Topic: Distribution of bitcoin wealth by owner - page 3. (Read 153446 times)

You think the halving will that much for the bitcoins price though?

I`m checking from the last one and there wasnt much of a jump. ETH seems like a price bubble no? I`m not too informed with the whole alt coin news, but ever since I heard "cryptsy" being gone as a alt coin exchange and old history of "doge coin" being dead I just cringe so hard.

I`d really love to see a new estimation.

Has any online wallet made public their customers coin % of ownership (in aggregate format of course)?

Certainly such information could be used to sample this distribution and estimate how much bitcoin people do hold.

You only need a few grand to make millions right now.  That's all I had to start with before.  I can pick big winners like I picked ETH, but it takes time to execute and unwind and I think we only have 3-6 months before Bitcoin explodes.  I'm trying to find some ready to explode Alts but with no inside info it's like observing the universe through coke bottles.  Possible but improbable.

Well crypto has milions invested into them,is the first time i had read someone holding 500 btc into altcoins,and if i had read well you lost all since crypto gone,its an amazing history that must be shared with others,even ending bad its interesting to know that you had sucess trading altcoins over the years.To get milionaire or achieve 1 milion dollars or eur its possible with crypto,but besides lucky you will need something to start,and it can take several years as i see the market hot these last week but without a huge ammount you will make some satoshis when others are making 4 or 5 btc on each trade they make.

I don't really want to diss on you, but really, "nothing" is not a good place to be in regards to bitcoin or anything else.  And, really people with nothing are not in a really good experiential position to be suggesting what others should be doing, no?  I mean, maybe you understand in theory about what should be done, and maybe to suggest "don't do what I did," but really, we should take anyone with nothing with a grain of salt, if we are considering how to accumulate BTC and whether we want to strive to be in some kind of level of BTC accumulation (whether that be .1BTC or 10k BTC).   By the way, right now, as I type, .1 BTC can be obtained for anywhere between $40 and $50 depending on your BTC supply sources.

I understand tough times strike everyone, but everyone should have some kind of savings of something. 

The goal for savings is usually to attempt to have enough savings to live for 6 months off of the savings without any income (in an emergency), but I understand that it is not easy to get to the 6 month reserves point (but it is a goal to which to aspire), so even if some people have only enough savings to live for 1 month, they should attempt to put some of that into bitcoin (maybe starting with about 1% of their savings (or maybe .1 BTC), and if you are really poor then your amounts in bitcoin should probably not be a high percentage of your savings holdings because when you are poor you need some decent liquidity and as many of us already know, bitcoin has another tendency to be very price volatile and some other liquidity downsides).

Well, if we have a somewhat bullish view of bitcoin, then we can really consider mostly one main strategy and that is to accumulate BTC, somehow and within your means.

Surely, you can assert that "I used to have  X number of coins, but now I have X-Y number of coins," and that either demonstrates that you were not sufficiently bullish about bitcoin, you did not attempt to accummulate BTC or some tragedy struck that caused you to spend your BTC (which every little up and down in life should not be a tragedy unless you just overinvested and failed to have alternative financial sources).

So if your goal is to accumulate, then you largely should have a strategy to replace whatever you spend.

You have 3 moths, max 6 months.

I too got in Bitcoin late, may 2013, after it hit $266.  And I am not a techie, never owned miners and had no money.

Soooo, anyone can become a multi millionaire in crypto, you just have to get involved, work hard and take logical but big risks.  The less you have the bigger the risks you need to take.  And that's one thing I'm good at.  I'm all in with the nothing I have. 

It must feel really bad having hundreds of coins and then later spending them which could not make you multimillionaire.

I joined btc much later and most of the coins i bought so i havent had anything close to that sum.

I remember the time I had 20 bitcoin made through translations, blogging and buying in some nice icos. Now I only have some in a few altcoins worth currently around 3 btc but now trying to get back to making one btc a month if at all possible to at least get to 10 btc a year. I am hoping b the time I am 60 I can retire with some btc at hand as I don't have a pension so if I stay alive over the next ten years I might manage it. I wonder where I can find the latest bitcoin richlist would love to know what it looks like currently.

I used Venmo.  I received the fiat from the BTC purchaser, and then I transferred the fiat to my bank account.  Venmo's terms said that payments were not reverseable, so I thought that I was safe because it showed up in my Venmo account and then showed as transferred to my bank account.  Therefore, I sent the bitcoins to the BTC purchaser.  Thereafter, Venmo reversed my bank transfer and explained that there was a problem without specifying exactly what the problem was.. they implied that the BTC purchaser did not have funds in his account (but really I am not sure because those funds should not have been shown as received by me and then transferred to my bank account).     

I`d say the top 2%, the top 0.02% is the super elite.

The rich class starts from 2%, and you only need like 5-10 BTC for that. Why? You can say its no big deal a few thousand $$.

But imagine in the future millions of newbies will join who have no option of earning but from faucets, or from buying at an ever increasing price.

Add also in the bitcoin black-holes, and forgotten priv keys, the price has to go up , most of the elite addresses are owned by nobody.

So even if you hold 10 BTC, if you hold that for the next 10 years, you will be the bitcoin establishment , and those coins could be worth a lot then.

Would you mind explaining more about the method of fiat payment and how it was reversed?

Likely I was getting you mixed up with someone else, and surely sometimes it is difficult to understand some of the claims that people make regarding their own portfolios, situations or experiences because sometimes there is just misinformation floating around out there that claims to be based on actual experiences, but instead is based upon some fabrication of facts/experiences.

Now, predicting is another thing.  It surely seems difficult to predict with any precision, but we should be attempting to distribute our portfolios in accordance with our views of probabilities, our timeline, other diversification and our tolerance of risk.


At this point, I have my bitcoins spread out amongst various exchanges and wallets, and surely there is both 3rd party risk and risk regarding the overall ongoing value and bitcoin politics.  I find it very difficult to imagine losing any significant portion of my bitcoins, but surely it remains possible and even probable that there will be some losses here and there.


So far, most of my BTC losses have been due to some bad timing and/or acting or failing to act (which is more about failing to realize gains rather than actual losses). 

Recently, I had one situation in which I was scammed out of about 3BTC, and in that sense, I had really thought that I had received payment of fiat and payment of fiat was irreversible.. and at that point, I transmitted my irreversible BTC payment and the fiat payment did not go through (even though I really clearly thought that the fiat payment was in a "irreversible" status).  Anyhow, that particular bad transaction of mine ends up being a learning experience that I hope not to repeat that gets absorbed into my cost of doing business in BTC and my average price per BTC goes up because of that loss (fucked up outcome).  Even through my years of being involved in BTC, I have run into various costs, and I have undergone various kinds of risks, including various 3rd party risks.  Somehow, i hope to make up for my various losses and costs of engaging in the bitcoin investment arena to pay off and over the years through BTC price appreciation and continued trading of BTC my losses, costs and expenses will be absorbed.. and profits will significantly outweigh costs.

So, yeah, in the end, there are a lot of risks and fucked up things that make matters complicated and sometimes difficult to sort through the bullshit and to figure out possible future BTC performance and to invest accordingly.

I don't lie about this stuff.

I didn't own any BTC, it was all in Alts.  I'm no techie so holding them on cryptsy which was never hacked was my best option.  Plus I traded a lot.

No, I'm all cleaned out now.  Starting from pretty much zero.

Read my riddle thread, I've been calling for Bitcoin going over $10,000 then over $100,000 since 2013.  I was the one who called Bitcoin hitting $1200 correctly in 2013, saying it would match gold in 12 months.  I've been telling everyone lately to not fall for games to dump their BTC cause the bankers are using propaganda to scare everyone out before the big run this year.

I'm ULTRA bullish on Bitcoin but there is much more going on and that's where my criticism comes in. 

Cheers!

Is this really true that you had nearly 500BTC?  Do you have any BTC now?  more than 1, more than 10?  more than 100?

Have you posted about your personal experience of your allegedly losing btc? 

Unless, I am mixing you up with someone else, I recall that I had some posting interactions with you previously in which you were talking down bitcoin in a variety of ways, so I would be surprised that you would accumulate so many and then to talk down bitcoin. 


Is this your attempt at spreading FUD/disinformation or had you really accumulated nearly 500BTC? 

Let's assume, for argument sake, that you really did acquire nearly 500 BTC.  It would seem fairly foolish to leave more than 20% (around 100BTC on any exchange) unless you are trying to accumulate BTC (or alts) by attempting price manipulations on a relatively small volume exchange and keeping your whole stash on such exchange in order to maximize manipulation effect or arbitrage opportunities (which would be a risky business)?

Wow, I was almost there before I lost it all in Cryptsy.  MaxPain!!!

Just think of what is the dollar equivalent. I believe the bitcoin wealth distribution follows the same mathematical distribution to a large extent.

A possible way to think is that "$25 million NW" is "elite" (replace the figure with anything that suits you). There maybe about 1 million such people among the 5,000 million adults in the world.

So if we take this example, the relative position to be in the "elite" is 0.02%. (In reality, even these, most are just normal guys. It is a controller tactic to paint these guys "rich" and "enemies of the working class", as has always been.)

My sources indicate that BTC has more owners now than 2 years ago, perhaps 5 million. So the 0.02% is 1,000 largest owners who are the "Bitcoin elite". If my calcs are not completely off, you only need about BTC500 to be among the 1,000 largest owners. This was the rough estimate, it's possible to spend more time on it to get a better one.

The Top 5% is considered to be the elite. Considering that most people have under 1 BTC, this means that almost everyone with 1-2 bitcoins that he holds on to is an elite.


More low balance folks will join from poor countries, then I guess the top 10% will be the elite.


But those that remain in the top 1-2% will be the ultra-elite, equivalent to the fiat banking system owners.

O.k... so those are the approximate numbers as of early 2014.. yet I believe that a few more "weak" hands may have been shaken since then.. and maybe the indicators are that larger holdings of bitcoins are held by fewer numbers of individuals, rather than by more individuals..


I think that less diversity in the larger holdings of bitcoins is the anticipated direction (rather than more dispersed BTC holdings), yet the data sources are mostly inferential evidence rather than direct evidence regarding anticipated BTC holdings (who and how much).