Ask HN: Is owning Bitcoin a form of luxury

2 pointsgreenail3 comments

I've was recently introduced to the idea of "Luxury Beliefs" coined by Rob Henderson. I never really though about how Luxury could be a social signal. With Bitcoin at all time highs I wonder if owning bitcoin is a form of Luxury. I've never had to use it for anything practical and I wonder if the lack of practicality of Bitcoin is somewhat like owning art or collecting stamps?

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> “Luxury beliefs” are all the rage in elite circles. Rob Henderson, a PhD candidate at the University of Cambridge who coined the term, explained that they are “ideas and opinions that confer status on the rich at very little cost, while taking a toll on the lower class.”

Most exchanges allow partial coin ownership. I tried to find a minimum for Robinhood (since it's fairly popular) but couldn't.

I never heard of "luxury beliefs" but you can own fractions of a bitcoin (e.g. you can be poor and own bitcoin).

You can also buy a branded tee shirt if you are poor as a up-status signal.

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