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Topic: Bitcoin Millionaires - page 3. (Read 6968 times)

hero member
Activity: 574
Merit: 500
Medical Translations for Bitcoins
February 19, 2014, 11:58:46 AM
#32
Can someone please post a definition of millionaire?

What I would suggest:

If you convert all your BTC today into US-$/UK-£/Euro-€, would you have more than 1000000 $/£/€ just from conversion of BTC?

Or did you do that in the past (maybe when BTC was > 1000 US-$), did you convert enough to receive 1000000 $/£/€ or more?

That would in my opinion qualify as someone who became a millionaire through Bitcoin.
(Even better if you were a "poor" college kid or a single mother of 3 small children 4 years ago and simply mined some bitcoin then because it was crypto fun)

 Smiley
legendary
Activity: 3472
Merit: 4801
February 19, 2014, 11:57:22 AM
#31
Can someone please post a definition of millionaire?

I already did.

Of course, you make a habit of random posts without putting any effort into reading the content of the threads you are posting it.  For that matter, you generally don't even read the OP, and instead blindly post comments based entirely on the subject line.
legendary
Activity: 3472
Merit: 4801
February 19, 2014, 11:55:51 AM
#30
I suppose that depends on whether significant enough weaknesses are ever found in the RIPEMD-160, SHA-256, and ECDSA algorithms.  If significant enough weaknesses are discovered, then those "lost" bitcoins can be recovered, once again increasing the maximum number of possible millionaires.

However, if such a weakness were found, it could just as well be used to "recover" bitcoins that are currently in other people's wallets and essentially are "lost" to me :-)
This would certainly increase the number of possible bitcoin millionaires, but in practice it would mean that either
- I would become the sole bitcoin multimillionaire (if I knew the secret and didn't tell anybody)
- Everybody could be a bitcoin millionaire for a short moment until the coins are siphoned away again (if everybody knew the trick).
In both cases, owning a million bitcoins would be comparable to owning a million zimbabwean dollars...

Onkel Paul

If such weaknesses are discovered, the cryptographic signature and hash algorithms used by Bitcoin could be updated.

You're right, if weaknesses to all three were "suddenly" discovered by a single person and kept secret, they could steal all the bitcoins.  However, realistically, this is not how cryptography becomes broken.  It is nearly certain that progressive weaknesses will be discovered slowly over a period of months or, more likely, years. This will allow plenty of time to change the addresses that bitcoins are stored in (excepet the ones that are "lost", which then could eventually be recoverable).

As a practical matter, there can't be anywhere near 20 bitcoin millionaires, since far too many people own portions of bitcoins that they would not give up.  But as an mental exercise, the technical details of the bitcoin protocol limit the maximum possible number to 20.  
legendary
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February 19, 2014, 11:50:21 AM
#29
Can someone please post a definition of millionaire?
legendary
Activity: 3472
Merit: 4801
February 19, 2014, 11:49:03 AM
#28
I suppose that depends on whether significant enough weaknesses are ever found in the RIPEMD-160, SHA-256, and ECDSA algorithms.  If significant enough weaknesses are discovered, then those "lost" bitcoins can be recovered, once again increasing the maximum number of possible millionaires.  There are however some bitcoins that were completely destroyed due to a bug in someone's mining program.  They no longer exist, and can't be recovered without changing the nature of the bitcoin protocol.  I'm not sure exactly how many were destroyed, but I suspect that it was significantly less than 1000 BTC.

If you just take the case of XCP : 2130.84 BTC have been burned (lost forever).
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

As I said, those are "lost".  They still exist, they've just been sent to an address for which almost certainly nobody currently has the private key.

However, if significant enough weaknesses are ever found in the RIPEMD-160, SHA-256, and ECDSA algorithms, those bitcoins could be recovered.

There are a number of bitcoins that have actually "destroyed".  They no longer exist in the blockchain.  I don't recall how many, but those bitcoins cannot be recovered without changing the nature of the bitcoin protocol.
legendary
Activity: 1039
Merit: 1005
February 19, 2014, 11:49:00 AM
#27
I suppose that depends on whether significant enough weaknesses are ever found in the RIPEMD-160, SHA-256, and ECDSA algorithms.  If significant enough weaknesses are discovered, then those "lost" bitcoins can be recovered, once again increasing the maximum number of possible millionaires.

However, if such a weakness were found, it could just as well be used to "recover" bitcoins that are currently in other people's wallets and essentially are "lost" to me :-)
This would certainly increase the number of possible bitcoin millionaires, but in practice it would mean that either
- I would become the sole bitcoin multimillionaire (if I knew the secret and didn't tell anybody)
- Everybody could be a bitcoin millionaire for a short moment until the coins are siphoned away again (if everybody knew the trick).
In both cases, owning a million bitcoins would be comparable to owning a million zimbabwean dollars...

Onkel Paul
hero member
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Wherever I may roam
February 19, 2014, 11:45:23 AM
#26
There can be at most 21 bitcoin millionaires at any given time.
This is not quite true.
As of the year 2028, there will be more than 20,000,000 bitcoins in existence, however there will never be as many as 20,999,999.9769
Therefore, after 2028, there can be at most 20 bitcoin millionaires at any given time (and one person who is frustratingly close to being a millionaire, but falls just short).
According to estimations, a part of Bitcoins are lost.
Some say that up to 1/3 of Bitcoin are or will be lost.
So that's 14 Bitcoins millionaires max.
I suppose that depends on whether significant enough weaknesses are ever found in the RIPEMD-160, SHA-256, and ECDSA algorithms.  If significant enough weaknesses are discovered, then those "lost" bitcoins can be recovered, once again increasing the maximum number of possible millionaires.  There are however some bitcoins that were completely destroyed due to a bug in someone's mining program.  They no longer exist, and can't be recovered without changing the nature of the bitcoin protocol.  I'm not sure exactly how many were destroyed, but I suspect that it was significantly less than 1000 BTC.

If you just take the case of XCP : 2130.84 BTC have been burned (lost forever).
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What's the story of that address, Superresistant?
legendary
Activity: 2156
Merit: 1131
February 19, 2014, 11:36:46 AM
#25
There can be at most 21 bitcoin millionaires at any given time.
This is not quite true.
As of the year 2028, there will be more than 20,000,000 bitcoins in existence, however there will never be as many as 20,999,999.9769
Therefore, after 2028, there can be at most 20 bitcoin millionaires at any given time (and one person who is frustratingly close to being a millionaire, but falls just short).
According to estimations, a part of Bitcoins are lost.
Some say that up to 1/3 of Bitcoin are or will be lost.
So that's 14 Bitcoins millionaires max.
I suppose that depends on whether significant enough weaknesses are ever found in the RIPEMD-160, SHA-256, and ECDSA algorithms.  If significant enough weaknesses are discovered, then those "lost" bitcoins can be recovered, once again increasing the maximum number of possible millionaires.  There are however some bitcoins that were completely destroyed due to a bug in someone's mining program.  They no longer exist, and can't be recovered without changing the nature of the bitcoin protocol.  I'm not sure exactly how many were destroyed, but I suspect that it was significantly less than 1000 BTC.

If you just take the case of XCP : 2130.84 BTC have been burned (lost forever).
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
legendary
Activity: 3472
Merit: 4801
February 19, 2014, 11:33:03 AM
#24
There can be at most 21 bitcoin millionaires at any given time.
This is not quite true.
As of the year 2028, there will be more than 20,000,000 bitcoins in existence, however there will never be as many as 20,999,999.9769
Therefore, after 2028, there can be at most 20 bitcoin millionaires at any given time (and one person who is frustratingly close to being a millionaire, but falls just short).

According to estimations, a part of Bitcoins are lost.
Some say that up to 1/3 of Bitcoin are or will be lost.
So that's 14 Bitcoins millionaires max.

I suppose that depends on whether significant enough weaknesses are ever found in the RIPEMD-160, SHA-256, and ECDSA algorithms.  If significant enough weaknesses are discovered, then those "lost" bitcoins can be recovered, once again increasing the maximum number of possible millionaires.  There are however some bitcoins that were completely destroyed due to a bug in someone's mining program.  They no longer exist, and can't be recovered without changing the nature of the bitcoin protocol.  I'm not sure exactly how many were destroyed, but I suspect that it was significantly less than 1000 BTC.
legendary
Activity: 2156
Merit: 1131
February 19, 2014, 11:27:12 AM
#23
There can be at most 21 bitcoin millionaires at any given time.
This is not quite true.
As of the year 2028, there will be more than 20,000,000 bitcoins in existence, however there will never be as many as 20,999,999.9769
Therefore, after 2028, there can be at most 20 bitcoin millionaires at any given time (and one person who is frustratingly close to being a millionaire, but falls just short).

According to estimations, a part of Bitcoins are lost.
Some say that up to 1/3 of Bitcoin are or will be lost.
So that's 14 Bitcoins millionaires max.
legendary
Activity: 3472
Merit: 4801
February 19, 2014, 11:23:58 AM
#22
There can be at most 21 bitcoin millionaires at any given time.

This is not quite true.

As of the year 2028, there will be more than 20,000,000 bitcoins in existence, however there will never be as many as 20,999,999.9769

Therefore, after 2028, there can be at most 20 bitcoin millionaires at any given time (and one person who is frustratingly close to being a millionaire, but falls just short).

I can't remember exactly how many bitcoins have been destroyed, so I'm not sure just how short of being a millionaire the extra person falls.
legendary
Activity: 2156
Merit: 1131
February 19, 2014, 11:22:05 AM
#21

Well if it's just having about 100BTC, there is plenty of millionaires out there.

Is it really interesting at all ?
full member
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Worlds Simplest Cryptocurrency Wallet
February 19, 2014, 11:16:56 AM
#20
A millionaire? I'm pretty sure you need to have 1 million bitcoins to qualify as a millionaire.
There can be at most 21 bitcoin millionaires at any given time.
global moderator
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February 19, 2014, 10:51:54 AM
#19
A Bitcoin millionaire is somebody who has over a million £ or $ in Bitcoins. I think Satoshi is the only Bitcoin billionaire, or he was at least.

I would consider someone a Bitcoin millionaire if they had over 100 BTC, and especially over 1000 BTC.

How would that make them a millionaire? 1000BTC is currently £371,700.
hero member
Activity: 732
Merit: 500
Nosce te Ipsum
February 19, 2014, 07:45:59 AM
#18
I meant someone who has made a lot of money out of BTC - 1 million bucks or something. Enough significantly change their life.

And, yes, you make a good point - there is a story to be told about those who sold too early.

From its first exchange price at 1,300 to 1USD, bitcoin was a million bagger for somebody!

More interesting would be, not people who sold too early, but people that mined say 10,000+ Bitcoin, and then forgot about it and maybe reformatted their HDD or something like that. I think there was a story of a guy who had a HDD with a large amount of Bitcoin on it, and he threw it away, and went digging through the dump. Ouch!! Cry

Edit: Yep, here's the article on the guy who threw out his HDD. 7500 Bitcoin mined on a laptop!! Those were the days, LOL!!

http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
sr. member
Activity: 910
Merit: 302
February 19, 2014, 07:35:40 AM
#17
I'm a bitcoin millionaire.
member
Activity: 280
Merit: 10
February 19, 2014, 06:01:20 AM
#16
Good article on Charlie Shrem

http://www.vocativ.com/12-2013/night-bitcoin-millionaire-proud-stoner-charlie-shrem/


Also search redditt there are a lot of life changing stories there.
legendary
Activity: 1400
Merit: 1143
The Cryptonumist
February 19, 2014, 04:42:19 AM
#15
Looking forward to this book; I'll certainly be buying a copy! Also; please donate one to the Bitcoin Museum at https://www.thebitcoinmuseum.com/ !
member
Activity: 280
Merit: 10
February 19, 2014, 04:27:16 AM
#14
newbie
Activity: 15
Merit: 0
February 19, 2014, 03:19:30 AM
#13
That’s a very interesting scoop. I already read a lot of stories about bitcoin millionaires. Maybe you could find some informative stuff at bitcoindaily.com that will help you on your writings.
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