Veltas (OP)
Newbie
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Activity: 28
Merit: 0
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February 10, 2011, 06:29:54 PM |
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I'm interested to know just how much people are relying on Bitcoin, and what's a better way to find out than to ask the forum community exactly how much they have?
Also, any success stories out there? Or any suggestions for making money?
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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kiba
Legendary
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Activity: 980
Merit: 1014
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February 10, 2011, 06:34:50 PM |
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I crawled my way to 700 BTC.
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Anonymous
Guest
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February 10, 2011, 06:37:07 PM |
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I am too impulsive. I only have around 20 at the moment. I have gone through over 300 BTC at the least.
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bit-numismatist
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Activity: 25
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February 10, 2011, 10:24:33 PM |
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I started mining btc at the end of 2009 and also was one of the first (or maybe even the first) buyers of bitcoins from the only available bitcoin trader http://newlibertystandard.wetpaint.com/ At that time 800 bitcoins were equal 1 USD  |
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dsg
Jr. Member
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Activity: 37
Merit: 2
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February 10, 2011, 10:35:47 PM |
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Hehe, I miss newlibertystandard's 0.005 rates... I spent ~8000 btc (almost all I had) on a month's rent of a VPS the day before the slashdot. Not my best financial decision so far given current rates. |
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kiba
Legendary
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Activity: 980
Merit: 1014
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February 10, 2011, 11:00:31 PM |
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Hehe, I miss newlibertystandard's 0.005 rates... I spent ~8000 btc (almost all I had) on a month's rent of a VPS the day before the slashdot. Not my best financial decision so far given current rates. Keep 2100 BTC. Save 50% and spend the rest. |
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grondilu
Legendary
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Activity: 1288
Merit: 1076
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February 10, 2011, 11:19:43 PM |
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Keep 2100 BTC. Save 50% and spend the rest.
Keeping 2100 BTC is a good symbolic number since it is 0.01% of the total amount of bitcoins. |
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kiba
Legendary
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Activity: 980
Merit: 1014
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February 11, 2011, 01:07:18 AM |
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The problem is that it is hard to earn bitcoin. I have to make sure that my earning outpaces my expenses.
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ploum
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February 11, 2011, 08:16:53 AM |
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It looks like the vast majority of bitcoin is in the hands of a few tenth of people.
I was always replying that Bitcoin might work, that it was not a bubble. When I see this poll, I really doubt. People like me that cannot/don't want to mine have really hard time trying to gain a few BTC from there and there. On the other hand, some have 10.000BTC and keep half of it as an investment.
There should be a way to help more newcomer. The faucet is really nice. Maybe it should be increased a bit so it gives more than a symbolic value. People with more than 1000BTC should really consider donating 5% of their wealth to either the faucet or to people that actually sell goods for BTC (they are making the economy).
All those actions would actually lower a bit the value of a bitcoin. Which is a sane thing to do in the current situation. It's an investement for the long term. It might help to make the bitcoin economy sustainable (I don't think that it is the case right now).
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mpkomara
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February 11, 2011, 08:23:29 AM |
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It looks like the vast majority of bitcoin is in the hands of a few tenth of people.
How'd you come up with that conclusion from this poll? |
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Local
Member
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Activity: 109
Merit: 10
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February 11, 2011, 08:25:21 AM |
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Ploum, why do you think these people with a lot of coins have them? If it is to never spend then so what? If it is to spend, then the situation will not last.
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Timo Y
Legendary
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Activity: 938
Merit: 1001
bitcoin - the aerogel of money
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February 11, 2011, 09:16:50 AM
Last edit: February 11, 2011, 12:06:50 PM by forever |
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It looks like the vast majority of bitcoin is in the hands of a few tenth of people.
I suspect it will become a power law distribution of wealth. Not much we can do about it, and bound to happen in a free market. The presence of some super-rich bitcioners has some advantages too. For instance, one rich entrepreneur who is passionate about making a technology happen (say BitDNS), will get it done a lot faster than a collective of thousands of small investors politicking among themselves. All those actions would actually lower a bit the value of a bitcoin. Which is a sane thing to do in the current situation. It's an investement for the long term. It might help to make the bitcoin economy sustainable (I don't think that it is the case right now).
From the point of view of a vendor who accepts Bitcoin, it makes no difference whether a BTC is worth 0.1 USD or 10 USD. None whatsoever. The only thing that does make a difference are monthly and quarterly fluctuations in the BTC value because that makes it difficult to cover his costs in USD. At least as long as the Bitcoin economy is small and most of his costs are not payable in BTC. He can protect himself against that through currency hedging, which I think will be on the market soon. |
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ploum
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February 11, 2011, 12:22:30 PM |
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Indeed, hedging would be a great great service for people that would like to accept bitcoins but still cannot spend them.
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nickwit
Member
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Activity: 80
Merit: 10
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February 12, 2011, 06:49:45 AM |
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The presence of some super-rich bitcioners has some advantages too. For instance, one rich entrepreneur who is passionate about making a technology happen (say BitDNS), will get it done a lot faster than a collective of thousands of small investors politicking among themselves.
Monarchy by any other name. We (humans) have had problems with that in the past.
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ColdHardMetal
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February 12, 2011, 06:51:57 AM |
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This poll would be more interesting if there was a parallel question asking how long people have been involved in the BTC economy.
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ARefrigerator
Newbie
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February 12, 2011, 07:28:07 AM |
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I have 2 whole bitcoins, hell yeah.
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spndr7
Legendary
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Activity: 1020
Merit: 1000
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February 12, 2011, 07:47:45 AM |
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In march-april 2010 I mined 450 BTC i spent at that only,If i would have preserved till today then I would have have 20000 INR but alash!!
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grondilu
Legendary
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Activity: 1288
Merit: 1076
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February 12, 2011, 08:51:24 AM |
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The quantity of money you own has very little to do with your wealth, really.
It's actually silly to hoard large amounts of cash. Somehow it's a kind of acetism, because money you hoard is money you don't spend, it's consumption you refuse to enjoy. There is no reason to envy someone who owns a lot of cash, really. You might even mock him. Because it's foolish.
I own about 1,400 bitcoins, and about 150 euros. Most of my wealth is in stock holdings and precious metals. I hate owning cash, even in bitcoins (although I prefer bitcoins to euros).
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ploum
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February 12, 2011, 11:23:16 AM |
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I think a more interesting question would be: how many BTC have you spent so far and how?
(For example, my only spending so far was some donation to bitcoinme)
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ribuck
Donator
Hero Member
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Activity: 826
Merit: 1039
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February 12, 2011, 12:18:18 PM |
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I think a more interesting question would be: how many BTC have you spent so far and how?
Somewhere over a thousand BTC. Bounties, fees for people who helped me with technical things, file downloads, advertising, pyramid scams, donations, exchange fees, tcatm's "hash for hire", etc. Oh, and a fabulous Zimbabwe 100 trillion dollar note that I'm going to frame. I think that's the only physical thing I've bought with BTC so far. |
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