I know previously (I am pretty sure it was before 2020) some of us had talked about filthy rich status, and I think that my own number had been $40 million, but then since 2020, I would probably feel that I would need to at least double that and perhaps even go a bit more in terms of labelling what might be filthy rich status, and so maybe I am considering filthy rich status and whale status to be similar kinds of things.. even though surely these definitions in terms of the wealth of a broad class of bitcoiners has considerably change through the years, too... meaning the amount of BTC it takes to reach some of these kinds of thresholds have dropped in exponential kinds of ways.
40 Million $ is a huge number and this must be because you are investing in Bitcoin for quite a while now.
I think that we were talking about very high levels of rich rather than merely getting into some various multiple of fuck you status, and maybe referring to being able to afford yachts and planes and things like that, and yeah, not everyone agreed with my own personal assessment that $40 million would be enough to cross into such territory, so yeah, now maybe $80 million or $100 million might be needed for the same assessment of filthy rich status, especially after the enlightening happenings of 2020.
My numbers are very low compared to that or you can say negligible if compared to your numbers.
You are probably talking about fuck you status and multiples of fuck you status rather than filthy rich status.. I think that there is a difference.. ..and maybe filthy rich should be at least in the minimum of 40x fuck you status, and since entry-level fuck you status moved up from $1 million to $2 million, therefore entry-level filthy rich status likely moved up from $40 million-ish to $80 million-ish.
But I am comfortable where I am standing right now and I am sure I will be in better position if I keep investing like that for coming years.
You don't even need to make it to western level default fuck you status at $2 million to be greatly comfortable, and even some folks could get by on way less than $2 million which produces a $6,666 per month income, and yeah if you are able to live comfortably with $666 per month, then $200k might be your entry-level fuck you status. you are in the better of positions to be able to make assessments about your own situation and needs including hopefully anticipating present/future needs.
At least I don't have some of the bad habits of getting involved in shitcoins or trading, even though some people seem to think that what I do is a form of trading, which I deny it, but just the fact that any of us is keeping some of our coins on exchange can have some of its other problems.
There is discussions about Alts and there airdrops in my community. I am the only one who talked about Bitcoin. Though people who have good fortunes in Alts but they are not for me.
Seems better to not get lured into crap, but sure each person has to make those kinds of choices.
By the way the exchange matters reminds me to hate to even say how I was rescued from a few of my mistakes, but I had some quirks that were kinds of dumb luck in terms of how and/or where I held some coins, and I had also some mistakes in which I engaged in transactions to buy/sell BTC person to person, and so I sent the BTC after receiving the cash, or I would give the cash after getting at least 1 confirmation that the BTC transaction had gone through. And I had a couple of mistakes in regards to those kinds of transactions that show some people to be less honest than others, and I also had some honest folks come through too, when I accidentally sent my BTC transaction two times... but did not realize it until the next day. I guess I am lucky too that I had never (so far) gotten physically robbed when engaging in person to person transactions with strangers... which did happen to some folks even though maybe it was not always for significant amounts of money.
We all do mistakes and there is nothing to worry about. This is how you learn and get experience. I have few terrible experiences in Bitcoin which I even hate to recall but such mistakes give you life lessons and make you stronger in life. There are all kind of people in crypto with which we interact, I have few nice people in my circle while I have a folk who scammed me despite the fact we have a trusted relationship.
Sometimes we don't know until it happens, and sometimes we see red flags that help us to proceed with caution. We cannot always know when the red flags are enough in order to create sufficient boundaries and/or not to get further involved with such persons...
Oh and by the way, your own assertion that you are likely still in your earliest years of BTC accumulation likely signifies that you should not be considering selling on the way up, even though buying on the way down can be a good practice, buy still whether you even need to buy on the way down depends upon where you are at in your own bitcoin accumulation journey.. because sometimes just buying no matter what is the even better practice. I think selling on the way up would ONLY apply when you have started to reach a lot of BTC and it still might not make sense to sell on the way up if your idea is BTC accumulation, because selling to accumulate more is contradictory behavior and sometimes might put you in a bit of a pickle instead of just buy ongoingly in order to accumulate. Once you reach a bit of a later stage sell king might start to make sense.. but you would have to assess your own situation to figure when it might start to make sense to sell, even if you are still to consider yourself to be accumulating.
Can't agree more.
I am at very stage of accumulating Bitcoins and there is no point in selling them right now. I don't have huge money to invest in Bitcoin but whatever best is possible I am investing that in Bitcoin. I also think that its better to buy more when price goes down, just like we have few recent dips when price went below 40k$.
Sometimes you are not really going to know how many coins you are going to need in order to "have enough," so you have to look at your overall situation and maybe where the BTC versus cash prices is at the time, and then you might start to reassess that you might have had transitioned into some new stage or that some different strategy is warranted based on changes in your own situation, including both the quantity of BTC that you had accumulated and perhaps how they are performing in their price dynamics whether you are measuring by spot price, 200-week moving average, or some combination of those indicators and/or other indicators.
A wise man once said:
One tenth of a coin's enough,
To set you up good.
That is pushing it.
I am not sure if I would go that far, but anyone who is starting their bitcoin journey may well take some time before he is able to even reach 1/10th of a coin, and so in that regard, I have trouble understanding why it would be an amount that someone would be wanting to bet in the context of gentlemen rather than in the context of showing (or faking) how BIG your balls might be.
Richy_T made chartbuddy, and
bitmover has his own recently created version que se llama: FeeBuddy.
Filthy rich is 125 million.
I turned 67 yesterday.
I would think being able to spend down 5 million at 200,000 a year gets me to 92 and I would truly consider myself in the fuck you status.
40 million is not filthy rich. Some places in USA you need a 5-10 million home.
Which will cost well over 200k to maintain. If you want to have two homes in two states you may have to lay out 20 million and spend 400 to 500 k yearly on them
so your 40 million is too low.
Yeah I know I can get a three million dollar castle that is nice and it would be cheaper in the right state. but I would say I am not filthy rich if that is what I want to do.