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Author Topic: 790 people own half the bitcoins  (Read 5174 times)
rpietila
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January 31, 2014, 10:08:31 PM
 #41

there will never be more than 1 million people with more than 1 bitcoin at any one time
Interesting topic. How was this derived? According to the table, about 329k people hold BTC1+

It is not possible to make a distribution with the current model, which would produce such a result. The parameters are there in the original thread (link in the OP). The number of people with BTC1+ will increase for some more time, and start to decrease after a while.
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February 01, 2014, 12:34:47 AM
 #42

It's obvious that a portion of these 790 people have recently started using their wealth to keep the price stable on a few major exchanges.  Since the price of bitcoin is entirely confidence driven it is easy for the whales to sell anything over 800 and buy anything under 750.  It even generates a profit for them.  Indeed, it is the ONLY way to defend their holdings since they could never liquidate so many coins, and an unstable currency is ultimately worthless.
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February 01, 2014, 12:39:08 AM
 #43

Almost two million people own all the bitcoins? Two million bitcoin users. Does anyone else find this figure high?

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February 01, 2014, 01:18:45 AM
 #44

Based on the above, what a rational person who wants Bitcoin to succeed should do, is to work as much as possible and buy as much bitcoins as possible until he cannot reasonably increase his position any more. Then quit his job and become full-time bitcoiner, to leverage both his knowledge of bitcoin, and his time, and his wealth, to make a great impact.

I mean I'd love to but it's a bit risky don't you think. It's still just an experiment..

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February 01, 2014, 10:33:53 AM
 #45

Almost two million people own all the bitcoins? Two million bitcoin users. Does anyone else find this figure high?
Not really, there are over 1.1 million blockchain wallet users. And iirc there have been over 5 mill qt downloads. Add coinbase and a bunch of others, divide by users with multiple wallets, 2 million is possibly on the low side.
rpietila
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February 01, 2014, 11:18:17 AM
 #46

Based on the above, what a rational person who wants Bitcoin to succeed should do, is to work as much as possible and buy as much bitcoins as possible until he cannot reasonably increase his position any more. Then quit his job and become full-time bitcoiner, to leverage both his knowledge of bitcoin, and his time, and his wealth, to make a great impact.

I mean I'd love to but it's a bit risky don't you think. It's still just an experiment..

I mean only quit your job when you have cashed out at least $1M worth of bitcoins, and still keep the majority...  Grin

This is possible now for hundreds of people, but as the price rises, it will soon work out for thousands, 10000s etc.

How many Bitcoin Centers we have in the world now? NY, Montreal, Tel Aviv? I bet there'll be a hundred of them by Christmas.
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February 01, 2014, 12:19:59 PM
 #47

Based on the above, what a rational person who wants Bitcoin to succeed should do, is to work as much as possible and buy as much bitcoins as possible until he cannot reasonably increase his position any more. Then quit his job and become full-time bitcoiner, to leverage both his knowledge of bitcoin, and his time, and his wealth, to make a great impact.

I mean I'd love to but it's a bit risky don't you think. It's still just an experiment..

I mean only quit your job when you have cashed out at least $1M worth of bitcoins, and still keep the majority...  Grin

This is possible now for hundreds of people, but as the price rises, it will soon work out for thousands, 10000s etc.

How many Bitcoin Centers we have in the world now? NY, Montreal, Tel Aviv? I bet there'll be a hundred of them by Christmas.

Do what you like to do, then you'll never want to quit. Smiley

Hoping that growth continues. But I think it's well possible that we have to wait a bit longer for mass adoption. Accessibility atm is not at a level apt for the average joe.

Thanks for the insightful stats (even if speculative)!

ya.ya.yo!
rpietila
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February 01, 2014, 12:39:15 PM
 #48

I mean only quit your job when you have cashed out at least $1M worth of bitcoins, and still keep the majority...  Grin
Do what you like to do, then you'll never want to quit. Smiley

Hold all your bitcoins, and soon you will need to quit.

I did when I became too rich and too busy to take care of my bitcoins, my mission in life and my job. At this point I could clearly keep only 2, so the job had to go.
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February 01, 2014, 01:41:31 PM
 #49

It's obvious that a portion of these 790 people have recently started using their wealth to keep the price stable on a few major exchanges.  Since the price of bitcoin is entirely confidence driven it is easy for the whales to sell anything over 800 and buy anything under 750.  It even generates a profit for them.  Indeed, it is the ONLY way to defend their holdings since they could never liquidate so many coins, and an unstable currency is ultimately worthless.

You could be right, the price has clearly been extremely stable for a few weeks which is strange

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February 01, 2014, 04:50:42 PM
 #50

So how many bitcoin do I need to own in order to be able to quit my job within the next 6 - 12 months?

I don't care about big houses, flash clothes or fancy cars, I just want a roof over my head, food on the table and all my free time to focus on music!
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February 02, 2014, 10:00:36 AM
 #51

So how many bitcoin do I need to own in order to be able to quit my job within the next 6 - 12 months?

I don't care about big houses, flash clothes or fancy cars, I just want a roof over my head, food on the table and all my free time to focus on music!

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February 02, 2014, 10:28:12 AM
 #52

It's obvious that a portion of these 790 people have recently started using their wealth to keep the price stable on a few major exchanges.  Since the price of bitcoin is entirely confidence driven it is easy for the whales to sell anything over 800 and buy anything under 750.  It even generates a profit for them.  Indeed, it is the ONLY way to defend their holdings since they could never liquidate so many coins, and an unstable currency is ultimately worthless.

It's mostly but not entirely confidence driven. I have at times looked at bitcoin purchases as similar to putting money in the collection plate at church. I was making a contribution to something I believed could make the world a better place, and if I happened to profit, that was just a bonus.

insert coin here:
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