https://en.bitcoin.it/wiki/Base58Check_encoding
'0' 'O' 'I' and 'l' are not used, 62 - 4 = 58.
So, in fact, his equation is in error. We only use 24 of the captital letters so 2433/5833 = (24/58)33.
I am surprised no one else (including me) caught that the first time around.
It was interesting to read my OP in this old thread. Man, all I can say is what a noob I was back then
Thank you for your answer!
In bitcoin address, there are 4 bytes error checking code, so i think the formula shoud be (24/58)29, am i right?
Notice that 1QBDLYTDFHHZAABYSKGKPWKLSXZWCCJQBX contains 33 captial letters, this include all the letters used for the error checking code. Since all 33 characters are captials the estimate we are looking for is:
2433/5833 = (24/58)33