not enough for personal needs for the rest of his life.

You're discussing currency risk. I.e. the risk that the currency value fluctuates. However given a global currency with a fixed and declining rate of inflation the currency risk is probably lower than just about any other currency you can hold.

Bitcoin has zero counterparty risk?  Not true.  To cash out and use the money for buying a car, house, taxes, food, schooling, etc, the bitcoin holder must have someone to sell to.  If no one turns up to buy those bitcoins then the holder just has a bit of worthless data.  That's a counterparty risk, although of a slightly different nature to say, a bank going bankrupt and taking all the money.

Bitcoin has another counterparty risk coming up in the next few years.  If bitcoin becomes popular enough for even a tiny percentage of the world's population to use it daily, the blockchain will become enormous.  There will be few people willing to store terabytes of data on their computer just to send and receive bitcoins.  The data and wallets will be kept in the hands of relatively few companies.  Better hope they're good and honest.

Bitcoin has another counterparty risk coming up in the next few years.  If bitcoin becomes popular enough for even a tiny percentage of the world's population to use it daily, the blockchain will become enormous.  There will be few people willing to store terabytes of data on their computer just to send and receive bitcoins.  The data and wallets will be kept in the hands of relatively few companies.  Better hope they're good and honest.

Bitcoin has zero counterparty risk?  Not true.  To cash out and use the money for buying a car, house, taxes, food, schooling, etc, the bitcoin holder must have someone to sell to.  If no one turns up to buy those bitcoins then the holder just has a bit of worthless data.  That's a counterparty risk, although of a slightly different nature to say, a bank going bankrupt and taking all the money.

Bitcoin has another counterparty risk coming up in the next few years.  If bitcoin becomes popular enough for even a tiny percentage of the world's population to use it daily, the blockchain will become enormous.  There will be few people willing to store terabytes of data on their computer just to send and receive bitcoins.  The data and wallets will be kept in the hands of relatively few companies.  Better hope they're good and honest.

Put yourself in the bitcoin millionaire's shoes. Option 1: "cash out" thereby deliberately entrusting your new fortune to a counterparty; Option 2: "stand pat" and continue to enjoy zero counterparty risk.