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Title: TIL total gold mined / total number of bitcoins ≈ solid ball of gold with ø 3.5" Post by: weav on June 19, 2013, 02:28:33 AM Worth approximately $350,000 ::)
Sources: http://www.gold.org/investment/why_and_how/faqs/#q021 http://www.wolframalpha.com/input/?i=171300%2F21000000+tonnes+of+gold Title: Re: TIL total gold mined / 11M (= total number of BTC) ~= solid gold ball with ø 5" Post by: ProfMac on June 19, 2013, 02:39:12 AM Worth approximately $700,000 ::) Sources: http://www.gold.org/investment/why_and_how/faqs/#q021 http://www.wolframalpha.com/input/?i=171300%2F11000000+tonnes+gold This doesn't pass a basic sanity test. Check your units. Title: Re: TIL total gold mined / 11M (= total number of BTC) ~= solid gold ball with ø 5" Post by: weav on June 19, 2013, 02:45:36 AM This doesn't pass a basic sanity test. Check your units. Er sorry, 21M and $350,000 respectively. What about my units specifically? Title: Re: TIL total gold mined / 11M (= total number of BTC) ~= solid gold ball with ø 5" Post by: ProfMac on June 19, 2013, 02:51:32 AM This doesn't pass a basic sanity test. Check your units. Er sorry, 21M and $350,000 respectively. What about my units specifically? You are saying that all the gold that has been mined would fit into a ball the size of a melon. There is much more gold than that. Start with your number for the total tonnes of gold from your reference. Then construct the conversion factor. The way I teach this is to write down an equation of two things that are equal, such as x tonnes = y kg Then, for this problem, you want to cancel tonnes. So divide both sides of the equation by "x tonnes" and there you have 1 = (y kg / x tonnes) Multiply your number of tonnes by this conversion factor. I think you will end up with a cube about 0.1 or 0.2 Km on a side. I can believe that number. Title: Re: TIL total gold mined / 11M (= total number of BTC) ~= solid gold ball with ø 5" Post by: weav on June 19, 2013, 02:54:59 AM This doesn't pass a basic sanity test. Check your units. Er sorry, 21M and $350,000 respectively. What about my units specifically? You are saying that all the gold that has been mined would fit into a ball the size of a melon. There is much more gold than that. Start with your number for the total tonnes of gold from your reference. Then construct the conversion factor. The way I teach this is to write down an equation of two things that are equal, such as x tonnes = y kg Then, for this problem, you want to cancel tonnes. So divide both sides of the equation by "x tonnes" and there you have 1 = (y kg / x tonnes) Multiply your number of tonnes by this conversion factor. I think you will end up with a cube about 0.1 or 0.2 Km on a side. I can believe that number. No, I am saying all the gold that has been mined could be divided into 21 million solid gold melons, that is balls of gold with diameter approximately 3.5 inches each. Insinuating that 1 BTC will be worth as much in the not so distant future! ;) Title: Re: TIL total gold mined / 21M (= total number of BTC) ≈ solid gold ball with ø 3.5" Post by: Mooshire on June 19, 2013, 02:56:38 AM I wish this was true.
Title: Re: TIL total gold mined / 21M (= total number of BTC) ≈ solid gold ball with ø 3.5" Post by: weav on June 19, 2013, 02:57:41 AM Title: Re: TIL total gold mined / 11M (= total number of BTC) ~= solid gold ball with ø 5" Post by: ProfMac on June 19, 2013, 03:02:23 AM This doesn't pass a basic sanity test. Check your units. Er sorry, 21M and $350,000 respectively. What about my units specifically? You are saying that all the gold that has been mined would fit into a ball the size of a melon. There is much more gold than that. Start with your number for the total tonnes of gold from your reference. Then construct the conversion factor. The way I teach this is to write down an equation of two things that are equal, such as x tonnes = y kg Then, for this problem, you want to cancel tonnes. So divide both sides of the equation by "x tonnes" and there you have 1 = (y kg / x tonnes) Multiply your number of tonnes by this conversion factor. I think you will end up with a cube about 0.1 or 0.2 Km on a side. I can believe that number. No, I am saying all the gold that has been mined could be divided into 21 million solid balls of gold with diameter approximately 3.5 inches each. Insinuating that 1 BTC will be worth as much in the not so distant future! ;) Ah. I see now. Title: Re: TIL total gold mined / total number of bitcoins ≈ solid ball of gold with ø 3.5" Post by: weav on June 25, 2013, 06:12:22 AM Title: Re: TIL total gold mined / total number of bitcoins ≈ solid ball of gold with ø 3.5" Post by: gogxmagog on June 25, 2013, 08:57:03 PM The total amount of gold mined is approx 50 cubic metres. That's bigger than half a football field cubed. Apparently some oil sultan in Brunei owns a large chunk of it. The banks (paper issuers) hold very, very little.
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