A perspective on just how rare it is to own 0.1 BTC:

[beetcoin]

I think this post is great and realistic for luring people into bitcoin. People usually don't have thousands of dollars to put into bitcoin and naturally they are thinking that a small fraction like 0.1 makes no difference.

yes there is quit ea psychological barrier when BTC is trading at $1,200 apiece. but most newbie investors will probably only see the face value of BTC.

[1715101795]

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[Lauda]

I'd rather look at it the other way around.
Like having 0.1% of BTC.

The glass is always half-empty, hey?

Exactly. 

[zimmah]

rare? my miner made that in the past week alone.

[User705]

For you to be in the "richies" means that you at least own a couple USD million dollars with current purchasing power (aka asuming it doesnt get devalued by time).
The scenareo some paint I simply cant believe it. These guys that believe not only 1BTC= 10k, 100k or even 1Million are delusional IMO. Do you think the goverment and powers that be are going to let random NEETs that happened to mine a shit ton of BTC on the early days become the new 1% clique? Get real. Im sure BTC will rise a bit still but we are certainly late to the party to pertain to that 1% in terms of purchasing power.

I had similar feelings not so long ago but a few things to keep in mind.  1.  There nothing anyone can do to stop it.  Just like there's not much to be done about illegal internet downloads.  2.  As price grows large holdings get sold and people diversify.  Just today I saw someone claim to have sold 1000btc which likely got diffused to many different people.  3.  The governments will tax many especially large public holders along the way so the powers that be are still firmly entrenched.  Today's Bitcoin changes that only a little bit.

[omega33]

I think we need to rename btc with another smaller units
It can be confusing to deal with smaller amount of btc

[bbit]

I feel good after reading this thread! 

[rpietila]

How exactly does this assume BTC is divided? Or is that just word population / Bitcoin Supply?

Another way to look at it would be to divide the bitcoins in the same way as the total wealth of the world is distributed (the "eventual distribution") and then check, how you would do.

* top 30 would have BTC5,000 or more (100 billion USD)
* top 300 would have BTC500 or more (10 billion USD)
* top 3,000 would have BTC50 or more (1 billion USD)

* the top 29,000 people would have 5,000mBTC or more, a huge fortune comparable to 100 million of today's dollars.
* the top 1 million people would have 500mBTC or more, corresponding to 10 million or more dollars
* 29 million people have at least 50mBTC, which puts them among the most affluent 0.6%, previously called 'millionaires'
* the upper middle class of 350 million people worldwide, owns 5mBTC or more
* lower middle class consists of 1 billion people is characterized by ownership of 0.5mBTC or more
* the lower class of (3+ billion) owns less than 0.5mBTC including people who don't have any or have negative worth.

Notable is the size of BTC as the "basic" unit. It is a large unit, only applicable in displaying the total wealth of people who used to be called billionaires.

Considering that about 5 billion are in adult age, 1% is 50 million, and so on, the figures become approx as follows:

BTC5 => 0.0006%  (cost to purchase today = $6,000)
BTC0.5 => 0.02%  ($600)
BTC0.05 => 0.6%  ($60)
BTC0.005 => 8%  ($6)
BTC0.0005 => 28%  ($0.60)

It is so simple that it is ridiculous. How can I be a millionaire by just investing $60. Guess what? My friend had bought 0.5% of all bitcoins existing in 2010 (it cost less than $10k to do it). He told me to do likewise. I said: "Bitcoin is so small I don't care." He said: "When it is big, it just costs more to have the same number of them."

[jubalix]

The only flaw to this logic is the alts, as they stand now the represent at least  10% of BTC market cap, think about this from 0 - 10 % and its only going to grow as alts can be more efficiently mined and then trade for btc as btc holders are selling.

I think what may curb btc growth are the alts as there will be more an more released....as we have seen.

eg I can only own say 50 BTC but I could own 1 BTC by trading say thousands of PPC, so now I own 51 BTC conversely the btc holders can buy my PPC, in summation there are 50 extra BTC

[User705]

The only floor to this logic is the alts, as they stand now the represent at least  10% of BTC market cap, think about this from 0 - 10 % and its only going to grow as alts can be more efficiently mined and then trade for btc as btc holders are selling.

I think what may curb btc growth are the alts as there will be more an more released....as we have seen.

eg I can only own say 50 BTC but I could own 1 BTC by trading say thousands of PPC, so now I own 51 BTC conversely the btc holders can buy my PPC, in summation there are 50 extra BTC

That assumes all the alts survive and remain at that valuation in the future.  Otherwise the alts could just be a wealth loss for holders left with them @ 0.

[rpietila]

If we consider all the elements of the physical world. There are 100 of them (about as many as the alts) yet one, gold, accounts for 90% of their recoverable aggregate value, and silver is 90% of the rest.

Perhaps the litecoin advocates were right after all...

[Relian]

I also think litecoin is going to be the second thing after bitcoin. The value exploded last couple weeks. I think it will rise even further coming months!!

[Lauda]

I also think litecoin is going to be the second thing after bitcoin. The value exploded last couple weeks. I think it will rise even further coming months!!

No. Litecoin has no real features to support that.

[PenAndPaper]

rare? my miner made that in the past week alone.

Read the op again. Obviously is still relatively easy to gain 0.1 BTC but the fact that there is a limit on the total supply doesn't changes.

[jubalix]

If we consider all the elements of the physical world. There are 100 of them (about as many as the alts) yet one, gold, accounts for 90% of their recoverable aggregate value, and silver is 90% of the rest.

Perhaps the litecoin advocates were right after all...

unlike physical elements, which required nuclear bombardment with protons to change one to another....and even then its not really practically possible...

"alts" can be made into something more useful or have some innovation, with just a stroke of the code that may make it better then BTC of course BTC can counter evolve.

Alts have taken btc away from btc holders and so done the supposedly impossible, "cracked the private key on the blockchain" by putting the necessary "hack" before the BTC holder to get the BTC

[rpietila]

There is a hard cap on how many BTC there is.

As for alts, they are limitless. Soon people will realize that they have to serve a function. Otherwise they are worthless.

[lethe]

(not legal/financial/any advice, investments are risky and can bankrupt you, past performance doesn't predict future, void where prohibited, remove plastic before consuming, etc.)

You forgot "objects in rear view mirror may be closer than they appear" so according to my lawyer I can take all your bitcoins now, please send them to my secret address.

This is maybe a little too feelgood for me, but yeah, bitcoin probably still has a huge way to go upwards and I hope that the revolution that it will bring to finance and payment processing will make a positive change for everyone all over the world. Exciting times we live in.

[LiteCoinGuy]

Where is LTC in all this? As I got more of 'em. 

right behind BTC 

[JTrain_51]

Bitcoin is becoming a big deal I recommend you find all possible ways to make it and take what you can get!

[600watt]

I think we need to rename btc with another smaller units
It can be confusing to deal with smaller amount of btc

I completely agree. The code already provides for other kinds of displays. I think that milli (milliB? mil?) should be the default atm. Correspondingly, all of us need to start talking more about "millis" and less about "bitcoins."

The problem, IMO, that human beings are not perfectly rational, and that buying "only 0.01" btc has a negative psychological connotation for newcomers.

The same person might not feel bad buying 10, or 1000, milibs or microbs instead.

It's the same reason (in reverse) why stocks split and consolidate, etc.

 

 

+1

bitcoin is a very abstract concept for beginners. putting in "real" money into something abstract is hard all by itself. putting in "real" money to purchase JUST A FRACTION of something abstract is asking way too much for the usual guy.

mbtc is a matter of life or death for bitcoin. if the bitcoin community does not switch, it will fade away.

millibitcoin is the answer.

[bryant.coleman]

Hmm.... this is a bit disappointing.

According to the latest data from Forbes, there are 1,426 billionaires in the world.

On the other hand, we have only ~1,150 bitcoiners, whose stash is worth more than a million USD.