500K BTC amounts to what % of total mass of existing BTCs??

Timelord2067

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Quote from: Chemistry1988 on August 07, 2014, 01:38:32 PM

Quote from: Timelord2067 on August 07, 2014, 10:58:59 AM

This is a fascinating read from start to finish - I've only been mining (as very small hobby miner) for about 15 months now.

Some errie prophesies not the least of which is Mt Gox has gone belly up more than once...

Wonder where all those BTC are now?

Wow, how did you find this very old thread lol? Grin

The June 2011 incident wasn't that bad, as the loss was *just* 2600 btc. https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337

Hi I was trying to find out some information on Faucets (how hard/easy they are to create what prog is needed etc) and this was about page seven of nine suggestions - most are long defunct or long empty BTC (*)faucets where the link's still there (and the obligatory banner farms) - a couple of links to faucet programs that have since been quietly removed....

(*) one faucet claimed to be paying out 1 whole BTC at a time, but a check of the blocks showed it never had even one whole one.

Brewins

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Quote from: Chemistry1988 on August 07, 2014, 01:38:32 PM

Quote from: Timelord2067 on August 07, 2014, 10:58:59 AM

This is a fascinating read from start to finish - I've only been mining (as very small hobby miner) for about 15 months now.

Some errie prophesies not the least of which is Mt Gox has gone belly up more than once...

Wonder where all those BTC are now?

Wow, how did you find this very old thread lol? Grin

The Jun 2011 incident wasn't that bad, as the loss was *just* 2600 btc. https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337

In 2011 values, low, but anyway other's people bitcoins

Chicowash

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Nice amount of BTC in one persons wallet. Any clue who is that ?

Chemistry1988

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Quote from: Timelord2067 on August 07, 2014, 10:58:59 AM

This is a fascinating read from start to finish - I've only been mining (as very small hobby miner) for about 15 months now.

Some errie prophesies not the least of which is Mt Gox has gone belly up more than once...

Wonder where all those BTC are now?

Wow, how did you find this very old thread lol? Grin

The Jun 2011 incident wasn't that bad, as the loss was *just* 2600 btc. https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337

Timelord2067

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This is a fascinating read from start to finish - I've only been mining (as very small hobby miner) for about 15 months now.

Some errie prophesies not the least of which is Mt Gox has gone belly up more than once...

Wonder where all those BTC are now?

ZEB-DEMON

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Quote from: realnowhereman on June 21, 2011, 08:29:15 AM

Quote from: trance9 on June 21, 2011, 08:23:57 AM

i would have expected the user with 500k BTC to have come forward by this point..

Why?

Mt.Gox are returning the money and have probably already communicated with the owner.

Why would you want to tell the world that you are rich?

i want to remember to everybody that at May 2011 there was an address with 300k (and another 100k+) so i dont think he is the same guy who hacked mtgox..

realnowhereman

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Quote from: trance9 on June 21, 2011, 08:23:57 AM

i would have expected the user with 500k BTC to have come forward by this point..

Why?

Mt.Gox are returning the money and have probably already communicated with the owner.

Why would you want to tell the world that you are rich?

trance9

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i would have expected the user with 500k BTC to have come forward by this point..

TerraHertz

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Is there some obvious detail that proves the account with 500K btc that got hacked and flash-sold, didn't belong to MtGox?

Someone who had recently hacked into MtGox, stolen user lists etc, might well have noticed such an account. Having already demonstrated hostility to MtGox, and maybe figuring there was no way they could outright steal the 500K btc and get away with it, couldn't they have decided to make MtGox 'shoot themselves in the head' by flash-selling their own bitcoin hoard?

Would certainly explain MtGox's quick response to rollback. They want _their_ money back.

(I'm new here, sorry if that scenario is unworkable due to some detail I'm not aware of.)

ZEB-DEMON

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Quote from: Rob P. on June 20, 2011, 07:39:29 PM

Quote from: ZEB-DEMON on June 20, 2011, 04:25:43 PM

no currency is in limited number..

All currency is in limited quantity.

Sure, in fact they're printable when they need.. (one of the pro-point of Bitcoin is that no one can print at pleasure)

Quote from: Rob P. on June 20, 2011, 07:39:29 PM

You move the decimal place and perform a 10:1 "stock split". This is how businesses create new stock without having to dilute the current shares.

the problem is still there.. someone 500k, others 0.001 BTC... the one who as 500k can manage the market..

Rob P.

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Quote from: ZEB-DEMON on June 20, 2011, 04:25:43 PM

no currency is in limited number..

All currency is in limited quantity. The only difference is whether that limit is artificially imposed by a central authority, or has a hard limit based on availability, ability to garner, or math (as in Bitcoins).

Bitcoins can grow just like any other currency, even beyond the 21,000,000 coin limit. You move the decimal place and perform a 10:1 "stock split". This is how businesses create new stock without having to dilute the current shares.

MoonShadow

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Quote from: conspirosphere.tk on June 20, 2011, 07:13:22 AM

Moreover, it seems too much to have been plausibly earned in a legitimate way (anyone mined 100K+ BTCs?)

Yes, some miners that have been here since the first few months have mined substanial amounts, well into the 100's of thousands. Most of those same miners have divested since then, and no longer hold such huge amounts. I can think of only one miner, that I know of, that has likely never sold much of his holdings.

ZEB-DEMON

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Quote from: Rob P. on June 20, 2011, 02:46:34 PM

No currency is evenly distributed.

no currency is in limited number.. if today we would use gold in economy, how do u think we could do if who has the biggest % wont spend it? at least he can sell it at a really high price, so, why use gold if it has this problem? same for BTC.

aaaaaaaaaaaaaand....

authorities hate BTC..

2 problems at once.

realnowhereman

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8% of an economy is an awful lot. But it's irrelevant.

Bitcoin is not a Ponzi scheme. Here's why: the defining features of a Ponzi scheme are these:

The perpetrator lies.
There is one central authority running the scheme; who is the one who finally profits at the expense of the "investors".
No money for the "investment" is ever spent. The money sits in an account and old investors are paid from the incoming investments of new investors.
The number of investors must be ever increasing or the whole thing falls apart
Those left holding the ball at the end of the game are guaranteed to lose

Nobody is lied to about what Bitcoin is, there is no central authority, when you buy Bitcoins you are buying something, there is no requirement for more investors to keep an illusion alive, and there are no guaranteed losers.

Whatever Bitcoin is, it is not a Ponzi scheme. Can we all please stop throwing around words like they are meaningless confetti?

Rob P.

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Quote from: ZEB-DEMON on June 20, 2011, 02:42:32 PM

the problem is another.. who has 500k BTC (or similar) has to spend it to create a solid market around BTC. (he can only earn from this).

I totally agree. Hoarding is a much more "dangerous" issue than "even distribution". No currency is evenly distributed, but any currency runs into issues when people hoard it.

ZEB-DEMON

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Quote from: Rob P. on June 20, 2011, 02:40:23 PM

Quote from: conspirosphere.tk on June 20, 2011, 02:15:37 PM

Why are you being dollar-centric? BTC is global, and so must be the scheme of reference and comparison.
Feel free to abstain to answer me since i am not interested in your b/s.

I see you're still a Troll.

The answer to the question is simple. You made an Analogy that 8% of the CURRNET Bitcoins was too large to have in a single wallet and that it was "impossible" for it not to be a "PONZI scheme".

I simply pointed out that 8% isn't all that much, in fact, we were only talking about the CURRENT Bitcoins in circulation, whereas a much more realistic notion would be 500K is what amount of ALL Bitcoins that could EVER exist. That number is known to be 21,000,000. So, then 500K is only 2.3% of the total.

So, using my previous analogy (in which you so graciously pointed out my error):

Could Bill Gates have 2.3% of the US Currency in Circulation in a single "Wallet".

That would be $19.6M, and yes sir, he most certainly could have $19M in cash, easily.

And why US Currency? Because it's *a* currency. Unless you believe the goal of Bitcoin is to replace every currency in the entire world. It would make me happy, but alas, I think that is a bit grandiose. I'm glad you're so optimistic though.

umad?

dont feed the troll, as i said the problem is another.. who has 500k BTC (or similar) has to spend it to create a solid market around BTC. (he can only earn from this).

Rob P.

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Quote from: conspirosphere.tk on June 20, 2011, 02:15:37 PM

Why are you being dollar-centric? BTC is global, and so must be the scheme of reference and comparison.
Feel free to abstain to answer me since i am not interested in your b/s.

I see you're still a Troll.

The answer to the question is simple. You made an Analogy that 8% of the CURRNET Bitcoins was too large to have in a single wallet and that it was "impossible" for it not to be a "PONZI scheme".

I simply pointed out that 8% isn't all that much, in fact, we were only talking about the CURRENT Bitcoins in circulation, whereas a much more realistic notion would be 500K is what amount of ALL Bitcoins that could EVER exist. That number is known to be 21,000,000. So, then 500K is only 2.3% of the total.

So, using my previous analogy (in which you so graciously pointed out my error):

Could Bill Gates have 2.3% of the US Currency in Circulation in a single "Wallet".

That would be $19.6M, and yes sir, he most certainly could have $19M in cash, easily.

And why US Currency? Because it's *a* currency. Unless you believe the goal of Bitcoin is to replace every currency in the entire world. It would make me happy, but alas, I think that is a bit grandiose. I'm glad you're so optimistic though.

umad?

ZEB-DEMON

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c'mon, its not a ponzi scheme for the same reason i said, too ppl have lot of bitcoin so the rest has few BTC, in this case i think it is harder to create a solid economy behind because to do that ppl need to start using BTC, so they've to spread among ppl.. atm only a little % of ppl are using BTC and growing their wallet.. if ppl just keep their BTC and dont spend it, markets will never exist, so who has 300-500k BTC has just lot of "nothing".. if a resource is limited and only few ppl have it, why the other need to use it when there're lot of other currencies and markets builded around em?

i still think that 8% to a single person (and btw other big % to other person) is a killer for the system.. so....... 21kk limit is too low, because ppl still need to know BTC and so will not have it (except buying it at very high price, but that means that a market is builded around BTC, so tath means that lot of ppl have BTC and they're not only growing their wallet but they're spending)

it is a little contorted but it is what i think, and i really want that BTC will be a solid currency, so im not trolling, i just think that ppl are gonna speculate only on BTC.

conspirosphere.tk

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Bitcoin is antisemitic

Why are you being dollar-centric? BTC is global, and so must be the scheme of reference and comparison.
Feel free to abstain to answer me since i am not interested in your b/s.

Quote from: Rob P. on June 20, 2011, 01:59:37 PM

Quote from: conspirosphere.tk on June 20, 2011, 01:13:27 PM

Thanks for proving that you are speaking out of your ass.

Bill Gates Net Worth: $56 Billion: 2011
Total global wealth: USD 195 trillion (*)
(*) https://www.credit-suisse.com/news/en/media_release.jsp?ns=41610

That is several orders of magnitude away from 8%.

Quote from: Rob P. on June 20, 2011, 12:44:05 PM

8% of the "global wealth" in a single wallet (at least for a single currency) is quite common in the real world. Ask Warren Buffet, or Bill Gates.

A Troll says, "What!?!?"

"Global Wealth" as defined by the amount of currency one owns / or can have personally.
There is approximately $853 Billion in US Cash in circulation (http://www.visualeconomics.com/the-value-of-united-states-currency-in-circulation/)

8% of $853B is $68M.

Bill Gates is worth $56 Billion.

Ask yourself, could Bill Gates get $68M in cash? Of course he could. Using an analogy of "wealth" when discussing Bitcoins is silly. The OP was commenting on 500K Bitcoins being in one wallet.

Let's not mix our analogies.

umad?

Rob P.

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Quote from: realnowhereman on June 20, 2011, 02:04:57 PM

Quote from: Rob P. on June 20, 2011, 01:59:37 PM

8% of $853B is $68M.

$68B not $68M. And no, Bill Gates couldn't get hold of $68 billion in cash.

Bill Gates worth is primarily in the form of stock and other assets.

You're right. Bad decimals. I'm wrong on that point. I still don't believe it changes anything, but I'll concede your point.
Though it's a LOT closer than you originally posted. Nuff said.

Topic: 500K BTC amounts to what % of total mass of existing BTCs?? (Read 3918 times)