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Author Topic: 1 in a million  (Read 6078 times)
Arcteryx
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February 15, 2017, 02:05:48 PM
 #21

That is a nice way to put things in perspective.
I didn't think that owning 21bitcoins would be a one in a million sort of thing.
I got close to that at one time last year but then some bad investments caused me to not get there. Just a few bitcoins short.
But if I knew it was a one in a million to own that amount I would be tried harder to get to the amount needed to be able to feel that special. Grin

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BrewMaster
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February 15, 2017, 02:09:27 PM
 #22

Year|21BTC cost
2008-2010|Practically free!
2010|$3.7
2011|$84
2012|$188
2013|$2,200
2014|$9,030
2015|$5,670
2016|$12,117
2017|$21,210 Today's price

This is simply great for bitcoin. we have all been hearing about the low prices such as $1, $0.05, etc but it is a bit hard right now to imagine that 21BTC was worth $3.7 once :O

i have been trying so hard to make more profit and invest more and more to reach the 21BTC for a couple of years now but it has been a hard thing and it is getting harder every day.

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February 15, 2017, 02:21:18 PM
 #23

being one in a million is one of those interesting topics in bitcoin if you ask me. we all know that there will only be 21 million maximum bitcoins available (ignoring the number of coins lost).

so if you have 21 bitcoins you can be one in a million.

now we all know there are 7.5 billion people in the whole world and there is a very limited supply of bitcoin available.

The following is the cost of being 1 in a million throughout the past years.
* bubbles are ignored and price is average

Year|21BTC cost
2008-2010|Practically free!
2010|$3.7
2011|$84
2012|$188
2013|$2,200
2014|$9,030
2015|$5,670
2016|$12,117
2017|$21,210 Today's price

when you look at things like that, they seem pretty ridiculous that once you could be 1 in a million with only 3 bucks but today you have to pay 21 grand to be 1 in a million

It is really ridiculous. I guess you are just inventing your own price for bitcoin, because your price for each year to bitcoin since it have started is very far from the real price that it have hit since it have started way back then. If I am not mistaken, the highest price that bitcoin's have reached was $1200, and not $21,210, I wish it would come true this year, but it is too good to be true, but who knows right.

Maybe this price that you have mentioned will fluctuate next year, or next next year, or in the near future. Let's just continue on using and supporting bitcoin until this thing happen, let's just hold it for now and wait for the right time. Smiley

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February 15, 2017, 02:27:43 PM
 #24

being one in a million is one of those interesting topics in bitcoin if you ask me. we all know that there will only be 21 million maximum bitcoins available (ignoring the number of coins lost).

so if you have 21 bitcoins you can be one in a million.

now we all know there are 7.5 billion people in the whole world and there is a very limited supply of bitcoin available.

The following is the cost of being 1 in a million throughout the past years.
* bubbles are ignored and price is average

Year|21BTC cost
2008-2010|Practically free!
2010|$3.7
2011|$84
2012|$188
2013|$2,200
2014|$9,030
2015|$5,670
2016|$12,117
2017|$21,210 Today's price

when you look at things like that, they seem pretty ridiculous that once you could be 1 in a million with only 3 bucks but today you have to pay 21 grand to be 1 in a million

It is really ridiculous. I guess you are just inventing your own price for bitcoin, because your price for each year to bitcoin since it have started is very far from the real price that it have hit since it have started way back then. If I am not mistaken, the highest price that bitcoin's have reached was $1200, and not $21,210, I wish it would come true this year, but it is too good to be true, but who knows right.

Maybe this price that you have mentioned will fluctuate next year, or next next year, or in the near future. Let's just continue on using and supporting bitcoin until this thing happen, let's just hold it for now and wait for the right time. Smiley

You either don't score highly for reading comprehension, or for actual comprehension!
There are 21 million potential Bitcoins. To own 1 millionth of them, you need to own 21 Bitcoins. The cost of 21 Bitcoins is (was when he posted)  $21,210.

No prices were made up.


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February 15, 2017, 02:38:13 PM
 #25

That is a nice way to put things in perspective.
I didn't think that owning 21bitcoins would be a one in a million sort of thing.
I got close to that at one time last year but then some bad investments caused me to not get there. Just a few bitcoins short.
But if I knew it was a one in a million to own that amount I would be tried harder to get to the amount needed to be able to feel that special. Grin

Well if it is too much for us to be one in a million, we can always strive for the lesser title like 1 in 21 million Smiley  It is still better than 1 in a billion.

Anyway i do not have regret to know Bitcoin late, it is not anyones fault and beside I entered Bitcoin community after the bubble of 2013 burst so it is still at $1000, and then take a hiatus at 2015 when bitcoin is at its low.  Then came back when it is going up somewhere in the early 2nd quarter of 2016.  It is not late to acquire at least 1 whole BTC so that even if we are not 1 in a million, we can be 1 in 21 million Smiley



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February 15, 2017, 02:46:40 PM
 #26

I think the cost of bitcoin at the All Time high in late 2013 and early 2014 is as high as now, about $1000/BTC.

It is $1200 actually. I don't know how OP said that bitcoin's price have and will hit this prices that he have mentioned for 2017 and the rest. It would be nice if he said that "This will be the prediction of the bitcoin's price this 2017 and to the next years", I guess this would be more believable than what he have said.

Right now, the highest prediction for bitcoin is $1500, I don't know if bitcoin will really PUMP to this price, but let's all hope that it will, for us to get a huge profit, and for our being patient to be worthy.

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February 15, 2017, 03:04:03 PM
 #27

I guess the OP is trying to highlight how difficult it is to predict the future and how valuable it is.

Could we now predict what the future price of bitcoin? I guess we can't as most people think the price will be $1010, and that's why this is the current price.

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February 15, 2017, 03:26:54 PM
 #28

at least the trend is going up.

In 30-50 years the price of bitcoin may reach 1 million
http://www.newsbtc.com/2015/12/10/will-bitcoin-price-reach-1-million-us-dollars/

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February 15, 2017, 03:38:57 PM
 #29

I wish i started mining and bying bitcoins back in 2010 like the early adopters.
I was pretty stupid at that time. Angry
I don`t know what`s the point of this "research"?Do you have 21 btc?
I will never have 21 bitcoins.
I also regret I didn't buy couple coins when I've just joined to bitcoin. That was last year ant the price was around 350-400$ per 1 BTC. But I think to make 21 bitcoins is not so big deal. I have heard that there is a company that pays year bonuses to it's workers in bitcoins and there are many options to make bitcoins basically. But at the same time everything in the economy should circle to stay fresh and high. If a million people will decide to start to save bitcoins till 21 point to be one in a million - it's gonna be collapse, for bitcoin for sure.

   
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February 15, 2017, 03:50:52 PM
 #30

I wish i started mining and bying bitcoins back in 2010 like the early adopters.
I was pretty stupid at that time. Angry
I don`t know what`s the point of this "research"?Do you have 21 btc?
I will never have 21 bitcoins.
I also regret I didn't buy couple coins when I've just joined to bitcoin. That was last year ant the price was around 350-400$ per 1 BTC. But I think to make 21 bitcoins is not so big deal. I have heard that there is a company that pays year bonuses to it's workers in bitcoins and there are many options to make bitcoins basically. But at the same time everything in the economy should circle to stay fresh and high. If a million people will decide to start to save bitcoins till 21 point to be one in a million - it's gonna be collapse, for bitcoin for sure.
And which company would that be to pay their employees bonuses in bitcoin?
One of the big tech giants maybe? IBM, Amazon, Apple or any other one that doesn't accept bitcoin as a form of payment. This is usually how these big companies operate by giving their employees things that they do not or can not use. Just look at all those employee giveaways for e.of the.year with massages or hairstylist gift cards. They don't care about those things. Have you ever heard a company giving their employees gold bars for their year end bonuses or e.of the.year awards? Never cause they value those things higher than they do this cryptocurrency they usually do not have the knowledge to know what to do with in the first place.



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February 15, 2017, 04:02:24 PM
 #31

considering some estimations that about 3 mln bitcoins were lost, you must have only 13 bitcoins in order to be the One in a million  Smiley

Don't forget the hoarders. There are a few people who have over 100,000. Chuck in lost coins too and realistically you might only need 3-5 BTC to be one in a million. A totally pointless stat but a bit of fun all the same.

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February 15, 2017, 04:43:52 PM
 #32

being one in a million is one of those interesting topics in bitcoin if you ask me. we all know that there will only be 21 million maximum bitcoins available (ignoring the number of coins lost).

so if you have 21 bitcoins you can be one in a million.

now we all know there are 7.5 billion people in the whole world and there is a very limited supply of bitcoin available.

The following is the cost of being 1 in a million throughout the past years.
* bubbles are ignored and price is average

Year|21BTC cost
2008-2010|Practically free!
2010|$3.7
2011|$84
2012|$188
2013|$2,200
2014|$9,030
2015|$5,670
2016|$12,117
2017|$21,210 Today's price

when you look at things like that, they seem pretty ridiculous that once you could be 1 in a million with only 3 bucks but today you have to pay 21 grand to be 1 in a million

Getting track of the entrance price for 21 BTC is an excellent statistic. As we see, the more you wait, the more expensive being inside the 1 million club becomes. In a couple of years, the entrance will be of 6 figures.

21 BTC holders will be rich, there's just no other outcome. 1 million people (actually way less considering all the lost BTC) is a TINY amount of people. Sooner or later 21 BTC holder will be rich as fuck and the people that had an opportunity to get in such a position will regret for life if they didn't buy them.

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February 15, 2017, 04:48:53 PM
 #33

The growth of BTC has been insanely interesting to watch. The hype is not as much as it once was, but this is a normal development for these types of markets. The future is bright indeed!

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February 15, 2017, 07:31:57 PM
 #34

it would be a feat, BUT an expensive one right now, with it valuing 21k's it would be expensive for anyone to purchase it unless you consider it a serious investment, Fun when seeing forum posts from 2010 and before when a BTC was so inexpensive "maybe like dogecoins now, lol"
Great to see the economy of BTC reaching such high feats, particularly for the ones who were here from the beginning.
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February 16, 2017, 02:30:37 PM
 #35

The Past is past and it will never come back. Stick to our present life that what we had. Bitcoin price rise because we adopt it on our daily lives.

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rickadone
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February 16, 2017, 02:43:14 PM
 #36

The Past is past and it will never come back.
But past will help you to predict the future. Being a holder of millionth of bitcoin must be a privileged experience, I have not enjoyed it.
Is there any theory that holding 21 bitcoins is more than enough for our rest of life to solve all financial needs ? Even if it is so, no one will be able to predict the exact time frame that to happen.

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February 16, 2017, 04:48:20 PM
 #37

You only need 0.021BTC to be.. 1 in a BILLION!!  Grin

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February 16, 2017, 05:25:50 PM
 #38

considering some estimations that about 3 mln bitcoins were lost, you must have only 13 bitcoins in order to be the One in a million  Smiley

One in a million as OP pointed out is usually about having the amount out of the total supply not the current supply. currently it is 16+ million coins and it is rising by about 1800 bitcoins every day. so if you want to consider the current available supply you need to increase the amount you hodl every day.

OP have included this part --> (ignoring the number of coins lost) on purpose. The statement will be even stronger if you factor in the lost coins,

but nobody knows how many coins are lost, so for that reason he has left that out. It is still a huge accomplishment if you can acquire the 21

bitcoins are become part of a small group of people who has done that.  Wink



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HAS BEEN RELEASED!


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February 16, 2017, 05:38:20 PM
 #39

considering some estimations that about 3 mln bitcoins were lost, you must have only 13 bitcoins in order to be the One in a million  Smiley

One in a million as OP pointed out is usually about having the amount out of the total supply not the current supply. currently it is 16+ million coins and it is rising by about 1800 bitcoins every day. so if you want to consider the current available supply you need to increase the amount you hodl every day.

OP have included this part --> (ignoring the number of coins lost) on purpose. The statement will be even stronger if you factor in the lost coins,

but nobody knows how many coins are lost, so for that reason he has left that out. It is still a huge accomplishment if you can acquire the 21

bitcoins are become part of a small group of people who has done that.  Wink

Not only that, but the fact that, logically, and statistically, more and more coins will keep getting lost in the crypto void forever. Mistakes happen, mistakes are unavoidable. People will keep losing their hard drives due malfunction, they will keep losing their cold wallets in fires/whatever, they will keep forgetting password... never ending possibilities to fuck up, which is good news for the ones that don't.

I would estimate that at least 1 million coins are lost forever already, and not including satoshis coins.

Then, add in the deflation rate due the constantly lost coins.

The result: In 10 to 20 years 21 BTC holders will be inflation adjusted USD millionaires.
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February 16, 2017, 05:45:37 PM
 #40

when you look at things like that, they seem pretty ridiculous that once you could be 1 in a million with only 3 bucks but today you have to pay 21 grand to be 1 in a million

Who knows lamenting behind $21k today is restricting us to be one in million of tomorrow having 21 BTC worth $21m. Cheesy
 Bitcoin is most volatile investment I have ever seen. Anything can happen. By the way, nice study.

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