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Author Topic: 174,225 Satoshis/per person for every person in this world. You there yet?  (Read 60 times)
Kakmakr
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March 18, 2018, 10:41:44 AM
 #1

According to this guy, there are only 174,225 Satoshis/per person for every person on this planet. https://steemit.com/bitcoin/@infidel1258/satoshis-for-everyone-but-how-many

We have a lot of work to distribute these Satoshis to their owners. Do you want to see that Satoshis should be distributed more evenly or should we hoard these coins like the Scrooge McDucks we are?

How many of you are going "My Precious" like Sméagol < Lord of the Rings > now?

Let's discuss what kind of Bitcoiner you are... A Sméagol or a Bill Gates.

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March 18, 2018, 11:10:51 AM
 #2

The article is 3 months old so the price has fallen since then, but the point stays the same. Even if you own just 0.01 BTC which is 1,000,000 satoshis, you already own much more then your "fair share" considering world population. It is utopian to expect that every person will own some satoshis.
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March 18, 2018, 12:12:17 PM
 #3

We have a lot of work to distribute these Satoshis to their owners. Do you want to see that Satoshis should be distributed more evenly or should we hoard these coins like the Scrooge McDucks we are?
I would like to see these bitcoins to be hoarded for now because if these are distributed to almost 7 billion people I don't know if the miners could handle such amount of transactions flowing in every second. Even with everyone using Segwit I still don't think bitcoin is ready for this kind of distribution maybe in the future once LN is activated.


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March 18, 2018, 12:57:07 PM
 #4

We have a lot of work to distribute these Satoshis to their owners. Do you want to see that Satoshis should be distributed more evenly or should we hoard these coins like the Scrooge McDucks we are?
I would like to see these bitcoins to be hoarded for now because if these are distributed to almost 7 billion people I don't know if the miners could handle such amount of transactions flowing in every second. Even with everyone using Segwit I still don't think bitcoin is ready for this kind of distribution maybe in the future once LN is activated.



These transactions does not have to happen all at once, and it should only happen in theory. I was just curious to see who would think that a equel distribution of coins amongst everyone in the world, would be a good idea or not.

The price volatility would be much less, if it happens. No more whales, with loads of coins to manipulate the price. ^smile^

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March 18, 2018, 04:43:36 PM
 #5

We have a lot of work to distribute these Satoshis to their owners. Do you want to see that Satoshis should be distributed more evenly or should we hoard these coins like the Scrooge McDucks we are?
I would like to see these bitcoins to be hoarded for now because if these are distributed to almost 7 billion people I don't know if the miners could handle such amount of transactions flowing in every second. Even with everyone using Segwit I still don't think bitcoin is ready for this kind of distribution maybe in the future once LN is activated.



These transactions does not have to happen all at once, and it should only happen in theory. I was just curious to see who would think that a equel distribution of coins amongst everyone in the world, would be a good idea or not.

The price volatility would be much less, if it happens. No more whales, with loads of coins to manipulate the price. ^smile^

Even if there was an even distribution around the world what mechanism would there be to stop the whales from buying them up? They would surely change hands and the distribution would be skewed again.

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March 18, 2018, 07:11:19 PM
 #6

According to this guy, there are only 174,225 Satoshis/per person for every person on this planet. https://steemit.com/bitcoin/@infidel1258/satoshis-for-everyone-but-how-many

We have a lot of work to distribute these Satoshis to their owners. Do you want to see that Satoshis should be distributed more evenly or should we hoard these coins like the Scrooge McDucks we are?

How many of you are going "My Precious" like Sméagol < Lord of the Rings > now?

Let's discuss what kind of Bitcoiner you are... A Sméagol or a Bill Gates.

Why would anyone assume that everyone in the world wants to own bitcoin, or eventually will? It just doesn't follow logically. These types of posts seem to share the same logical fallacy as the ones I've seen on this board that claim that there will never be enough bitcoins for every millionaire who wants one to have one. Although technically true, it's also meaningless because the conclusion the people hawking this stat want you to draw is that if you have one bitcoin, you will eventually be incredibly wealthy because the millionaires will want to buy it off you and will have to pay insane prices due to lack of supply. That makes no sense at all. First, bitcoin is divisible to 8 decimal places; second, there is no shortage of substitute cryptos that can be used in place of bitcoin; third, it doesn't make sense to conclude that all millionaires will want bitcoins and are too shortsighted to buy them now. People get so blinded by their hypothetical future wealth that they stop paying attention reality and no longer employ critical thinking. 
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March 19, 2018, 06:56:13 AM
 #7

According to this guy, there are only 174,225 Satoshis/per person for every person on this planet. https://steemit.com/bitcoin/@infidel1258/satoshis-for-everyone-but-how-many

We have a lot of work to distribute these Satoshis to their owners. Do you want to see that Satoshis should be distributed more evenly or should we hoard these coins like the Scrooge McDucks we are?

How many of you are going "My Precious" like Sméagol < Lord of the Rings > now?

Let's discuss what kind of Bitcoiner you are... A Sméagol or a Bill Gates.

Why would anyone assume that everyone in the world wants to own bitcoin, or eventually will? It just doesn't follow logically. These types of posts seem to share the same logical fallacy as the ones I've seen on this board that claim that there will never be enough bitcoins for every millionaire who wants one to have one. Although technically true, it's also meaningless because the conclusion the people hawking this stat want you to draw is that if you have one bitcoin, you will eventually be incredibly wealthy because the millionaires will want to buy it off you and will have to pay insane prices due to lack of supply. That makes no sense at all. First, bitcoin is divisible to 8 decimal places; second, there is no shortage of substitute cryptos that can be used in place of bitcoin; third, it doesn't make sense to conclude that all millionaires will want bitcoins and are too shortsighted to buy them now. People get so blinded by their hypothetical future wealth that they stop paying attention reality and no longer employ critical thinking. 

FOMO is a huge driving factor for this my friend. We see this when the price is going up during a Bull run. I would rather own a small piece of the pie, than nothing at all. I would also much rather buy 174,225 Satoshis now, than when the price hits a ATH and you have to pay $1 for every Satoshi.

It is just some interesting data to play around with and to realise how little bitcoin is available for everyone, if and when this goes viral. < One killer application, will push us to mainstream adoption >

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March 20, 2018, 05:57:15 PM
 #8

According to this guy, there are only 174,225 Satoshis/per person for every person on this planet. https://steemit.com/bitcoin/@infidel1258/satoshis-for-everyone-but-how-many

We have a lot of work to distribute these Satoshis to their owners. Do you want to see that Satoshis should be distributed more evenly or should we hoard these coins like the Scrooge McDucks we are?

How many of you are going "My Precious" like Sméagol < Lord of the Rings > now?

Let's discuss what kind of Bitcoiner you are... A Sméagol or a Bill Gates.
While it is impossible for 7 billion people to hold bitcoin it is always interesting to run the experiment to see where you are in terms of holdings, even if we assumed that only a 100 million people ever adopted bitcoin and we divide that by the circulating supply of 16.9 millions you still only need 0.169 BTC in order to be an average holder in the future, and if we take into account the huge price of bitcoin right now then it is completely possible that the price will be a lot higher by then, this is why even if you are only holding a couple of bitcoins you can still get a lot of benefits in the future if you keep holding.
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March 20, 2018, 06:11:53 PM
 #9

I prefer to aim for the 21 bitcoin mark to be 1 in a million. I believe that one day 21 bitcoin will be enough to make you not only a 1 in a million but a millionaire. 175k satoshi's is nothing and it would be a pretty useless amount for each and every person to have, it would be like giving every person 1 cent and seeing what they could do with it, the answer would be nothing.

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March 20, 2018, 06:27:45 PM
 #10

Ah, we making choices here, then I am what I am and I will try to grab as much as I could. Because nobody will ask you in the future if you are short of coins and or you are not having proper savings with you. Its better to start grabbing these coins and I would more than happy to take yours because I will secure extra 174,225 Satoshis of yours and might just get rich enough if the prices went our of the universe. This will help me to have very smooth life ahead and I wont be under any financial stress or I will never think about the money shortages when I shop, entertain and play around the casino table. You see its personal thing and it grows as your leisure greed grows. We cant go with the fair share technique as that wont work really.  Tongue

   

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March 20, 2018, 06:29:11 PM
 #11

I am all in favor to hoard as many coins as possible. I have once even considered to set up a Satoshi billionaire club, where people can only join if they sign from an address containing 1 billion Satoshis. I still believe there is some sort of demand for such a club, but the lack of understanding to actually build up a site and to work it out in a more appropriate way made me not continue. There is always a difference between people's finances, and that will likely never change, and maybe we shouldn't even want it to change. If wealth was equally distributed to each and every person on earth, what would be left of our economy? Would it actually result in a better world? I have my doubts....
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March 20, 2018, 06:34:05 PM
 #12

if there will be 174,+++ satoshis for each person, and the world will reset like computers or lets say reformat,
everyone will start with this amount, this is the best opportunity for all those under the line of average living.
and that is the time that rich men to go down. wanna see that happening!

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March 20, 2018, 06:49:11 PM
 #13

According to this guy, there are only 174,225 Satoshis/per person for every person on this planet. https://steemit.com/bitcoin/@infidel1258/satoshis-for-everyone-but-how-many

We have a lot of work to distribute these Satoshis to their owners. Do you want to see that Satoshis should be distributed more evenly or should we hoard these coins like the Scrooge McDucks we are?

How many of you are going "My Precious" like Sméagol < Lord of the Rings > now?

Let's discuss what kind of Bitcoiner you are... A Sméagol or a Bill Gates.
Why not enjoy the early adoption phase? I ll go with hoarding and HODL!

An equal distribution of wealth isn't a viable model at all. That kills the demand which is the driving force of Bitcoin since it lacks and intrinsic value and utility. An unequal distribution makes the trading and investing profitable. An equal distribution will end all the risk, profit, curiosity, loss, margins etc etc in crypto market.

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March 23, 2018, 05:16:45 PM
 #14

These transactions does not have to happen all at once, and it should only happen in theory. I was just curious to see who would think that a equel distribution of coins amongst everyone in the world, would be a good idea or not.

The price volatility would be much less, if it happens. No more whales, with loads of coins to manipulate the price. ^smile^

Excluding LN... it's going to take quite a while.
We currently have about 300 million tx , so let's assume we will need just 6 billions more outputs.
100 Outputs via a segwit tx is around 3.3 Kb would lead to about 3 years (!?!) to distribute coins but with network used only for distribution, no other kind of purchase.


But fair distribution?
There is not going to be such a thing. Never. And I really hope it won't.
I lived enough in communism to understand that trying to make all people equal is one hell of a bad idea.

if there will be 174,+++ satoshis for each person, and the world will reset like computers or lets say reformat,
everyone will start with this amount, this is the best opportunity for all those under the line of average living.
and that is the time that rich men to go down. wanna see that happening!

I've seen it myself buddy in RL and trust me it's nothing like what you imagine.
Instead of getting rid of the rich guys and distributing the wealth to the poor we ended all poor.

dothebeats
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March 23, 2018, 06:09:27 PM
 #15

Fair wealth distribution isn't going to happen in all of our lifetimes. It might exist in a Utopian society which I think, is just another fantasy of authors and writers and would never happen no matter how many catastrophic events unfold in the future that would force us to unite together. Also, if there would be a fair distribution of wealth, I for one think that all work would be halted and there would be no merchants and consumers as everyone would just be holding into their dear coins as if it's their whole life. Such a scenario is 'comforting' to think about but in a real-world situation, this is undesirable and would never pan out.

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