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Author Topic: [ARTICLE] Bitcoins have lost $174,458,40 since July 9th 2011.  (Read 892 times)
BitcoinPorn
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September 28, 2011, 02:20:15 AM
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http://www.tribbleagency.com/?p=8278

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A report has been published showing a massive loss to the bitcoin economy.
Total Value of Entire Bitcoin Economy $36,126,021.96

A total figure of USD $1,060,609.29 per month must enter the bitcoin economy to keep the current value of USD $4.910228203451 per BTC

$245.51 worth of BTC are printed every 10 minutes by mining or $1,060,609.29 per month or $12,727,311.50 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 $4.910228203451 with 7357300.000000001 coins in circulation the total Bitcoin economy is now valued at $36,126,021.96

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 $257,505,500.00 rather than $36,126,021.96

From /r/Bitcoin http://www.reddit.com/r/Bitcoin/comments/kt6sw/bitcoins_have_lost_210000000_since_july_9th_2011/

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September 28, 2011, 02:55:23 AM
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nice misscalculations.

Total traded btc in july was 1 000 000 BTC on MTGOX

it means value of the market was 1 000 000x 30 = 30 000 000$ not 210 000 000
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September 28, 2011, 03:03:24 AM
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nice misscalculations.

Total traded btc in july was 1 000 000 BTC on MTGOX

it means value of the market was 1 000 000x 30 = 30 000 000$ not 210 000 000


ayeee, and I'd be willing to bet the 1million traded was in large part the same 100k coins moving back and forth a few times. ;p

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September 28, 2011, 03:12:29 AM
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http://www.tribbleagency.com/?p=8278

Quote
A report has been published showing a massive loss to the bitcoin economy.
Total Value of Entire Bitcoin Economy $36,126,021.96

A total figure of USD $1,060,609.29 per month must enter the bitcoin economy to keep the current value of USD $4.910228203451 per BTC

$245.51 worth of BTC are printed every 10 minutes by mining or $1,060,609.29 per month or $12,727,311.50 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 $4.910228203451 with 7357300.000000001 coins in circulation the total Bitcoin economy is now valued at $36,126,021.96

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 $257,505,500.00 rather than $36,126,021.96

From /r/Bitcoin http://www.reddit.com/r/Bitcoin/comments/kt6sw/bitcoins_have_lost_210000000_since_july_9th_2011/

A report?  Sorry, it was not a report.  It was a post on a message board.  And it is incorrect.

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September 28, 2011, 03:13:55 AM
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Do we know how many of those millions of btc are still even available to the market, and not lost or hoarded away long term?

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September 28, 2011, 03:17:31 AM
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A report?  Sorry, it was not a report.  It was a post on a message board.  And it is incorrect.

The link doesn't even go to a post on a message board, it goes to Flexcoin's calculator.  I found the whole 'article' amusing and it's worth reading through the comments on reddit.

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September 28, 2011, 12:33:30 PM
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What I find amusing is you guys disagreeing with facts....  but whatever...  it's funny.. and it does explain a bunch of things.

And the title is "Bitcoins have lost $174,458,406.27 since July 9th 2011."   What happened is the post was published with 210 due to a bug and then was corrected, but tribbleagency uses a caching system so it took time to refresh.    

FACT : Total Value of Entire Bitcoin Economy $35,538,113.00

I love to hear your argument on how spot price x number of bitcoins in circulation isn't that figure,  please amuse me.


FACT : A total of $1,042,640.53 per month must enter the bitcoin economy to keep the current value of USD $4.827039512571 per BTC

I love to hear that in order to keep the current value,  while printing them off,  you don't need to add new inputs..  Please give me some federal reserve math here on how you can print without expanding the economy...  again.. I need to be amused.


FACT : $241.35 worth of BTC are printed every 10 minutes by mining or $1,042,640.53 per month or $12,511,686.42 per year

Again,  amuse me.


FACT : 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.

If you want to pretend this didn't happen... then pretend it didn't happen....  it's still a fact... and you still can't argue otherwise.. or you can amuse me.

FACT : This represents a net loss of $174,461,887.00 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 $257,680,500.00 rather than $35,538,113.00

Again... please tell me how printing off 1.3 million bitcoins since peak till now while demand is decreasing makes sense?



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September 28, 2011, 12:43:52 PM
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And the title is "Bitcoins have lost $174,458,406.27 since July 9th 2011."   What happened is the post was published with 210 due to a bug and then was corrected, but tribbleagency uses a caching system so it took time to refresh.
Corrected the title here.  I did not post this on /r/Bitcoin, just where I found it.

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September 28, 2011, 12:53:04 PM
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And the title is "Bitcoins have lost $174,458,406.27 since July 9th 2011."   What happened is the post was published with 210 due to a bug and then was corrected, but tribbleagency uses a caching system so it took time to refresh.
Corrected the title here.  I did not post this on /r/Bitcoin, just where I found it.


The cache thing ticks me off on Tribble...  I have to fix that.. the problem is that it get's hammered with traffic...  so a caching system is needed but it's not the best way of doing it...   I guess I should upgrade the server and remove the cache.. but on any given day it can get 100k or more pageviews.



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September 28, 2011, 11:16:30 PM
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What I find amusing is you guys disagreeing with facts....  but whatever...  it's funny.. and it does explain a bunch of things.
What does it explain?

And the title is "Bitcoins have lost $174,458,406.27 since July 9th 2011."   What happened is the post was published with 210 due to a bug and then was corrected, but tribbleagency uses a caching system so it took time to refresh.    
So you were in error, but I am disagreeing with facts?

FACT : Total Value of Entire Bitcoin Economy $35,538,113.00

I love to hear your argument on how spot price x number of bitcoins in circulation isn't that figure,  please amuse me.
There are a lot of arguments against that.  If you tried to buy up all of the bitcoins out there, $35M would not be enough.  The price would rise pretty fast as you were buying and you would run out money well before the last coins were bought.  That figure does not include assets that are being used in the bitcoin economy as well which could be quite substantial. 

The number and methodology you have used gives the market cap of bitcoin, but that does not mean it is the "Entire Value"




FACT : A total of $1,042,640.53 per month must enter the bitcoin economy to keep the current value of USD $4.827039512571 per BTC

I love to hear that in order to keep the current value,  while printing them off,  you don't need to add new inputs..  Please give me some federal reserve math here on how you can print without expanding the economy...  again.. I need to be amused.

This is far more debatable then your other stuff, this is in fact pure conjecture.  Since all bitcoin created is not immediately sold, that alone would make that figure incorrect.  NOBODY knows exactly what percentage that is, but it is NOT 100%.  We can see that by simply watching the block chain and seeing freshly mined coins not move. 

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