FreeBitco.in-$200 FreeBTC⭐Win Lambo🔥0.2BTC DailyJackpot🏆$32,500 Wager Contest - page 1221.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: Pursuer on July 29, 2018, 02:46:42 AM

Quote from: o_e_l_e_o on July 28, 2018, 04:53:20 AM

Quote from: Pursuer on July 28, 2018, 02:33:08 AM

if you want an equivalent, there is about 90 trillion USD in circulation in the world according to a google search which means for bitcoin which is a global currency unlike the centralized USD, with the same market cap its price should be about $5 million which means 1 satoshi would be worth $0.05. do you still think it is impossible?

Genuine question. Assume for a moment that we are working towards Bitcoin becoming a sigle, global currency, to the exclusion of all else. How then do we factor in the value of derivatives? Current estimates put the value of the derivative market at somewhere between $600 trillion and $1.2 quadrillion.

that is the whole point of the argument. what you call "value" is just market cap which is not even a defined characteristic for a currency, it is meaningful for a company in stocks market not a currency in circulation. not to mention that most of these "derivatives" are not really in circulation. you can literary create market cap out of nothing.

Isn't market cap the circulation number times the confirmed price the highest one unit has sold for? So with Bitcoin, if someone a few years ago in a very tight communist country bought a Bitcoin for say $1 million then the market cap would be at $21 trillion.

And $90 trillion is probably not including the national debt they have (and a lot of other countries have).
Which is about $21 trillion itself.

Pursuer

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Where is my ring of blades...

Quote from: o_e_l_e_o on July 28, 2018, 04:53:20 AM

Quote from: Pursuer on July 28, 2018, 02:33:08 AM

if you want an equivalent, there is about 90 trillion USD in circulation in the world according to a google search which means for bitcoin which is a global currency unlike the centralized USD, with the same market cap its price should be about $5 million which means 1 satoshi would be worth $0.05. do you still think it is impossible?

Genuine question. Assume for a moment that we are working towards Bitcoin becoming a sigle, global currency, to the exclusion of all else. How then do we factor in the value of derivatives? Current estimates put the value of the derivative market at somewhere between $600 trillion and $1.2 quadrillion.

that is the whole point of the argument. what you call "value" is just market cap which is not even a defined characteristic for a currency, it is meaningful for a company in stocks market not a currency in circulation. not to mention that most of these "derivatives" are not really in circulation. you can literary create market cap out of nothing.

TheQuin

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Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: Gary.Wilson_Jr. on July 28, 2018, 11:39:31 PM

Now I still get a small profit from my referral, maybe about 10% of what I got last year.
Most of my referrals no longer play free rolls and also do not gamble
because maybe they used to be interested in deposit and gamble because of free rolls game.

That is probably mainly due to the increase in the value of Bitcoin over that time and natural wastage of referrals. I can speak on personal experience when I advertised my ref link years ago most of them played for a while and then gave up. All the ones that are still playing now have continued through the recent changes and I have exactly the same number of active referrals as I did a year ago.

Quote from: Gary.Wilson_Jr. on July 28, 2018, 11:39:31 PM

I hope you and the team soon have a solution to be able to distinguish the botnet and the real user so that all policies can return like last year.

We are constantly working on that but part of it is the more attractive a site is in terms of how much free money can be made out of it the more work and effort botnet operators will put into exploiting it.

Gary.Wilson_Jr.

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Quote from: TheQuin on July 28, 2018, 10:59:34 AM

Quote from: Meow1968 on July 28, 2018, 10:51:55 AM

"some users' payouts was cut in halved because they are suspected part of botnet"

Not true. We put the minimum requirements in to try and make it unprofitable to run a botnet. If you are trying to squeeze the maximum out of the faucet for free that is exactly what they are doing so you are going to get the same restrictions.

Lolz on finding a quote from May that is now out of date. Roll Eyes

Yes and unprofitable also for a referrer like me.

before any reduction in the basic rewards of free rolls and reward point restrictions I always take my time especially on Saturdays and Sundays to introduce bitcoin to people through this site while taking a little profit as a referrer.

It turns out that my profit can exceed that I think, it makes me feel that bitcoin and this site (freebitco.in) is really cool and magical.

Now I still get a small profit from my referral, maybe about 10% of what I got last year.
Most of my referrals no longer play free rolls and also do not gamble
because maybe they used to be interested in deposit and gamble because of free rolls game.

I hope you and the team soon have a solution to be able to distinguish the botnet and the real user so that all policies can return like last year.

TheQuin

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Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: Meow1968 on July 28, 2018, 10:51:55 AM

"some users' payouts was cut in halved because they are suspected part of botnet"

Not true. We put the minimum requirements in to try and make it unprofitable to run a botnet. If you are trying to squeeze the maximum out of the faucet for free that is exactly what they are doing so you are going to get the same restrictions.

Lolz on finding a quote from May that is now out of date. Roll Eyes

Meow1968

newbie

Activity: 9

Merit: 0

Quote from: BTCevo on May 05, 2018, 07:20:52 PM

Quote from: Thirdspace on May 04, 2018, 10:42:25 PM

Quote from: BTCevo on May 04, 2018, 10:13:26 PM

I always claimed it at least once a day if I got more time I will do more but yes last time I got around 400++ per claim but due to the higher price today I just claimed around 300++ which is still good. I tried to hit this lottery. I will not stay out of it before I can claim it once

And I do not understand why can you guys only can claim just around 10? It is far from mine here

base reward is $0.002, $0.002/$9800 = ~0.00000020 BTC (20 satoshi)

Not anymore. Now it's only 1/3 of that.

"some users' payouts was cut in halved because they are suspected part of botnet"

That was the excuse, but it is the same for real users. The real reason was that when BTC crashed from $20,000 to $6000 it because realistically possible to roll your way to 30,000 satoshis again (and of course that minimum does NOT go down as BTC goes up). Now you can't even redeem RPs to increase the minimum unless you invest real money or gamble a ridiculous amount.

TheQuin

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Quote from: Meow1968 on July 28, 2018, 10:26:32 AM

Not being able to redeem RPs that I've spent TWO YEARS saving up is really the last straw.

You still can redeem them just not for more reward points or lottery tickets. The bots were exploiting those heavily so they are now only available to those that meet basic requirements, not those just trying to maximise what they get for free.

Quote from: Meow1968 on July 28, 2018, 10:26:32 AM

freebitcoin.in USED TO BE a good faucet, but the recent changes appear designed with one and only one end in mind: to make it impossible to ever reach the magic 30,000 satoshi without putting in (and gambling away) your own money.

It's far from impossible and many people do it without depositing. But those that deposit and play get far more out of the faucet than those that don't

Quote from: Meow1968 on July 28, 2018, 10:26:32 AM

I feel exactly the same way and that is why I have decided to switch to 99bitcoins.

I'll miss your informative posts, bye bye.

Meow1968

newbie

Activity: 9

Merit: 0

Quote from: andreijoaquin on July 17, 2018, 02:26:17 PM

freebitco.in starting to implement so much policy even in bonus redemption using rewards points, I really like freebitco.in but it started to pissed me with those new policies.

I feel exactly the same way and that is why I have decided to switch to 99bitcoins.

Not being able to redeem RPs that I've spent TWO YEARS saving up is really the last straw. freebitcoin.in USED TO BE a good faucet, but the recent changes appear designed with one and only one end in mind: to make it impossible to ever reach the magic 30,000 satoshi without putting in (and gambling away) your own money.

MM

o_e_l_e_o

legendary

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Quote from: Pursuer on July 28, 2018, 02:33:08 AM

if you want an equivalent, there is about 90 trillion USD in circulation in the world according to a google search which means for bitcoin which is a global currency unlike the centralized USD, with the same market cap its price should be about $5 million which means 1 satoshi would be worth $0.05. do you still think it is impossible?

Genuine question. Assume for a moment that we are working towards Bitcoin becoming a sigle, global currency, to the exclusion of all else. How then do we factor in the value of derivatives? Current estimates put the value of the derivative market at somewhere between $600 trillion and $1.2 quadrillion.

Betwrong

legendary

Activity: 3374

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I stand with Ukraine.

Quote from: Pursuer on July 28, 2018, 02:33:08 AM

Quote from: Kakmakr on July 28, 2018, 01:32:50 AM

Bitcoin has only seen the point of the Iceberg with adoption, so just imagine what will happen if 50% of the world start to compete to own some bitcoins. There is not even enough bitcoins for every millionaire to own ONE bitcoin. Wink

this is the key important thing about all this. the adoption of this global currency is less than 1% so far and if you stop reporting the price per 1 whole bitcoin you can see how cheap it is right now. in other words 1 satoshi which is the real unit at code level by design is currently worth $0.00008

and for those who keep reporting the market cap as if it becomes X then it is impossible but if it becomes Y (Ytry searching for how much is US dollar's market cap. try searching it for market cap of JPY, EUR, INR,... you will fail because it has no meaning!
if you want an equivalent, there is about 90 trillion USD in circulation in the world according to a google search which means for bitcoin which is a global currency unlike the centralized USD, with the same market cap its price should be about $5 million which means 1 satoshi would be worth $0.05. do you still think it is impossible?

That's right. I mean, in several years from now 0.00000024 BTC, which is the minimum one can get per hour on FreeBitco.in rn, will be considered as good as we think about 0.00001 BTC today.

And yes, $5,000,000 per 1 BTC is theoretically possible (I had made similar calculations in the past), only I think it can happen if Bitcoin replaces all the money in the world, because $90 trillion USD is not the amount of USD in circulation, but rather the USD equivalent of all the money.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

Quote from: Kakmakr on July 28, 2018, 01:32:50 AM

Bitcoin has only seen the point of the Iceberg with adoption, so just imagine what will happen if 50% of the world start to compete to own some bitcoins. There is not even enough bitcoins for every millionaire to own ONE bitcoin. Wink

this is the key important thing about all this. the adoption of this global currency is less than 1% so far and if you stop reporting the price per 1 whole bitcoin you can see how cheap it is right now. in other words 1 satoshi which is the real unit at code level by design is currently worth $0.00008

and for those who keep reporting the market cap as if it becomes X then it is impossible but if it becomes Y (Ytry searching for how much is US dollar's market cap. try searching it for market cap of JPY, EUR, INR,... you will fail because it has no meaning!
if you want an equivalent, there is about 90 trillion USD in circulation in the world according to a google search which means for bitcoin which is a global currency unlike the centralized USD, with the same market cap its price should be about $5 million which means 1 satoshi would be worth $0.05. do you still think it is impossible?

Kakmakr

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Quote from: jackg on July 27, 2018, 08:54:35 AM

Quote from: o_e_l_e_o on July 27, 2018, 08:09:29 AM

I use GDP only a benchmark for how ridiculously large sums of money we are talking about here - I realise there is no link between the two.

GDP seems a bit useless as a comparison.
You would probably have better luck:
Picking your currency (to convert everything to).
Determine the total monetary supply per country of state fiat (physical and virtual).
Determine the value of valueable products: gold, silver, diamond, platinum, copper, coal, gas/oil (non crude).
The current market cap of Bitcoin
The value of all the land and properties (houses, hotels, ships)...

Your total will give an approximate to the maximum value of Bitcoin but may take a few years to gather.

It's also worth noting that 1 sat could equal $1 due to hyperinflation at some point.

Well, even with normal inflation, something like this will not be impossible within a couple of years. If I told you 10 years ago that a McDonald's burger will cost you say $5, then you would say I am crazy... right?

Bitcoin has only seen the point of the Iceberg with adoption, so just imagine what will happen if 50% of the world start to compete to own some bitcoins. There is not even enough bitcoins for every millionaire to own ONE bitcoin. Wink

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: o_e_l_e_o on July 27, 2018, 08:09:29 AM

I use GDP only a benchmark for how ridiculously large sums of money we are talking about here - I realise there is no link between the two.

GDP seems a bit useless as a comparison.
You would probably have better luck:
Picking your currency (to convert everything to).
Determine the total monetary supply per country of state fiat (physical and virtual).
Determine the value of valueable products: gold, silver, diamond, platinum, copper, coal, gas/oil (non crude).
The current market cap of Bitcoin
The value of all the land and properties (houses, hotels, ships)...

Your total will give an approximate to the maximum value of Bitcoin but may take a few years to gather.

It's also worth noting that 1 sat could equal $1 due to hyperinflation at some point.

o_e_l_e_o

legendary

Activity: 2268

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I use GDP only a benchmark for how ridiculously large sums of money we are talking about here - I realise there is no link between the two.

TheQuin

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Quote from: o_e_l_e_o on July 27, 2018, 07:52:11 AM

Quote from: Kakmakr on July 27, 2018, 02:05:11 AM

Agreed 100% - I cannot wait for the day when 1 Satoshi = $1 Grin

I mean, I'm bullish on Bitcoin but that's never gonna happen. The marketcap of Bitcoin would have to reach $2,100 trillion - for comparison, the GDP of the entire world is about $75 trillion.

GDP doesn't have any relevance. FWIW when the 21 million Bitcoin and 8 decimal places were decided on Satoshi and the others that were working with him based the calculation on global money supply. 1 Satoshi was meant to be the equivalent of 1 US cent if all money was Bitcoin. Don't read that to mean that they thought that would happen but that they thought that meant there would never be any need for a unit smaller.

o_e_l_e_o

legendary

Activity: 2268

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Quote from: Kakmakr on July 27, 2018, 02:05:11 AM

Agreed 100% - I cannot wait for the day when 1 Satoshi = $1 Grin

I mean, I'm bullish on Bitcoin but that's never gonna happen. The marketcap of Bitcoin would have to reach $2,100 trillion - for comparison, the GDP of the entire world is about $75 trillion.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: Kakmakr on July 27, 2018, 02:05:11 AM

Quote from: TheQuin on July 26, 2018, 01:31:56 PM

Quote from: babygun on July 26, 2018, 01:24:46 PM

I am active since a bit more than 1 year on freebitco.in, so I completely missed the boat Grin

.
The max amount I can remember that I got on the free rolls was around 70-80 satoshis.

There's always another boat. I remember very well back in 2013 everyone telling me I had missed the boat because 1000 sat claims were pointless compared to the 5 BTC ones they had a few years before. I'm just really happy I didn't listen to them.

Agreed 100% - I cannot wait for the day when 1 Satoshi = $1 Grin

I want to take that paper wallet and post it online as proof of faucet earnings and then shove it under the nose of the naysayers that were saying that faucets was a waste of time. Roll Eyes

I think, if you are coming from a 1st world country, then a few Satoshi that are worth a fraction of a cent, would not be a life changing amount, but when you live in a struggling third world country and you collected these Satoshi over a few years and then suddenly these Satoshi goes up in value, then this is a life changing event for them. Cheesy

When I joined, I never thought 1mbtc would equal $1 again and it did.
It was even worth $16 at one point...

I'm in a first world country and I still quite enjoy visiting faucets - the third world would benefit a lot from them, $200 isn't great in the first world (probably get you water for 6 months, energy for a month or food for 3 weeks Grin

). Still nice to find but won't go very far...
And do send us your Bitcoin address of that wallet (I'm curious now).

Kakmakr

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Quote from: TheQuin on July 26, 2018, 01:31:56 PM

Quote from: babygun on July 26, 2018, 01:24:46 PM

I am active since a bit more than 1 year on freebitco.in, so I completely missed the boat Grin

.
The max amount I can remember that I got on the free rolls was around 70-80 satoshis.

There's always another boat. I remember very well back in 2013 everyone telling me I had missed the boat because 1000 sat claims were pointless compared to the 5 BTC ones they had a few years before. I'm just really happy I didn't listen to them.

Agreed 100% - I cannot wait for the day when 1 Satoshi = $1 Grin

I want to take that paper wallet and post it online as proof of faucet earnings and then shove it under the nose of the naysayers that were saying that faucets was a waste of time. Roll Eyes

I think, if you are coming from a 1st world country, then a few Satoshi that are worth a fraction of a cent, would not be a life changing amount, but when you live in a struggling third world country and you collected these Satoshi over a few years and then suddenly these Satoshi goes up in value, then this is a life changing event for them. Cheesy

TheQuin

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Quote from: babygun on July 26, 2018, 01:24:46 PM

I am active since a bit more than 1 year on freebitco.in, so I completely missed the boat Grin

.
The max amount I can remember that I got on the free rolls was around 70-80 satoshis.

There's always another boat. I remember very well back in 2013 everyone telling me I had missed the boat because 1000 sat claims were pointless compared to the 5 BTC ones they had a few years before. I'm just really happy I didn't listen to them.

babygun

sr. member

Activity: 2170

Merit: 254

I am active since a bit more than 1 year on freebitco.in, so I completely missed the boat Grin

.
The max amount I can remember that I got on the free rolls was around 70-80 satoshis.

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