Bitcoin Forum
May 02, 2024, 01:04:31 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: How much bitcoin is "a fair share"?  (Read 324 times)
partysaurus
Sr. Member
****
Offline Offline

Activity: 574
Merit: 251


View Profile
May 27, 2019, 10:40:44 AM
 #21

I personally prefer my own 1 in a million target which is about having 21 bitcoins and since there are only a cap of 21 million bitcoin if you own 21BTC you will be one in a million! of course that target is going to become harder and harder to reach as bitcoin price rises every year but having that in mind motivates me to accumulate more before we reach mass adoption: https://bitcointalk.org/index.php?topic=1790863.0


thats awesome dude its a nice goal! always nice to be one in a million, Im going for 1 btc that feels like a realistic goal for now. maybe one day i can also reach for 21 btc
1714611871
Hero Member
*
Offline Offline

Posts: 1714611871

View Profile Personal Message (Offline)

Ignore
1714611871
Reply with quote  #2

1714611871
Report to moderator
1714611871
Hero Member
*
Offline Offline

Posts: 1714611871

View Profile Personal Message (Offline)

Ignore
1714611871
Reply with quote  #2

1714611871
Report to moderator
1714611871
Hero Member
*
Offline Offline

Posts: 1714611871

View Profile Personal Message (Offline)

Ignore
1714611871
Reply with quote  #2

1714611871
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
KonstantinosM (OP)
Hero Member
*****
Offline Offline

Activity: 1492
Merit: 763


Life is a taxable event


View Profile
May 27, 2019, 02:48:36 PM
 #22

What I understood is that you are saying, we should not sell off our bitcoins below 100,000 USD! If that is what you are trying to convey, then it is totally incorrect!

Unless and until we start using bitcoin as a currency, it will never reach to that price point ever. Mining and HODLing is never going to help unless those mined bitcoins are circulated within the economy! Bitcoin can only flourish to such an enormous level, only when it is used as a currency! That's the end use of bitcoin!

I've used bitcoin in the past just for the sake of using it. To prove it's real to me and to the other person using it. I've bought baklava (a dessert) for 0.5 BTC among other things, most of my bitcoin (I was mining back in 2012-2013 went out that way.

If all of a sudden no-one was willing to sell bitcoin for less than 100k, the price would probably have to go up to 100k. Then again if no-one was willing to buy bitcoin at 1 cent, the price would eventually jump to 1 cent.

My argument here is that since bitcoin is really scarce AND it's proven to work, the former is actually reasonable. Of course the market is driven by how much people value bitcoin the inherent value of it is questionable. Bitcoin has value because it can be trusted as money. It can be trusted to store economic energy.

The dollar isn't scarce, therefore its value proposition is very shaky, therefore the usd to btc ratio should eventually go to 100k, even if bitcoin doesn't gain or lose any real value.


Syscoin has the best of Bitcoin and Ethereum in one place, it's merge mined with Bitcoin so it is plugged into Bitcoin's ecosystem and takes full advantage of it's POW while rewarding Bitcoin miners with Syscoin
Dapper
Sr. Member
****
Offline Offline

Activity: 560
Merit: 260



View Profile
May 27, 2019, 03:24:12 PM
 #23

Well, you have around 700-900 million people in the world without tapwater and/or electricity so I think they might have some other priorities before building up their crypto portfolio.   

 Cheesy

sent from my X6
BitBustah
Hero Member
*****
Offline Offline

Activity: 1218
Merit: 534



View Profile
May 27, 2019, 04:22:55 PM
 #24

As long as workers don't own the means of production there will always be great inequality.  Even if you divided all the bitcoins evenly among everyone in the world the same wealth inequality would happen over a short amount of time due to owning assets like companies.
rdluffy
Legendary
*
Offline Offline

Activity: 2226
Merit: 1304



View Profile WWW
May 27, 2019, 04:35:49 PM
 #25

Yes, it's scarce, no doubt
But the most important fact that makes BTC worthing something, is our belief
If anyone lose interest in BTC, and nobody change fiat money to BTC, BTC will value 0

.
.DuelbitsSPORTS.
▄▄▄███████▄▄▄
▄▄█████████████████▄▄
▄██████████████████████▄
██████████████████████████
███████████████████████████
██████████████████████████████
██████████████████████████████
█████████████████████████████
███████████████████████████
█████████████████████████
▀████████████████████████
▀▀███████████████████
██████████████████████████████
██
██
██
██

██
██
██
██

██
██
██
████████▄▄▄▄██▄▄▄██
███▄█▀▄▄▀███▄█████
█████████████▀▀▀██
██▀ ▀██████████████████
███▄███████████████████
███████████████████████
███████████████████████
███████████████████████
███████████████████████
███████████████████████
▀█████████████████████▀
▀▀███████████████▀▀
▀▀▀▀█▀▀▀▀
OFFICIAL EUROPEAN
BETTING PARTNER OF
ASTON VILLA FC
██
██
██
██

██
██
██
██

██
██
██
10%   CASHBACK  
          100%   MULTICHARGER  
bitvalak
Sr. Member
****
Offline Offline

Activity: 854
Merit: 267


Leading Crypto Sports Betting & Casino Platform


View Profile
May 27, 2019, 05:58:29 PM
 #26

Bitcoins per person... If you simply divide 21 million by 7 billion you get this:

0.003  It's currently around 25 dollars worth of bitcoin.

So as long as you have this, you have your share. If we divided by 1 billion it would be 2.1 bitcents

If we divided by the population of the United States it would be 0.064


The actual numbers are lower since not all bitcoin has been mined and a lot of bitcoin has been lost.
Also these numbers don't imply that you shouldn't strive to increase your holdings to any arbitrary multiple of that. More is definitely better.


I think these numbers are good to keep in mind to remind ourselves how scarce bitcoin actually is. A whole bitcoin is actually a whole lot of bitcoin. Kind of crazy that people are letting whole bitcoins go for less than 100,000 USD





Fair does not mean the amount is equal, the needs of each person will be different.
There are enough with 1 BTC and some are enough with 0.001 BTC. Whatever the price if bitcoin can provide value will definitely be fair.

█▀▀▀▀▀











█▄▄▄▄▄
.
Stake.com
▀▀▀▀▀█











▄▄▄▄▄█
   ▄████████████████████████████████████▄
   ██ ▄▄▄▄▄▄▄▄▄▄            ▄▄▄▄▄▄▄▄▄▄ ██  ▄████▄
   ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██  ██████
   ██ ██████████ ██      ██ ██████████ ██   ▀██▀
   ██ ██      ██ ██████  ██ ██      ██ ██    ██
   ██ ██████  ██ █████  ███ ██████  ██ ████▄ ██
   ██ █████  ███ ████  ████ █████  ███ ████████
   ██ ████  ████ ██████████ ████  ████ ████▀
   ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██
   ██            ▀▀▀▀▀▀▀▀▀▀            ██ 
   ▀█████████▀ ▄████████████▄ ▀█████████▀
  ▄▄▄▄▄▄▄▄▄▄▄▄███  ██  ██  ███▄▄▄▄▄▄▄▄▄▄▄▄
 ██████████████████████████████████████████
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█  ▄▀▄             █▀▀█▀▄▄
█  █▀█             █  ▐  ▐▌
█       ▄██▄       █  ▌  █
█     ▄██████▄     █  ▌ ▐▌
█    ██████████    █ ▐  █
█   ▐██████████▌   █ ▐ ▐▌
█    ▀▀██████▀▀    █ ▌ █
█     ▄▄▄██▄▄▄     █ ▌▐▌
█                  █▐ █
█                  █▐▐▌
█                  █▐█
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█
▄▄█████████▄▄
▄██▀▀▀▀█████▀▀▀▀██▄
▄█▀       ▐█▌       ▀█▄
██         ▐█▌         ██
████▄     ▄█████▄     ▄████
████████▄███████████▄████████
███▀    █████████████    ▀███
██       ███████████       ██
▀█▄       █████████       ▄█▀
▀█▄    ▄██▀▀▀▀▀▀▀██▄  ▄▄▄█▀
▀███████         ███████▀
▀█████▄       ▄█████▀
▀▀▀███▄▄▄███▀▀▀
█▀▀▀▀▀











█▄▄▄▄▄
.
PLAY NOW
▀▀▀▀▀█











▄▄▄▄▄█
klaaas
Hero Member
*****
Offline Offline

Activity: 1568
Merit: 544



View Profile
May 27, 2019, 06:10:46 PM
 #27

There are enough with 1 BTC and some are enough with 0.001 BTC. Whatever the price if bitcoin can provide value will definitely be fair.
Indeed. It should be a target to grow your stack since the fair share is a personal thing. The more time passes by the harder it will become.  Any share you can grab at the moment is a fair share.

Shopping online and sats back as a discount! (satsback) + LightningNetwork
miropp
Full Member
***
Offline Offline

Activity: 810
Merit: 101



View Profile
May 27, 2019, 10:07:54 PM
 #28

But among these 7 billion people, there are still children and elderly people who do not need bitcoins. Also, there are some people who are simply not interested. Therefore, the division of bitcoin depends on the finances that we have.

pushups44
Sr. Member
****
Offline Offline

Activity: 854
Merit: 281


View Profile
May 27, 2019, 10:13:15 PM
 #29

Bitcoins per person... If you simply divide 21 million by 7 billion you get this:

0.003  It's currently around 25 dollars worth of bitcoin.

So as long as you have this, you have your share. If we divided by 1 billion it would be 2.1 bitcents

If we divided by the population of the United States it would be 0.064


The actual numbers are lower since not all bitcoin has been mined and a lot of bitcoin has been lost.
Also these numbers don't imply that you shouldn't strive to increase your holdings to any arbitrary multiple of that. More is definitely better.


I think these numbers are good to keep in mind to remind ourselves how scarce bitcoin actually is. A whole bitcoin is actually a whole lot of bitcoin. Kind of crazy that people are letting whole bitcoins go for less than 100,000 USD

Breaking bitcoin down by supply and global population is an interesting exercise that brings perspective, but the fact that millions of bitcoin have been lost forever, as well as the filthy rich hoarding thousands of them, paints an even more optimistic picture. I'd like to see standard methods developed to measure bitcoin's fair value that take into account all of these factors.
kamBlanV
Full Member
***
Offline Offline

Activity: 441
Merit: 100


Bcnex - The Ultimate Blockchain Trading Platform


View Profile
May 27, 2019, 10:26:23 PM
 #30

the reality is the mining of BTC is very difficult.  and difficulties in mining limit everyone to get BTC.  and the price of BTC always goes up.  so I think.  we cannot calculate BTC with certainty.  the amount of BTC is limited and demand will always be high every time.  so.  we better think of ways to get BTC.

seoincorporation
Legendary
*
Offline Offline

Activity: 3150
Merit: 2922


Top Crypto Casino


View Profile
May 27, 2019, 11:52:33 PM
 #31

Bitcoins per person... If you simply divide 21 million by 7 billion you get this:

0.003  It's currently around 25 dollars worth of bitcoin.

So as long as you have this, you have your share. If we divided by 1 billion it would be 2.1 bitcents

If we divided by the population of the United States it would be 0.064


The actual numbers are lower since not all bitcoin has been mined and a lot of bitcoin has been lost.
Also these numbers don't imply that you shouldn't strive to increase your holdings to any arbitrary multiple of that. More is definitely better.


I think these numbers are good to keep in mind to remind ourselves how scarce bitcoin actually is. A whole bitcoin is actually a whole lot of bitcoin. Kind of crazy that people are letting whole bitcoins go for less than 100,000 USD


I do not agree with your data because when you do 21M/7B is the wrong equation, and i say this because the last bitcoin will be mined in 2140, and when that happens the world population will not be 7 billion, it should be bigger than that.

█████████████████████████
████▐██▄█████████████████
████▐██████▄▄▄███████████
████▐████▄█████▄▄████████
████▐█████▀▀▀▀▀███▄██████
████▐███▀████████████████
████▐█████████▄█████▌████
████▐██▌█████▀██████▌████
████▐██████████▀████▌████
█████▀███▄█████▄███▀█████
███████▀█████████▀███████
██████████▀███▀██████████
█████████████████████████
.
BC.GAME
▄▄░░░▄▀▀▄████████
▄▄▄
██████████████
█████░░▄▄▄▄████████
▄▄▄▄▄▄▄▄▄██▄██████▄▄▄▄████
▄███▄█▄▄██████████▄████▄████
███████████████████████████▀███
▀████▄██▄██▄░░░░▄████████████
▀▀▀█████▄▄▄███████████▀██
███████████████████▀██
███████████████████▄██
▄███████████████████▄██
█████████████████████▀██
██████████████████████▄
.
..CASINO....SPORTS....RACING..
█░░░░░░█░░░░░░█
▀███▀░░▀███▀░░▀███▀
▀░▀░░░░▀░▀░░░░▀░▀
░░░░░░░░░░░░
▀██████████
░░░░░███░░░░
░░█░░░███▄█░░░
░░██▌░░███░▀░░██▌
░█░██░░███░░░█░██
░█▀▀▀█▌░███░░█▀▀▀█▌
▄█▄░░░██▄███▄█▄░░▄██▄
▄███▄
░░░░▀██▄▀


▄▄████▄▄
▄███▀▀███▄
██████████
▀███▄░▄██▀
▄▄████▄▄░▀█▀▄██▀▄▄████▄▄
▄███▀▀▀████▄▄██▀▄███▀▀███▄
███████▄▄▀▀████▄▄▀▀███████
▀███▄▄███▀░░░▀▀████▄▄▄███▀
▀▀████▀▀████████▀▀████▀▀
KonstantinosM (OP)
Hero Member
*****
Offline Offline

Activity: 1492
Merit: 763


Life is a taxable event


View Profile
May 28, 2019, 01:04:13 AM
Last edit: May 28, 2019, 01:28:09 AM by KonstantinosM
 #32

I do not agree with your data because when you do 21M/7B is the wrong equation, and i say this because the last bitcoin will be mined in 2140, and when that happens the world population will not be 7 billion, it should be bigger than that.

Well, it's not meant to be super accurate. I'd rather work with a round number. Notice that 21/7 is 3. I could adjust for bitcoin in circulation and an accurate population number but that is meaningless. Close enough is good enough in this case.

I see your point about using more accurate numbers, it would be fairer to assume the usable number of bitcoins is lower. However, most bitcoins will have been mined long before 2140.

97.5% of bitcoin will have been mined by about 2029 and 99% of bitcoin by about 2037
You can look at this chart for reference: https://bitcointalk.org/index.php?topic=130619.0 (scale looks to be 2.5% per line)

I also mentioned earlier that the actual distribution of bitcoin is probably a zipfian one (as in according to zipf's law). That means that if the richest bitcoin entity has about 6% of bitcoins than the distribution is probably something like this:

Rank               Bitcoins
1                    1,260,000
2                    630k
3                    420k
...
100                12,600
...
1000              1,260
1,000,000      1.26
...
7 Billion         0.00018

Edit: Cut unnecessary stuff out of the post.

Syscoin has the best of Bitcoin and Ethereum in one place, it's merge mined with Bitcoin so it is plugged into Bitcoin's ecosystem and takes full advantage of it's POW while rewarding Bitcoin miners with Syscoin
stompix
Legendary
*
Offline Offline

Activity: 2884
Merit: 6282


Blackjack.fun


View Profile
May 28, 2019, 09:12:34 AM
 #33

I do not agree with your data because when you do 21M/7B is the wrong equation, and i say this because the last bitcoin will be mined in 2140, and when that happens the world population will not be 7 billion, it should be bigger than that.

Well, it's not meant to be super accurate. I'd rather work with a round number. Notice that 21/7 is 3. I could adjust for bitcoin in circulation and an accurate population number but that is meaningless. Close enough is good enough in this case.

I see your point about using more accurate numbers, it would be fairer to assume the usable number of bitcoins is lower. However, most bitcoins will have been mined long before 2140.



I think that trying to round the numbers to be more accurate at this point is meaningless.
We could argue that the population is actually 7.5 billion but  30% of it is under 18, cutting 2.1 billion, but again in some countries, the 18 yo age has no significance,  throw in the fact that some bitcoin are lost forever, probably a few have been lost just because the owners had little dust left like 1000-2000 sat in their wallets and decided it's not worth to keep it with a higher fee than value and so on and so on....

You've made the mistake of using the term "fair share" and that made a lot of people assume the topic is about something else.

As long as workers don't own the means of production there will always be great inequality.  Even if you divided all the bitcoins evenly among everyone in the world the same wealth inequality would happen over a short amount of time due to owning assets like companies.

Let me tell you what happens when the workers own everything, cause I've lived in such a society.
Indeed, we are all equal, we all lack food, heating, hot water, everything.
We all become equally dirt poor, staying for hours in line to get a litre of milk, one of oil and 250gr of butter.

So the moment we start dividing those equally, I have the feeling they will be worth zero.





.
.BLACKJACK ♠ FUN.
█████████
██████████████
████████████
█████████████████
████████████████▄▄
░█████████████▀░▀▀
██████████████████
░██████████████
████████████████
░██████████████
████████████
███████████████░██
██████████
CRYPTO CASINO &
SPORTS BETTING
▄▄███████▄▄
▄███████████████▄
███████████████████
█████████████████████
███████████████████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████████████
█████████████████████
███████████████████
▀███████████████▀
█████████
.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!