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Author Topic: 500K BTC amounts to what % of total mass of existing BTCs??  (Read 3348 times)
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June 20, 2011, 11:13:22 AM
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Just wondering. As somone else noted here, it seems too much to not be highly weird that they were sitting in a single wallet. That sum may be enough to move the BTC price in any way. Moreover, it seems too much to have been plausibly earned in a legitimate way (anyone mined 100K+ BTCs?)   

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Meni Rosenfeld
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June 20, 2011, 11:20:53 AM
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About 8%. Bitcoins used to be cheaper and easier to mine, someone having 500K is not at all unusual (keeping them on mtgox up to now is, however).

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June 20, 2011, 11:53:03 AM
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Check this website to know how many BTCs exist http://bitcoinwatch.com/

Right now there are 6,603,000 BTC
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June 20, 2011, 11:56:52 AM
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About 8%. Bitcoins used to be cheaper and easier to mine, someone having 500K is not at all unusual […].

Please define ‘unusual’.  With BTC 6.603M  in circulation right now, approximately 13 persons could have BTC 500k in their wallet if they held the total amount of BTC.  With that in mind, having BTC 500k cannot be called ‘not unusual’…

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June 20, 2011, 12:28:42 PM
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About 8%. Bitcoins used to be cheaper and easier to mine, someone having 500K is not at all unusual […].

Please define ‘unusual’.  With BTC 6.603M  in circulation right now, approximately 13 persons could have BTC 500k in their wallet if they held the total amount of BTC.  With that in mind, having BTC 500k cannot be called ‘not unusual’…

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What I meant is that it is expected that at least one person in the world has this amount.

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June 20, 2011, 12:40:10 PM
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About 8%. Bitcoins used to be cheaper and easier to mine, someone having 500K is not at all unusual […].

Please define ‘unusual’.  With BTC 6.603M  in circulation right now, approximately 13 persons could have BTC 500k in their wallet if they held the total amount of BTC.  With that in mind, having BTC 500k cannot be called ‘not unusual’…

Cheers,
What I meant is that it is expected that at least one person in the world has this amount.

just is harder that BTC can become a normal-used value if someone has 500k and the others 1-100 i think that atm it is not-well distribuited (if we think that 21.000.000 is the max number)

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June 20, 2011, 01:10:18 PM
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Doesn't this devalue the market and the currency quite a lot?

One of the big sale points of BTC is the fact that it's p2p and not under control of 1 person. But the days events have suggested that at least 1 person has enough BTC to totally crash most markets. Whether the decision to sell all that at once was an informed conscious decision by the owner, or a hacker, there is still at least 1 person that can control the markets.

Is this right or wrong?
If the person has earned the money through legitimate ways than surely there's nothing wrong with it - but it does undermine the core values of BTW a little bit.
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June 20, 2011, 01:21:19 PM
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That will always be a concern unless you force an equal distribution somehow which would be a grossly unfair thing. There are probably people with enough USD to do similar things

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June 20, 2011, 01:23:41 PM
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Read about how George Soros crashed England in early 90s.

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June 20, 2011, 01:47:39 PM
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who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..

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June 20, 2011, 01:56:36 PM
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who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..


the 11th of may someone had 297k BTC and another over 100k, i suppose now they've more..

http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html

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June 20, 2011, 02:00:04 PM
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who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..


the 11th of may someone had 297k BTC and another over 100k, i suppose now they've more..

http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html

likely deepbit or slushes pool or one of the exchanges no?

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June 20, 2011, 02:12:12 PM
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who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..


the 11th of may someone had 297k BTC and another over 100k, i suppose now they've more..

http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html

likely deepbit or slushes pool or one of the exchanges no?


pools pay the miner, so i think it's so hard they can have 300k, dunno mtgox volume at moment btw we're talking about a single address..

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June 20, 2011, 02:23:02 PM
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who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..


the 11th of may someone had 297k BTC and another over 100k, i suppose now they've more..

http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html

likely deepbit or slushes pool or one of the exchanges no?


pools pay the miner, so i think it's so hard they can have 300k, dunno mtgox volume at moment btw we're talking about a single address..

most mining pools take a percentage (2-3%), with pools like deepbit solving a block every 2-20min currently (average of 17minutes per block at the moment) (months ago it would have been way way way easier) thats 1.5btc every few minutes to them.. or maybe i'm misunderstanding their cut?
https://deepbit.net/stats

by the looks of that they are making a couple hundred btc every day from the fee they are charging


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June 20, 2011, 02:33:39 PM
 #15

just is harder that BTC can become a normal-used value if someone has 500k and the others 1-100 i think that atm it is not-well distribuited (if we think that 21.000.000 is the max number)

Feel free to provide an example of a currency that IS evenly distributed.  Just because lots of people have a US Dollar doesn't mean it's evenly distributed.

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June 20, 2011, 02:38:31 PM
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I sez half million of frigging bitcoins.
You are not up to date with the biggest Bitcoin news of the week:

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

http://forum.bitcoin.org/index.php?topic=19525.0

This revealed that bitcoin distribution is much more unequal than than dollars, euros, gold or whatever.
Too much advantage for early adopters to not smell, sound, and taste like a Ponzi.
I am going out of this.

who exactly had 500k btc?
are you referring to the person who had """""500,000$usd""""" worth of btc 'stolen' ?
that was 25k btc.... kind of a big difference..


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June 20, 2011, 02:47:28 PM
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just is harder that BTC can become a normal-used value if someone has 500k and the others 1-100 i think that atm it is not-well distribuited (if we think that 21.000.000 is the max number)

dollars are not a finite number and in any case they're more than 21kk

im just sayin that in 21kk max 500k to a single person is not good (for the economy i mean).
Feel free to provide an example of a currency that IS evenly distributed.  Just because lots of people have a US Dollar doesn't mean it's evenly distributed.

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June 20, 2011, 03:56:27 PM
 #18

There is more and less equal distribution (look for "Gini index"), but 8% of the global wealth in a single wallet is beyond bizarre.
And how would this guy earned this stash? Mining with his private multi-terahash pool for a couple of years? Selling drugs on a massive scale?
This is a ponzi and probably a scam too.
Ridicolous that nobody notice the enormity of the anomaly.


[/quote]

Feel free to provide an example of a currency that IS evenly distributed.  Just because lots of people have a US Dollar doesn't mean it's evenly distributed.
[/quote]
[/quote]

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June 20, 2011, 04:22:36 PM
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So basically you registered and opened this thread to tell us that you are out and that is a PONZI SCHEME and a SCAM?  Shocked


Meh


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June 20, 2011, 04:44:05 PM
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There is more and less equal distribution (look for "Gini index"), but 8% of the global wealth in a single wallet is beyond bizarre.
And how would this guy earned this stash? Mining with his private multi-terahash pool for a couple of years? Selling drugs on a massive scale?
This is a ponzi and probably a scam too.

8% of the "global wealth" in a single wallet (at least for a single currency) is quite common in the real world.  Ask Warren Buffet, or Bill Gates.

As for how he got the coins, it's been noted, multiple times, in multiple articles and threads, that you opted not to read before posting, that he was a miner in 2009 and 2010 when the difficulty was quite low and there were not many miners.  Easily could have amassed that amount of BTC back then, with only moderate GPUs (heck, you could find blocks using CPUs back then).  So let's see 7200 coins / day production, 600 coins / day, that'd only be 6 weeks if he finds only 12 of the 144 blocks per day.

Just because it's hard today, doesn't mean it's always been hard, Mr. Chicken Little.

And I'm not sure what you're referring to as a "Ponzi" and "probably a scam".  If you mean Bitcoins, then you clearly do not understand how the network works, at all, and are not even familiar with how a Ponzi scheme works.

Links for your personal enlightenment and in the hopes you will one day post something with some merit:

https://en.bitcoin.it/wiki/Introduction

http://en.wikipedia.org/wiki/Ponzi_scheme

Please do everyone a favor and become educated, at least a little, before posting.

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