FreeBitco.in-$200 FreeBTC⭐Win Lambo🔥0.2BTC DailyJackpot🏆$32,500 Wager Contest - page 1245.

o_e_l_e_o

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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.

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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

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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

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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

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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.

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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

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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

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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.

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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.

Kprawn

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Quote from: Pursuer on July 26, 2018, 08:04:21 AM

Quote from: Kakmakr on July 26, 2018, 02:55:38 AM

The best example of this is Gavin Andresen's faucet from way back. It used to pay out 1 to 5 bitcoins to users, so just imagine if the payment amount was not adjusted to the value of the coin. Gavin would have been broke within the first few months, after the price spiked.

it was a fixed 5 BTC per IP per day and it was from 2010.
back then people weren't really abusing faucets and weren't considering a faucet as way of "earning bitcoin"! it was more like a giveaway to try out this new strange thing on the internet they called "bitcoin".
and it wasn't just his own coins, for example there was a couple of 1500BTC donations, multiple 50BTC, 70BTC,...
https://www.blockchain.com/en/btc/address/15VjRaDX9zpbA8LVnbrCAFzrVzN7ixHNsC?sort=1

not to mention that in 2010 you could mine more bitcoin with your PC that you could abuse a faucet and earn.

Quote from: Kakmakr on July 26, 2018, 03:19:00 AM

So I should have a minimum of 0.00056000 BTC per week.

I am earning roughly that much now with my investment there Cheesy

Yes, back in those days faucets served a genuine purpose, to increase adoption. I tried some of the faucets that came after

Gavin's faucet, but I figured that it was a waste of electricity. Roll Eyes

I never even imagined that a bitcoin's price would reach nearly $20,000 per coin. Feel free to add me to the list of people,

who thought it was a waste of time. After a few years, I bumped into Freebitco.in again and I learned my lesson and kept

my faucet earnings. I cashed out some of those Satoshi last year and I bought something nice for my pets. Grin

Pursuer

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Quote from: Kakmakr on July 26, 2018, 02:55:38 AM

The best example of this is Gavin Andresen's faucet from way back. It used to pay out 1 to 5 bitcoins to users, so just imagine if the payment amount was not adjusted to the value of the coin. Gavin would have been broke within the first few months, after the price spiked.

it was a fixed 5 BTC per IP per day and it was from 2010.
back then people weren't really abusing faucets and weren't considering a faucet as way of "earning bitcoin"! it was more like a giveaway to try out this new strange thing on the internet they called "bitcoin".
and it wasn't just his own coins, for example there was a couple of 1500BTC donations, multiple 50BTC, 70BTC,...
https://www.blockchain.com/en/btc/address/15VjRaDX9zpbA8LVnbrCAFzrVzN7ixHNsC?sort=1

not to mention that in 2010 you could mine more bitcoin with your PC that you could abuse a faucet and earn.

Quote from: Kakmakr on July 26, 2018, 03:19:00 AM

So I should have a minimum of 0.00056000 BTC per week.

I am earning roughly that much now with my investment there Cheesy

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Quote from: MinerHQ on July 25, 2018, 08:48:45 PM

Quote from: billygarrison on July 24, 2018, 03:29:49 AM

Oh i love this faucet, i see this website since 2016 and 100% still legit,
A long time ago claim 1000+ satoshi every hour and now small.
Oh i miss it.

Long back BTC price was quite less so you used to get a lot of Santoshi but now also you should be getting the same amount of fiat but less Santoshi due to high BTC price. With current high BTC price, no faucet site can afford high payout for free.

Many new bitcoin users have started their crypto journey from this site.

That's true. I was one of them. I had collected over 0.02 BTC (and successfully withdrawn it) on my first FreeBitco.in account. Unfortunately I stopped using it at some point, and then lost my login info. No worries, though, I have a new account with 0.00304930 of FREE ROLL WINNINGS already.

Regarding 1000+ satoshi every hour in the past, I want to point out that nothing has changed in the USD equivalent. The minimum award on FreeBitco.in has been always equal to $0.002.

Kakmakr

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Quote from: TheQuin on July 26, 2018, 03:01:50 AM

Quote from: Kakmakr on July 26, 2018, 02:55:38 AM

I created a new account a few years back, because I messed up with 2FA and I was locked out of that account, but I still have the paper wallet. Roll Eyes

It might be a good time to find it and consolidate the UTXOs while you can still get a 1 byte /sat transaction through.

Yea, probably is. Grin

In the beginning I used it almost 8 times a day for more than a year and I regularly won bigger amounts too, because I hit the bigger numbers. So I should have a minimum of 0.00056000 BTC per week.

$4.628 USD x 52 weeks = $240.65 now. Grin

.... [Maybe I should leave it a little bit longer] Cool

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Quote from: Kakmakr on July 26, 2018, 02:55:38 AM

I created a new account a few years back, because I messed up with 2FA and I was locked out of that account, but I still have the paper wallet. Roll Eyes

It might be a good time to find it and consolidate the UTXOs while you can still get a 1 byte /sat transaction through.

Kakmakr

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Quote from: MinerHQ on July 25, 2018, 08:48:45 PM

Quote from: billygarrison on July 24, 2018, 03:29:49 AM

Oh i love this faucet, i see this website since 2016 and 100% still legit,
A long time ago claim 1000+ satoshi every hour and now small.
Oh i miss it.

Long back BTC price was quite less so you used to get a lot of Santoshi but now also you should be getting the same amount of fiat but less Santoshi due to high BTC price. With current high BTC price, no faucet site can afford high payout for free.

Many new bitcoin users have started their crypto journey from this site.

The best example of this is Gavin Andresen's faucet from way back. It used to pay out 1 to 5 bitcoins to users, so just imagine if the payment amount was not adjusted to the value of the coin. Gavin would have been broke within the first few months, after the price spiked.

I was also around when Freebitco.in paid out 1000 Satoshi per hour and even then people told other people that it was a waste of time to use faucets. If you held on to those Satoshi from back then and sold them now, you would have made some very good money.

I created a new account a few years back, because I messed up with 2FA and I was locked out of that account, but I still have the paper wallet. Roll Eyes

MinerHQ

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Quote from: billygarrison on July 24, 2018, 03:29:49 AM

Oh i love this faucet, i see this website since 2016 and 100% still legit,
A long time ago claim 1000+ satoshi every hour and now small.
Oh i miss it.

Long back BTC price was quite less so you used to get a lot of Santoshi but now also you should be getting the same amount of fiat but less Santoshi due to high BTC price. With current high BTC price, no faucet site can afford high payout for free.

Many new bitcoin users have started their crypto journey from this site.

jackg

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

Quote from: TheQuin on July 25, 2018, 04:20:04 AM

Quote from: jackg on July 25, 2018, 04:08:28 AM

Tbf, a lot of posts on this forum seem spammy. Determining if a post is ridiculously made so that it is spammy seems very difficult to do.

That's true but coming back to this thread every week to make the same dumb points and choosing to reply to a post that's already been answered is a giveaway to the motivation in my opinion. I wonder how the gambling site that pays him would react if I went to their thread every week and told their customer not to gamble.

There is a lot on the forum I don't think many signature spam posts are made in service threads. He's been doing the same repertoire for as long as I can remember. He can't really claim that his points have never been addressed, I was giving a counter argument to them every week long before I started working for Freebitco.in. It's fair enough if he doesn't agree with me but repeating the same arguments time over time serves no purpose beyond meeting his required posts in the gambling section count.

The first bit ia probably true.

I'll post here if I win the 1BTC+ this week *wink* *wink* Grin

.

Quote from: Alexa ale on July 25, 2018, 06:14:25 AM

The wagering contest going well here. Only 1 week left.

Yes and there's still time for a big whale to come along and get the prize!

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