Bitcoin Distribution of Wealth Detailing the BTC Holdings of Wallet Addresses - page 2.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: nanonano on March 17, 2014, 08:20:01 AM

Quote from: Abdussamad on March 17, 2014, 07:12:19 AM

We don't know how many addresses people have. But we do know that, excluding multi-sig addresses, an address belongs to one person or one organization.

No, we don't, not in the sense that we could say "there must be one person that (thinks that he) owns all the coins in this one address". The Mt Gox incident showed very clearly that a lot of people (far more than I imagined) are totally ready to give control of their coins to some other entity that typically will consolidate the coins to a small number of addresses.

Yes. Many of the largest addresses are owned by exchanges and hold bitcoins for thousands of people.

nanonano

member

Activity: 70

Merit: 10

Quote from: Abdussamad on March 17, 2014, 07:12:19 AM

We don't know how many addresses people have. But we do know that, excluding multi-sig addresses, an address belongs to one person or one organization.

No, we don't, not in the sense that we could say "there must be one person that (thinks that he) owns all the coins in this one address". The Mt Gox incident showed very clearly that a lot of people (far more than I imagined) are totally ready to give control of their coins to some other entity that typically will consolidate the coins to a small number of addresses.

CryptoDomains

full member

Activity: 159

Merit: 100

Exactly!

I am starting to wonder what kind of game this was or is...satoshi is such a humble, secretive and noble man since he hasn't spent any coins and he gave us this new form of currency, ya sure.

So far he and a handful at best of others have not really given the currency freedom to make significant impact, why, time will tell the real plan. And no social media hype, news and a few dollars in the pockets of a few is not significant impact.

Abdussamad

legendary

Activity: 3682

Merit: 1580

Quote from: CryptoDomains on March 17, 2014, 06:50:31 AM

franky1, it would appear if what you say is right (more mid to upper range accounts belong to people holding multiple accounts to cut up large accounts) that would actually make it worse.

Those numbers don't look good at first sight or cut up the way you mention either.

Yeah exactly. We don't know how many addresses people have. But we do know that, excluding multi-sig addresses, an address belongs to one person or one organization. So looking at this table it seems 100k addresses hold 96% of all bitcoins. If we assume, conservatively, that a person has 10 addresses that means just 10,000 entities own 96% of all bitcoins. I bet the real number is even lower than that. Maybe just a few hundred.

ashapasa

sr. member

Activity: 420

Merit: 250

Quote from: Open4lies on March 17, 2014, 05:30:12 AM

Quote from: ashapasa on March 17, 2014, 05:18:13 AM

is the concentration of bitcoin among a few people the reason for its high price.

I bet quite opposite, the more people using bitcoin, the higher value.
And I bet bitcoin is more evenly distributed now than one year ago.

true but only if it becomes a major currency. Right now if the OPs numbers are true its still very concentrated and whales can influence price in the short term, by hoarding and creating artificial scarcity.

CryptoDomains

full member

Activity: 159

Merit: 100

franky1, it would appear if what you say is right (more mid to upper range accounts belong to people holding multiple accounts to cut up large accounts) that would actually make it worse.

Those numbers don't look good at first sight or cut up the way you mention either.

Open4lies

sr. member

Activity: 552

Merit: 250

Quote from: ashapasa on March 17, 2014, 05:18:13 AM

is the concentration of bitcoin among a few people the reason for its high price.

I bet quite opposite, the more people using bitcoin, the higher value.
And I bet bitcoin is more evenly distributed now than one year ago.

ashapasa

sr. member

Activity: 420

Merit: 250

is the concentration of bitcoin among a few people the reason for its high price.

franky1

legendary

Activity: 4410

Merit: 4766

Quote from: rezilient on February 10, 2014, 05:43:59 PM

Gotta say, those numbers are VERY surprising. I would have expected way more holding 1000+ BTC based on early adopters. I guess I'm not as late in the game as I thought. Cool

those that hold a combined value of 1000+ coins.. spread it out into addresses of 10-100 btc

i know on of my high value wallets contains a few addresses of even smaller amount balance splits than 10btc per address, yet if i combined my address balances and then combine the wallets holding all those address balances, then it would show something different..

remember also when you spend 10btc of 100btc for instance. the other 90 then moves to a new 'change address' so you end p having more addresses in your wallet then you thought you had.

which basically means that the chart is meaningless. exchanges have hundreds if not thousands of deposit addresses, savvy savers have dozons of addresses. so there is no way of knowing true 'user numbers' based on that chart.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: keithers on February 07, 2014, 05:32:52 PM

Here is an interesting chart (as of 2/6/2014):

Obviously most people (myself included), that hold a decent amount of BTC are holding them in different wallets, however the above chart shows that if your btc wallet address holds more than 0.01 BTC, that you are currently in the top 1% of the bitcoin richest addresses.

This is an interesting distribution chart, as the number of addresses holding 1k or more bitcoins is very small in comparison to the world's population. Where do you sit?

Address, wallet, and person are all very different things and have very different distributions. That chart is for addresses and very little else can be determined from it.

You misinterpreted the chart. Addresses with more than 0.01 BTC are in the top 3.3%, not the top 1%. Addresses with at least 1 BTC are in the top 1%.

lassdas

legendary

Activity: 3676

Merit: 1495

Quote from: CryptoDomains on March 16, 2014, 10:05:51 PM

.. and in the same breath say that is what it will or has done all while stating it has nothing to do with control and if centralization or not...shows you do not understand.

You're mixing up something here.

I'm not saying Bitcoin has nothing todo with control and/or decentralization,
I'm just saying this thread has nothing todo with control and/or decentralization,
that's 2 completely different things. Wink

No matter how much bitcoins you own, if it's millions of bitcoins, or just a single satoshi,
you don't have any more, or less control over bitcoin, than anyone else.

CryptoDomains

full member

Activity: 159

Merit: 100

Quote from: lassdas on March 16, 2014, 09:56:19 PM

Quote from: CryptoDomains on March 16, 2014, 09:41:47 PM

Quote from: lassdas on March 16, 2014, 09:28:36 PM

And how is it different from any other currency?

You answered all your questions you had of me yourself with this last question.

Welcome to no advancement apart from gov/central control, for now.

This is not about control,
it's about distribution of wealth.

Quote from: CryptoDomains on March 16, 2014, 09:41:47 PM

The fact is the coin as of now has done good for who exactly,...

For everyone,
that obviously includes drug dealers, mobs, money laundering etc.

I personally never bought or sold any drugs with bitcoins,
I never laundered any money,
yet it has done good for me.

I don't doubt is has done good for some people (people have made a few bucks, sure) outside the shady world but when you want it to have a global impact and in the same breath say that is what it will or has done all while stating it has nothing to do with control and if centralization or not...shows you do not understand. I am sorry you just do not understand what I am trying to say, you cannot have another version of fiat and expect a change, period. Right now bitcoin offers a handful of advancements and differences, payment method, no government control, tax evasion op., investment and so on but you cannot over look what will ultimately strangle growth. As you stated based on that chart it is no different then any currency in the grand scheme of things.

No one can look at that chart and say, oh good!

lassdas

legendary

Activity: 3676

Merit: 1495

Quote from: CryptoDomains on March 16, 2014, 09:41:47 PM

Quote from: lassdas on March 16, 2014, 09:28:36 PM

And how is it different from any other currency?

You answered all your questions you had of me yourself with this last question.

Welcome to no advancement apart from gov/central control, for now.

This is not about control,
it's about distribution of wealth.

Quote from: CryptoDomains on March 16, 2014, 09:41:47 PM

The fact is the coin as of now has done good for who exactly,...

For everyone,
that obviously includes drug dealers, mobs, money laundering etc.

I personally never bought or sold any drugs with bitcoins,
I never laundered any money,
yet it has done good for me.

CryptoDomains

full member

Activity: 159

Merit: 100

Quote from: lassdas on March 16, 2014, 09:28:36 PM

And how is it different from any other currency?

You answered all your questions you had of me yourself with this last question.

Welcome to no advancement apart from gov/central control, for now.

The fact is the coin as of now has done good for who exactly, drug dealers, mobs, money laundering etc...I mean real impacts, real change, who tell me who if not these people for the most part. Has it made a XX,XXX people a few bucks, sure, is it worth investing in more, absolutely, good investment when you look around. But do not think I kid mysef to believe this will in any way ever end differently then fiat. Now that I have seen that chart my heart sank. If anything it may be the same fiat rulers who hold those coins, one more big money game to screw the average guy, make more money themselves and cement paper as real money...again, sad.

lassdas

legendary

Activity: 3676

Merit: 1495

Quote from: CryptoDomains on March 15, 2014, 06:23:24 PM

Wow, very sad news.

And how's that sad news?
A lot of wealth is owned by a couple of people,
how's that surprising?

Quote from: CryptoDomains on March 15, 2014, 06:23:24 PM

Truth is if I saw this graph before hearing anymore about bitcoin to start I would laugh at the idea of a revolution with such an idea.

Why's that?
What has the idea todo with others owning more than you do?

If you own a lot of $s, you can own (or mine) a lot of bitcoins too,
if you don't own any $s, you probably can't afford any bitcoins.
What's new about that?
And how is it different from any other currency?

cdog

hero member

Activity: 1036

Merit: 500

My guess is almost 1M BTC is lost, unrecoverable, or wont ever become an output (sent or spent), particularly if you agree that Satoshi wont ever use 99% of his coins.

The problem now is BTC is fairly pricey compared to 2013 prices, so not many people can buy 100+ at a time. Most will buy in the 1-10 range. I tell everyone, just start buying one BTC.

If you look at how hard its going to be to mine one BTC in a year or two, especially when the block reward halves, it stands to reason BTC will be very valuable and hard to obtain.

When all the bears go home and these storm clouds blow over, and companies like Circle make BTC easy for everyone, the rise vs the USD will be fast and furious.

Conclusion: scoop coins now, even at $600-1000 per its still the best investment out there looking at the next few years.

WindMaster

sr. member

Activity: 347

Merit: 250

Quote from: herebittybittybitty on March 16, 2014, 07:34:30 PM

Throw out at least 95% of those addresses. They're junk, abandoned or never used.

Wrong. A never-used address never ends up in the blockchain and no one will know about it, thus wouldn't be included in these stats.

herebittybittybitty

full member

Activity: 154

Merit: 100

Throw out at least 95% of those addresses. They're junk, abandoned or never used.

CryptoDomains

full member

Activity: 159

Merit: 100

Wow, very sad news. Essentially this is one big game for a very small group statistically speaking and likely much less considering the multiple account holding.

Meaning it is more likely a big game for XX,XXX or even X,XXX people world wide and no more.

Essentially this could be devastating.

And I have to disagree with the redistributing via commerce, sorry but when you have the next largest group with $60-$600 worth on average and only a couple hundred thousand people , SO WHAT! That is 3% of the lions share, you do not help spread wealth with 3%.

Truth is if I saw this graph before hearing anymore about bitcoin to start I would laugh at the idea of a revolution with such an idea. This as far as I can see is an elite scheme now or a matter of pumping before dumping to the masses, the one's who usually are left holding the bag (taxes).

It also explains why we haven't heard hundreds and thousands of average Joe's complain about MTGOX, they likely do not exist in any number worth mentioning or lost much of anything worth complaining about.

If you steal from large holders you get large problems, when you steal $$$-$$$$ from thousands of individuals, you get a slap, watch.

Alley

legendary

Activity: 910

Merit: 1000

Very interesting chart! Where did it come from? It would be nice to see a new chart every month to see how wallet distribution is changing.

Topic: Bitcoin Distribution of Wealth Detailing the BTC Holdings of Wallet Addresses - page 2. (Read 5703 times)