Bitcoin Forum

are there any?

I doubt it since there are less than 6 million BTC in circulation ATM.  I could be wrong though.  Perhaps one of the early members has a huge hoard of BTC.  If I were them I would.

The highest balance is around 400,000 BTC, but that balance may be several owner's wealth grouped together in something like mybitcoin.com

Similarly, one owner may own several of the high-balance addresses.

An interesting question is how to measure when 1M BTC is equivalent to 1M USD. Right now, selling 1M BTC will deplete all demand at a fraction of the amount. Nobody has the slightest clue what the real value of a BitCoin is.

Speak for yourself, Vandroiy:
The "real" value of 1 bitcoin is given by mtgox.
The "real" value of 1million bitcoins is less clear, but i bet it's not 50% away from mtgox.  for instance, i will pay 0.40 USD/BTC for 500k BTC.

Are you serious, will you give 40 cents on the BTC for 500K? Onetime dark-pool trade. IRL contact?

That is $200,000 USD, if you want to come to an agreement in writing, I think I can make that happen.

I think it's going to be hard to know for sure until volume pics up. I'm guessing hte same as you though, it's not going to change by too much. It's going to depend on the volume in the exchange though and how it's distributed. Assuming something doesn't change for the worse it's just going to become more and more stable though.

visit #bitcoin-otc.  see you there!

If someone is actually contemplating selling 500k BTC I would urge them to at least sell as many on the market as to bring the price down to 0.40. More money for the seller - and everyone gets a chance to buy :)

Seriously. Guys... are you actually doing this? Everybody can go out of this in much better shape if we don't starve out the market and then go on a selling rampage!

inb4 "it is all a joke haha"... I'm at the verge of believing it's not.

Please keep me informed. The beans have been spilled anyways *if* this is serious, you might as well talk to a few more traders. I'm in #bitcoin-otc now as well.


Edit: consensus on the chan is now that this is just another scam to get prices to drop. Good job on the trolling. I should've known that a user who joined in March is unlikely to sit on 500k BTC right now.

I didn't realize you could see the balances of different bitcoin addresses.  How?

The Script: It's all right in the block chain on your own system. If you don't want to go digging through it, you can also look at e.g. http://blockexplorer.com/address/14BGGTSsiJdCkrVm5CCGyMdjvjheLukGW5

That there is my very own first address.

Currently this is the address with the highest balance:
http://blockexplorer.com/a/Vk9eWq6bM

(adding the thread to my watchlist)

Being a Bitcoin Millionaire is very prestigious, there cannot be more than 21 of them. It (will one day be) like owning the american government (CORRECTION, it's like being the sole creditor of the american government).

I swear, you made it to senior member simply by watching threads! ;)

Doubtful.  I'd wager that even Satoshi doesn't still own that many.  No way to know, however, which is part of the point.

Another type of Bitcoin millionaire would be someone that has earned an amount in bitcoins that when sold at the current change rate would cost millions in USD or EUR or similar; if long term evolution of the Bitcoin exchange rate matches the projections, there could be many of this type of Bitcoin millionaires eventually.

Exactly. Keep in mind  there are tens of millions people on this planet who can come up with 200K:
http://en.wikipedia.org/wiki/Millionaire
On the other hand, in all likelihood there are at most 3 people who own  500K BTC -- I would be VERY cautious when dealing with someone makes such a claim.

Given the illiquidity of the bitcoin market and the transparency of the exchanges, I don't think selling little by little down to 0.40 is a viable plan. And if you try to do that, you can be sure that the chunky 0.40 bid won't be there anymore.

Of course it is a viable plan. If you truly believe in Bitcoin independent of what this one person does, you will catch the remainder of the sale at the latest at .39, and if you don't, he can keep the offer standing, remove it, or whatever. Unless the entire system breaks down because of that 500k offer (which is not within the likely failure events I see for Bitcoin), an open sale would be the reasonable thing to do.

The seller is in no hurry and wouldn't mind pushing the market down a bit further if he really is satisfied with a rate of .4 for the 500k.

And what "transparency of exchanges" are you talking about... the dark pooling on mtgox maybe? lol

I tend to believe the other users: there probably are not 500k BTC involved, just one or two people interested in getting prices to drop. I don't see someone sitting on 400k, believing they're worth just .40 and not taking bids above .70 -- doesn't sound credible.

I can imagine when someone with enough bitcoins would accept all bids over .4 (effectively clearing the demand at whatever proposed buy price) that the exchange rate would plunge there instantly. how shallow is any of the exchange markets?

the february rise could be caused by the rumour LR changing AML/KYC rules and people just fled LR and bought BTC. since then parity then the price is correcting itself downwards back to .40 anyway. should have bought the wool socks then ;)

I'm sure there's quiet a few BTC/USD millionaires out there now ;)

To be a millionaire now, you'd need to have at least 10000 BTC. Assuming about 10 million BTC in existence, there could only be 1000 of them at max assuming the current bitcoin stock were perfectly distributed (this cant possibly the case). I reckon there couldnt be more than 20-100 of them at best

Yeah I know a guy
his name is Dread Pirate Roberts

is this him?
http://cannonfallspizzaman.com/wp-content/uploads/2011/02/PizzaMan.jpg

I would consider buying BTC500k @ US$0.40.

:D   

No, it's him (https://en.bitcoin.it/wiki/Pirateat40).