|
Title: A perspective on just how rare it is to own 0.1 BTC: Post by: fgmnp on November 24, 2013, 07:39:03 PM 1
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: anti-scam on November 24, 2013, 07:58:26 PM Occupy Bitcoin!
We are the 99.997%! Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: KieranJones1 on November 24, 2013, 08:00:54 PM Thanks for posting this. This makes it way easier to justify holding onto my Bitcoin (instead of spending it) - knowing +0.1 BTC ownership is this rare makes it seem a lot more likely we'll see sharper exchange rates in the future!
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: botolo86 on November 25, 2013, 02:37:19 AM I personally feel that my little treasure of 2.8 BTC is huge ;D
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: SeanArce on November 25, 2013, 03:44:08 AM Feel good thread
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: maurya78 on November 25, 2013, 07:11:03 AM Indeed, I feel better already ;)
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: dominicwin on November 25, 2013, 08:01:17 AM I think this thread should be considered speculation, and by speculation I mean really really out there. Judge out BTC holdings based on the entire earth's population? Why would anyone even spend the time doing that lol.
I'm all in with BTC, but sometimes the threads are just a bit out there. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: beetcoin on November 25, 2013, 08:03:41 AM not trolling but this is like a feel-good thread.
so you have $80 in bitcoins, don't feel too bad that other people have millions in BTC :D Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: markjamrobin on November 25, 2013, 08:06:33 AM With new interest in BTC, I see a lot of so-called "latecomers" who feel they are late to the party and have missed the boat. I want to tell them that the party is just starting. I want to tell them that the boat is just sailing. That their 0.1 BTC makes them so rare as to be among the top 0.xxxxXX% as far as bitcoin ownership is concerned. That, if bitcoin becomes the world's currency, their amazing secret to untold riches is simply to hold on to that 0.1 BTC. So, here goes: Please see this wonderful post by rpietila https://bitcointalk.org/index.php?topic=316297.0. Now, let me translate this to top X%, assuming a world population of 7e9. Do you own "JUST 0.1 BTC"? CONGRATS! You are among the TOP 0.004%!! By all means, hold on to those 0.1 BTC, and maybe, just maybe, untold riches await you! Do you own 1 BTC? CONGRATS! You are among the TOP 0.003%. Do you own 10 BTC? CONGRATS! You are among the TOP 0.001%. Do you own 100 BTC? CONGRATS! You are among the TOP 0.0002% Do you own 1000 BTC? CONGRATS! You are among the TOP 0.00002%, or among the top 1000 people. Do you own 10,000 BTC? CONGRATS. You are among the TOP 0.0000007%, or among the top 50 people. (not legal/financial/any advice, investments are risky and can bankrupt you, past performance doesn't predict future, void where prohibited, remove plastic before consuming, etc.) How exactly does this assume BTC is divided? Or is that just word population / Bitcoin Supply? Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: freedomno1 on November 25, 2013, 08:09:49 AM MMM feeling Like I finally belong in the 1% :D
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: rat on November 25, 2013, 08:13:18 AM so, when we can we start oppressing the masses?
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: freedomno1 on November 25, 2013, 08:35:16 AM so, when we can we start oppressing the masses? Soon Soon lol although its libertarian roots so maybe its revolutionizing and liberating the masses ;) Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: Lauda on November 25, 2013, 09:41:48 AM I'd rather look at it the other way around.
Like having 0.1% of BTC. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: giveBTCpls on November 25, 2013, 10:58:34 AM For you to be in the "richies" means that you at least own a couple USD million dollars with current purchasing power (aka asuming it doesnt get devalued by time).
The scenareo some paint I simply cant believe it. These guys that believe not only 1BTC= 10k, 100k or even 1Million are delusional IMO. Do you think the goverment and powers that be are going to let random NEETs that happened to mine a shit ton of BTC on the early days become the new 1% clique? Get real. Im sure BTC will rise a bit still but we are certainly late to the party to pertain to that 1% in terms of purchasing power. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: Michail1 on November 29, 2013, 09:03:30 PM With new interest in BTC, I see a lot of so-called "latecomers" who feel they are late to the party and have missed the boat. I want to tell them that the party is just starting. I want to tell them that the boat is just sailing. I remember coming in at $10 and thinking I was too late. I remember when it hit $100 and everyone else thinking they were too late. Same at $250, $500, etc etc. It would be great at $5000 and hearing people say the same thing. I can't wait to sell a $5000 bitcoin. I mean, why wait, who wants to buy that future $5000 coin from me now? :) Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: LiteCoinGuy on November 29, 2013, 09:47:39 PM ... if bitcoin becomes the world's currency...
dont think so but it can be a huge thing of course and its a great opportunity. and yes, we are still in the early adopter phase. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: ajax3592 on November 29, 2013, 09:57:36 PM ahh..getting so much positive vibes out of this thread :D
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: Minecache on November 29, 2013, 10:49:13 PM Where is LTC in all this? As I got more of 'em. ???
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: davedx on November 29, 2013, 10:54:27 PM I'd rather look at it the other way around. Like having 0.1% of BTC. The glass is always half-empty, hey? :D Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: pand70 on November 29, 2013, 11:01:24 PM I think this post is great and realistic for luring people into bitcoin. People usually don't have thousands of dollars to put into bitcoin and naturally they are thinking that a small fraction like 0.1 makes no difference.
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: beetcoin on November 29, 2013, 11:14:52 PM I think this post is great and realistic for luring people into bitcoin. People usually don't have thousands of dollars to put into bitcoin and naturally they are thinking that a small fraction like 0.1 makes no difference. yes there is quit ea psychological barrier when BTC is trading at $1,200 apiece. but most newbie investors will probably only see the face value of BTC. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: Lauda on November 29, 2013, 11:18:59 PM I'd rather look at it the other way around. Like having 0.1% of BTC. The glass is always half-empty, hey? :D Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: zimmah on November 29, 2013, 11:23:28 PM rare? my miner made that in the past week alone.
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: User705 on November 30, 2013, 01:34:00 AM For you to be in the "richies" means that you at least own a couple USD million dollars with current purchasing power (aka asuming it doesnt get devalued by time). I had similar feelings not so long ago but a few things to keep in mind. 1. There nothing anyone can do to stop it. Just like there's not much to be done about illegal internet downloads. 2. As price grows large holdings get sold and people diversify. Just today I saw someone claim to have sold 1000btc which likely got diffused to many different people. 3. The governments will tax many especially large public holders along the way so the powers that be are still firmly entrenched. Today's Bitcoin changes that only a little bit.The scenareo some paint I simply cant believe it. These guys that believe not only 1BTC= 10k, 100k or even 1Million are delusional IMO. Do you think the goverment and powers that be are going to let random NEETs that happened to mine a shit ton of BTC on the early days become the new 1% clique? Get real. Im sure BTC will rise a bit still but we are certainly late to the party to pertain to that 1% in terms of purchasing power. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: omega33 on November 30, 2013, 02:38:52 AM I think we need to rename btc with another smaller units
It can be confusing to deal with smaller amount of btc Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: bbit on November 30, 2013, 03:16:19 AM I feel good after reading this thread! ;D
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: rpietila on November 30, 2013, 07:38:15 AM How exactly does this assume BTC is divided? Or is that just word population / Bitcoin Supply? Another way to look at it would be to divide the bitcoins in the same way as the total wealth of the world is distributed (https://bitcointalk.org/index.php?topic=316297.msg3762955#msg3762955) (the "eventual distribution") and then check, how you would do. Quote * top 30 would have BTC5,000 or more (100 billion USD) * top 300 would have BTC500 or more (10 billion USD) * top 3,000 would have BTC50 or more (1 billion USD) * the top 29,000 people would have 5,000mBTC or more, a huge fortune comparable to 100 million of today's dollars. * the top 1 million people would have 500mBTC or more, corresponding to 10 million or more dollars * 29 million people have at least 50mBTC, which puts them among the most affluent 0.6%, previously called 'millionaires' * the upper middle class of 350 million people worldwide, owns 5mBTC or more * lower middle class consists of 1 billion people is characterized by ownership of 0.5mBTC or more * the lower class of (3+ billion) owns less than 0.5mBTC including people who don't have any or have negative worth. Notable is the size of BTC as the "basic" unit. It is a large unit, only applicable in displaying the total wealth of people who used to be called billionaires. Considering that about 5 billion are in adult age, 1% is 50 million, and so on, the figures become approx as follows: BTC5 => 0.0006% (cost to purchase today = $6,000) BTC0.5 => 0.02% ($600) BTC0.05 => 0.6% ($60) BTC0.005 => 8% ($6) BTC0.0005 => 28% ($0.60) It is so simple that it is ridiculous. How can I be a millionaire by just investing $60. Guess what? My friend had bought 0.5% of all bitcoins existing in 2010 (it cost less than $10k to do it). He told me to do likewise. I said: "Bitcoin is so small I don't care." He said: "When it is big, it just costs more to have the same number of them." Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: jubalix on November 30, 2013, 11:29:19 AM The only flaw to this logic is the alts, as they stand now the represent at least 10% of BTC market cap, think about this from 0 - 10 % and its only going to grow as alts can be more efficiently mined and then trade for btc as btc holders are selling.
I think what may curb btc growth are the alts as there will be more an more released....as we have seen. eg I can only own say 50 BTC but I could own 1 BTC by trading say thousands of PPC, so now I own 51 BTC conversely the btc holders can buy my PPC, in summation there are 50 extra BTC Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: User705 on November 30, 2013, 11:56:16 AM The only floor to this logic is the alts, as they stand now the represent at least 10% of BTC market cap, think about this from 0 - 10 % and its only going to grow as alts can be more efficiently mined and then trade for btc as btc holders are selling. That assumes all the alts survive and remain at that valuation in the future. Otherwise the alts could just be a wealth loss for holders left with them @ 0.I think what may curb btc growth are the alts as there will be more an more released....as we have seen. eg I can only own say 50 BTC but I could own 1 BTC by trading say thousands of PPC, so now I own 51 BTC conversely the btc holders can buy my PPC, in summation there are 50 extra BTC Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: rpietila on November 30, 2013, 11:58:21 AM If we consider all the elements of the physical world. There are 100 of them (about as many as the alts) yet one, gold, accounts for 90% of their recoverable aggregate value, and silver is 90% of the rest.
Perhaps the litecoin advocates were right after all...;) Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: Relian on November 30, 2013, 12:03:37 PM I also think litecoin is going to be the second thing after bitcoin. The value exploded last couple weeks. I think it will rise even further coming months!!
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: Lauda on November 30, 2013, 12:30:25 PM I also think litecoin is going to be the second thing after bitcoin. The value exploded last couple weeks. I think it will rise even further coming months!! No. Litecoin has no real features to support that.Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: PenAndPaper on November 30, 2013, 12:32:53 PM rare? my miner made that in the past week alone. Read the op again. Obviously is still relatively easy to gain 0.1 BTC but the fact that there is a limit on the total supply doesn't changes. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: jubalix on November 30, 2013, 08:10:58 PM If we consider all the elements of the physical world. There are 100 of them (about as many as the alts) yet one, gold, accounts for 90% of their recoverable aggregate value, and silver is 90% of the rest. Perhaps the litecoin advocates were right after all...;) unlike physical elements, which required nuclear bombardment with protons to change one to another....and even then its not really practically possible... "alts" can be made into something more useful or have some innovation, with just a stroke of the code that may make it better then BTC of course BTC can counter evolve. Alts have taken btc away from btc holders and so done the supposedly impossible, "cracked the private key on the blockchain" by putting the necessary "hack" before the BTC holder to get the BTC Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: rpietila on November 30, 2013, 09:34:52 PM There is a hard cap on how many BTC there is.
As for alts, they are limitless. Soon people will realize that they have to serve a function. Otherwise they are worthless. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: lethe on November 30, 2013, 10:05:14 PM (not legal/financial/any advice, investments are risky and can bankrupt you, past performance doesn't predict future, void where prohibited, remove plastic before consuming, etc.) You forgot "objects in rear view mirror may be closer than they appear" so according to my lawyer I can take all your bitcoins now, please send them to my secret address. This is maybe a little too feelgood for me, but yeah, bitcoin probably still has a huge way to go upwards and I hope that the revolution that it will bring to finance and payment processing will make a positive change for everyone all over the world. Exciting times we live in. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: LiteCoinGuy on November 30, 2013, 11:38:38 PM Where is LTC in all this? As I got more of 'em. ??? right behind BTC ;) Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: JTrain_51 on November 30, 2013, 11:48:21 PM Bitcoin is becoming a big deal I recommend you find all possible ways to make it and take what you can get!
Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: 600watt on December 03, 2013, 12:04:23 AM I think we need to rename btc with another smaller units It can be confusing to deal with smaller amount of btc I completely agree. The code already provides for other kinds of displays. I think that milli (milliB? mil?) should be the default atm. Correspondingly, all of us need to start talking more about "millis" and less about "bitcoins." The problem, IMO, that human beings are not perfectly rational, and that buying "only 0.01" btc has a negative psychological connotation for newcomers. The same person might not feel bad buying 10, or 1000, milibs or microbs instead. It's the same reason (in reverse) why stocks split and consolidate, etc. +1 bitcoin is a very abstract concept for beginners. putting in "real" money into something abstract is hard all by itself. putting in "real" money to purchase JUST A FRACTION of something abstract is asking way too much for the usual guy. mbtc is a matter of life or death for bitcoin. if the bitcoin community does not switch, it will fade away. millibitcoin is the answer. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: bryant.coleman on December 03, 2013, 04:17:40 AM Hmm.... this is a bit disappointing.
According to the latest data from Forbes, there are 1,426 billionaires in the world. On the other hand, we have only ~1,150 bitcoiners, whose stash is worth more than a million USD. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: PenAndPaper on December 03, 2013, 02:01:50 PM I think we need to rename btc with another smaller units It can be confusing to deal with smaller amount of btc I completely agree. The code already provides for other kinds of displays. I think that milli (milliB? mil?) should be the default atm. Correspondingly, all of us need to start talking more about "millis" and less about "bitcoins." The problem, IMO, that human beings are not perfectly rational, and that buying "only 0.01" btc has a negative psychological connotation for newcomers. The same person might not feel bad buying 10, or 1000, milibs or microbs instead. It's the same reason (in reverse) why stocks split and consolidate, etc. +1 bitcoin is a very abstract concept for beginners. putting in "real" money into something abstract is hard all by itself. putting in "real" money to purchase JUST A FRACTION of something abstract is asking way too much for the usual guy. mbtc is a matter of life or death for bitcoin. if the bitcoin community does not switch, it will fade away. millibitcoin is the answer. The answer so far seems to be litecoin and even the crappiest of the altcoins. As for the abstract nature of bitcoin which is not abstrast just different in the way you possess your coins, things will change with the introduction of reliable services. I mean people that use coinbase don't have anything weird to think about right? Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: rpietila on December 03, 2013, 02:09:20 PM On the other hand, we have only ~1,150 bitcoiners, whose stash is worth more than a million USD. New figures just came out (https://bitcointalk.org/index.php?topic=316297.msg3804967#msg3804967) :) Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: bitcoinpsftp on December 03, 2013, 02:36:32 PM On the other hand, we have only ~1,150 bitcoiners, whose stash is worth more than a million USD. New figures just came out (https://bitcointalk.org/index.php?topic=316297.msg3804967#msg3804967) :) Wow, this number is a shocker. I had no idea that bitcoins were THAT WELL distributed. Id have thought maybe 20-30 bitcoin millionaires exist. ALMOST 1K??? That's pretty huge. How is this not making news? Does anyone have a number of total millionaires in the world as of 2013? Would be interesting to see what % of all the world's millionaires are bitcoin millionaires. Might be a surprising number. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: bryant.coleman on December 03, 2013, 04:53:49 PM New figures just came out (https://bitcointalk.org/index.php?topic=316297.msg3804967#msg3804967) :) Oh... that is even more disappointing... the number of Bitcoin millionaires dip to ~927. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: bryant.coleman on December 03, 2013, 04:56:31 PM Wow, this number is a shocker. I had no idea that bitcoins were THAT WELL distributed. Id have thought maybe 20-30 bitcoin millionaires exist. ALMOST 1K??? That's pretty huge. How is this not making news? Does anyone have a number of total millionaires in the world as of 2013? Would be interesting to see what % of all the world's millionaires are bitcoin millionaires. Might be a surprising number. Hmm... As of 2013, there are somewhere around 12,000,000 millionaires in the world. Altogether, the millionaires are worth some $46.2 trillion. Of this number, only 0.00773% are Bitcoin millionaires. ;D Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: PenAndPaper on December 03, 2013, 06:41:07 PM On the other hand, we have only ~1,150 bitcoiners, whose stash is worth more than a million USD. New figures just came out (https://bitcointalk.org/index.php?topic=316297.msg3804967#msg3804967) :) Wow, this number is a shocker. I had no idea that bitcoins were THAT WELL distributed. Id have thought maybe 20-30 bitcoin millionaires exist. ALMOST 1K??? That's pretty huge. How is this not making news? Does anyone have a number of total millionaires in the world as of 2013? Would be interesting to see what % of all the world's millionaires are bitcoin millionaires. Might be a surprising number. It's not because bitcoin is well distributed. It's because the bitcoin price is through the roof atm so even if you hold a little you can still be millionaire. Good pr buzz though i think we should exploit that fact :P Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: rpietila on December 03, 2013, 07:57:13 PM New figures just came out (https://bitcointalk.org/index.php?topic=316297.msg3804967#msg3804967) :) Oh... that is even more disappointing... the number of Bitcoin millionaires dip to ~927. Don't worry, it will fluctuate by hundreds just whether it is daily high or low, and whether it's Gox or Stamp price :) Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: Michail1 on December 03, 2013, 09:17:29 PM 927 might be a high or low number.
That stat is 927 wallets have 1mil plus of value. I could imagine that several wallets belong to the same person, and also many people whom are 1mil plus have multiple wallets which add up to the value. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: rpietila on December 03, 2013, 09:47:42 PM 927 might be a high or low number. That stat is 927 wallets have 1mil plus of value. I could imagine that several wallets belong to the same person, and also many people whom are 1mil plus have multiple wallets which add up to the value. Reading the link helps. It is not based on wallets but multiple sources. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: irpirate on December 03, 2013, 09:58:32 PM Quote from: rpietila It is so simple that it is ridiculous. How can I be a millionaire by just investing $60. Guess what? My friend had bought 0.5% of all bitcoins existing in 2010 (it cost less than $10k to do it). He told me to do likewise. I said: "Bitcoin is so small I don't care." He said: "When it is big, it just costs more to have the same number of them." Your friend was wise :P Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: pand70 on December 03, 2013, 11:00:39 PM The same person might not feel bad buying 10, or 1000, milibs or microbs instead. It's the same reason (in reverse) why stocks split and consolidate, etc. It 's not bad nor late for bitcoin to follow some traditional investment practices but we have to keep in mind that bitcoin isn't playing by itself anymore. Alts are getting serious. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: bryant.coleman on December 04, 2013, 06:48:36 AM It 's not bad nor late for bitcoin to follow some traditional investment practices but we have to keep in mind that bitcoin isn't playing by itself anymore. Alts are getting serious. There is also a chance that Paypal / Western Union / Goldman Sachs will come up with an altcoin (and give it good mileage), in order to destroy the Bitcoin. The best way to destroy someone is to work from the inside. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: beetcoin on December 04, 2013, 06:50:51 AM It 's not bad nor late for bitcoin to follow some traditional investment practices but we have to keep in mind that bitcoin isn't playing by itself anymore. Alts are getting serious. There is also a chance that Paypal / Western Union / Goldman Sachs will come up with an altcoin (and give it good mileage), in order to destroy the Bitcoin. The best way to destroy someone is to work from the inside. doubt that happens.. most of the early adopters are into bitcoin for anti-establishments reasons. i'm thinking most of us here wouldn buy into a paypal/western union cryptocurrency just because they're the greedy elitist assholes who keep us in chains. the reason why bitcoin has been successful is because it is NOT those big companies. Title: Re: A perspective on just how rare it is to own 0.1 BTC: Post by: bryant.coleman on December 04, 2013, 07:00:09 AM doubt that happens.. most of the early adopters are into bitcoin for anti-establishments reasons. i'm thinking most of us here wouldn buy into a paypal/western union cryptocurrency just because they're the greedy elitist assholes who keep us in chains. the reason why bitcoin has been successful is because it is NOT those big companies. Agreed. But looking at the number of new users who purchase BTCs everyday, I think a lot of them are just looking for an investment or a way to hide their "dirty money". 90%+ of them purchase BTCs after reading about it in mainstream news media. What will happen if the media is flooded with similar news about an altcoin which is (behind the scenes) created by the greedy bankers. Imagine headlines like "Can X-coin replace BTC?", "X-coin for late investors", "Experts claim X-coin can overtake BTC by the end of 2014"... A lot of ordinary folks will fall in to the trap, which will erode the popularity of Bitcoin in the long term. |