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Author Topic: Bitcoins have lost $174,108,376.60 since June 9th 2011  (Read 6301 times)
the founder
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September 27, 2011, 06:12:13 PM
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Total Value of Entire Bitcoin Economy $36,132,198.05

We need USD $1,060,797.82 per month to enter to the bitcoin economy to keep the current value of USD $4.911101029921 per BTC

$245.56 worth of BTC are printed every 10 minutes by mining or $1,060,797.82 per month or $12,729,573.87 per year

Bitcoins traded at nearly $35 at their peak with ~6,000,000 coins in circulation on June 9, 2011 the total Bitcoin economy was valued at $210,000,000
 
Bitcoins are now trading at $4.911101029921 with 7357250.000000001 coins in circulation the total Bitcoin economy is now valued at $36,132,198.05

This represents a net loss of $209,999,964.00 from peak to this exact moment (updated in real time) of the entire bitcoin economy.

If Bitcoins were stable at their peak of $35 on June 9, 2011 , the bitcoin economy would be worth $257,503,750.00 rather than $36,132,198.05


http://www.flexcoin.com/calc/

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September 27, 2011, 06:18:35 PM
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Title edit ... June 9th?

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September 27, 2011, 06:20:55 PM
 #3

Total Value of Entire Bitcoin Economy $36,132,198.05

We need USD $1,060,797.82 per month to enter to the bitcoin economy to keep the current value of USD $4.911101029921 per BTC

$245.56 worth of BTC are printed every 10 minutes by mining or $1,060,797.82 per month or $12,729,573.87 per year

Bitcoins traded at nearly $35 at their peak with ~6,000,000 coins in circulation on June 9, 2011 the total Bitcoin economy was valued at $210,000,000
 
Bitcoins are now trading at $4.911101029921 with 7357250.000000001 coins in circulation the total Bitcoin economy is now valued at $36,132,198.05

This represents a net loss of $209,999,964.00 from peak to this exact moment (updated in real time) of the entire bitcoin economy.

If Bitcoins were stable at their peak of $35 on June 9, 2011 , the bitcoin economy would be worth $257,503,750.00 rather than $36,132,198.05


http://www.flexcoin.com/calc/


WOW! I didn't look at it that way. I looked at it this way: https://bitcointalk.org/index.php?topic=1672.msg20372#msg20372

A 36X increase. (rounded)

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September 27, 2011, 06:28:13 PM
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These are pretty misleading figures.

You're basically taking a wildly volatile new commodity, looking at the highest peak price on one day and comparing it to the price today. You cannot say that $200m has been lost, without acknowledging that $200m was first created, and in fact the aggregate value is still massively increased this year.

Also - don't confuse "market cap" with the value of the bitcoin economy. The market cap of Bitcoins has fallen substantially since June/July. However, the value of the bitcoin economy has risen. More merchants and many more tools. Greater security after repeated vulnerabilities have been attacked.

Again, people concern themselves too much with the current market price of a Bitcoin. It is related to, but not synonymous with, the value of the Bitcoin economy.
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September 27, 2011, 06:34:21 PM
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These are pretty misleading figures.

You're basically taking a wildly volatile new commodity, looking at the highest peak price on one day and comparing it to the price today. You cannot say that $200m has been lost, without acknowledging that $200m was first created, and in fact the aggregate value is still massively increased this year.

Also - don't confuse "market cap" with the value of the bitcoin economy. The market cap of Bitcoins has fallen substantially since June/July. However, the value of the bitcoin economy has risen. More merchants and many more tools. Greater security after repeated vulnerabilities have been attacked.

Again, people concern themselves too much with the current market price of a Bitcoin. It is related to, but not synonymous with, the value of the Bitcoin economy.

lol i was just typing a similar response when i decided it wasn't worth it. indeed, this is very misleading- the only way to lose that much money is if every single person holding bitcoins bought at it's highest value.... and then the person who sold them ran off with all the money and stopped trading. I deem this a 'failpost'

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September 27, 2011, 06:54:16 PM
 #6

Total Value of Entire Bitcoin Economy $36,132,198.05

We need USD $1,060,797.82 per month to enter to the bitcoin economy to keep the current value of USD $4.911101029921 per BTC

$245.56 worth of BTC are printed every 10 minutes by mining or $1,060,797.82 per month or $12,729,573.87 per year

Bitcoins traded at nearly $35 at their peak with ~6,000,000 coins in circulation on June 9, 2011 the total Bitcoin economy was valued at $210,000,000
 
Bitcoins are now trading at $4.911101029921 with 7357250.000000001 coins in circulation the total Bitcoin economy is now valued at $36,132,198.05

This represents a net loss of $209,999,964.00 from peak to this exact moment (updated in real time) of the entire bitcoin economy.

If Bitcoins were stable at their peak of $35 on June 9, 2011 , the bitcoin economy would be worth $257,503,750.00 rather than $36,132,198.05


http://www.flexcoin.com/calc/

the founder
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September 27, 2011, 06:54:41 PM
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You can call it a "failpost" or "trolling" if you wish.. but figures are figures... and the figures are 100% accurate.  Flame on,   the point is that it's still right and denying it isn't helping the situation.

Now if you want to pick a differing moment in time,  rather than it's peak...  let's say the spot price from 2 months ago..  you'll see roughly $100,000,000 dollar loss.

The end result is that we're still printing bitcoins like wildfire,  but the whole bitcoin economy is decreasing value so fast,  and printing bitcoin like that isn't helping.

So feel free to flame on,  but at the end it's right...  the formula is right.. and the figures are right...  and honestly you can't argue it without trying to change the topic.. which is Bitcoins have lost nearly a Quarter Billion Dollars since June 9th 2011.

So keep posting "failposts"  or "trolling"  ... but avoid the topic and the math... because as you know.. it's not arguable.


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September 27, 2011, 07:05:23 PM
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If you have 3 apples worth $1 each you have $3 worth of apples.

If you have 300 apples worth $.01 each you still have $3 worth of apples.

You do not say that you have lost $297 since apples were worth $1.

http://www.bitpools.com
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Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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September 27, 2011, 07:08:58 PM
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Yeah, your math is right, and? It's still trolling, nothing more.

I say that bitcoin worth increased of an INFINITE amount, and i am RIGHT
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September 27, 2011, 07:15:52 PM
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Why all this talk of fiat dollars anyway? There are more bitcoins than there were in June, and they are real capital, whoever holds them, whatever some traders may think they are "worth" in comparison to the failing American dollar. Let the traders and speculators bandy about their numbers and scream terror as they run back to the "security" of their government lies guised as currency. I know where the true future of capital lies, and I am more confident than ever of the real value of bitcoin.

Is not a man entitled to the sweat of his brow?
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September 27, 2011, 07:16:57 PM
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Why all this talk of fiat dollars anyway? There are more bitcoins than there were in June, and they are real capital, whoever holds them, whatever some traders may think they are "worth" in comparison to the failing American dollar. Let the traders and speculators bandy about their numbers and scream terror as they run back to the "security" of their government lies guised as currency. I know where the true future of capital lies, and I am more confident than ever of the real value of bitcoin.

And you can get them easier.

for now...

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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September 27, 2011, 07:22:33 PM
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If you have 3 apples worth $1 each you have $3 worth of apples.

If you have 300 apples worth $.01 each you still have $3 worth of apples.

You do not say that you have lost $297 since apples were worth $1.

That's not what happened...    

You had 3 apples worth 1 dollar each.
Now you have 300 apples worth .0001 penny each.

Your 3 dollars turned to 3 cents.

You grew hundreds of apples when the price per apple was crashing...

Except with bitcoins we printed millions of them when the price was crashing...   so the dollar figure is bigger,  but the concept is the same.



Yeah, your math is right, and? It's still trolling, nothing more.

I say that bitcoin worth increased of an INFINITE amount, and i am RIGHT

But yet you're still down (as a market, not you personally) $210,000,000


I am not trying to pick a fight people,  it's just simple math.. .



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September 27, 2011, 07:24:39 PM
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Problem, no one ever spent 210.000.000$ in bitcoins  Undecided
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September 27, 2011, 07:26:42 PM
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Problem, no one ever spent 210.000.000$ in bitcoins  Undecided

See again,  everyone combined spent 210,000,000 in coins...  either by trading, mining, selling....  so yes,  EVERYONE spent $210,000,000

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September 27, 2011, 07:30:20 PM
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I'm not sure if you are serious or you have studied economics. Well, I didn't.

But this is what I learnt: When a house is destroyed, there are loses like in war. The lose is valued at the price of the home. But when the central bank lose $500m of bills in the sea, they can simply print them again. They lost few thousands of dollars of paper value.

Money is not wealth. Bitcoin lost nothing.
Imagine there is 10million bitcoins in the system, hold by members that doesn't want to sell at any price. And there is just one member that he is ready to sell. A kid from the other part of the world is interested to purchase a coin. He just want to try the thing. He is ready to put $50 for it. So there is one trade, and the value of bitcoin is $50.

This doesn't mean that the members have $0.5billion. They have nothing unless there is a buyer willing to buy at that price.

I hope you get these simple basics/facts.
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September 27, 2011, 07:31:02 PM
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Problem, no one ever spent 210.000.000$ in bitcoins  Undecided

See again,  everyone combined spent 210,000,000 in coins...  either by trading, mining, selling....  so yes,  EVERYONE spent $210,000,000
Not really, 210.000.000 never circulated.
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September 27, 2011, 07:31:31 PM
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I am not trying to pick a fight people,  it's just simple math.. .


So at its peak the Bitcoin economy had $210,000,000 worth of coins.

And you are saying that we have lost $210,000,000 since then.

So the entire Bitcoin economy is now worth $0?

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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September 27, 2011, 07:32:51 PM
 #18

The $210,000,000 implies that if all Bitcoins were to change hands at once, that would be the price. That obviously never occurred. The figure really has little relevance in that sense. Only a fraction of this purported value was sold at that price.
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September 27, 2011, 07:33:03 PM
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Problem, no one ever spent 210.000.000$ in bitcoins  Undecided

See again,  everyone combined spent 210,000,000 in coins...  either by trading, mining, selling....  so yes,  EVERYONE spent $210,000,000
Not really, 210.000.000 never circulated.

Sure it did... either it was 100,000 BTC to buy a pizza in 2010 or it was horded assuming the price was going to increase .. hence the time value of money was applied... every single one of those coins was circulated or stored for resale.

The only ones that were not were ones that were destroyed due to hard drive failure or other technical or human error.


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September 27, 2011, 07:34:48 PM
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Well using this math every time BTCUSD moves $0.01 its costing someone $73K.
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