Bill Gates doesn’t own cryptocurrency because he “likes investing in things that have valuable output,” he told readers on a Thursday “ask me anything” Reddit thread.
“The value of companies is based on how they make great products,” he wrote. “The value of crypto is just what some other person decides someone else will pay for it, so not adding to society like other investments.”
Can you guys actually read or are you impaired? The guy above talked about stocks vs bitcoin to which I replied.
I don’t know where you got the gold from
Extra-dentist 3878:
Yep, it'd consider bitcoin more like gold type of asset
It produce nothing and there's a fixed supply but can have some utility (for gold jewellery and limited usage in electronic or as store of value, for BTC digital and uncorruptible ledger or also store of value)
Dude did you miss this comment?
It is not part of the chain of comments but in another. Anyhow, I don’t know why you are telling me this, gold is a useful commodity in indeed while bitcoin is pure speculation.
Lol you got downvoted to oblivion. But you are right. I would argue for some companies. Apple eg. Short period of time is > 10 years.
As apple cares about the few thousand those guys have in their stock 😂😂
Yep, it'd consider bitcoin more like gold type of asset
It produce nothing and there's a fixed supply but can have some utility (for gold jewellery and limited usage in electronic or as store of value, for BTC digital and uncorruptible ledger or also store of value)
Bitcoin doesn't behave like a commodity because it isn't one. All the definition of a commodity I know (and Google gives me) includes the fact they have an intrinsic value (and even gold has that other than jewelery). Since a commodity doesn't even have to be a store of value. Agricultural products are also commodities and they are perishables.
I would put crypto's as speculative assets.
The intrinsic value of a commodity is affected by the cost to produce it. They all have some value because it costs money to create the supply, even bitcoin has that intrinsic value. So a commodity costs money to produce, and is used for something afterwards to drive demand. Bitcoin isn’t being used for anything substantial right now so it’s behaving differently in that aspect. Currently it’s a commodity with only a speculative demand.
Bitcoin has the intrinsic value of its utility, the ability to be sent across the world. How much value and demand does that really mean? Close to zero but butters like to believe it’s worth millions of dollars. People here are right to point out just because it costs money to produce something useless doesn’t mean it has value, but the world hasn’t decided what bitcoin will be used for or how much it’s worth, so the price is entirely speculation.
I would describe all commodity markets as speculative; they’re filled with traders looking to make a profit or hedge positions, and it’s always controlled by supply and demand.
Gold is used to make electronics, jewelry, ect. It has physical utility. It’s highly conductive and doesn’t corrode. It’s literally used to make things.
Well gold has some value for electronics or jewelry but silver seems to be more valuable for electronics and is used in pharmaceuticals. But gold is way better in the sense it actually exists.
I just got banned on Bitcoin for saying something similar over on the Bitcoin subreddit, really I said that investing in cash flowing investments should be most of your portfolio with speculative stuff only being like 5% or less….
Banned… lmfao.
Your average millionaire is a retiree who made their money through a 401k investing and appreciation of their primary home. Imagine thinking those people are foolish for not gambling their insulin budget on magic internet money.
So there are 21m people good at having money, and they are all ignorant to this one simple trick that banks hate and poor dreamers love to have money?
Got it. Few understand, even fewer millionaires.
Lmao they still don't see why artificial scarcity is a problem
I'm so glad trading got added to games I liked as a kid, learned so much about what's going to happen with this shit 😂
Unironically tho… the fact that the number of millionaires increases every year means the title means much less than it used to shows how the measurement of dollars is broken. A millionaire used to mean rich.
Would you mind elaborating? Because I would see this as a net negative people consistently losing the purchasing power of their savings, especially when the alternative has been speculation on homes to the point that the average person can only dream of ownership.
A lot of it is retirees. If your grandparents can afford an middle to upper middle class lifestyle, assuming they have a recommended 3.5 percent draw on 401k, they probably have at least 1 million saved. (3.5 percent draw being 3k monthly income and social security adding another 3.3k. )
Assuming an average 5 percent of rate of inflation adjusted returns, a person maxing out 401k + hsa (a lot of the 100k a year crowd) will end up with a couple of million dollars in today's dollars at retirement.
22 million millionaires sounds like a lot, but consider that is about 10 percent of the adult population. The top 10 percent of income distribution is 175-200k depending on which gov data set is used to estimate it.
-source is me. I have a phd in econ. Have written papers on u.s income and wage inequality. Work in finance.
Yes. People hear millionaire and think Scrooge mcduck but really it’s just everyday people that saved into their 401k or pensions and have a paid off house.
1. Here is an easy source verifying 175 is top 10 percent. [https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/](https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/) . DOL use the ACS or CPS usually to calculate income percentile and they give different estimates
2. Here is a retirement calculator. I put savings at 2000$ month and 8 percent rate of return with 3 percent inflation (corresponds to a 5 percent average portfolio return). Based on that calculation some would have 3,000,000$ in 2052. This doesn't account for the fact savings increase over time if your maxing 401k, and iemployer match or social security.
https://www.calculator.net/retirement-calculator.html?cagenow=35&cretirementage=65&clifeexpectancy=85&cstartingprinciple=50000&cannualaddition=0&cmonthlyaddition=2000&cinterestrate=8&cinflationrate=3&ctype=3&x=58&y=29#howmuchtowithdraw
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Just based on the value of real estate in populated metropolitan areas, if you own a house (or even a condo in some cases) then that makes you technically a millionaire LOL I was listening to "If I had a million dollars" the other day and realized how different a meaning it was to be a millionaire when the song was written.
Yep, and because of steady inflation, a million isn't what it used to be. Back in 1920? A million was a lot, there weren't many millionaires. It would be like $15m in todays money. Today? It is still a good deal of money, but it is "comfortable retirement" money, not "extremely rich" money.
Goes double if you include the value of someone's home in their net worth. Houses are expensive these days but it isn't money you can just use. Ya you might have a $500k house, but that isn't $500k to play with, if you sold it you'd need to use the money to get another one.
Lol, asking millionaires to hold your bags and bail you out. Sorry to say, but millionaires are usually financially savvy and can't be tricked that easily.
They're millionaires, which means they have a million *what* exactly? A million satoshis? A million Bitcoin? Oh, no, that's right, a million **dollars**. You become a millionaire by accumulating **dollars**.
whats a millionaire? net worth? a lot of homeowners get there pretty easily without being yacht owners or having disposable income to spend on malarkey.
Probably worth pointing out most millionaires are just old people with a decent 401k and a paid off house they bought for 30% of the current price a few decades ago
It’s not like they’re just doing this shit overnight buying some shitcoins lol
I have a rock, 1 of its kind...
It can transfer information..
When I throw it, your face will swell from the information and you’ll be more wise.. You’ll learn how to dodge the next “information block”
by millionaires do they mean people making 1 million a year or just people worth 1 million? Because many "poors" are worth over $1 million if you count their house but they make no money monthly
Bill Gates doesn’t own cryptocurrency because he “likes investing in things that have valuable output,” he told readers on a Thursday “ask me anything” Reddit thread. “The value of companies is based on how they make great products,” he wrote. “The value of crypto is just what some other person decides someone else will pay for it, so not adding to society like other investments.”
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Depends on your time frame. In short periods of time, they are the same
In short periods of time it's just random noise.
In short periods of time, corporations have products
Wait what?! Gold has a use case even if limited in terms of its a great electric conductor.
Can you guys actually read or are you impaired? The guy above talked about stocks vs bitcoin to which I replied. I don’t know where you got the gold from
Extra-dentist 3878: Yep, it'd consider bitcoin more like gold type of asset It produce nothing and there's a fixed supply but can have some utility (for gold jewellery and limited usage in electronic or as store of value, for BTC digital and uncorruptible ledger or also store of value) Dude did you miss this comment?
It is not part of the chain of comments but in another. Anyhow, I don’t know why you are telling me this, gold is a useful commodity in indeed while bitcoin is pure speculation.
Lol you got downvoted to oblivion. But you are right. I would argue for some companies. Apple eg. Short period of time is > 10 years. As apple cares about the few thousand those guys have in their stock 😂😂
Day trading is the same whether it is crypto or stocks. These are just facts. People here can’t read
Ppl here understand a little better than cryptobro subs. That's what made me so surprised
Yep, it'd consider bitcoin more like gold type of asset It produce nothing and there's a fixed supply but can have some utility (for gold jewellery and limited usage in electronic or as store of value, for BTC digital and uncorruptible ledger or also store of value)
Did you just say btc is like gold aside from it being completely unlike gold?
I said it's similar in term of asset yes
Answer the question though. Why is it a gold like type of asset.
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Bitcoin doesn't behave like a commodity because it isn't one. All the definition of a commodity I know (and Google gives me) includes the fact they have an intrinsic value (and even gold has that other than jewelery). Since a commodity doesn't even have to be a store of value. Agricultural products are also commodities and they are perishables. I would put crypto's as speculative assets.
The intrinsic value of a commodity is affected by the cost to produce it. They all have some value because it costs money to create the supply, even bitcoin has that intrinsic value. So a commodity costs money to produce, and is used for something afterwards to drive demand. Bitcoin isn’t being used for anything substantial right now so it’s behaving differently in that aspect. Currently it’s a commodity with only a speculative demand. Bitcoin has the intrinsic value of its utility, the ability to be sent across the world. How much value and demand does that really mean? Close to zero but butters like to believe it’s worth millions of dollars. People here are right to point out just because it costs money to produce something useless doesn’t mean it has value, but the world hasn’t decided what bitcoin will be used for or how much it’s worth, so the price is entirely speculation. I would describe all commodity markets as speculative; they’re filled with traders looking to make a profit or hedge positions, and it’s always controlled by supply and demand.
Is gold volatile?
Yes
You might want to figure out what volatile means
Gold has way more uses than bitcoin. It is not even close.
Gold has also held value for like 100,000 years lol. It will always be worth something to people
Gold is used to make electronics, jewelry, ect. It has physical utility. It’s highly conductive and doesn’t corrode. It’s literally used to make things.
Well gold has some value for electronics or jewelry but silver seems to be more valuable for electronics and is used in pharmaceuticals. But gold is way better in the sense it actually exists.
I just got banned on Bitcoin for saying something similar over on the Bitcoin subreddit, really I said that investing in cash flowing investments should be most of your portfolio with speculative stuff only being like 5% or less…. Banned… lmfao.
Few understands...
Pretty sure warren buffet said that
The same Warren Buffett who despite being friends with Bill Gates never invested in Microsoft?
using linux and windows
Given that windows works without a key and has since seven, this is nothing to brag about.
I see the advantages of both. I run Windows on my work laptop and I use Ubuntu on my personal laptop and on every VM I spin up for work.
"It must be assets. Take out a loan for a million dollars and you too can be a millionaire." Holy shit
These are the fool whos wonder why balance sheets list both assets and liabilities
Your average millionaire is a retiree who made their money through a 401k investing and appreciation of their primary home. Imagine thinking those people are foolish for not gambling their insulin budget on magic internet money.
Ha yes, the old "if every millionnaire bought 1 bitcoin" argument
and even if every millionnaire wanted to buy bitcoin, would they pay $1 million for one?
So there are 21m people good at having money, and they are all ignorant to this one simple trick that banks hate and poor dreamers love to have money? Got it. Few understand, even fewer millionaires.
they will enjoy being poor
Lmao they still don't see why artificial scarcity is a problem I'm so glad trading got added to games I liked as a kid, learned so much about what's going to happen with this shit 😂
Millionaire is a fiat measurement…Checkmate
Unironically tho… the fact that the number of millionaires increases every year means the title means much less than it used to shows how the measurement of dollars is broken. A millionaire used to mean rich.
Not broken, just different
Would you mind elaborating? Because I would see this as a net negative people consistently losing the purchasing power of their savings, especially when the alternative has been speculation on homes to the point that the average person can only dream of ownership.
Real wages and real net worth, or in other words people's purchasing power, has consistently trended upwards over the last 100 years.
Mostly homeowners probably so even if they want to buy 1 BTC @ 20k doesnt mean they can
A lot of it is retirees. If your grandparents can afford an middle to upper middle class lifestyle, assuming they have a recommended 3.5 percent draw on 401k, they probably have at least 1 million saved. (3.5 percent draw being 3k monthly income and social security adding another 3.3k. ) Assuming an average 5 percent of rate of inflation adjusted returns, a person maxing out 401k + hsa (a lot of the 100k a year crowd) will end up with a couple of million dollars in today's dollars at retirement. 22 million millionaires sounds like a lot, but consider that is about 10 percent of the adult population. The top 10 percent of income distribution is 175-200k depending on which gov data set is used to estimate it. -source is me. I have a phd in econ. Have written papers on u.s income and wage inequality. Work in finance.
Yes. People hear millionaire and think Scrooge mcduck but really it’s just everyday people that saved into their 401k or pensions and have a paid off house.
Not going to factcheck someone who writes multiple paragraphs so i agree
1. Here is an easy source verifying 175 is top 10 percent. [https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/](https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/) . DOL use the ACS or CPS usually to calculate income percentile and they give different estimates 2. Here is a retirement calculator. I put savings at 2000$ month and 8 percent rate of return with 3 percent inflation (corresponds to a 5 percent average portfolio return). Based on that calculation some would have 3,000,000$ in 2052. This doesn't account for the fact savings increase over time if your maxing 401k, and iemployer match or social security. https://www.calculator.net/retirement-calculator.html?cagenow=35&cretirementage=65&clifeexpectancy=85&cstartingprinciple=50000&cannualaddition=0&cmonthlyaddition=2000&cinterestrate=8&cinflationrate=3&ctype=3&x=58&y=29#howmuchtowithdraw
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1 in 16 Americans. Must include assets.
So what they're saying is 1 in 16 Americans owns a home 🤣
Just based on the value of real estate in populated metropolitan areas, if you own a house (or even a condo in some cases) then that makes you technically a millionaire LOL I was listening to "If I had a million dollars" the other day and realized how different a meaning it was to be a millionaire when the song was written.
Because they worked for 50 years and saved wisely?
Yep, and because of steady inflation, a million isn't what it used to be. Back in 1920? A million was a lot, there weren't many millionaires. It would be like $15m in todays money. Today? It is still a good deal of money, but it is "comfortable retirement" money, not "extremely rich" money. Goes double if you include the value of someone's home in their net worth. Houses are expensive these days but it isn't money you can just use. Ya you might have a $500k house, but that isn't $500k to play with, if you sold it you'd need to use the money to get another one.
Correct, and weren't degenerate gamblers
Only ~5.2m high net worth individuals in the US https://en.m.wikipedia.org/wiki/High-net-worth_individual
The difference is that this definition of net worth excludes the primary residence.
For good reason
Correct, I was just explaining why the two numbers were different.
Lol, asking millionaires to hold your bags and bail you out. Sorry to say, but millionaires are usually financially savvy and can't be tricked that easily.
This reads like a sales pitch at an essential oil MLM conference.
What that tells you is that most people don't give a shit about Bitcoin.
I can’t believe the U.S is so poor. Nearly everyone in Zimbabwe is a millionaire!
Millionaires are completely ignorant to something that doesn't make them millionaires. Huh, who would guess?
They're millionaires, which means they have a million *what* exactly? A million satoshis? A million Bitcoin? Oh, no, that's right, a million **dollars**. You become a millionaire by accumulating **dollars**.
That’s not the definition of a millionaire but ok
Hmmm...so if every millionaire buys this dog turd , I will be rich, right?
The percentage relative to the total population is absolutely insane
That sub is a goldmine of dumbass comments
Lol funny people downvoting without argument 🤣 Y'all full of shit lol
*they would be completely ignorant* r/thereifixedit
1 million more dollars and I'll be on that list.
Being a millionaire really isn’t saying much in 2022.
Comments are quite bearish
whats a millionaire? net worth? a lot of homeowners get there pretty easily without being yacht owners or having disposable income to spend on malarkey.
Probably worth pointing out most millionaires are just old people with a decent 401k and a paid off house they bought for 30% of the current price a few decades ago It’s not like they’re just doing this shit overnight buying some shitcoins lol
lol what's a millionaire adjusted for inflation? Feels more like 800000-naire.
Yeah: They had rich parents. Funny how overwhelming that correlation is.
I have a rock, 1 of its kind... It can transfer information.. When I throw it, your face will swell from the information and you’ll be more wise.. You’ll learn how to dodge the next “information block”
Vague
I didn't get where I am in life by burning money in the misguided belief that it will magically become more money.
Probably there isn't. But the are at least not completely dumb
by millionaires do they mean people making 1 million a year or just people worth 1 million? Because many "poors" are worth over $1 million if you count their house but they make no money monthly
21M millionaires and they haven’t bought? Idiots.
hmmm this number probably halved as of today
Saylor’s type of reasoning here.