Bitcoin millionaire lists 3 reasons most will never be rich

[Sanity Check]

...

This guy is like an anime character.

Smoking his cigar with his harem of women in the background. Making audacious clickbaity comments.

 

[Jubei_Kibagami]

Easy to talk cocky when you've had the luck to participate in the largest bull-run in the history of the planet.

 

[hokageji]

the bitcoin craze must stop... too much money being invested on something that doesn't really have a product... it purely makes money on speculation

 

[Raven]

I want to invest little money in doge coin. I'm afraid to get hooked tho and pour all my money in

 

[hokageji]

I want to invest little money in doge coin. I'm afraid to get hooked tho and pour all my money in

I think its okay for short term. But its better to get bitcoin, even 0.1 or 0,01 of it. That'll increase to 60ish by November.. with doge, i doubt that, unless you already invested before it was 40c.

 

[M3J]

Most will never be rich because the system will do its best to prevent that. The American Dream is merely an illusion and a marketing ploy to inspire patriotism and possibly immigrants for a certain party, but it does not really exist.

 

[Sanity Check]

I want to invest little money in doge coin. I'm afraid to get hooked tho and pour all my money in

I had 37,000 dogecoin back in the day.

That I got for free from faucets.

Think I sold it all for $8.00 years back.




One of the faucets that shut down (moondoge) still owed me like 20,000 dogecoins when they shut down a few years back.

I think its okay for short term. But its better to get bitcoin, even 0.1 or 0,01 of it. That'll increase to 60ish by November.. with doge, i doubt that, unless you already invested before it was 40c.

I've been in bitcoin since 2012.

And didn't make a ton of money.

If anyone ever wants to feel like a loser.

Try doing that to get a good experience.

Most will never be rich because the system will do its best to prevent that. The American Dream is merely an illusion and a marketing ploy to inspire patriotism and possibly immigrants for a certain party, but it does not really exist.

Recent inventions like the internet give people more opportunities to become rich than the human race enjoyed in any era of history.

I myself had several paths to becoming rich which didn't pan out for one reason or another.

If my goal was to become rich, there are so many different ways to do it, it would be hard to choose one.

I don't know why people say the system is rigged against them. Everything they need they can find on youtube or through a search engine. The main thing that keeps people down is the idea that every opportunity in life is some sort of trap.

You could show people a legit method to make $50 with no risk on their part and they would think its a scam. Just because they've been raised to think everything other than having a job is some type of hustle.

 

[M3J]

It doesn't guarantee the person will become rich, or that the system will allow it. You yourself said you had several paths which didn't pan out

 

[Sanity Check]

It doesn't guarantee the person will become rich, or that the system will allow it. You yourself said you had several paths which didn't pan out

Around 2012 to 2013 I knew people who were giving bitcoins away for free. I could have asked them for free BTC and walked away with more than 50 bitcoins. I've had a lot of opportunities like that. I didn't follow through on.

It didn't feel right to me. It felt like a scam or a hustle. My parents and close family/friends tend to believe anything that isn't a job is a scam. Stock market. Scam. Bonds, mutual funds, ETFs. Scam. I think many can relate to this. Its one of the biggest obstacles holding people back. It prevents us from recognizing good opportunities.

I don't think its possible for everyone to be rich. Many have no self control or make bad decisions that guarantee they could never be rich.

90%+ of people being poor is the only way "wealth equality" could ever be achieved.

 

[hokageji]

bitcoin is a ponzi scheme... you only make money if others are willing to pay for it...

Dogecoin started like a parody, its popular only cos Musk backed it up... so once the negativity dies and Musk tweets something, it'll stay around the same and may go up but the likelyhood is low. My recommendation is only invest with money you are ok to lose, not otherwise...

I've been in bitcoin since 2012.

And didn't make a ton of money.

If anyone ever wants to feel like a loser.

Try doing that to get a good experience.

It was 200 or 300$ then, so if you bought a couple, you would make 100K out of it now. Take that and invest in property, cos those always go up.

 

[M3J]

Around 2012 to 2013 I knew people who were giving bitcoins away for free. I could have asked them for free BTC and walked away with more than 50 bitcoins. I've had a lot of opportunities like that. I didn't follow through on.

It didn't feel right to me. It felt like a scam or a hustle. My parents and close family/friends tend to believe anything that isn't a job is a scam. Stock market. Scam. Bonds, mutual funds, ETFs. Scam. I think many can relate to this. Its one of the biggest obstacles holding people back. It prevents us from recognizing good opportunities.

I don't think its possible for everyone to be rich. Many have no self control or make bad decisions that guarantee they could never be rich.

90%+ of people being poor is the only way "wealth equality" could ever be achieved.

It's not possible for everyone to be rich because the wealthy people and powers that be don't want that to happen. They need workers and if people are earning enough or have enough money, they're not likely to do labor jobs. It has very little to do with self control or bad decisions, which is often not the case.

 

[kkck]

bitcoin is a ponzi scheme... you only make money if others are willing to pay for it...

Dogecoin started like a parody, its popular only cos Musk backed it up... so once the negativity dies and Musk tweets something, it'll stay around the same and may go up but the likelyhood is low. My recommendation is only invest with money you are ok to lose, not otherwise...



It was 200 or 300$ then, so if you bought a couple, you would make 100K out of it now. Take that and invest in property, cos those always go up.

Except... it's not really structured in any way shape or form like a ponzi scheme. Nor can it have any of the outcomes of a ponzi scheme. I don't like bitcoin ( I think it's a libertarian tax evasion wet dream at best) but I can't think of any way it relates to a ponzi scheme.

 

[hokageji]

Except... it's not really structured in any way shape or form like a ponzi scheme. Nor can it have any of the outcomes of a ponzi scheme. I don't like bitcoin ( I think it's a libertarian tax evasion wet dream at best) but I can't think of any way it relates to a ponzi scheme.

ponzi scheme definition:
a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.

That is the only way to make money out of bitcoin.... its rise and fall has no connection to anything economic.... thats a ponzi scheme...

how is it not?

--- Double Post Merged, Jun 21, 2021, Original Post Date: Jun 21, 2021 ---

and yes, who benefits with the anonimity? Rich people in China who want to hide their money away, people who can put hundred thousands of dollars for quick gains all without having any connection to a buyable product.

The argument crypto supporters have is that its the same with every fiat currency, which is true, and the counter argument would be regulating the fiat currencies better, but i have limited understanding beyond this to debate against this. However, this currencies do not offer anonymity unlike bitcoin.

 

[kkck]

ponzi scheme definition:
a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.

That is the only way to make money out of bitcoin.... its rise and fall has no connection to anything economic.... thats a ponzi scheme...

how is it not?

Welp:

- Bitcoin isn't an enterprese nor pretending to be one.
-Ponzi schemes have a variety of structures but at its core it's a pyramid scheme. One person gets others to buy who them get others to buy... Until math strikes and there aren't any more people to add. Bitcoin just doesn't work like that.

 

[hokageji]

Bitcoin isn't an enterprese nor pretending to be one.

alright, i will edit my post and say "bitcoin is like a ponzi scheme" since you dont counter the other aspects that make it one....

 

[kkck]

alright, i will edit my post and say "bitcoin is like a ponzi scheme" since you dont counter the other aspects that make it one....

I actually felt like my post covered about the rest of your points as well. Since my points can be summarized with "in no way, shape, form or context does this resemble a ponzi scheme". Bitcoin structure is basically like this:

1.- you have miners who solve an increasingly complex mathematical equation in order to record transactions in the blockchain.
2.- As a result of solving this complex equation the algorithm generates a bitcoin as a reward for miners.
3.- Miner can sell said bitcoin at a profit.
4.- Owners do about whatever with their bitcoin. Prices vary according to the market.

And... that's it. You don't need a steady stream of buyers for bitcoin to sustain itself. It won't collapse like ponzi scheme because this doesn't have a pyramid like structure. You won't reach a point at which there aren't enough people on earth to sustain the pyramid. Which is not to say people can't lose a lot of money over it of course.

 

[M3J]

The fact that Bitcoin is being taken seriously scares me, I feel like it being widely accepted will cause the economy to take a beating, and maybe irreparably. The whole credit system is already messed up as it is

 

[kkck]

Welp, have been reading about the bitcoin crackdown in china... So what I am wondering so far is this:

You have the crackdown in china which basically targets miners in china. This is actually an attack to the very heart of bitcoin since less miners means less bitcoin being generated and transactions in theory taking longer.

But then... Bitcoin is still a way to make money. And the Chinese government usually wants to be on top of things. So... wouldn't a next logical step for them would be to mine bitcoin themselves? That sounds like it'd have some pretty dark implications. They'd basically take control of at least a part of bitcoin emission.

Add to that going forward this might be a decent way for any government to actually tackle bitcoin. Just go after miners and do the mining directly. Mining is an increasingly costly endeavor given the algorithms increasing complexity so it's not like just anyone can do it. So a crackdown on miners in china, let alone worldwide, could cripple the system. Am I missing anything that would make mining not hijackable by governments?

 

[hokageji]

I actually felt like my post covered about the rest of your points as well. Since my points can be summarized with "in no way, shape, form or context does this resemble a ponzi scheme". Bitcoin structure is basically like this:

1.- you have miners who solve an increasingly complex mathematical equation in order to record transactions in the blockchain.
2.- As a result of solving this complex equation the algorithm generates a bitcoin as a reward for miners.
3.- Miner can sell said bitcoin at a profit.
4.- Owners do about whatever with their bitcoin. Prices vary according to the market.

And... that's it. You don't need a steady stream of buyers for bitcoin to sustain itself. It won't collapse like ponzi scheme because this doesn't have a pyramid like structure. You won't reach a point at which there aren't enough people on earth to sustain the pyramid.

The point of saying its like a ponzi scheme was different but it distracts from the main discussion, so let me drop that point...

the concern with bitcoin is the fact that as an investment, it totally relies upon the next person paying more money, while not being connected to an economic gain.
Like you said, miner can sell a bitcoin for a profit, but what is mined itself isn't of the value it actually is. And whether it doesnt need a steady stream of buyers isn't relevant because the real investment in bitcoin is coming from people benefiting from the anonymity of it. It seems fair when compared to fiat currencies but its not fair to compare a governed body.

--- Double Post Merged, Jun 22, 2021, Original Post Date: Jun 22, 2021 ---

The fact that Bitcoin is being taken seriously scares me, I feel like it being widely accepted will cause the economy to take a beating, and maybe irreparably. The whole credit system is already messed up as it is

I'm sure cartels and other illegal traders largely benefit from bitcoin, and China is known to be vastly using bitcoin to hide their money, which otherwise would be put into the economy in some form or the other.... that and the fact that the mining is consuming so much electricity and causing an impact in the carbon emissions all around the world for something that itself has no inherent value.

--- Double Post Merged, Jun 22, 2021 ---

Welp, have been reading about the bitcoin crackdown in china... So what I am wondering so far is this:

You have the crackdown in china which basically targets miners in china. This is actually an attack to the very heart of bitcoin since less miners means less bitcoin being generated and transactions in theory taking longer.

But then... Bitcoin is still a way to make money. And the Chinese government usually wants to be on top of things. So... wouldn't a next logical step for them would be to mine bitcoin themselves? That sounds like it'd have some pretty dark implications. They'd basically take control of at least a part of bitcoin emission.

Add to that going forward this might be a decent way for any government to actually tackle bitcoin. Just go after miners and do the mining directly. Mining is an increasingly costly endeavor given the algorithms increasing complexity so it's not like just anyone can do it. So a crackdown on miners in china, let alone worldwide, could cripple the system. Am I missing anything that would make mining not hijackable by governments?

Yea, that's something i can see China do.... They'll just use force to start mining everything themselves.... But if that happens, other nations may completely outlaw bitcoin thereby making them lose its value further.

 

[kkck]

The point of saying its like a ponzi scheme was different but it distracts from the main discussion, so let me drop that point...

the concern with bitcoin is the fact that as an investment, it totally relies upon the next person paying more money, while not being connected to an economic gain.
Like you said, miner can sell a bitcoin for a profit, but what is mined itself isn't of the value it actually is. And whether it doesnt need a steady stream of buyers isn't relevant because the real investment in bitcoin is coming from people benefiting from the anonymity of it. It seems fair when compared to fiat currencies but its not fair to compare a governed body.

--- Double Post Merged, Jun 22, 2021, Original Post Date: Jun 22, 2021 ---

I'm sure cartels and other illegal traders largely benefit from bitcoin, and China is known to be vastly using bitcoin to hide their money, which otherwise would be put into the economy in some form or the other.... that and the fact that the mining is consuming so much electricity and causing an impact in the carbon emissions all around the world for something that itself has no inherent value.

--- Double Post Merged, Jun 22, 2021 ---

Yea, that's something i can see China do.... They'll just use force to start mining everything themselves.... But if that happens, other nations may completely outlaw bitcoin thereby making them lose its value further.

Ah, definitely. Bitcoin's value is entirely speculative. No arguments there.

In my head the natural next step for such a measure would be for other countries to also take over mining. Well, that or endlessly whining about china's government handling all the mining in the country.