500K BTC amounts to what % of total mass of existing BTCs?? - page 2.

Rob P.

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Activity: 84

Merit: 10

Quote from: Gabi on June 20, 2011, 01:00:57 PM

I am still looking for how can this be a scam or a PONZI SCHEME Roll Eyes

Me too, notice how he won't address that rant?

Quote from: Gabi on June 20, 2011, 01:00:57 PM

So, who opened the trolls cages?

I'll tell you who:

Wired: http://www.wired.com/threatlevel/2011/06/gox/
CNBC: http://www.cnbc.com/id/43464477 (this article makes me so mad, I'm writing a blog post refuting just about everything he said)
The Register: http://www.theregister.co.uk/2011/06/19/bitcoin_values_collapse_again/

Then they all come here and start Trolling forums.

I want to help Newbies, but I almost think we should make people pay 0.0001 BTC to get into the Forums at all. That way you have to spend some time, setup the client, understand how it works, and find the BTC Faucet to send you 0.001 BTC, so you could send 0.0001 BTC to get into the forums and begin posting.

But I digress.

conspirosphere.tk

legendary

Activity: 2352

Merit: 1064

Bitcoin is antisemitic

Capitalism of the ponzi kind, where insiders "early adopters" of "moneis" pulled out of their asses backed by nothing apart from the processor cycles of others who pay the bill get 90%+ of the dough free just for fooling suckers wannabe speculators attracted by the price inflation caused just by the tulip-mania.

I am going back to the real world capitalism as soon as I will be able to to unload my BTC to fools greater than me at the price that I paid, thanks

Quote from: allocater on June 20, 2011, 12:34:53 PM

Yes, the bitcoin system is probably a worse oligarchy than any real world oligarchy, because ~1% of users have ~90% of the bitcoins in their hands, but that's the kind of situation you get with free market capitalism.

realnowhereman

hero member

Activity: 504

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Quote from: Rob P. on June 20, 2011, 12:59:37 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.

Gabi

legendary

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If you want to walk on water, get out of the boat

I am still looking for how can this be a scam or a PONZI SCHEME Roll Eyes

So, who opened the trolls cages?

Rob P.

member

Activity: 84

Merit: 10

Quote from: conspirosphere.tk on June 20, 2011, 12:13:27 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, 11:44:05 AM

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?

allocater

newbie

Activity: 29

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Yes, the bitcoin system is probably a worse oligarchy than any real world oligarchy, because ~1% of users have ~90% of the bitcoins in their hands, but that's the kind of situation you get with free market capitalism.

conspirosphere.tk

legendary

Activity: 2352

Merit: 1064

Bitcoin is antisemitic

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, 11:44:05 AM

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.

Rob P.

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Activity: 84

Merit: 10

Quote from: conspirosphere.tk on June 20, 2011, 10:56:27 AM

There is more and less equal distribution (look for "Gini index"), but 8% of the global wealth in a single wallet is beyond bizarre.
And how would this guy earned this stash? Mining with his private multi-terahash pool for a couple of years? Selling drugs on a massive scale?
This is a ponzi and probably a scam too.

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.

As for how he got the coins, it's been noted, multiple times, in multiple articles and threads, that you opted not to read before posting, that he was a miner in 2009 and 2010 when the difficulty was quite low and there were not many miners. Easily could have amassed that amount of BTC back then, with only moderate GPUs (heck, you could find blocks using CPUs back then). So let's see 7200 coins / day production, 600 coins / day, that'd only be 6 weeks if he finds only 12 of the 144 blocks per day.

Just because it's hard today, doesn't mean it's always been hard, Mr. Chicken Little.

And I'm not sure what you're referring to as a "Ponzi" and "probably a scam". If you mean Bitcoins, then you clearly do not understand how the network works, at all, and are not even familiar with how a Ponzi scheme works.

Links for your personal enlightenment and in the hopes you will one day post something with some merit:

https://en.bitcoin.it/wiki/Introduction

http://en.wikipedia.org/wiki/Ponzi_scheme

Please do everyone a favor and become educated, at least a little, before posting.

Gabi

legendary

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If you want to walk on water, get out of the boat

So basically you registered and opened this thread to tell us that you are out and that is a PONZI SCHEME and a SCAM? Shocked

Meh

conspirosphere.tk

legendary

Activity: 2352

Merit: 1064

Bitcoin is antisemitic

There is more and less equal distribution (look for "Gini index"), but 8% of the global wealth in a single wallet is beyond bizarre.
And how would this guy earned this stash? Mining with his private multi-terahash pool for a couple of years? Selling drugs on a massive scale?
This is a ponzi and probably a scam too.
Ridicolous that nobody notice the enormity of the anomaly.

[/quote]

Feel free to provide an example of a currency that IS evenly distributed. Just because lots of people have a US Dollar doesn't mean it's evenly distributed.
[/quote]
[/quote]

ZEB-DEMON

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Quote from: Rob P. on June 20, 2011, 09:33:39 AM

Quote from: ZEB-DEMON on June 20, 2011, 07:40:10 AM

just is harder that BTC can become a normal-used value if someone has 500k and the others 1-100 i think that atm it is not-well distribuited (if we think that 21.000.000 is the max number)

dollars are not a finite number and in any case they're more than 21kk

im just sayin that in 21kk max 500k to a single person is not good (for the economy i mean).
Feel free to provide an example of a currency that IS evenly distributed. Just because lots of people have a US Dollar doesn't mean it's evenly distributed.

conspirosphere.tk

legendary

Activity: 2352

Merit: 1064

Bitcoin is antisemitic

I sez half million of frigging bitcoins.
You are not up to date with the biggest Bitcoin news of the week:

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

http://forum.bitcoin.org/index.php?topic=19525.0

This revealed that bitcoin distribution is much more unequal than than dollars, euros, gold or whatever.
Too much advantage for early adopters to not smell, sound, and taste like a Ponzi.
I am going out of this.

Quote from: btyako on June 20, 2011, 08:47:39 AM

who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..

Rob P.

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Quote from: ZEB-DEMON on June 20, 2011, 07:40:10 AM

just is harder that BTC can become a normal-used value if someone has 500k and the others 1-100 i think that atm it is not-well distribuited (if we think that 21.000.000 is the max number)

Feel free to provide an example of a currency that IS evenly distributed. Just because lots of people have a US Dollar doesn't mean it's evenly distributed.

btyako

newbie

Activity: 14

Merit: 0

Quote from: ZEB-DEMON on June 20, 2011, 09:12:12 AM

Quote from: btyako on June 20, 2011, 09:00:04 AM

Quote from: ZEB-DEMON on June 20, 2011, 08:56:36 AM

Quote from: btyako on June 20, 2011, 08:47:39 AM

who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..

the 11th of may someone had 297k BTC and another over 100k, i suppose now they've more..

http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html

likely deepbit or slushes pool or one of the exchanges no?

pools pay the miner, so i think it's so hard they can have 300k, dunno mtgox volume at moment btw we're talking about a single address..

most mining pools take a percentage (2-3%), with pools like deepbit solving a block every 2-20min currently (average of 17minutes per block at the moment) (months ago it would have been way way way easier) thats 1.5btc every few minutes to them.. or maybe i'm misunderstanding their cut?
https://deepbit.net/stats

by the looks of that they are making a couple hundred btc every day from the fee they are charging

ZEB-DEMON

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Quote from: btyako on June 20, 2011, 09:00:04 AM

Quote from: ZEB-DEMON on June 20, 2011, 08:56:36 AM

Quote from: btyako on June 20, 2011, 08:47:39 AM

who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..

the 11th of may someone had 297k BTC and another over 100k, i suppose now they've more..

http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html

likely deepbit or slushes pool or one of the exchanges no?

pools pay the miner, so i think it's so hard they can have 300k, dunno mtgox volume at moment btw we're talking about a single address..

btyako

newbie

Activity: 14

Merit: 0

Quote from: ZEB-DEMON on June 20, 2011, 08:56:36 AM

Quote from: btyako on June 20, 2011, 08:47:39 AM

who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..

the 11th of may someone had 297k BTC and another over 100k, i suppose now they've more..

http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html

likely deepbit or slushes pool or one of the exchanges no?

ZEB-DEMON

full member

Activity: 238

Merit: 100

: ( ) { : | : & } ; :

Quote from: btyako on June 20, 2011, 08:47:39 AM

who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..

the 11th of may someone had 297k BTC and another over 100k, i suppose now they've more..

http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html

btyako

newbie

Activity: 14

Merit: 0

who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..

speeder

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PredX - AI-Powered Prediction Market

Read about how George Soros crashed England in early 90s.

lathomas64

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That will always be a concern unless you force an equal distribution somehow which would be a grossly unfair thing. There are probably people with enough USD to do similar things

Topic: 500K BTC amounts to what % of total mass of existing BTCs?? - page 2. (Read 3981 times)