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Author Topic: I just joined the "one millionth of the bitcoin economy" club  (Read 3004 times)
aes1
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March 21, 2013, 12:14:27 AM
 #1

and I feel privileged to do so.

Imagine, you can buy 21 BTC with just over 1000 euros (around 1350 USD)... and this will get you a one millionth of the bitcoin economy (which will eventually be 21 million bitcoins).

That's awesome, in a way. What would it cost to buy one millionth of the existing gold reserve? That's about 10 million USD. http://en.wikipedia.org/wiki/Gold_reserve

How about one millionth of cash in circulation? Already in 2008, this was about 4 million USD. http://en.wikipedia.org/wiki/Circulation_(currency)

Somehow I feel that bitcoin is going to be big.


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March 21, 2013, 12:18:32 AM
 #2

+1

Dankedan: price seems low, time to sell I think...
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March 21, 2013, 12:24:10 AM
 #3

Congrads!  Grin


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March 21, 2013, 12:29:03 AM
 #4

Congratulations and welcome to the "club".

Of course, Bitcoin is not a get-rich-quick scheme (hard to believe that, I know) and BTC21 isn't a great deal of money... yet. Oh, if only I were twentysomething now instead of an old fogie. Ah well, I still love Bitcoin anyway.

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March 21, 2013, 12:33:07 AM
 #5

Congratulations and welcome to the "club".

Of course, Bitcoin is not a get-rich-quick scheme (hard to believe that, I know) and BTC21 isn't a great deal of money... yet. Oh, if only I were twentysomething now instead of an old fogie. Ah well, I still love Bitcoin anyway.

Yeah.

If I were a twentysomething I'd be living in a van down by the river, eating uncooked ramen, working three jobs and putting every dime into BTC, and BTC businesses.

Dankedan: price seems low, time to sell I think...
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March 21, 2013, 12:51:29 AM
 #6

http://www.youtube.com/watch?v=XaoM0FyLmGY

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March 21, 2013, 12:55:40 AM
 #7


ROFL!


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March 21, 2013, 01:01:33 AM
 #8

Such a classic!

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March 21, 2013, 01:08:45 AM
 #9


Very funny! Where is this from? (I'm in the UK and this looks like US TV).



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March 21, 2013, 01:16:42 AM
 #10

I welcome you to the new wealthy elite!

It seemed like a good idea at the time.
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March 21, 2013, 01:24:07 AM
 #11


Very funny! Where is this from? (I'm in the UK and this looks like US TV).




You're right Grin  It's Saturday Night Live, 90's

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March 21, 2013, 02:24:32 AM
 #12

Earlier today I started to feel sorry for myself for spending a bunch of coins last year (but got myself some kick-ass AR-15 parts), because I now see the jump to $60+.  But then as I thought more about it, the fact that I did that was helpful in a small way to the bitcoin economy.  I helped it grow, even at a tiny fraction.  It's all of us, using it, that helps it become legitimate, and I still think I'm considered an early adopter.  Although that line is quickly approaching to mainstream. Smiley
 
So now I'm back up to 8 (I'm a slow miner) and hopefully soon I'll rejoin the one millionth of the bitcoin economy club. Wink
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March 21, 2013, 03:03:16 AM
 #13

Some what ifs:
If all the Bitcoin now in existence (11 million) were of equal value to the annual world wide gold production (2.7 kt...about 2.7x10^9 grams{Wikipedia}...$50 / gram), then BTC1 would be worth $12,000.

If this years production of Bitcoin (btc inflation rate is about 10% now...25*6*24*365=1.3E6) were to equal 1 yr gold production (gold inflation rate is about 1.5% btw), then 11E6/1.3E6~=10....so, 1 Bitcoin would be worth $120,000.

If all the Bitcoins that will ever exist equaled all the gold ever mined (about $10 trillion), 10E12/21E6=$500,000/btc.

If you add in silver and platinum...you get the idea Smiley

So, yeah, BTC21 is a lot. Maybe I should hit up dailybitcoins.org...their 1/100 of a mBTC payout might someday be worth $5 Smiley


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March 21, 2013, 05:27:21 AM
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David Spade and Christina Applegate fighting back completely losing it never gets old. Their expressions to Farley going off-script are better than the skit itself.

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March 21, 2013, 06:30:58 AM
 #15


David Spade and Christina Applegate fighting back completely losing it never gets old. Their expressions to Farley going off-script are better than the skit itself.

I thought that was Christina when I first view it.
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March 21, 2013, 06:42:13 AM
 #16

Just don't own 210,000 BTC.... then you'd be the 1%!  EVIL!!!
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March 21, 2013, 06:50:33 AM
 #17

Just don't own 21,000 BTC.... then you'd be the 1%!  EVIL!!!

Imagine that Satoshi possibly could be in the 10% club – with only one member.

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March 21, 2013, 08:05:18 AM
 #18

Just don't own 21,000 BTC.... then you'd be the 1%!  EVIL!!!

Imagine that Satoshi possibly could be in the 10% club – with only one member.
Yeah and I got my number horribly, horribly wrong there.  Should have been 210,000 = 1%.
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March 21, 2013, 08:42:38 AM
 #19

The challenge is holding onto the 21 BTC once they start getting really valuable.

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March 21, 2013, 10:25:55 AM
 #20

How poetic. Grats.  Grin

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