Topic: This forum is full of future millionaires - page 15. (Read 14596 times)

Massive adoption by nearly everyone in most major economies would bring the price of Bitcoin to 1 million USD and more. I don't say it will happen, but if it happens, this is the kind of figure we are looking at. Not 100K.

Strong inflation of the FIAT currencies which is happening right now and accelerating would also multiply the nominal value of Bitcoin over the years. If real inflation reaches more than 20%, which it will, we are looking more into 10 million USD per BTC in the best case scenario within 10-20 years.

But full adoption is not a certainty of course. However, even a 5% adoption can bring the value of bitcoin to 100 000 in the next few years.

I completely agree with this statement. Not saying that it couldn't happen, because I want it to, but for the masses to adopt bitcoin it needs to become easier to use and overcome some of its existing limitations. The biggest draw back of BTC is ease of access. Exchanges are not exactly "simple person" friendly as they require a basic understanding of trading and look completely shady. Coinbase is working towards the general user base, but even at this point it takes days to get purchased funds. It almost needs to be dumbed down.

It has always been my opinion that the easiest way of adoption would be a bitcoin debit card that works similar to the current debit card system.  However they wouldn't be tied to actual addresses, but rather accounts. The account would generate a new address when sending as it currently does and a pin would be required to uncover the private key to move funds.

Where bitcoin currently is excelling is in tech savvy people. There has been a small subset who have adopted bitcoin to gamble. Especially in the US. I don't see the masses flocking to BTC for at least another 3 years.

That's odd. With one million dollars, I can buy a average house were I live. And at least cover some living expenses for some time.

House - Average where I live is at least 125K-200K. 3-5 Bedroom, possibly 2 bathrooms. A few thousand sq ft, not over 6,000 sq ft  - mansion. Also possibly a few acres of land around it.

Food - Averagely spent on food is $175 a week, according to Google, or in that range. A year is about 52 weeks. $9,100 dollars a year, approximately.

Car - Not really fancy for a car. Thinking off the top of my head, let's say a Hummer. That costs about $10K, and $80 for gas every week where I live. $4,160 a year + $10K for car. For any repairs, let's say a extra $10K.

Clothes - Kind of preppy guy. Going to assume in the $400-$1,000 range. Various sites say $121-$200 range, though, so I'm going with the latter. $200 spent monthly, I guess. $2,400.

Utilities + Health + Leisure - I can't go without Internet, and housing is to take into mind. Plus cable, and other things. At least $665 monthly, which turns into $7,980 annually. Other services, such as my phone bill and such would probably be around $427 a month, $5,124.

Average Total - $213,764. Either I'm missing something, or a million dollars is now the ZWD compared to a dollar.

21 mil btc
Means that only 21 mil people will be able to own a full btc at any specific time.
There are lots of people on earth and in a few years pop will stabilize at 10bil if you believe Hans Rosling.

If you own a BTC you are in the minority now and in the future.

It is dangerous to make money the goal of your life.
A better reason to support cryptocurrencies is if you support the advancement of humanity.
Call me a technolibertarian and a techno-utopian or whatever... but if we can have a way for people to live long and healthy with enough food and resources for everyone then what would wealth matter, why would you necessarily want to be richer than anyone else. Already now you can do more than the wealthiest man alive 100 years ago.

I find the people in this thread claiming 10mil is the new million ridiculous. If you have any idea what people like you and me live and survive with in some places of the world the idea of a million dollars (or even $100) would seem like a dream.

Steve Jobs was very rich. Then he got cancer and now he is dead. Working together we may one day solve problems like cancer. Years ago a measles killed so many, now we vaccinate and don't even need to think about it. (In fact the vaccination works so well that some people have stopped believing in measles!)

The problem I have with the focus being on making money is that this way of thinking incubates scammers and fraudsters for who the end goal is money and who miss the bigger picture.
And every added scam and fraud detracts and places obstacles in the way of cryptocurrencies achieving the utility they could.
But hell if you support this and invest purely for personal gain then please do, just keep honest too.

/sermon

Agreed, it's a nice idea!

So $100,000/BTC by 2024?

It is actually possible, there will be some Bitcoiners on here that will hold for 10 years  

Like to think I'm a fairly logical person, have to concede that valuation is not outrageous

It's a nice idea, but really I don't believe we'll reach $100,00 USD a coin anytime soon. I doubt it'd even be in my lifetime. It would take massive adoption by nearly everyone in most major economies for us to have the price spike to that point - and realistically I doubt that will be the case until we can convince laypeople to use Bitcoin (considering that most don't understand it).

It's sad because being a millionaire was every American kid's dream a generation ago.
By the time we got there, its not even that much money anymore.

How is that sad? A millionaire is a individual or person whose net worth is over a million units in a chosen currency.

10 BTC + 10 Years = $1MM USD = Truth.

If the value keeps going up, people will also start to 'scavenge'. Already multiple scams going on. New wave of phishing and hacking will possibly start as well, as the value increases.

I think you'd be surprised how few people own more than ten. Most of the polls here show a big chunk, maybe the majority, have less than one.

If values keep on going up then they're going to be spent or cashed out and it'll dilute even more.

No one can make a solid estimate on how long it might take it might never get there. I find it hard to believe that 10 Bitcoin could make you a millionaire because a lot of people own that amount and it that would be thousands of people would become millionaires in the same few days.

Really...10 BTC to make anyone a millionaire sooner then 10 years?  Not doubting it will happen but how soon do you think?

The system is rigged so that everyone does not see the value of goods, they only see the monetary value, not the real value.

Therefore everyone thinks fiat money has value, and thereby makes it so.

Fiat money is worthless, but the fact that so many people believe in its value make it valuable.

I hope that I'm a millionaire due to the fact of Bitcoin.

like it or not prices today are mostly quoted in USD, saying that one bitcoin will be worth X amount of 2014 USD is just a convenient way of saying what one bitcoin will buy in the future.

THIS


also as already stated the us dollar is worth shit now
same as pound etc
one bag of shopping in supermarket here in UK is about £25, and no luxuries like booze, fags etc
£120 to fill tank of petrol in car, £9.50 for packet of cigarettes (20)

btc should be way higher now in $ terms as it's so worthless
hopefully 100 bitcoins would last couple decades of good living

we just need sites like bitpremier.com to sell cheap european real estate, nice fincas etc instead of just top end property and midrange stuff

it will come

Perhaps, we also need to have BTC x Gold, to make the price appear more stable to those complaining about the volatility. 

Agreed. We need to get away from this thinking of "BTC= x USD" because it just promotes the whole get-rich-quick ideology. What we really need to say is, in the future bitcoin will be a viable currency by itself, and those that got into it early will be able to afford to buy themselves homes, cars, etc. It won't need to be converted, or compared to USD or any other FIAT because it will stand on its own.

10 mil is the new millionaire. Sad but true.