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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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hazek
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October 20, 2012, 10:48:40 AM |
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No, it's not accurate because it's based on a flawed premise that coins not moving for a long time are owned by a small minority ignoring that this small minority might just be cold storage of a service and a custodian for many many clients and their balances deposited with that service.
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My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)
If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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BlackHeartFund
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October 20, 2012, 12:52:02 PM |
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might just be cold storage of a service and a custodian for many many clients and their balances deposited with that service.
btcsl? |
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Saturn7
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October 20, 2012, 01:28:23 PM |
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On the other hand if everybody just kept moving their coins to different addresses everyday that would show an artificial movement of money.
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First there was Fire, then Electricity, and now Bitcoins  |
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crazy_rabbit
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RUM AND CARROTS: A PIRATE LIFE FOR ME
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October 20, 2012, 01:33:22 PM |
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Does it also discount "lost" coins? Of which if I remember, there are about 2 million.
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more or less retired.
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Saturn7
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October 20, 2012, 01:41:05 PM |
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Does it also discount "lost" coins? Of which if I remember, there are about 2 million.
They did not say so i'm assuming it does not. |
First there was Fire, then Electricity, and now Bitcoins |
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Littleshop
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October 20, 2012, 02:15:06 PM |
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Does it also discount "lost" coins? Of which if I remember, there are about 2 million.
From what I read they are counting lost coins as 'stashed' or 'horded' as well. Considering that the lost and 'stashed' coins add up to nearly half, that means that the other half is generally in use. Basically the report draws some pretty flawed conclusions from good data. |
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Etlase2
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October 20, 2012, 02:22:18 PM |
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Where is this concrete data on lost coins?
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Littleshop
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October 20, 2012, 04:24:42 PM |
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Where is this concrete data on lost coins?
There will never be concrete data on lost coins. It is a guess. Even when someone says they lost coins we do not know that to be true. Every single bitcoin ever created could move again, it is just very unlikely. There are many people who created coins and forgot about them and in the end lost the wallets. There are others who lost coins due to mistakes such as wiping drives or cloud knowledge failures. |
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jgarzik
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October 20, 2012, 06:28:58 PM |
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This thread duplicates this thread (discussion of paper) and this thread (discussion of Ars article). |
Jeff Garzik, Bloq CEO, former bitcoin core dev team; opinions are my own.
Visit bloq.com / metronome.io
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
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hazek
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October 20, 2012, 06:39:18 PM |
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And with that, I'm locking it. |
My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)
If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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