BTC is more expensive than it was in 2014 and it is surely harder for people to give out free BTC
$500,000 was a lot of money in 2014 too, and it doesn't matter how much that's worth in Bitcoin. If you'd raise the same amount today, you can still give $100 to 5000 people. They'll just get 0.005BTC each instead of 0.29BTC, but the purchasing power is about the same.
Topic: 8 Years ago today, $500,000 worth of bitcoin was distributed to MIT students. - page 2. (Read 455 times)
October 30, 2022, 07:54:03 AM
October 30, 2022, 07:38:52 AM
BTC is more expensive than it was in 2014 and it is surely harder for people to give out free BTC
$500,000 was a lot of money in 2014 too, and it doesn't matter how much that's worth in Bitcoin. If you'd raise the same amount today, you can still give $100 to 5000 people. They'll just get 0.005BTC each instead of 0.29BTC, but the purchasing power is about the same. October 30, 2022, 07:28:32 AM
Free distribution of bitcoins? Nah, that’s really bad idea. How much you think can be free dropped just like MIT event because in the current era the bitcoin is highly costly and highly in demand. If someone even host event like that then there will be rat race to acquire those free bitcoins and if it’s a mega airdrop then dam we gonna loose the demand from exchanges and p2p transaction and it could cause nice dump to bitcoins trading chart. I’m pretty sure we should not be doing that again.
BTC is more expensive than it was in 2014 and it is surely harder for people to give out free BTC because of that, but it does not mean that people aren't doing it, but not just to over 4528 people, which is a lot by the way. Free distribution of BTC was great for the network many years ago, and still is, it helped more people to have and use BTC and is a contributing factor to the growth in BTC you see today. Here is one event of BTC being given out in the past, which was of great help to the network. People who give out BTC are not concerned about what will happen to centralized exchanges (which in itself wasn't originally part of the network), but for more people to get to use BTC and take the network closer to mass adoption.
October 30, 2022, 06:43:35 AM
This a big difference. Almost 1400+.
One number is obviously wrong, although it is not too important how many students received $100 worth of BTC, but how many of them then realized what they actually received. The data from the article, which by the way is from 2021, says that after two years a survey was conducted in which it is stated that 14% of those who received free BTC were still actively using it. We can't say that any of those students are more or less smart because they spent Bitcoin or kept it, because as one of the students who is from the whole story says :
Quote
A robotics engineer at Pendar Technologies, Selam Gano, said she sold her BTC for $300 worth of food when it increased 3x in value. “It was free money, I don’t have any regrets,” Gano said during her interview. “I got an MIT degree, which is the most important thing to me,” Gano added.
The most important thing is that Bitcoin has helped some in their studies, and it has obviously interested some to be active in Bitcoin today. In my opinion, the experiment was successful.
October 30, 2022, 06:29:08 AM
Good results for those students who have hold bitcoin all these years. $100 then is ~$5,800 now or ~$20,000 at last peak price. It's not millions, but still, good bonuses. As you can see from the article, there were few of them. Mostly, many took it as a joke, and also, then few people saw the potential in bitcoin. But of course, this event in its own way influenced the crypto industry as a whole. After all, people bought something for btc, even those books in the library or food, when bitcoin went up in price 3 times, as described in the article. In any case, commodity-money transactions for btc took place and it is for these purposes that bitcoin should be used.
October 30, 2022, 05:41:43 AM
Giving-away free bitcoin to thousands of people is the best vehicle to Mass adoption.
It may not be so efficient. If free bitcoins are still distributed to people, More than 40% of these persons will quickly convert to fiat to spend it without considering to HODL. Things that are easily and freely gotten are usually not valued so much that is why you will still have some people squander it all immediately instead of hodling. When free things are given, you also need to tell the people the reason and the value of the what they have received so that they can be encouraged to Hodl. 
October 30, 2022, 05:22:34 AM
Free distribution of bitcoins? Nah, that’s really bad idea. How much you think can be free dropped just like MIT event because in the current era the bitcoin is highly costly and highly in demand. If someone even host event like that then there will be rat race to acquire those free bitcoins and if it’s a mega airdrop then dam we gonna loose the demand from exchanges and p2p transaction and it could cause nice dump to bitcoins trading chart. I’m pretty sure we should not be doing that again.
October 30, 2022, 03:00:20 AM
Read both articles. One thing is puzzling me. What were the exact number or students. One article is showing 4500+ student.
And if we go to the next article it is showing the 3100 students.
This a big difference. Almost 1400+.
By the way congrats to those who hold it.
Now one wallet has almost $6000+ if they hold.
Quote
The fund-raising objective was to distribute the funds in bitcoin to the more than 4,500 undergraduates enrolled at MIT to spur academic and entrepreneurial activity at the campus.
And if we go to the next article it is showing the 3100 students.
Quote
a couple of scholars distributed $100 in bitcoin to 3,100 students.
This a big difference. Almost 1400+.
By the way congrats to those who hold it.
Now one wallet has almost $6000+ if they hold.
October 30, 2022, 02:51:01 AM
-snip-
If my guess is correct, this is a kind of practice-based survey. Only with a centralized application can all spent bitcoins be known, of course for IT schools it is not difficult to build an application like this. In conclusion, the transaction does not occur on-chain because it is not intended for the technical development of bitcoin. cmiiw
October 30, 2022, 02:09:21 AM
(0.290272 BTC) each to 4,528
There's not a single Bitcoin address that holds that exact amount:Quote from: click for data source
16UNkG2YsbSLiByRmPNk55HnJvuJfKFU1H 2422902724
bc1qpm3aqzee0lqadklu5afsu59x7um2fmjgzw2wg9 60290272
3386rou7hopVHtyDtKB29FW8e9hmJwRsF5 32902722
35u6oQXz1rujyX1YtHZMBJZeTUzJgDmQHS 29027268
389HfGsgLvW1VpwwWbiNqBs3yPVjCbDEsi 29027236
bc1q3r7qvkyrgazcfs0c7m3peyhg54szyc4d8jywn3 29027221
3G8dUhww2D5BGwuovdVc7Msdtje2G285Sk 29027213
3L37yPTWy2uear1qg7wpoE5NbZkpPc5oNp 12902720
bc1qslr22g4mmdhzvag043jqengu4hpp5958344jus 11290272
3LfW3QzwBjiKrFf3Mh8yjcVrQsRuSttPij 9290272
1P9LLuSVx2qDBaZXNV9NKnpEfLXnY8uCYi 4290272
bc1quexfzxlq9rdmkjpun9l6tc0c4xlxd538p3qkj4 2902728
378PkJGK8cfYyWkutPV1Tjozn6M9g1jxVE 2902728
bc1q3cf86rs45tgycgcx9rvaqxejwfwxsgr9j67kt3 2902723
37AgmawdQkCVwnFxnao4NAu5MMAY7aAs3k 1290272
bc1qchu45a9qzd42wnhq8ehsg8tfvh7fey5rwy2ptj 1290272
bc1qzxs9q9f3gkmefksn64pd4p4awkcjmq3hfg4e82 1290272
bc1qx5plkfvvmqd3s2x2uadlcda93743u5t47rfem9 290272
1GpzaFKWVbcp7ucuYRGsj33XEuW9SEyCgv 290272
3BdzQdqRYFPczaQFZdBgTHGgmxdt6uVCCy 290272
13hM8xij7iGDc89TiRCAs9PeKVf4GwMayv 290272
1Q2qwbKWY57tUe1wB1GUjfLQPGEBoarxc5 290272
1L4sPepNKbNvpQg7dYGWgLyvDVhQEDU7b1 290272
32wC75ep13sBoTYaZQkWHaLFYrycCkqPsn 290272
13NNPR5beGugNkXd8BYQjsYArHMszD28dr 290272
3NUVgzCLAujp5yJ7RHURAkpHSzHmzjsYf5 290272
bc1q6cmkuenvlg0mypw5r5s7mrftduyqey7cvakr3y 290272
bc1qc4n7pp2tdvsr5q3j30xwf0dc46effgnq548whp 290272
1QAkiYSZ31wY2nmQTzMfmcLQqrJyhA3rRf 290272
1FAyfZp2eay6zuNWXbdRHR42BW4sMiRe27 290272
I'm curious to see the list of addresses involved. My guess is it was a different amount, or someone spammed all involved addresses with dust. It's unlikely all of those 4528 addresses were emptied.bc1qpm3aqzee0lqadklu5afsu59x7um2fmjgzw2wg9 60290272
3386rou7hopVHtyDtKB29FW8e9hmJwRsF5 32902722
35u6oQXz1rujyX1YtHZMBJZeTUzJgDmQHS 29027268
389HfGsgLvW1VpwwWbiNqBs3yPVjCbDEsi 29027236
bc1q3r7qvkyrgazcfs0c7m3peyhg54szyc4d8jywn3 29027221
3G8dUhww2D5BGwuovdVc7Msdtje2G285Sk 29027213
3L37yPTWy2uear1qg7wpoE5NbZkpPc5oNp 12902720
bc1qslr22g4mmdhzvag043jqengu4hpp5958344jus 11290272
3LfW3QzwBjiKrFf3Mh8yjcVrQsRuSttPij 9290272
1P9LLuSVx2qDBaZXNV9NKnpEfLXnY8uCYi 4290272
bc1quexfzxlq9rdmkjpun9l6tc0c4xlxd538p3qkj4 2902728
378PkJGK8cfYyWkutPV1Tjozn6M9g1jxVE 2902728
bc1q3cf86rs45tgycgcx9rvaqxejwfwxsgr9j67kt3 2902723
37AgmawdQkCVwnFxnao4NAu5MMAY7aAs3k 1290272
bc1qchu45a9qzd42wnhq8ehsg8tfvh7fey5rwy2ptj 1290272
bc1qzxs9q9f3gkmefksn64pd4p4awkcjmq3hfg4e82 1290272
bc1qx5plkfvvmqd3s2x2uadlcda93743u5t47rfem9 290272
1GpzaFKWVbcp7ucuYRGsj33XEuW9SEyCgv 290272
3BdzQdqRYFPczaQFZdBgTHGgmxdt6uVCCy 290272
13hM8xij7iGDc89TiRCAs9PeKVf4GwMayv 290272
1Q2qwbKWY57tUe1wB1GUjfLQPGEBoarxc5 290272
1L4sPepNKbNvpQg7dYGWgLyvDVhQEDU7b1 290272
32wC75ep13sBoTYaZQkWHaLFYrycCkqPsn 290272
13NNPR5beGugNkXd8BYQjsYArHMszD28dr 290272
3NUVgzCLAujp5yJ7RHURAkpHSzHmzjsYf5 290272
bc1q6cmkuenvlg0mypw5r5s7mrftduyqey7cvakr3y 290272
bc1qc4n7pp2tdvsr5q3j30xwf0dc46effgnq548whp 290272
1QAkiYSZ31wY2nmQTzMfmcLQqrJyhA3rRf 290272
1FAyfZp2eay6zuNWXbdRHR42BW4sMiRe27 290272
I don't think they is a means of tracking the addresses of participants as the link to the survey is down. And its possible that those who held bought more bitcoin making it impossible to see an address with the exact balance. Moreover, how does your site operate? is it possible to go far back to 2014 transactions? or it searches generally on all addresses with a particular amount you want to check?
[/quote]
The most widespread airdrop I think. And lucky if some of those students held up to last year's ATH, they could buy more goods or services.
Just wondering how the distribution of bitcoin was at that time, because considering the article said bitcoin could only be spent on things related to education.
Just wondering how the distribution of bitcoin was at that time, because considering the article said bitcoin could only be spent on things related to education.
They had the fireflies application that enabled them to crowd source goods and services for bitcoin. But on the other article it was stated that some stores in the school stopped accepting bitcoin. However, as at 2014 bitcoin was getting more adoptions unlike the 2010 - 2011 era. I think for the school library to accept bitcoin then they'll be other means of spending bitcoin in the campus as bitcoin won't be a new term to them. Remember, MIT is a tech school and their students are IT geeks. They all spent their bitcoin, only few held even the fireflies programmer stated that he got his degree that's what matters when he was asked why he didn't hodl.
October 30, 2022, 01:59:18 AM
(0.290272 BTC) each to 4,528
There's not a single Bitcoin address that holds that exact amount:Quote from: click for data source
16UNkG2YsbSLiByRmPNk55HnJvuJfKFU1H 2422902724
bc1qpm3aqzee0lqadklu5afsu59x7um2fmjgzw2wg9 60290272
3386rou7hopVHtyDtKB29FW8e9hmJwRsF5 32902722
35u6oQXz1rujyX1YtHZMBJZeTUzJgDmQHS 29027268
389HfGsgLvW1VpwwWbiNqBs3yPVjCbDEsi 29027236
bc1q3r7qvkyrgazcfs0c7m3peyhg54szyc4d8jywn3 29027221
3G8dUhww2D5BGwuovdVc7Msdtje2G285Sk 29027213
3L37yPTWy2uear1qg7wpoE5NbZkpPc5oNp 12902720
bc1qslr22g4mmdhzvag043jqengu4hpp5958344jus 11290272
3LfW3QzwBjiKrFf3Mh8yjcVrQsRuSttPij 9290272
1P9LLuSVx2qDBaZXNV9NKnpEfLXnY8uCYi 4290272
bc1quexfzxlq9rdmkjpun9l6tc0c4xlxd538p3qkj4 2902728
378PkJGK8cfYyWkutPV1Tjozn6M9g1jxVE 2902728
bc1q3cf86rs45tgycgcx9rvaqxejwfwxsgr9j67kt3 2902723
37AgmawdQkCVwnFxnao4NAu5MMAY7aAs3k 1290272
bc1qchu45a9qzd42wnhq8ehsg8tfvh7fey5rwy2ptj 1290272
bc1qzxs9q9f3gkmefksn64pd4p4awkcjmq3hfg4e82 1290272
bc1qx5plkfvvmqd3s2x2uadlcda93743u5t47rfem9 290272
1GpzaFKWVbcp7ucuYRGsj33XEuW9SEyCgv 290272
3BdzQdqRYFPczaQFZdBgTHGgmxdt6uVCCy 290272
13hM8xij7iGDc89TiRCAs9PeKVf4GwMayv 290272
1Q2qwbKWY57tUe1wB1GUjfLQPGEBoarxc5 290272
1L4sPepNKbNvpQg7dYGWgLyvDVhQEDU7b1 290272
32wC75ep13sBoTYaZQkWHaLFYrycCkqPsn 290272
13NNPR5beGugNkXd8BYQjsYArHMszD28dr 290272
3NUVgzCLAujp5yJ7RHURAkpHSzHmzjsYf5 290272
bc1q6cmkuenvlg0mypw5r5s7mrftduyqey7cvakr3y 290272
bc1qc4n7pp2tdvsr5q3j30xwf0dc46effgnq548whp 290272
1QAkiYSZ31wY2nmQTzMfmcLQqrJyhA3rRf 290272
1FAyfZp2eay6zuNWXbdRHR42BW4sMiRe27 290272
I'm curious to see the list of addresses involved. My guess is it was a different amount, or someone spammed all involved addresses with dust. It's unlikely all of those 4528 addresses were emptied. bc1qpm3aqzee0lqadklu5afsu59x7um2fmjgzw2wg9 60290272
3386rou7hopVHtyDtKB29FW8e9hmJwRsF5 32902722
35u6oQXz1rujyX1YtHZMBJZeTUzJgDmQHS 29027268
389HfGsgLvW1VpwwWbiNqBs3yPVjCbDEsi 29027236
bc1q3r7qvkyrgazcfs0c7m3peyhg54szyc4d8jywn3 29027221
3G8dUhww2D5BGwuovdVc7Msdtje2G285Sk 29027213
3L37yPTWy2uear1qg7wpoE5NbZkpPc5oNp 12902720
bc1qslr22g4mmdhzvag043jqengu4hpp5958344jus 11290272
3LfW3QzwBjiKrFf3Mh8yjcVrQsRuSttPij 9290272
1P9LLuSVx2qDBaZXNV9NKnpEfLXnY8uCYi 4290272
bc1quexfzxlq9rdmkjpun9l6tc0c4xlxd538p3qkj4 2902728
378PkJGK8cfYyWkutPV1Tjozn6M9g1jxVE 2902728
bc1q3cf86rs45tgycgcx9rvaqxejwfwxsgr9j67kt3 2902723
37AgmawdQkCVwnFxnao4NAu5MMAY7aAs3k 1290272
bc1qchu45a9qzd42wnhq8ehsg8tfvh7fey5rwy2ptj 1290272
bc1qzxs9q9f3gkmefksn64pd4p4awkcjmq3hfg4e82 1290272
bc1qx5plkfvvmqd3s2x2uadlcda93743u5t47rfem9 290272
1GpzaFKWVbcp7ucuYRGsj33XEuW9SEyCgv 290272
3BdzQdqRYFPczaQFZdBgTHGgmxdt6uVCCy 290272
13hM8xij7iGDc89TiRCAs9PeKVf4GwMayv 290272
1Q2qwbKWY57tUe1wB1GUjfLQPGEBoarxc5 290272
1L4sPepNKbNvpQg7dYGWgLyvDVhQEDU7b1 290272
32wC75ep13sBoTYaZQkWHaLFYrycCkqPsn 290272
13NNPR5beGugNkXd8BYQjsYArHMszD28dr 290272
3NUVgzCLAujp5yJ7RHURAkpHSzHmzjsYf5 290272
bc1q6cmkuenvlg0mypw5r5s7mrftduyqey7cvakr3y 290272
bc1qc4n7pp2tdvsr5q3j30xwf0dc46effgnq548whp 290272
1QAkiYSZ31wY2nmQTzMfmcLQqrJyhA3rRf 290272
1FAyfZp2eay6zuNWXbdRHR42BW4sMiRe27 290272
October 30, 2022, 12:18:32 AM
The most widespread airdrop I think. And lucky if some of those students held up to last year's ATH, they could buy more goods or services.
Just wondering how the distribution of bitcoin was at that time, because considering the article said bitcoin could only be spent on things related to education.
Just wondering how the distribution of bitcoin was at that time, because considering the article said bitcoin could only be spent on things related to education.
October 30, 2022, 12:14:19 AM
According to that article cited above, the $100 worth of Bitcoin gathered around 13,000% ROI so far meaning that if one just hold the said coin then the holder has now $13,000 in his/her account. In case, some recipient's just forgot about it (of course, not forgetting the keys) and never used the said amount to buy anything then certainly it would be a big surprise. Now, am just wondering if we can categorize this story as a big success or just another ho-hum as we are searching for real and visible mainstream adoption for Bitcoin...
October 29, 2022, 11:49:48 PM
Congrats to the hodlers, showing once again why you should be in this for the long haul; although, there is nothing wrong with showing utility, meeting a need(s), or pushing for mass adoption.
October 29, 2022, 09:44:25 PM
image from Pete RizzoIn 2014 two students of MIT Dan Elitzer the founder of MIT bitcoin club and Jeremy Rubin a computer science student launched a project aimed at making bitcoin a case study by students and professors to birth an ecosystem for digital currency in MIT. To begin the project the founder of MIT bitcoin club coupled with Jeremy Rubin was curious to know how students will spend bitcoin if given the chance to hold bitcoin. So they raised more than 500k with the assistance of the bitcoin community and MIT alumni which was enough to distribute 100 dollar worth of bitcoin (0.290272 BTC) each to 4,528 enrolled in the institution. This free bitcoin distribution made MIT campus the first place in the world to have widespread access to bitcoin.
On the 29th of October 2014, a survey that lasted for 5 days was hosted by the MIT Bitcoin club to enable students to claim their bitcoins. Students who received the free bitcoin had the option to spend it on books at the school library where bitcoin was accepted. And on Fireflies a program that enabled MIT students to crowdsource products and services for bitcoin.
A link below shows how students spent their money and the few who held the free bitcoin.
https://news.bitcoin.com/thousands-mit-students-free-bitcoin-2014-6-year-holders-13000-gains/
Giving-away free bitcoin to thousands of people is the best vehicle to Mass adoption.
https://www.coindesk.com/markets/2014/10/29/mit-undergrads-can-now-claim-their-free-100-in-bitcoin/
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