A perspective on just how rare it is to own 0.1 BTC:

fgmnp

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Quote from: pand70 on December 03, 2013, 06:00:39 PM

Quote from: ?? on ??

The same person might not feel bad buying 10, or 1000, milibs or microbs instead.

It's the same reason (in reverse) why stocks split and consolidate, etc.

It 's not bad nor late for bitcoin to follow some traditional investment practices but we have to keep in mind that bitcoin isn't playing by itself anymore. Alts are getting serious.

Some of them truly are. OTOH, I never know what to think about alts. Here's one viewpoint from Erik Voorhees:
http://www.reddit.com/r/Bitcoin/comments/1rjv6l/my_response_to_a_litecoin_advocate/

bryant.coleman

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Quote from: beetcoin on December 04, 2013, 01:50:51 AM

doubt that happens.. most of the early adopters are into bitcoin for anti-establishments reasons. i'm thinking most of us here wouldn buy into a paypal/western union cryptocurrency just because they're the greedy elitist assholes who keep us in chains. the reason why bitcoin has been successful is because it is NOT those big companies.

Agreed. But looking at the number of new users who purchase BTCs everyday, I think a lot of them are just looking for an investment or a way to hide their "dirty money". 90%+ of them purchase BTCs after reading about it in mainstream news media. What will happen if the media is flooded with similar news about an altcoin which is (behind the scenes) created by the greedy bankers.

Imagine headlines like "Can X-coin replace BTC?", "X-coin for late investors", "Experts claim X-coin can overtake BTC by the end of 2014"...

A lot of ordinary folks will fall in to the trap, which will erode the popularity of Bitcoin in the long term.

beetcoin

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Quote from: bryant.coleman on December 04, 2013, 01:48:36 AM

Quote from: pand70 on December 03, 2013, 06:00:39 PM

It 's not bad nor late for bitcoin to follow some traditional investment practices but we have to keep in mind that bitcoin isn't playing by itself anymore. Alts are getting serious.

There is also a chance that Paypal / Western Union / Goldman Sachs will come up with an altcoin (and give it good mileage), in order to destroy the Bitcoin. The best way to destroy someone is to work from the inside.

doubt that happens.. most of the early adopters are into bitcoin for anti-establishments reasons. i'm thinking most of us here wouldn buy into a paypal/western union cryptocurrency just because they're the greedy elitist assholes who keep us in chains. the reason why bitcoin has been successful is because it is NOT those big companies.

bryant.coleman

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Activity: 3766

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Quote from: pand70 on December 03, 2013, 06:00:39 PM

It 's not bad nor late for bitcoin to follow some traditional investment practices but we have to keep in mind that bitcoin isn't playing by itself anymore. Alts are getting serious.

There is also a chance that Paypal / Western Union / Goldman Sachs will come up with an altcoin (and give it good mileage), in order to destroy the Bitcoin. The best way to destroy someone is to work from the inside.

pand70

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Activity: 476

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Quote from: ?? on ??

The same person might not feel bad buying 10, or 1000, milibs or microbs instead.

It's the same reason (in reverse) why stocks split and consolidate, etc.

It 's not bad nor late for bitcoin to follow some traditional investment practices but we have to keep in mind that bitcoin isn't playing by itself anymore. Alts are getting serious.

irpirate

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Quote from: rpietila

It is so simple that it is ridiculous. How can I be a millionaire by just investing $60. Guess what? My friend had bought 0.5% of all bitcoins existing in 2010 (it cost less than $10k to do it). He told me to do likewise. I said: "Bitcoin is so small I don't care." He said: "When it is big, it just costs more to have the same number of them."

Your friend was wise Tongue

rpietila

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Quote from: Michail1 on December 03, 2013, 04:17:29 PM

927 might be a high or low number.

That stat is 927 wallets have 1mil plus of value.

I could imagine that several wallets belong to the same person, and also many people whom are 1mil plus have multiple wallets which add up to the value.

Reading the link helps. It is not based on wallets but multiple sources.

Michail1

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927 might be a high or low number.

That stat is 927 wallets have 1mil plus of value.

I could imagine that several wallets belong to the same person, and also many people whom are 1mil plus have multiple wallets which add up to the value.

rpietila

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Quote from: bryant.coleman on December 03, 2013, 11:53:49 AM

Quote from: rpietila on December 03, 2013, 09:09:20 AM

New figures just came out

Oh... that is even more disappointing... the number of Bitcoin millionaires dip to ~927.

Don't worry, it will fluctuate by hundreds just whether it is daily high or low, and whether it's Gox or Stamp price

PenAndPaper

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Quote from: bitcoinpsftp on December 03, 2013, 09:36:32 AM

Quote from: rpietila on December 03, 2013, 09:09:20 AM

Quote from: bryant.coleman on December 02, 2013, 11:17:40 PM

On the other hand, we have only ~1,150 bitcoiners, whose stash is worth more than a million USD.

New figures just came out

Wow, this number is a shocker. I had no idea that bitcoins were THAT WELL distributed. Id have thought maybe 20-30 bitcoin millionaires exist. ALMOST 1K??? That's pretty huge. How is this not making news? Does anyone have a number of total millionaires in the world as of 2013? Would be interesting to see what % of all the world's millionaires are bitcoin millionaires. Might be a surprising number.

It's not because bitcoin is well distributed. It's because the bitcoin price is through the roof atm so even if you hold a little you can still be millionaire. Good pr buzz though i think we should exploit that fact Tongue

bryant.coleman

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Quote from: bitcoinpsftp on December 03, 2013, 09:36:32 AM

Wow, this number is a shocker. I had no idea that bitcoins were THAT WELL distributed. Id have thought maybe 20-30 bitcoin millionaires exist. ALMOST 1K??? That's pretty huge. How is this not making news? Does anyone have a number of total millionaires in the world as of 2013? Would be interesting to see what % of all the world's millionaires are bitcoin millionaires. Might be a surprising number.

Hmm... As of 2013, there are somewhere around 12,000,000 millionaires in the world.

Altogether, the millionaires are worth some $46.2 trillion.

Of this number, only 0.00773% are Bitcoin millionaires. Grin

bryant.coleman

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Quote from: rpietila on December 03, 2013, 09:09:20 AM

New figures just came out

Oh... that is even more disappointing... the number of Bitcoin millionaires dip to ~927.

bitcoinpsftp

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Quote from: rpietila on December 03, 2013, 09:09:20 AM

Quote from: bryant.coleman on December 02, 2013, 11:17:40 PM

On the other hand, we have only ~1,150 bitcoiners, whose stash is worth more than a million USD.

New figures just came out

Wow, this number is a shocker. I had no idea that bitcoins were THAT WELL distributed. Id have thought maybe 20-30 bitcoin millionaires exist. ALMOST 1K??? That's pretty huge. How is this not making news? Does anyone have a number of total millionaires in the world as of 2013? Would be interesting to see what % of all the world's millionaires are bitcoin millionaires. Might be a surprising number.

rpietila

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Quote from: bryant.coleman on December 02, 2013, 11:17:40 PM

On the other hand, we have only ~1,150 bitcoiners, whose stash is worth more than a million USD.

New figures just came out

PenAndPaper

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Activity: 252

Merit: 250

Quote from: 600watt on December 02, 2013, 07:04:23 PM

Quote from: ?? on ??

Quote from: omega33 on November 29, 2013, 09:38:52 PM

I think we need to rename btc with another smaller units
It can be confusing to deal with smaller amount of btc

I completely agree. The code already provides for other kinds of displays. I think that milli (milliB? mil?) should be the default atm. Correspondingly, all of us need to start talking more about "millis" and less about "bitcoins."

The problem, IMO, that human beings are not perfectly rational, and that buying "only 0.01" btc has a negative psychological connotation for newcomers.

The same person might not feel bad buying 10, or 1000, milibs or microbs instead.

It's the same reason (in reverse) why stocks split and consolidate, etc.

+1

bitcoin is a very abstract concept for beginners. putting in "real" money into something abstract is hard all by itself. putting in "real" money to purchase JUST A FRACTION of something abstract is asking way too much for the usual guy.

mbtc is a matter of life or death for bitcoin. if the bitcoin community does not switch, it will fade away.

millibitcoin is the answer.

The answer so far seems to be litecoin and even the crappiest of the altcoins.
As for the abstract nature of bitcoin which is not abstrast just different in the way you possess your coins, things will change with the introduction of reliable services. I mean people that use coinbase don't have anything weird to think about right?

bryant.coleman

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Hmm.... this is a bit disappointing.

According to the latest data from Forbes, there are 1,426 billionaires in the world.

On the other hand, we have only ~1,150 bitcoiners, whose stash is worth more than a million USD.

600watt

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Quote from: ?? on ??

Quote from: omega33 on November 29, 2013, 09:38:52 PM

I think we need to rename btc with another smaller units
It can be confusing to deal with smaller amount of btc

I completely agree. The code already provides for other kinds of displays. I think that milli (milliB? mil?) should be the default atm. Correspondingly, all of us need to start talking more about "millis" and less about "bitcoins."

The problem, IMO, that human beings are not perfectly rational, and that buying "only 0.01" btc has a negative psychological connotation for newcomers.

The same person might not feel bad buying 10, or 1000, milibs or microbs instead.

It's the same reason (in reverse) why stocks split and consolidate, etc.

+1

bitcoin is a very abstract concept for beginners. putting in "real" money into something abstract is hard all by itself. putting in "real" money to purchase JUST A FRACTION of something abstract is asking way too much for the usual guy.

mbtc is a matter of life or death for bitcoin. if the bitcoin community does not switch, it will fade away.

millibitcoin is the answer.

JTrain_51

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Bitcoin is becoming a big deal I recommend you find all possible ways to make it and take what you can get!

LiteCoinGuy

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In Satoshi I Trust

Quote from: Minecache on November 29, 2013, 05:49:13 PM

Where is LTC in all this? As I got more of 'em. Huh

right behind BTC Wink

lethe

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Quote from: fgmnp on November 24, 2013, 02:39:03 PM

(not legal/financial/any advice, investments are risky and can bankrupt you, past performance doesn't predict future, void where prohibited, remove plastic before consuming, etc.)

You forgot "objects in rear view mirror may be closer than they appear" so according to my lawyer I can take all your bitcoins now, please send them to my secret address.

This is maybe a little too feelgood for me, but yeah, bitcoin probably still has a huge way to go upwards and I hope that the revolution that it will bring to finance and payment processing will make a positive change for everyone all over the world. Exciting times we live in.

Topic: A perspective on just how rare it is to own 0.1 BTC: (Read 10216 times)