Topic: There is already 1000 Bitcoin Millionaires in the world - effects on price - page 2. (Read 4938 times)

I do appreciate your writings and thoughts Mr. Rpietila, they are very influential in helping me realize the future power potential of Bitcoin and what that responsibility entails

Perhaps next year will also see the rise of the Supernode.

Put yourself in the bitcoin millionaire's shoes. Option 1: "cash out" thereby deliberately entrusting your new fortune to a counterparty; Option 2: "stand pat" and continue to enjoy zero counterparty risk.

There may be 1000+ Bitcoin "millionaires" but most of them are probably not cashing out any of their coins at this point.  Perhaps they are selling off a small amount?  I would think that they would just sell a small percentage to live off of but who knows.  Everyone has their own idea of when they want to sell and for.  Also, many might be the true Libertarian types that are just waiting until they no longer even have to trade their Bitcoin for "yucky fiat" as they seem to put it.

Here I was thinking that perhaps a mere 1 million does not change anybody's life at least in high-cost countries. But several million will do. Depends on person, but most of us will feel considerable economic freedom after the net worth hits 2, 3, 5 or 10 million. I don't think anyone who started with humble means can say that $10 million is not enough for personal needs for the rest of his life.

The number of 10-millionaires is still small, but this (the economically free people, no matter how many million) is the class that can have considerable impact if they just

It is easy to give himself as an example. So I do I switched to all-Bitcoin in March 2013 and have spent 66 hours per month writing on this forum. If I was short of money, I could rake in anything between $200-$5000 per hour doing various things. But I regard writing about Bitcoin economics as more important. I am free to do it, and I am changing the world with my own small part.

The world at large is still absolutely clueless about Bitcoin. We can say that the general awareness was only really reached last month. The previous bubbles generated publicity, which faded away. Now it is not fading away, it is gaining grassroots adoption, and I believe that by trickling the knowledge that I and others generate, to the masses, the party can go on and on. It is possible that 2014 will be the year of Bitcoin. Yes, I am aware that 2013 already saw 100x gains

I wonder about this all the time.  Firstly, I think very few people would have invested $12,000 to buy 1000 coins in January, given the bitcoin environment at that time and the accessible demographic [younger tech-savy people with less lifetime savings].  Further, let's say ~50% of those that did invest in quantity sold most after the price doubled, tripled, or ten-timesed during the March/April run up.  Another ~40%--who thought bitcoin was the road to great riches--sold when they saw their dreams shattered during April crash.  The small percent who kept their coins through the bubble, have probably already sold a lot by now during this last run-up in price.

Only an extremely rare individual like yourself Rampion could be tempted by a huge amount of money in April, watch most of it disappear a week later, and then get a second chance at even greater riches now, and still not pull the trigger on the majority of his coins.    

That list is one of the inputs in the distribution by brackets thread. Just comparing the addresses does not give the correct picture of the very large holdings (multiple addresses, unspent block rewards), and also ignores the ppl with solely exchange accounts.

Whoever really wants to delve into the matter should read that thread.

http://bitcoinrichlist.com/top500

As is the case for all early miners. Solo mined blocks go to unique addresses. You cannot tell that they are going to the same person or wallet.

I truly doubt Bitcoin has created 1000 new millionaires if you know what I mean...

I think that there could be a bunch of people who have wisely diversified into multiple addresses.  So I think your data may be inaccurate -- you can't really tell if there are 500 or 2500 1k BTC holders.  Could be a constant factor or more likely the normal distribution is thinner on the blockchain than it is in reality.

But I think the essence of your argument and analysis holds...

I think it's probably a pretty accurate estimation, it's almost certainly less than 2000, based on what we know of distribution patterns. It is statistics like this that highlight just how small the bitcoin community/economy really are. Even with all the press and attention we have had this year, and stories of people "striking it rich", we have still only created about 1000 new millionaires.

This would only be mathematically possible those were the only bitcoin holders in the world and they all had a roughly equal share.

11000 according to the post linked in the op...

I wish i had 100 coins, i'm not even close.

I wonder how many people have 100 coins or more. 100,000? More?

I am not sure about this proposition (I, for one, would start spending as soon as I decide I have enough savings to retire), but the reverse is certainly true: bitcoin's price going forward will have a great positive impact on the emergence of a new bitcoin Jet Set class

Only 1000 persons with 1000 coins or more? I think that in the 1k range we have more than that, I'd say at least 2000 persons. Just remember that 1000 coins just costed $12.000 in January 2013.

I don't know.
Lost wallets. Investment funds. True believers. Anarchists. Get rich quick....
Such different characters. Hard to predict.

In what way?  You mean by leading by example buy making big bitcoin purchases - like jets or something news worthy?

Btw, a million dollars does not equal "Jet Set Class".  Once we have 1000 bitcoiners worth over 200 million, then I think we can really start this thread.

I think so too if bitcoins millionaires do something different than hoarding till they die