Topic: Jeff Garzik's Bitcoin Balance Revealed (Read 7018 times)

I would be glad to have even 10% of that, or maybe even 5%.

That's quite a large sum of money. And it will likely be a lot more within a few years.

He's now Scrooge McGarzik

Yah, that old comma vs period thing can defintely confuse people.  I've been thrown off before when visiting USA vs Europe, etc.

I think he exchanged most of what he mined for fiat to pay for bills, ect.

Well even if it is pretty nice, its nothing compared to big whales.
People need to realise that exchanges are the ones with most bitcoin funds, and unique role to bitcoin price movement.
Imagine all that fees from multi-million tradings happening each day in and out..
Major exchanges can affect the price soly on keeping their profits in bitcoin/ liquidating them for fiat.

cheers

Maybe if both of your read the comments you'll find he even states 348BTC

He posted it himself on Twitter.

He'd have to have more than that!

Wasn't he the first person to own an ASIC miner?

I remember that thing was making $2,000 a day when Bitcoin was only $20 each

That is his BTC stash, he has $3 000 000 worth invested in WhoreCoin / BeerCoin / PornCoin in Vegas. 

Some people believe in using a currency, to grow a currency, not sitting on coins, counting your riches, like Scrooch McDuck.

Or he may just show people begging for coins, that he has very little. Or to hackers, who might want to target him.

Or it says "I am not corrupted" or "bribed" Look I have only a few coins. 

I can certainly agree with that... I pissed away the equivalent of $5 million in coins at today's priced, going out drinking...

Agreed.  Also, people have to remember that up until Nov-Dec 2012, his stash was still only worth ~$3480 in total (given ~$10/btc).  At that moment in time, that's not a life changing amount of money.  And it took 4 years for his stash to be worth up to even that much.  He probably sold hundreds or thousands more in that first 2-3 year time frame.  So no, this is not even surprising.

Couple this with the fact that most low net worth young people have the patience of a gnat (they think in only days/months, not years), and it doesn't surprise me at all that hundreds and thousands of coins were pissed away on trivial crap for years up until bitcoin started to really be worth a lot in 2013.

That's still a decent amount if you consider people still expect a bitcoin to be worth $60k-300k each one day.

Wasn't his essentially the first Avalon?  I think he made 16BTC just on the first day!

This...

I put in only what I could afford to lose, which was not very much at the time. I was a jobless recent graduate.

The people that have got / will get really wealthy, I think, are the bigger fish, non-nerds who have been getting in since ~2012+. The rich get richer!

I'm surprised anyone would release their bank account, investment account or Bitcoin wallet balance. I wonder if he would mind telling us where he banks and what his account balances are?

I have a bit under one bitcoin to my name. 

I never solo mined and solved ~60 or so blocks in total, with the vast majority of those being before the reward was halved.  So I guess something like 2500-3500, unless I either god incredibly lucky or incredibly unlucky on the pooled mining...

I had to mine bitcoins to buy new hardware, so I don't regret selling them as I mined them.  If I hadn't, then I never would have gotten to my max of ~12ghash/s, I would have been forever at the 1.3ghash/s or so after buying four 5830's...  I mean with the 20/20 hindsight, it would have been better to NOT reinvest, and just horde all the coins those initial four 5830's made (likely in the hundreds)...  but that's not something I can kick myself over.

I do regret selling the ones I mined when I was at 12ghash/s though, seeing as how at that point I wasn't buying any more hardware (ASICs coming).  I still wouldn't have had a million $ worth, though (using today's market price).  Probably made 500 or less of that total after I reached 12ghash.

...that being said, if I had gambled on and received that first generation Avalon, I'm relatively certain I'd have several hundred bitcoins still in storage.  I mean, the vast majority of ASICs didn't start hitting the market until about 2-3 months after that first batch of Avalons.  I'd be baffled as to how someone couldn't be a 'bitcoin millionaire' if they had purchased one of those for $1200 or w/e it was (and received it).

i was thinking more about this, he was in real early see this link

https://bitcointalksearch.org/user/satoshi-3

maybe he cashed out and never kept a lot of coins , i would still think JG to be a huge holder of btc

There are many of us who have been around a long time and still can't claim that we are sitting on a any sizable fortunes!
My most profitable hobby? sure, Monetary independence? well call me if we do another 100x jump!

An excellent read about possible alternative futures, and the psychological control methods of capitalism. This article is so good it has earned a place alongside Voltaire in my signature.

Excerpts:
"One aspect of every phase’s dominant affect is that it is a public secret, something that everyone knows, but nobody admits, or talks about. As long as the dominant affect is a public secret, it remains effective, and strategies against it will not emerge.
Public secrets are typically personalised. The problem is only visible at an individual, psychological level; the social causes of the problem are concealed. Each phase blames the system’s victims for the suffering that the system causes.
And it portrays a fundamental part of its functional logic as a contingent and localised problem."
--
"When misery stopped working as a control strategy, capitalism switched to boredom. In the mid twentieth century, the dominant public narrative was that the standard of living – which widened access to consumption, healthcare and education – was rising. Everyone in the rich countries was happy, and the poor countries were on their way to development. The public secret was that everyone was bored. This was an effect of the Fordist system which was prevalent until the 1980s – a system based on full-time jobs for life, guaranteed welfare, mass consumerism, mass culture, and the co-optation of the labour movement which had been built to fight misery. Job security and welfare provision reduced anxiety and misery, but jobs were boring, made up of simple, repetitive tasks."

“We do not want a world in which the guarantee that we will not die of starvation is bought by accepting the risk of dying of boredom”
-The Situationists

"The mid-century reorientation from misery to boredom was crucial to the emergence of a new wave of revolt. We are the tail end of this wave. Just as the tactics of the first wave still work when fighting misery, so the tactics of the second wave still work when fighting boredom. The difficulty is that we are less often facing boredom as the main enemy. This is why militant resistance is caught in its current impasse."

---

Consumption culture has largely solved the problem of boredom by replacing it with near-constant distraction. Look down at your smartphone, dear American worker. Check your facebook. Engage your digital fantasy world, don't think about your real life.

Another excerpt will serve to elaborate:
"New products, such as video-games and social media, involve heightened levels of active individual involvement and desocialised stimulation. Workplace experiences are diversified by means of micro-differentials and performance management, as well as the multiplication of casual and semi-self-employed work situations on the margins of capitalism. (...) Capitalism has encouraged the growth of mediatised secondary identities – the self portrayed through social media, visible consumption, and lifelong learning – which have to be obsessively maintained. "

Capitalism is an extremely adaptive virus. It lives inside your brain, and the brains of everyone you know. There it thrives on your ignorance, your inability to honestly face your own suffering and trace it back to its roots. And it is malignant as fuck, destroying you from the inside out.

In contemporary capitalism, the dominant reactive affect is anxiety.
"Today’s public secret is that everyone is anxious. Anxiety has spread from its previous localised locations (such as sexuality) to the whole of the social field. All forms of intensity, self-expression, emotional connection, immediacy, and enjoyment are now laced with anxiety. It has become the linchpin of subordination. One major part of the social underpinning of anxiety is the multi-faceted omnipresent web of surveillance. The NSA, CCTV, performance management reviews, the Job Centre, the privileges system in the prisons, the constant examination and classification of the youngest schoolchildren. But this obvious web is only the outer carapace."

"We need to think about how people’s deliberate and ostensibly voluntary self-exposure, through social media, visible consumption and choice of positions within the field of opinions, also assumes a performance in the field of the perpetual gaze of virtual others (back to social media). We need to think about the ways in which this gaze inflects how we find, measure and know one another, as co-actors in an infinitely watched perpetual performance. Our success in this performance in turn affects everything from our ability to access human warmth to our ability to access means of subsistence, not just in the form of the wage but also in the form of credit. Outsides to the field of mediatised surveillance are increasingly closed off, as public space is bureaucratised and privatised, and a widening range of human activity is criminalised on the grounds of risk, security, nuisance, quality of life, or anti-social behaviour."

Think for a moment of the suffering experienced when you lose a job - you not only lose a vital source of income (=survival), you often also have long-standing social relationships mercilessly severed. To say nothing of the stigmatization and shame one feels in relation to one's peers!"

"Since everyone is disposable, the system holds the threat of forcibly delinking anyone at any time, in a context where alternatives are foreclosed in advance, so that forcible delinking entails desocialisation – leading to an absurd non-choice between desocialised inclusion and desocialised exclusion. This threat is manifested in small ways in today’s disciplinary practices – from “time-outs” and Internet bans, to firings and benefit sanctions – culminating in the draconian forms of solitary confinement found in prisons."

"The present dominant affect of anxiety is also known as precarity. Precarity is a type of insecurity which treats people as disposable so as to impose control. Precarity differs from misery in that the necessities of life are not simply absent. They are available, but withheld conditionally."

I hold that no human being is disposable. The wealthiest money-producers and the least able to produce any quantifiable value for society - are and must be equally precious, equally priceless, in a society that values life over money.

"Precarity leads to generalised hopelessness; a constant bodily excitation without release. Growing proportions of young people are living at home. Substantial portions of the population – over 10% in the UK – are taking antidepressants. The birth rate is declining, as insecurity makes people reluctant to start families. In Japan, millions of young people never leave their homes (the hikikomori), while others literally work themselves to death on an epidemic scale. Surveys reveal half the population of the UK are experiencing income insecurity. Economically, aspects of the system of anxiety include “lean” production, financialisation and resultant debt slavery, rapid communication and financial outflows, and the globalisation of production."

If you find yourself in NYC, and you ever want to horrify yourself, pay a visit to any of NYC's HRA Foodstamp application centers. Take a gander at the hours-long lines and compare them in your mind to the food lines of the Great Depression:



"Many more discourses of scapegoating and criminalisation treat precarity as a matter of personal deviance, irresponsibility, or pathological self-exclusion. Many of these discourses seek to maintain the superstructure of Fordism (nationalism, social integration) without its infrastructure (a national economy, welfare, jobs for all). Doctrines of individual responsibility are central to this backlash, reinforcing vulnerability and disposability. Then there’s the self-esteem industry, the massive outpouring of media telling people how to achieve success through positive thinking – as if the sources of anxiety and frustration are simply illusory.  These are indicative of the tendency to privatise problems, both those relating to work, and those relating to psychology."

Related: Bruce Levine - The Rebel Yell

Current tactics and theories aren’t working.  We need new tactics and theories to combat anxiety.
"If the first wave provided a machine for fighting misery, and the second wave a machine for fighting boredom, what we now need is a machine for fighting anxiety – and this is something we do not yet have." <<< Enter Bitcoin and its offering of potential financial liberty

"Current militant resistance does not and cannot combat anxiety. It often involves deliberate exposure to high-anxiety situations. Insurrectionists overcome anxiety by turning negative affects into anger, and acting on this anger through a projectile affect of attack. In many ways, this provides an alternative to anxiety. However, it is difficult for people to pass from anxiety to anger, and it is easy for people to be pushed back the other way, due to trauma. We’ve noticed a certain tendency for insurrectionists to refuse to take seriously the existence of psychological barriers to militant action. Their response tends to be, “Just do it!” But anxiety is a real, material force – not simply a spook."

Watch out we got a Bitcoin Baron over here!