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Title: . Post by: Vladimir on March 28, 2013, 02:58:44 PM .
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: WikileaksDude on March 28, 2013, 03:00:06 PM 666 the number of the devil, doesn't sound that bad to me.
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Mike Christ on March 28, 2013, 03:01:05 PM One day I'll have enough cash to buy people :D to be one of the 21 million...feels good.
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Mark Oates on March 28, 2013, 03:01:37 PM ~10 minutes from now your math will be invalid.
>:( :o MWAHAhahahaa ... oh. :-[ Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: siggy on March 28, 2013, 03:20:02 PM One day I'll have enough cash to buy people :D to be one of the 21 million...feels good. 210 BTC: .1% of 1% or in other words, one of the top 100,000 .. 210 BTC ... at the going rate, 666 x 210 = approx 139,000 .. I could have my own smallish country.. hrmm.. Siglantia.. has a nice ring to it :) .. my subjects would be Siglantians ... I'm thinking smallish tropical island someplace .. Emperor Siggy .. has a nice ring to it ;D ;D ;D ;D hold on.. some guys in white coats knocking at my door.. be right ba.... Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: str4wm4n on March 28, 2013, 06:28:30 PM in the top 100,000? i'll take them odds
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: siggy on March 28, 2013, 06:56:57 PM in the top 100,000? i'll take them odds Yeah... Keep in mind that is the mathmatical absolute worse case scenario of all 21M BTC mined, and distributed evenly. In reality I'm thinking 210 will prolly get you in the top 10,000 ... I know there is a list of top 410 addresses floating around the forums someplace.. does anyone have an expanded list? Unfortnately, like many here, I just didn't fully grok bitcoin till it was to late. I get this sinking feeling every time I think about how many mined coins I sold between $2 and $20 Had I held, I could have been 1% of 1% (2100 BTC) .. I think this is called the Vladimer club.. Sigg Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Elwar on March 28, 2013, 07:41:32 PM I just bought 1 BTC and distributed them evenly to 666 people.
Now I am without BTC :( Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: jubalix on March 28, 2013, 08:01:18 PM There are about 0.0015 BTC per human being on this planet at this time. Therefore, by buying 1 BTC you are depriving 666 human beings from owning their fair share of bitcoins. Evilness of those who hoard thousands of BTC is simply despicable. Mu-ha-ha. In all seriousness I have actually thought of this as a model to value BTCessentially, if every one needs 1 BTC, is worth that multiplier of people. so 1BTC = the net worth of say 500 people. However it has to be the average 500 people and so not that high, say 1000K each given you are including children, economically deprived countries, but also some of te 5% ultra rich are in there. so 1 BTC = 500 * 1000 gives 500K per BTC but you have to divide this by market penetration, which is say 5% 25K this may give a order of magnitude either way to say, 2.5 K to 250K is reasonable per BTC, to put absolute limits on BTC value Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Peter Lambert on March 28, 2013, 08:05:47 PM There are about 0.0015 BTC per human being on this planet at this time. Therefore, by buying 1 BTC you are depriving 666 human beings from owning their fair share of bitcoins. Evilness of those who hoard thousands of BTC is simply despicable. Mu-ha-ha. I am not depriving anybody of anything. They can buy those mB (millibits) from me later on. Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Adrian-x on March 28, 2013, 08:35:38 PM That is why you should sell some now. If you think you need a reason think bubble pops
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: rayvellest on March 28, 2013, 08:47:23 PM The goal is to own all the Bitcoins. There can be only one! :)
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Rothgar on March 28, 2013, 08:49:33 PM There are about 0.0015 BTC per human being on this planet at this time. Therefore, by buying 1 BTC you are depriving 666 human beings from owning their fair share of bitcoins. Evilness of those who hoard thousands of BTC is simply despicable. Mu-ha-ha. Not necessarily maybe I'll sell them .0015 for a low $200 or something like that. Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Tirapon on March 28, 2013, 09:12:28 PM By saving money you are depriving others of that money. Go and spend it on things and don't save, you are being selfish.
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: oakpacific on March 29, 2013, 04:03:14 AM While we are engaged in rhetorical gymnastics... Given a Pareto type exponential distribution this is an estimate of how Bitcoin wealth distribution might shake out once all 21,000,000 BTC are generated. The table shows the population of each wealth group and the approximate BTC wealth that each member of that group would hold. It shows about half of all BTC wealth being controlled by some 4,000 individuals. 80% being controlled by only 1.5 billion people. With entry to "Middle Class", and even the "1%" being marked by an amount of BTC wealth that we would consider to be a transaction fee today. And the rest living on "dust".
Or else: the bitcoin wealth distribution atm is actually much more fair than that of the old-world wealths. Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: oakpacific on March 29, 2013, 04:04:25 AM One can always trust chodpaba to mess up the best trollolo with hard cold math and economic theory. He was trying to show you how many chairs you need to prepare for your club meetings. ;D Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: thefiniteidea on March 29, 2013, 04:37:49 AM One can always trust chodpaba to mess up the best trollolo with hard cold math and economic theory. He was trying to show you how many chairs you need to prepare for your club meetings. ;D I must admit to having been convinced of a lol being necessary in response to this comment. I will now sit down at my chair marked #10,000. http://t.qkme.me/3taxqg.jpg Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Spaceman_Spiff on March 29, 2013, 04:40:25 AM Haha, I like them numbers.
Apart from that: is this the new 'gentleman , I think we are...' thread? Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: foo on March 29, 2013, 07:42:42 AM While we are engaged in rhetorical gymnastics... Given a Pareto type exponential distribution this is an estimate of how Bitcoin wealth distribution might shake out once all 21,000,000 BTC are generated. The table shows the population of each wealth group and the approximate BTC wealth that each member of that group would hold. It shows about half of all BTC wealth being controlled by some 4,000 individuals. 80% being controlled by only 1.5 billion people. With entry to "Middle Class", and even the "1%" being marked by an amount of BTC wealth that we would consider to be a transaction fee today. And the rest living on "dust".
If the entire world is using Bitcoin we will surely have switched to µBTC already. In that case the poorest 5.5 billion in your table gets 763.64 each. That doesn't sound too bad now does it? :) Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: b!z on March 29, 2013, 08:12:29 AM But bitcoins are infinitely divisible..
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Bitium on March 29, 2013, 08:20:51 AM While we are engaged in rhetorical gymnastics... Given a Pareto type exponential distribution this is an estimate of how Bitcoin wealth distribution might shake out once all 21,000,000 BTC are generated. The table shows the population of each wealth group and the approximate BTC wealth that each member of that group would hold. It shows about half of all BTC wealth being controlled by some 4,000 individuals. 80% being controlled by only 1.5 billion people. With entry to "Middle Class", and even the "1%" being marked by an amount of BTC wealth that we would consider to be a transaction fee today. And the rest living on "dust".
I'm reading about Pareto Distribution now at http://en.wikipedia.org/wiki/Pareto_distribution I'm curious, for the figures above, how did you choose xm and alpha? Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Rygon on March 29, 2013, 05:44:38 PM While we are engaged in rhetorical gymnastics... Given a Pareto type exponential distribution this is an estimate of how Bitcoin wealth distribution might shake out once all 21,000,000 BTC are generated. The table shows the population of each wealth group and the approximate BTC wealth that each member of that group would hold. It shows about half of all BTC wealth being controlled by some 4,000 individuals. 80% being controlled by only 1.5 billion people. With entry to "Middle Class", and even the "1%" being marked by an amount of BTC wealth that we would consider to be a transaction fee today. And the rest living on "dust".
I'm reading about Pareto Distribution now at http://en.wikipedia.org/wiki/Pareto_distribution I'm curious, for the figures above, how did you choose xm and alpha? I just used the 80:20 rule, which would be an alpha of about 1.16. It's often used for doing off-the-cuff extrapolations like this. http://en.wikipedia.org/wiki/Pareto_index (http://en.wikipedia.org/wiki/Pareto_index) xm would just be unity, as in one indivisible person, which is probably not accurate because that sample is way out on the tail but it is fun to speculate what the richest person in the world would end up with. It is not quite as fun to see what the poorest person in the world would be left with, so the poorest 20% are lumped together in that sample. Exactly how divisible Bitcoin is would have little bearing on the nature of the distribution, which tends to hold up for global populations no matter what you do. You can also do it the other way, where xm is one satoshi. +1 to this analysis. I've seen two studies done with the distribution of coins across addresses, and it closely follows an 80/20 Pareto distribution. There was another good study a year or two back on some larger transactions that showed how someone with access to a very large amount of coins spread them out over several dozen smaller addresses. Sorry, I can’t find any of those articles right now. I think it’s more realistic to calculate the distribution over 10 million people, since that’s a more realistic scenario anytime in the near future. For fun, I think about the total bitcoin balance as “experience” like in a game or something. As my BTC increases, I “level up” everytime it gets to be enough to fit into a higher tranch on the Pareto distribution. That’s roughly everytime the BTC balance increases by 4X. Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: benjamindees on March 30, 2013, 02:01:41 AM Funny thread. No one bothered to notice that the math is off by a factor of 2.
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: benjamindees on March 30, 2013, 03:07:01 AM 6.73 billion people / 21 million bitcoins == 322 people per Bitcoin ;)
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: benjamindees on March 30, 2013, 03:44:28 AM OP said "at this time". Ah, I see. I missed that. Still, it's more complicated than that. By buying Bitcoins, am I preventing others from having them, or am I helping to distribute them? Would Bitcoins be more widely distributed at a low price, or at a high one? If the Bitcoins don't already exist, then what are the miners "mining"? Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: benjamindees on March 30, 2013, 05:48:54 AM It is not the price that determines the distribution, but the distribution that determines the price. In the long run. In the short run, people want to use Bitcoin when the price goes up. Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Le Happy Merchant on March 30, 2013, 05:50:32 AM It is not the price that determines the distribution, but the distribution that determines the price. In the long run. In the short run, people want to use Bitcoin when the price goes up. I'm sure you could make this argument for the people who have them and want to spend them, but I'm not so sure about merchants. Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Wekkel on March 30, 2013, 06:39:07 AM And now what if we imposed the Pareto rule on the Pareto rule itself: would the distribution be 64 of 80 and 4 of 20?
Title: Re: By buying 1 BTC you are depriving 666 human beings from owning bitcoins. Post by: Le Happy Merchant on March 30, 2013, 07:50:22 AM And now what if we imposed the Pareto rule on the Pareto rule itself: would the distribution be 64 of 80 and 4 of 20? The top 20% of the top 20% have 80% of the top 20%'s Bitcoins, while the bottom 80% of the bottom 80% have only 20% of the bottom 80%'s Bitcoins. Makes sense to me, I give it nine ten-out-of-tens out of ten. |
