Cryptocurrencies are a potential tool to evade economic sanctions for example against Russia, Iran, or Venezuela. In April 2018, Russian and Iranian economic representatives met to discuss how to bypass the global SWIFT system through decentralized blockchain technology.[56] Russia also secretly supported Venezuela with the creation of the petro (El Petro), a national cryptocurrency initiated by the Maduro government to obtain valuable oil revenues by circumventing US sanctions.[57]
Stop spending and be thrifty. This is a key element of becoming a millionaire. Either you have the money in savings or you're spending it on things. You can't have both if you're aiming to become a millionaire. Most millionaires (a net worth of $1 million to $10 million) are living a very frugal and cost-effective life, without hyper-expenditure.[6] This includes:
Various journalists,[205][210] economists,[211][212] and the central bank of Estonia[213] have voiced concerns that bitcoin is a Ponzi scheme. In April 2013, Eric Posner, a law professor at the University of Chicago, stated that "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."[214] A July 2014 report by the World Bank concluded that bitcoin was not a deliberate Ponzi scheme.[215]:7 In June 2014, the Swiss Federal Council[216]:21 examined the concerns that bitcoin might be a pyramid scheme; it concluded that, "Since in the case of bitcoin the typical promises of profits are lacking, it cannot be assumed that bitcoin is a pyramid scheme." In July 2017, billionaire Howard Marks referred to bitcoin as a pyramid scheme.[217]
Researchers have pointed out at a "trend towards centralization". Although bitcoin can be sent directly from user to user, in practice intermediaries are widely used.[32]:220–222 Bitcoin miners join large mining pools to minimize the variance of their income.[32]:215, 219–222[115]:3[116] Because transactions on the network are confirmed by miners, decentralization of the network requires that no single miner or mining pool obtains 51% of the hashing power, which would allow them to double-spend coins, prevent certain transactions from being verified and prevent other miners from earning income.[117] As of 2013 just six mining pools controlled 75% of overall bitcoin hashing power.[117] In 2014 mining pool Ghash.io obtained 51% hashing power which raised significant controversies about the safety of the network. The pool has voluntarily capped their hashing power at 39.99% and requested other pools to act responsibly for the benefit of the whole network.[118] Between 2017 and 2019 over 70% of the hashing power and 90% of transactions were operating from China.[119]
Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes. To achieve independent verification of the chain of ownership each network node stores its own copy of the blockchain.[76] About every 10 minutes, a new group of accepted transactions, called a block, is created, added to the blockchain, and quickly published to all nodes, without requiring central oversight. This allows bitcoin software to determine when a particular bitcoin was spent, which is needed to prevent double-spending. A conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, but the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions.[7]:ch. 5
^ Mooney, Chris; Mufson, Steven (19 December 2017). "Why the bitcoin craze is using up so much energy". The Washington Post. Archived from the original on 9 January 2018. Retrieved 11 January 2018. several experts told The Washington Post that bitcoin probably uses as much as 1 to 4 gigawatts, or billion watts, of electricity, roughly the output of one to three nuclear reactors.
In May 2018, Bitcoin Gold (and two other cryptocurrencies) were hit by a successful 51% hashing attack by an unknown actor, in which exchanges lost estimated $18m.[citation needed] In June 2018, Korean exchange Coinrail was hacked, losing US$37 million worth of altcoin. Fear surrounding the hack was blamed for a $42 billion cryptocurrency market selloff.[73] On 9 July 2018 the exchange Bancor had $23.5 million in cryptocurrency stolen.[74]

On 25 March 2014, the United States Internal Revenue Service (IRS) ruled that bitcoin will be treated as property for tax purposes. This means bitcoin will be subject to capital gains tax.[64] In a paper published by researchers from Oxford and Warwick, it was shown that bitcoin has some characteristics more like the precious metals market than traditional currencies, hence in agreement with the IRS decision even if based on different reasons.[65]
To lower the costs, bitcoin miners have set up in places like Iceland where geothermal energy is cheap and cooling Arctic air is free.[205] Bitcoin miners are known to use hydroelectric power in Tibet, Quebec, Washington (state), and Austria to reduce electricity costs.[204][206] Miners are attracted to suppliers such as Hydro Quebec that have energy surpluses.[207] According to a University of Cambridge study, much of bitcoin mining is done in China, where electricity is subsidized by the government.[208][209]
Bitcoin has been criticized for the amount of electricity consumed by mining. As of 2015, The Economist estimated that even if all miners used modern facilities, the combined electricity consumption would be 166.7 megawatts (1.46 terawatt-hours per year).[136] At the end of 2017, the global bitcoin mining activity was estimated to consume between one and four gigawatts of electricity.[203] Politico noted that the even high-end estimates of bitcoin's total consumption levels amount to only about 6% of the total power consumed by the global banking sector, and even if bitcoin's consumption levels increased 100 fold from today's levels, bitcoin's consumption would still only amount to about 2% of global power consumption.[204]

Español: hacerte millonario, Português: Ficar Milionário, Italiano: Diventare Milionario, Русский: стать миллионером, Français: devenir millionnaire, 中文: 成为百万富翁, Nederlands: Miljonair worden, Deutsch: Millionär werden, Čeština: Jak se stát milionářem, Bahasa Indonesia: Menjadi Miliuner, العربية: الكسب لتصبح مليونيرًا, हिन्दी: एक करोड़पति बनें, ไทย: กลายเป็นเศรษฐีเงินล้าน, 日本語: 金持ちになる, Tiếng Việt: Trở thành tỉ phú


Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.
Español: hacerte millonario, Português: Ficar Milionário, Italiano: Diventare Milionario, Русский: стать миллионером, Français: devenir millionnaire, 中文: 成为百万富翁, Nederlands: Miljonair worden, Deutsch: Millionär werden, Čeština: Jak se stát milionářem, Bahasa Indonesia: Menjadi Miliuner, العربية: الكسب لتصبح مليونيرًا, हिन्दी: एक करोड़पति बनें, ไทย: กลายเป็นเศรษฐีเงินล้าน, 日本語: 金持ちになる, Tiếng Việt: Trở thành tỉ phú

Mostly due to its revolutionary properties cryptocurrencies have become a success their inventor, Satoshi Nakamoto, didn‘t dare to dream of it. While every other attempt to create a digital cash system didn‘t attract a critical mass of users, Bitcoin had something that provoked enthusiasm and fascination. Sometimes it feels more like religion than technology.


Fashion icon Gloria Vanderbilt has died Gloria Vanderbilt, the last of a Gilded Age clan of millionaires, an early inventor of designer jeans and the mother of CNN's Anderson Cooper, died. — Kirkpatrick Bado, USA TODAY, "Heiress lived life 'on her own terms'," 17 June 2019 San Francisco companies Lyft, Uber and Pinterest have gone public this year, driving up fears that masses of millennial millionaires will take up all the city’s already scarce housing. — Washington Post, "Film captures the loss of black San Franciscans," 7 June 2019 Sanders in fact has a net worth below that of a millionaire. — Nina Burleigh, Newsweek, "Can Bernie Sanders Beat Hillary Clinton?," 8 Apr. 2015 But in the mega-millionaire world of pro sports, the bottom line is production on the field. — Terry Pluto, cleveland.com, "Cleveland Browns & Odell Beckham: What really matters? – Terry Pluto," 7 June 2019 Described by People as a multi-millionaire property tycoon, Mozzi made his first public appearance with Beatrice at London's National Portrait Gallery Gala on March 12, 2019. — Amy Mackelden, Harper's BAZAAR, "Princess Beatrice and Her Boyfriend Couple Up at Lady Gabriella Windsor's Wedding," 18 May 2019 Except for your friends don't hook you up with millionaires, and the creepy guys in your Instagram DMs almost certainly don’t include a Jonas brother. — Lucy Wood, Marie Claire, "Sophie Turner Reveals the Super Normal Way She and Joe Jonas First Met," 1 Apr. 2019 The coat is estimated to bring in between $20,000 and $30,000, which doesn’t exactly make this piece of vintage accessible to non-millionaire Basquiat fans. — Brooke Bobb, Vogue, "If You’ve Got $20,000 to Spare, You Can Own Jean-Michel Basquiat’s Favorite Comme des Garçons Coat," 2 Nov. 2018 The Bush family settled on the city’s west side, which would soon have America’s largest concentration of oil millionaires. — Russell Gold, WSJ, "In Houston, His Adopted Home, George H.W. Bush Was Beloved," 2 Dec. 2018
The legal status of cryptocurrencies varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed their use and trade,[51] others have banned or restricted it. According to the Library of Congress, an "absolute ban" on trading or using cryptocurrencies applies in eight countries: Algeria, Bolivia, Egypt, Iraq, Morocco, Nepal, Pakistan, and the United Arab Emirates. An "implicit ban" applies in another 15 countries, which include Bahrain, Bangladesh, China, Colombia, the Dominican Republic, Indonesia, Iran, Kuwait, Lesotho, Lithuania, Macau, Oman, Qatar, Saudi Arabia and Taiwan.[52] In the United States and Canada, state and provincial securities regulators, coordinated through the North American Securities Administrators Association, are investigating "bitcoin scams" and ICOs in 40 jurisdictions.[53]
^ Chan, Edwin. "China Plans to Ban Cryptocurrency Mining in Renewed Clampdown". www.bloomberg.com. Retrieved 10 April 2019. While China was once home to about 70 percent of Bitcoin mining and 90 percent of trades, authorities have waged a nearly two-year campaign to shrink the crypto industry amid concerns over speculative bubbles, fraud and wasteful energy consumption.
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