There is a hard cap on how many BTC there is.
As for alts, they are limitless. Soon people will realize that they have to serve a function. Otherwise they are worthless.
Topic: A perspective on just how rare it is to own 0.1 BTC: - page 2. (Read 10216 times)
If we consider all the elements of the physical world. There are 100 of them (about as many as the alts) yet one, gold, accounts for 90% of their recoverable aggregate value, and silver is 90% of the rest.
Perhaps the litecoin advocates were right after all...
Perhaps the litecoin advocates were right after all...
unlike physical elements, which required nuclear bombardment with protons to change one to another....and even then its not really practically possible...
"alts" can be made into something more useful or have some innovation, with just a stroke of the code that may make it better then BTC of course BTC can counter evolve.
Alts have taken btc away from btc holders and so done the supposedly impossible, "cracked the private key on the blockchain" by putting the necessary "hack" before the BTC holder to get the BTC
rare? my miner made that in the past week alone.
Read the op again. Obviously is still relatively easy to gain 0.1 BTC but the fact that there is a limit on the total supply doesn't changes.
I also think litecoin is going to be the second thing after bitcoin. The value exploded last couple weeks. I think it will rise even further coming months!!
No. Litecoin has no real features to support that.
I also think litecoin is going to be the second thing after bitcoin. The value exploded last couple weeks. I think it will rise even further coming months!!
If we consider all the elements of the physical world. There are 100 of them (about as many as the alts) yet one, gold, accounts for 90% of their recoverable aggregate value, and silver is 90% of the rest.
Perhaps the litecoin advocates were right after all...
Perhaps the litecoin advocates were right after all...
The only floor to this logic is the alts, as they stand now the represent at least 10% of BTC market cap, think about this from 0 - 10 % and its only going to grow as alts can be more efficiently mined and then trade for btc as btc holders are selling.
I think what may curb btc growth are the alts as there will be more an more released....as we have seen.
eg I can only own say 50 BTC but I could own 1 BTC by trading say thousands of PPC, so now I own 51 BTC conversely the btc holders can buy my PPC, in summation there are 50 extra BTC
That assumes all the alts survive and remain at that valuation in the future. Otherwise the alts could just be a wealth loss for holders left with them @ 0. I think what may curb btc growth are the alts as there will be more an more released....as we have seen.
eg I can only own say 50 BTC but I could own 1 BTC by trading say thousands of PPC, so now I own 51 BTC conversely the btc holders can buy my PPC, in summation there are 50 extra BTC
The only flaw to this logic is the alts, as they stand now the represent at least 10% of BTC market cap, think about this from 0 - 10 % and its only going to grow as alts can be more efficiently mined and then trade for btc as btc holders are selling.
I think what may curb btc growth are the alts as there will be more an more released....as we have seen.
eg I can only own say 50 BTC but I could own 1 BTC by trading say thousands of PPC, so now I own 51 BTC conversely the btc holders can buy my PPC, in summation there are 50 extra BTC
I think what may curb btc growth are the alts as there will be more an more released....as we have seen.
eg I can only own say 50 BTC but I could own 1 BTC by trading say thousands of PPC, so now I own 51 BTC conversely the btc holders can buy my PPC, in summation there are 50 extra BTC
How exactly does this assume BTC is divided? Or is that just word population / Bitcoin Supply?
Another way to look at it would be to divide the bitcoins in the same way as the total wealth of the world is distributed (the "eventual distribution") and then check, how you would do.
* the top 29,000 people would have 5,000mBTC or more, a huge fortune comparable to 100 million of today's dollars.
* the top 1 million people would have 500mBTC or more, corresponding to 10 million or more dollars
* 29 million people have at least 50mBTC, which puts them among the most affluent 0.6%, previously called 'millionaires'
* the upper middle class of 350 million people worldwide, owns 5mBTC or more
* lower middle class consists of 1 billion people is characterized by ownership of 0.5mBTC or more
* the lower class of (3+ billion) owns less than 0.5mBTC including people who don't have any or have negative worth.
* the top 1 million people would have 500mBTC or more, corresponding to 10 million or more dollars
* 29 million people have at least 50mBTC, which puts them among the most affluent 0.6%, previously called 'millionaires'
* the upper middle class of 350 million people worldwide, owns 5mBTC or more
* lower middle class consists of 1 billion people is characterized by ownership of 0.5mBTC or more
* the lower class of (3+ billion) owns less than 0.5mBTC including people who don't have any or have negative worth.
Notable is the size of BTC as the "basic" unit. It is a large unit, only applicable in displaying the total wealth of people who used to be called billionaires.
Considering that about 5 billion are in adult age, 1% is 50 million, and so on, the figures become approx as follows:
BTC5 => 0.0006% (cost to purchase today = $6,000)
BTC0.5 => 0.02% ($600)
BTC0.05 => 0.6% ($60)
BTC0.005 => 8% ($6)
BTC0.0005 => 28% ($0.60)
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."
I feel good after reading this thread! 
I think we need to rename btc with another smaller units
It can be confusing to deal with smaller amount of btc
It can be confusing to deal with smaller amount of btc
For you to be in the "richies" means that you at least own a couple USD million dollars with current purchasing power (aka asuming it doesnt get devalued by time).
The scenareo some paint I simply cant believe it. These guys that believe not only 1BTC= 10k, 100k or even 1Million are delusional IMO. Do you think the goverment and powers that be are going to let random NEETs that happened to mine a shit ton of BTC on the early days become the new 1% clique? Get real. Im sure BTC will rise a bit still but we are certainly late to the party to pertain to that 1% in terms of purchasing power.
I had similar feelings not so long ago but a few things to keep in mind. 1. There nothing anyone can do to stop it. Just like there's not much to be done about illegal internet downloads. 2. As price grows large holdings get sold and people diversify. Just today I saw someone claim to have sold 1000btc which likely got diffused to many different people. 3. The governments will tax many especially large public holders along the way so the powers that be are still firmly entrenched. Today's Bitcoin changes that only a little bit. The scenareo some paint I simply cant believe it. These guys that believe not only 1BTC= 10k, 100k or even 1Million are delusional IMO. Do you think the goverment and powers that be are going to let random NEETs that happened to mine a shit ton of BTC on the early days become the new 1% clique? Get real. Im sure BTC will rise a bit still but we are certainly late to the party to pertain to that 1% in terms of purchasing power.
rare? my miner made that in the past week alone.
I'd rather look at it the other way around.
Like having 0.1% of BTC.
Like having 0.1% of BTC.
The glass is always half-empty, hey?
I think this post is great and realistic for luring people into bitcoin. People usually don't have thousands of dollars to put into bitcoin and naturally they are thinking that a small fraction like 0.1 makes no difference.
yes there is quit ea psychological barrier when BTC is trading at $1,200 apiece. but most newbie investors will probably only see the face value of BTC.
I think this post is great and realistic for luring people into bitcoin. People usually don't have thousands of dollars to put into bitcoin and naturally they are thinking that a small fraction like 0.1 makes no difference.
I'd rather look at it the other way around.
Like having 0.1% of BTC.
Like having 0.1% of BTC.
The glass is always half-empty, hey?
With new interest in BTC, I see a lot of so-called "latecomers" who feel they are late to the party and have missed the boat.
I want to tell them that the party is just starting.
I want to tell them that the boat is just sailing.
That their 0.1 BTC makes them so rare as to be among the top 0.xxxxXX% as far as bitcoin ownership is concerned.
That, if bitcoin becomes the world's currency, their amazing secret to untold riches is simply to hold on to that 0.1 BTC.
So, here goes:
Please see this wonderful post by rpietila
https://bitcointalksearch.org/topic/distribution-of-bitcoin-wealth-by-owner-316297.
Now, let me translate this to top X%, assuming a world population of 7e9.
Do you own "JUST 0.1 BTC"? CONGRATS! You are among the TOP 0.004%!!
By all means, hold on to those 0.1 BTC, and maybe, just maybe, untold riches await you!
Do you own 1 BTC? CONGRATS! You are among the TOP 0.003%.
Do you own 10 BTC? CONGRATS! You are among the TOP 0.001%.
Do you own 100 BTC? CONGRATS! You are among the TOP 0.0002%
Do you own 1000 BTC? CONGRATS! You are among the TOP 0.00002%, or among the top 1000 people.
Do you own 10,000 BTC? CONGRATS. You are among the TOP 0.0000007%, or among the top 50 people.
(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.)
I want to tell them that the party is just starting.
I want to tell them that the boat is just sailing.
That their 0.1 BTC makes them so rare as to be among the top 0.xxxxXX% as far as bitcoin ownership is concerned.
That, if bitcoin becomes the world's currency, their amazing secret to untold riches is simply to hold on to that 0.1 BTC.
So, here goes:
Please see this wonderful post by rpietila
https://bitcointalksearch.org/topic/distribution-of-bitcoin-wealth-by-owner-316297.
Now, let me translate this to top X%, assuming a world population of 7e9.
Do you own "JUST 0.1 BTC"? CONGRATS! You are among the TOP 0.004%!!
By all means, hold on to those 0.1 BTC, and maybe, just maybe, untold riches await you!
Do you own 1 BTC? CONGRATS! You are among the TOP 0.003%.
Do you own 10 BTC? CONGRATS! You are among the TOP 0.001%.
Do you own 100 BTC? CONGRATS! You are among the TOP 0.0002%
Do you own 1000 BTC? CONGRATS! You are among the TOP 0.00002%, or among the top 1000 people.
Do you own 10,000 BTC? CONGRATS. You are among the TOP 0.0000007%, or among the top 50 people.
(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.)
How exactly does this assume BTC is divided? Or is that just word population / Bitcoin Supply?
markjamrobin, this assumes that BTCs are distributed per the estimates laid out by rpietila here: https://bitcointalksearch.org/topic/distribution-of-bitcoin-wealth-by-owner-316297.
-deego.
Where is LTC in all this? As I got more of 'em. 
ahh..getting so much positive vibes out of this thread
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