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It is just the same as stock-splits. Few (normal) people would buy a stock which is having a price tag of $10,000 a piece. However, if it is split to 1:1000 ratio, and the price comes down to $10 / share, a lot of people would take their chances.
99% of the ordinary people don't know that BTC can be bought in fractions. And this is one of the main drawbacks of the BTC in gaining popularity. The currency will be transacted by lot more people, if the unit price can be bought down to $1 or even $10.
BTW.. it will be great to have a poll here on this topic.
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I guarantee, if mBTC were to become the standard unit, people worldwide would flock to mBTC at $1 a piece so much so that within weeks one single mBTC would be between $5-10, which makes the original 1 BTC worth $5000-10000.
I am quite skeptical. For BTCs to be worth $10K, the market cap has to be increased from $ 12 b USD to $120 b USD. That is a huge task, and might require millions of new buyers. |
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When I first bought LTC, I got 400 of them in exchange for just one BTC. Too bad that I didn't collected more LTC then. LTC went up... from 0.0025 to 0.035 (about 14 times), then went back to 0.009 (last month), before rebounding to 0.05 / BTC. The current price (0.0358) is a bit on the higher side I think... LTC will probably settle for somewhere around 0.025 / BTC.
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Excellent news coming from China... the police has arrested three of the GBL owners, who fled with their clients' BTCs. http://www.ecns.cn/business/2013/12-04/91184.shtmlA 29-year-old suspect surnamed Liu allegedly began operating GBL trading platform on May 27 of this year, according to police in Dongyang City in east China's Zhejiang Province. |
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I had 100 Labcoin shares in BTCT.co. The exchange is gone and now the company is worthless.
What should I do to join this initiative?
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Most of the transactions are people spamming the address with .001 bitcoins and adding a note
Thanks for making things clear. What they are going to get in return by spamming the DPR Seized wallet?  |
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If you are using Kaspersky Anti-Virus, then you can use the virtual keyboard in it to type anything without worrying about the key-loggers.
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Whether the story behind this thread is real or not, it has exposed another advantage for stashing Bitcoins. This is a good idea, which can be used in certain difficult legal situations (not only in the case of divorce). If executed with proper planning (esp. untraceable transactions), this can prevent the loss of our hard earned money. BTW..... I am a big fan of Ayn Rand..... Bitcoins are perfect for the social setting envisioned in Atlas Shrugged. When the court and the government seize our hard earned belongings... there is no reason to work further... We should fight back... this is one of the methods. "Run for your life from any man who tells you that money is evil. That sentence is the leper's bell of an approaching looter." Check this also |
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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. |
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Oh... that is even more disappointing... the number of Bitcoin millionaires dip to ~927. |
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What's so bad about deflation due to lost BTC? It is bad. BTC is supposed to be an ideal currency, which is guarded against both inflation and deflation. We neither want inflation nor deflation. Both will do harm to the financial viability of the BTC. It should be less of a problem as time goes on and people get more and more careful with their BTCs.
I guess over the long run at some point as time approaches infinity it would have to by defn kill he system..
To counter this problem, I propose a very simple solution. Once it is confirmed that over 10.00% of the BTCs are "lost", then the earliest 2% should be purged and put available to mine. That means that 420,000 BTCs will be available to be mined. This cycle can be repeated, to maintain the total number of available BTCs stable. |
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While regulators are tight-lipped about their plan of action, a senior official said that one possible way forward can be following the US, where authorities have decided to subject bitcoins to money laundering rules applicable to all other financial transactions in the country. They don't know what to do. They are looking towards the US, to see what the Americans are doing to regulate it. |
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Here is one of bitcoins major flaws.. NO method of identifying and replacing lost coins which is unstable and potentially inflationary.
Yes... one of the biggest flaws. We assume that the number of Bitcoins in circulation will slowly increase from 2009 to 2140 and that they will stabilize by 2140. If such large numbers of BTCs are "lost", then the currency will be extremely vulnerable to deflation. Something should be done to maintain the total number of BTCs available. |
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By switching to the top 500 address list there are a number of wallets with no activity since 2010 and 2011. The probability that these are LOST addresses is high as is the value. Anyone want to work out the % of coins involved?  That is disturbing. I noticed one BTC wallet, which is not active ever since 2009! (198aMn6ZYAczwrE5NvNTUMyJ5qkfy4g3Hi) This is the number of BTCs trapped in the top 500 wallets, by the year of last activity: Year 2009: 1 wallet & 8,000 BTC Year 2010: 10 wallets & 47,466.93 BTC Year 2011: 104 wallets & 408,009.50 BTC All together, 115 wallets with 463,476.43 BTC in them. |
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Either way, the blockchain is still very small compared to cheap drives to store it on. Once it gets up to 2Tb - I am going to start to worry.
From the bloackchain.info chart, I assume that the size is increasing at a rate of <10 GB per year. So I don't think it'll reach the 2 TB size anytime soon. |
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People on eBay don't know what they are buying, it's not hard to manipulate what the returns look like. You can buy eruptors, a usb hub and a fan and sell it for a LOT more then what it could possibly make.
But then it is not easy to sell BTC-related items through Ebay. Lot of people have been banned. |
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