Post
Topic
Board Economics
Re: Is Bitcoin for “Fake Rich”?
by
magneto
on 25/12/2020, 00:28:59 UTC
Quote
What is gonna happen once the post-apocalyptic scenarios come true? When/if there will be no electricity, computers, phones, etc.? People will value no US Dollar backed by state promise to pay off debt… your decentralized piece of code will not exist anymore (I do know about some offline-friendly cryptocurrencies)… only gold or natural resources will become valuable again.

But it will exist? As long as there are bitcoin nodes running and preserving the ledger, your assets will completely safe.

And do you think that it is plausible that the internet will just disappear for an extended period of time while billions of people have already come to rely on it, and hundreds of millions make a living off of it? Please.

Quote
While I do know many “Bitcoin evangelists” will probably hate me for the words above, but don’t you think that Bitcoin intentionally or unintentionally became the new asset for the “fake rich”?

I'm still confused as what exactly you mean by the "fake rich". Are the Winklevoss twins a part of the "fake rich" because they weren't as elite before BTC rallied? No, they are still two very high net worth individuals.

And even old wealth is flocking towards BTC right now, just look at the amount of institutional demand.