Topic: Where are all those millionaires? (Read 2564 times)

I can answer this one for you, earnest Seeker of Knowledge!

>mining costs and price
The price can't support mining costs, that's why many megamines/"cloud" mines are shuttering.

>coin inflation and the price
Insufficient new money coming into Bitcoin to support >10% yearly monetary base inflation (see: why pyramids collapse).
You can't print that much money out of thin air & expect the price not to tank.
So the price is tanking.

See?  All you have to do is ask.  You're welcome.

You seem to spend an awful lot of time trolling a bitcoin enthusiast forum for someone who thinks so little of bitcoin.

For someone banging on about mining costs and coin inflation rates so much, perhaps you can demonstrate the relationship between mining costs and the price, or coin inflation and the price please?

Point is... many don't risk too much by investing 10 mil $.

Probably they don't want to risk investing 10 million$ to the crazy volatility of bitcoin. even buying that amount would take us to 500$.

Yeah I don't think that would be true. Because, then on;y 4 million bitcoin would be in cicrulation amongst all the other people.

too many bad words for the invention of money. sadly.

-algo has nothing diretly to do with the emission curve - 1 coin added to 100 coins supply is still 1% inflation. Sha, scrypt, X11 or what ever doesn't change things
-it's also not politics, it's a question whether the coin will survive and be adopted or not - and sadly bitcoin won't because the fundamentals in emission of coins have been made by an amateur. It's really so bad it almost looks like intentionally bad. I still can't wrap my head around how 10% inflation this year should have been justified years ago. Must really be like people say: socialism/marxism got in the way - so bitcoin failed very hard and very real in sustaining the marketcap and taking good care of the money given to it. So i don't think people will want to invest again because remember: "Repeating a mistake time and time again and expecting different outcomes is madness"

Next up: Coins being good store of value (good to investors, makes sense to put money into) and less generous to miners (more efficient)

Bitcon also has the foundation nobody likes and a community of delusionals aswell as a bad name for doing illegal stuff. I think it's pretty worn out already. Bagholders should attempt a rebrand. The brand is so horrible, only Litecoin is a more horrible brand  

back on topic: a coin not able to be a relatively stable store of value can't be called a moneytoken and is useless/insignificant as means of exchange in daily commerce.

Bitcoin being a store of value is the most wrong thing someone can attempt to say after all the history bitcoin has gone through. If bitcoin is one thing certainly NOT, it's being a store for value.

All the pipedreams of stability tomorrow and not today are also only excuses for bitcoins inability to deliver on the hype.

Can't hold value today, why should it be able to tomorrow? Lost credibility already with screwing up the most basic part.
 

He's just out to hype the next bullshit: getting rid of consensus so the corrupt sockpuppets can do whatever they like. People are slow learners. Go look at the hardfork-stuff to see what's actually going on with this coin.

Issuance: Mining, politics, alghorithm.    Latter one seems like most healthy to me when it comes to inflation problem.

How's Bitcoin different than central bank? Come on....

Millionaires coming in touch with this disruptive tech are all broke now. See, the anarchists always win with BTC   It actually works!

Millionaires associated with BTC are ex-millionaires, and if not now then they will be soon.

That inflation, dude. Makes it useless to store value! Please try to understand.

Btc needs to tie in src code changes to a consensus model based on voting.. Similar to bitshares.. Otherwise well hows it different than any central bank?

Seems like pretty good store of value to me, maybe not right now because it's fresh, but at least it's so much promising I would say it's guaranteed not to be just store of value, but profitable vehicle.

Yes, i do, that's why i don't hold Bitcoin to store value.
In case you want to make an ass of yourself by telling people something that has up to 90% swings during a year due to its high inflation is a 'store of value' don't try. Almost too late probably.

Sure, later maybe ... but ... pipedreams, you know. Other coins are doing to value-storage for you and pretty successful in that - right now. Bitcoin wins in hype and madness, but it is not going to win the race for the best crypto store of value, that's for certain. In fact it already lost it to many coins. By the time this comes apparent to the last one some alts are going to soar. Bitcoin will have some value due to being useful and full of noobs for the sharks and whales to milk but no value to store wealth.

So because you can't use it to store value its overvaluation is bizzarre.

you're laughing because you obviously know nothing about properties of money. educate yourself.

Satoshi can only crash the market with his million BTC, he cannot support it. 

LOOOL!
"superb store of value"

pahahaha

.. sure ...

Because they are waiting for the right time to buy. And millionaires don't become millionaires for no reason. They know when to seize the opportunity.

Waiting for the ETF so that they have a known vehicle through which they can invest.
Sometimes I think it would be better if the Winklevoss hadn't announced their project, maybe wealthy people would be trying to get in on their own instead of waiting for the platform.

Because the ratio to scams vs market cap.  And major currencies aren't a "community" or "cult" like bitcoin is

Where are the millionaires?  Some have already been burnt by bitcoin, while others who are aware of bitcoin are sitting on the sidelines waiting to see what will happen.

I do know a millionaire and his opinion of bitcoin is pretty low simply because his son was burnt by a BFL purchase gone bad.  While bitcoin itself is fine it does seem to attract more than its fair share of scammers and thieves.  It's funny how people who get scammed using USD$ or Euros don't blame the currency for the scam, yet that's what often happens with bitcoin. 

https://bitcointalksearch.org/topic/i-just-wish-satoshi-nakamoto-reads-this-784545

he could have sold many million at 1k value, who know, he would be sitting on a mountain of dollars/euro, he can surely buy back and rise the current value

How is he supposed to support BTC price with his million BTCs? At best he can sell which is not supporting it.

They are silent about their investments, like almost all millionaires always are

Ask this dude called "BitcoinMillionaire". But I think he is not millionaire anymore.

because IRS is here.

Since Bitcoin is the greatest invention since Internet, I wouldn't say it's not a sound investment.

Want to know why they're millionaires and you're not?

Because like...you know...they actually make 'sound' investment choices.  Aka NOT stuff like bitcoin.

Winklewoss Brothers getting out? Where did you hear that?

As for Satoshi, here's an idea how he should spend his BTC, he would stay anonymous:
https://bitcointalksearch.org/topic/m.8840162

Do you think that after seeing Winklevoss Brothers getting involved in this are getting out of this, anyone would take interest in such a small community... Yes, small... I am sorry to say that, but its been 6 years now and BTC is still in development phase with so many bugs to be dealt with... Its not yet accepted by people like us only, yes, most of people don't know what BTC is and why they should get in...

As far as Satoshi is concerned, he ain't only responsible alone for this... Even if Mark Zuckerberg throws in $10 million into this, it wouldn't cost him anything, but he will only look currently into what he will get... Let's share this as a technology...

you cant say will wait too long like everyone, because i dont wait with my bitcoins

You cannot know that for sure, the biggest address only holds 157,997 bitcoins.

http://bitcoinrichlist.com/top100

How can you know it?

(remember the same people might have multiple addresses)


Also the supply increases every day

They're already in.
There are 10 people holding 1 million BTC each, so half of the supply is in the hand of 10 people.

Tim Draper is the laughing stock of his peers.

He really didn't know much about Bitcoin when he got in. Did you hear his speech the day after he won the auction? The guy doesn't know the fundamentals of Bitcoin at all. His son told him to buy so he went balls in.

They did get in.  Ever heard of Tim Draper?  He thought somewhere in the $500's was a good deal and I bet he's not even worried right now.  Oh, and the Winklevoss twins.  

Just because millionaires aren't advertising that they bought coins doesn't mean they didn't.  Bitcoin is supposed to be private for a reason.

Bitcoin rise was 100x in 2013. I doubt next bubble will be anything below 10x, and you can't call that just a dimes...

Satoshi lost the private keys.

And the people for whom " 10 million usd are just dimes" won't bother about a so tiny market, they won't put in so much effort and risk for making less than dimes...

They are waiting for the bottom, just like everyone else. And they will wait too long, also just like everyone else. Satoshi is no doubt keeping his head down, as would I in his circumstances.

Wtf.. 10 million of dollars are just a dimes for many people out there.. I can't understand how they already didn't realised Bitcoin is superb store of value, better than fiat and gold. Why they don't put just a part of their wealth in it?

And where the fuck is Satoshi to support his project with this million of BTC he owns?