Why you can't be rich by owning crypto - page 4.

qwertyup23

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Quote from: NioXioma on April 06, 2021, 04:36:09 AM

So even if your rich, and your net worth is increasing with increase in the price of Bitcoin, after everyone have adopted Bitcoins globally, even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)

Interesting argument, but this assumes that every people in the whole world owns a cryptocurrency which disregards the fact that only a few possess some.

Currently, it can be argued that the people who are knowledgeable in the cryptocurrency space are not that many nor not that few. Because of its current price in the market, people are actually HODLing most of the coins awaiting for its next fork which has the potential of doubling its price yet again. Given the fact that not everyone owns crypto, this puts the person on a pedestal as this is considered as an alternative mode of investing.

Kamarah

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In fact, you are rich, not only depending on Bitcoin. But Bitcoin has the ability to make your dreams get rich into reality. Currently Bitcoin prices are very high. Just hoarding multiple Bitcoin at low prices Now you can freely change live.

tbterryboy

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Quote from: ?? on ??

investing in bitcoin doesnt simply make your money grow overtime but your going to face battles and only those that can overcome this battle can make a profit so why will you retire early ? but when we retire theres always a replacement .

Yeah, unlike most outside people do imagine, holding bitcoin is not that easier one; we need to come across lots of hassles which includes emotional failures and family members' pressure. Even if we come across them, governments bring some unexpected regulation against crypto which are directly or indirectly affect us in one way or other.

Quote from: ?? on ??

its crazy if price of the item will be 50k usd just because the value of btc is also 50k . price of items can increase but not in exageration .

That kind of scenario never will happen; even more than half of world population will be on adopting bitcoins, we cannot expect expenses of our day-to-day life will match the price of bitcoins. Simply, there are some parts are missing in the logic mentioned by OP here.

wheelz1200

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Quote from: NioXioma on April 06, 2021, 04:36:09 AM

The value of Bitcoin have increased by 707% over the last year, and the average deflation is 96%

As the value of Bitcoin increases, it's owners would have a reduced incentive to do their job, and they would retire at a younger age(since they would have enough money to live the rest of their life). This would decrease the global productivity, even if the demand remains same(or even increase due to increased wealth). This would in turn increase the price of all commodities almost at the same rate as that of Bitcoin(law of supply and demand)

So even if your rich, and your net worth is increasing with increase in the price of Bitcoin, after everyone have adopted Bitcoins globally, even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)

The illusion that the value of your Bitcoin wallet is increasing only works when you compare it with other currencies, and if every other currencies go extinct, the only way to measure our currency is by number of things that can be bought for one unit(purchasing power)

I'm not sure if that's how it works, correct me if I'm wrong(I'm not really an economist)

Ypu are making it much more difficult than it needs to be. Lets take the idea of the pizza from Lazlo. In 2010 a coue pizzas and some soda cost Lazlo 10,000 bitcoin. Today that same 10,000 bitcoins can buy you how many pizzas? And in 10 years from now will it buy you even more pizza than it can in today's world. If so your bitcoin you own is more valuable tomorrow than it is today making you "more rich".

Kasabus

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Why? Because it is not the reason why people are investing in crypto. Because if they are into that goal, they have to start buying Bitcoin earlier but that was not happening and we never know as well that Bitcoin will have this current value. If they just buy 100BTC when it was just $1 and just sell it right now, you can't really imagine how much they get. But no one does, and that no one will become rich because of just owning crypto.

acener

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★Bitvest.io★ Play Plinko or Invest!

It is sad but true as the value of Bitcoin grow so does all of our expenses.
Foods or groceries has also been going higher and not to mention the bills so even if we feel that we have a lot of money but in reality it is still the same for most of us.

Taskford

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Quote from: Yayis on April 07, 2021, 10:42:13 PM

Quote from: NioXioma on April 06, 2021, 04:36:09 AM

The value of Bitcoin have increased by 707% over the last year, and the average deflation is 96%

As the value of Bitcoin increases, it's owners would have a reduced incentive to do their job, and they would retire at a younger age(since they would have enough money to live the rest of their life). This would decrease the global productivity, even if the demand remains same(or even increase due to increased wealth). This would in turn increase the price of all commodities almost at the same rate as that of Bitcoin(law of supply and demand)

So even if your rich, and your net worth is increasing with increase in the price of Bitcoin, after everyone have adopted Bitcoins globally, even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)

The illusion that the value of your Bitcoin wallet is increasing only works when you compare it with other currencies, and if every other currencies go extinct, the only way to measure our currency is by number of things that can be bought for one unit(purchasing power)

I'm not sure if that's how it works, correct me if I'm wrong(I'm not really an economist)

The more bitcoin becomes mainstream the less it is volatile, therefore the variations in price will become smaller and smaller. You will hardly see a 707% price increase at a certain point.

Its ok as long as we cannot see a price decrease of 707% well that's totally fine also its quite good to have that if that would really be the outcome of the current adoption since we can avoid those huge lose and we can also assure that there's a bounce back since bitcoin already on the mainstream and many people are waiting for the dip then buy to gain profits from low to high volatility.

pankowri

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$CYBERCASH METAVERSE

Because you don't want to be. The people who bear no common sense or trying to be extra clever both never move forward in life. Because in your life extra is always not needed to add. Some types of extra can fall you to dump. The Crypto market is naturally risky and volatile everyone knows that so if you apply some rules then you never lose in this market. If you acquire some knowledge, give some time, practice and trade when you need then you can make a profit. So how can you say that by having crypto you can't be rich?

Darkelf11

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You can't only be reached by owning single crypto mostly if you invest the coin does not have any future those called as dead coins. But if you got a coin that has full potential there's a chance you become rich instantly depends on the amount you invested.

If you invested with the bitcoin I guess mostly this is your coin favorite there's a chance to earn profit too this is the most volatile and active coin right now we see that the bitcoin survives the market economic crisis. If you have a chance it's good to see and grab the opportunity.

Yayis

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Quote from: NioXioma on April 06, 2021, 04:36:09 AM

The value of Bitcoin have increased by 707% over the last year, and the average deflation is 96%

As the value of Bitcoin increases, it's owners would have a reduced incentive to do their job, and they would retire at a younger age(since they would have enough money to live the rest of their life). This would decrease the global productivity, even if the demand remains same(or even increase due to increased wealth). This would in turn increase the price of all commodities almost at the same rate as that of Bitcoin(law of supply and demand)

So even if your rich, and your net worth is increasing with increase in the price of Bitcoin, after everyone have adopted Bitcoins globally, even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)

The illusion that the value of your Bitcoin wallet is increasing only works when you compare it with other currencies, and if every other currencies go extinct, the only way to measure our currency is by number of things that can be bought for one unit(purchasing power)

I'm not sure if that's how it works, correct me if I'm wrong(I'm not really an economist)

The more bitcoin becomes mainstream the less it is volatile, therefore the variations in price will become smaller and smaller. You will hardly see a 707% price increase at a certain point.

Mahanton

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Quote from: Renampun on April 07, 2021, 12:45:07 PM

Quote from: bosede1 on April 07, 2021, 09:00:57 AM

Your argument to some extent is right because you are looking at it from the point of the future, there is nothing like you can't be rich through crypto because even people who invest in businesses and investment is not only for being rich but for the profit that will be accrued from such investment. For example, saying going to school or having formal education will make you rich.

crypto has been recognized as an investment asset in many countries so what the OP said is shit 'lol'...
if I bought Bitcoin last year and then sold it this year, then make sure I have become a rich person in my area. Cryptocurrencies are real, there are sellers and buyers, so people who say you will not get rich from crypto are those who have never felt money from crypto.

You would really expect to see up these kind of words because not all are really knowledgeable or truly just hate up crypto on why they do really end up on saying such thing.
Or simply they dont have any experience on making out money in crypto.IF they would look into the bigger picture then they can really see the opportunity
that it can truly gives.

Crypto could really give out that kind of opportunity or chance if you do done things well and of course it does need a little bit of luck.

wiss19

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Quote from: NioXioma on April 06, 2021, 04:36:09 AM

The illusion that the value of your Bitcoin wallet is increasing only works when you compare it with other currencies, and if every other currencies go extinct, the only way to measure our currency is by number of things that can be bought for one unit(purchasing power)

I'm not sure if that's how it works, correct me if I'm wrong(I'm not really an economist)

Well you’re right in the one of decrease in productivity, but that’s not going to happen when a few retire after they have made money through bitcoin. If you’re working in the office and you retire because you got rich through bitcoin, there is not going to be a decrease in productivity and that’s because there are already lots of people outside that are waiting to fill up that your position in the office, and once you leave that position your office management is quickly going to replace you with another talent, so it doesn’t stop the productivity, the only thing is that in some cases it might take time for them to find the right replacement, but they will definitely do that.

Renampun

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Quote from: bosede1 on April 07, 2021, 09:00:57 AM

Your argument to some extent is right because you are looking at it from the point of the future, there is nothing like you can't be rich through crypto because even people who invest in businesses and investment is not only for being rich but for the profit that will be accrued from such investment. For example, saying going to school or having formal education will make you rich.

crypto has been recognized as an investment asset in many countries so what the OP said is shit 'lol'...
if I bought Bitcoin last year and then sold it this year, then make sure I have become a rich person in my area. Cryptocurrencies are real, there are sellers and buyers, so people who say you will not get rich from crypto are those who have never felt money from crypto.

Anonylz

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I think the point is not just owning btc, yeah i agree the early adopters of btc already made fortune from it that they can afford to lay back and watch their money make more money for them, but at present, btc is quite expensive, for anyone to buy enough btc that will enable his/her retirment must be ready to throw in some good amount of money,
On the other hand, maybe buying some alts can still give such opportunity, but how many people really have the patience and zeal to hold through to the point where they can be considered a millonaire! maybe @op argument will occure some time in the far future, right now, not so many people can say they are millonaires through crypto.

mersal

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So you are saying that everyone will stop working once they had bitcoin, but how much bitcoin is enough for someone to consider that it is enough for our retirement?

Even if you say 1 bitcoin for a person then mathematically only 21 million people in this world will be rich and all others have to work for them?

Your argument is basically wrong and no one is going to stop working so the demand will increase and production will decrease is an imaginary thought.

bosede1

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Your argument to some extent is right because you are looking at it from the point of the future, there is nothing like you can't be rich through crypto because even people who invest in businesses and investment is not only for being rich but for the profit that will be accrued from such investment. For example, saying going to school or having formal education will make you rich.

bitgolden

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Quote from: NioXioma on April 06, 2021, 04:36:09 AM

So even if your rich, and your net worth is increasing with increase in the price of Bitcoin, after everyone have adopted Bitcoins globally, even your richness wouldn't be that much rich, since the value of the things that can be brought with those bitcoins would actually grow the same rate as the bitcoin(due to decreasing productivity)

This is the point where you are slipping down; most probably you are not right as this will take centuries of time. I mean for adopting bitcoin by each and every human being of this planet might take more than hundreds of years. At that time, bitcoin might not remain as an highly yielding investment asset but just like any other payment processor with its own currency. So, people who are adopting bitcoin may not get chances to retire earlier.

As of now, people who are retiring early and the production blockage due to that could be considered negligible as the awareness against adopting bitcoin is very low in most countries except tier 1 countries. So, we can still get chances to become rich by owning only bitcoins (yeah not with any crypto).

pinggoki

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Quote from: Kong Hey Pakboy on April 07, 2021, 02:46:45 AM

Simple answer is that you don't have a lot of cryptocurrency in the first place so you have to make do with what you currently own and you have to wait for the prices to astronomically go up before you can say that you are rich when you own a cryptocurrency and you also have to have a lot of cryptocurrency too before you to get the most out of the rise in price.

And this is why people think that they will not be able to get rich when they own a cryptocurrency. Owning a very huge amount of cryptocurrency just like ethereum or bitcoin will be able to make you rich, I've saw a lot of people who becomes so much rich just because in cryptocurrency and most of them are my classmates and they are my inspiration why I am still here in cryptocurrency and learning different ways on how I will be able to earn more.

Mauser

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Quote from: TastyChillySauce00 on April 07, 2021, 02:54:45 AM

The thing is, in every people profitting the money must be coming from somewhere else and this distribution of wealth could result in another rich person but also another poor person. It won't affect the productivity at all since the coin is limited while the money to pump the price must be coming from somewhere else and you don't account that being rich doesn't necessarily means you're stop being productive. You see so many billionaire out there that instead of taking vacation for their whole life, they expand their business instead with the money they got.

This is an interesting argument. You are right, all trading is a zero sum game in the end. For one person to be profiting, we would need another one to lose the money. To have all these rich peoples, it takes a lot of poor people to balance it out I guess. So we can definitely become rich by owning cryptos, it is just that we eventually need to convert our trades into material things, like buying a Tesla car for 1 BTC or maybe a small apartment.

TastyChillySauce00

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The thing is, in every people profitting the money must be coming from somewhere else and this distribution of wealth could result in another rich person but also another poor person. It won't affect the productivity at all since the coin is limited while the money to pump the price must be coming from somewhere else and you don't account that being rich doesn't necessarily means you're stop being productive. You see so many billionaire out there that instead of taking vacation for their whole life, they expand their business instead with the money they got.

Topic: Why you can't be rich by owning crypto - page 4. (Read 981 times)