Well you own nothing except numbers on the screen, and your ownership is defined by some points in a plane that is unique and immutable, as defined by the specifications set by Satoshi and other developers themselves. I will not call this "fake rich," as those sitting in piles of numbers on their bank accounts from derivatives also lie within the same principle. Instead, I'll consider them as rich people, like the normal ones who own lots of money from successful businesses since they own something that is highly-valued by other people.
Our perception of value is something complex, and we just magically agree that something is valuable, or has value, like fiat money. If that is the case, then bitcoin is, and will be, valuable too, and if someone owns a lot of it, they are 'rich' because our perception of value says so.
Our perception of value is something complex, and we just magically agree that something is valuable, or has value, like fiat money. If that is the case, then bitcoin is, and will be, valuable too, and if someone owns a lot of it, they are 'rich' because our perception of value says so.
I think you made the best point, which can just cover all other comments and requires no debates. It's just about perception of value, which can be attached to anything any time / or can forcibly change, and people's wealth perception and number-based calculated could immediately change. Some assets have shown to have long-lasting attached perception of wealth (land, gold, factors of production, etc.), while others - we just need to wait and see if it's same (Bitcoin), or it's not, or it will be completely another thing.
I don't think that you can compare bitcoin to iPhone and Tesla. Those two are status symbols (same as expensive watches) simply because when person is wearing it, he sends the "signal" to others that he is successful/rich/whatever. I never saw someone carrying Ledger around their neck to show off. People I know that own bitcoin usually keep it to themselves and don't brag around how much they own, apart of lambo guys that have "BTC" license plate, but that's another story.
General public is still skeptical of bitcoin, unfortunately. Real life is not bitcointalk. If anything, there is more chance that they will ridicule you for owning some than think that you are successful.
General public is still skeptical of bitcoin, unfortunately. Real life is not bitcointalk. If anything, there is more chance that they will ridicule you for owning some than think that you are successful.
Another great point! But I was refering to those with Lambo with BTC place, or the ones that actively show off how much they good (on Twitter, Youtube, etc.) - that's the major point of analogy with iPhone/Tesla/etc. owners (I have nothing against either of those though).
I don't think a bitcoin millionaire is anything different from a normal millionaire. What if you won your millions in the lottery? Or by trading stocks? Orby selling a company? I would make a difference between all of these. In the end money is money. There so many people willing to sell goods like a car or other things for bitcoins.
Oh yes, there's gonna be huge difference between all of those (trader, businessman, lottery winner, etc.). The lottery winner is probably gonna be the most "fake rich" among others
But as you correctly said, there's different type of "rich". Rich with 1,000 Bitcoins in many places will be nobody (go to the North of Russia and see yourself), while rich with actual $19,000,000 in the same place is gonna be a different story and probably the mayor would come to meet him in person Gold will still hold some sort of value in an post apocalyptic scenario, we as humans have always been fascinated by the glitter of gold and I do not think that an apocalypse will remove our love for this kind of things. Minerals will be a debatable case as some might not be of use in the current state of things. If crypto becomes something that you use to show off to your friends for clout, I think it does not change the fact that they are still social climbers, they just changed the medium that represents them but the state that they are in will never change.
Absolutely agree with your points. Gold will be also the most easy "thing" to use as a medium exchange, since there will be no printers to print new USD, nor any computer to mine BTC/verify transactions/send money to someone (apart from yourself).