If I win the Lottery Friday...

[bbit]

I'm putting 90 percent of into bitcoin whatcha think of this ?

[rjk]

I'm putting 90 percent of into bitcoin whatcha think of this ?

First you pay 1/3rd in taxes to uncle sam.

[TheStig]

The lottery here is at $500;000

[bbit]

I'm putting 90 percent of into bitcoin whatcha think of this ?

First you pay 1/3rd in taxes to uncle sam.

good point! 

[Stephen Gornick]

What % of ticket sales does MegaMillions pay out for their jackpot?  At least 8% (in that range) of ticket sale revenue goes just to pay the convenience store and other ticket sellers.

You could have bought a ticket in BitLotto instead which pays out 99%.  All ticket sales appear in the block chain so there's transparency protecting players from cheating by the operator.
 - http://www.bitlotto.com

[bbit]

What % of ticket sales does MegaMillions pay out?  At least 8% (in that range) of ticket sale revenue goes just to pay the convenience store and other ticket sellers.

You could have bought a ticket in BitLotto instead which pays out 99%.  All ticket sales appear in the block chain so there's transparency protecting players from cheating by the operator.
 - http://www.bitlotto.com

I do like bitlotto.com  very , very good reminder. I think I'll head over there!

[FirstAscent]

I'm putting 90 percent of into bitcoin whatcha think of this ?

Really? I mean, really?

Seriously?

[Exonumia]

I'm putting 90 percent of into bitcoin whatcha think of this ?

You couldn't put 90% into bitcoin... there aren't that many bitcoin

Cash option $389,000,000
after taxes   $311,200,000

Total amount of bitcoins in existence: 8,675,200
Total $ value of bitcoins in existence @ $5 per: $43,376,000

Left over winnings after buying every bitcoin: $267,824,000

You can send me a couple mil for pointing this out as well

You would be able to say you controlled the entire bitcoin market for at least 10 minutes

[Stephen Gornick]

I'm putting 90 percent of into bitcoin whatcha think of this ?

You couldn't put 90% into bitcoin... there aren't that many bitcoin

Not sure if joking.

[Exonumia]

Not sure if joking.

Wasn't trying... how many bitcoins are there in existence?

[Stephen Gornick]

Not sure if joking.

Wasn't trying... how many bitcoins are there in existence?

Oh, you're good.  I'm not falling for that though.  I've got my spidey-troll sense working.

[Exonumia]

Oh, you're good.  I'm not falling for that though.  I've got my spidey-troll sense working.

Well let's do it this way... lets say there are 21 million bitcoins (the max ever possible)... yes I know lets just say magic happened and somehow all the bitcoins that will ever be generated have been...

lets also price them at $5 each...

total value of 21 million bitcoins at $5 each: $105,000,000

the winner would still have $206,200,000 left over

once again any winner is welcome to send me a couple million for the help

[Electricbees]

Oh, you're good.  I'm not falling for that though.  I've got my spidey-troll sense working.

Well let's do it this way... lets say there are 21 million bitcoins (the max ever possible)... yes I know lets just say magic happened and somehow all the bitcoins that will ever be generated have been...

lets also price them at $5 each...

total value of 21 million bitcoins at $5 each: $105,000,000

the winner would still have $206,200,000 left over

once again any winner is welcome to send me a couple million for the help

I'd just put mine on gox at an ask price of >>>>>5$ and wait for mister millions to share the wealth.
(As would anyone aware of his plans.)
We could all get rich! 

[Tuxavant]

I'm putting 90 percent of into bitcoin whatcha think of this ?

Sorry brother, but I got the winning ticket. Had to drive 75 miles to get it too! and if **I** win, I'm buying at least ONE the GoneBitcoin girls.

[Stephen Gornick]

lets also price them at $5 each...

Ok, so that's where the problem lies.

Today there aren't very many bitcoins offered at $5 or less.  The Mt. Gox Live chart shows only about 25,000 bitcoins offered for $5 or less on that one exchange.  Sure there are other exchanges, but the vast majority of bitcoins offered for sale are still listed on Mt. Gox.  And there isn't much interest from people willing to sell their bitcoins for $5 or less.
 - http://www.mtgoxlive.com

If you wanted to buy in one fell swoop every bitcoin offered for sale on Mt. Gox no matter what the price is, that would only find 270,000 BTC offered (though over time additional offers to sell at the higher prices would certainly begin to appear).

 - http://bitcoin.clarkmoody.com
 (click on Show Calculators and then enter a few million dollars in the Buy Bitcoin field.)

Here's the entry in the FAQ that answers your question:
 - http://en.bitcoin.it/wiki/FAQ#What_if_someone_bought_up_all_the_existing_Bitcoins.3F

So, if you were intent on spending every last bit of the lotto jackpot money on bitcoins, that would be possible as new sellers would emerge when the values got higher but you'll run out of your lottery money long before all the sellers run out of all their remaining bitcoins.

[Fizzgig]

If you won the lottery you could just permanently raise the price of bitcoins. Set a buy order for $15 for 21 million bitcoins and no one could ever penetrate that floor.

[Stephen Gornick]

If you won the lottery you could just permanently raise the price of bitcoins. Set a buy order for $15 for 21 million bitcoins and no one could ever penetrate that floor.

Heh, and since there is just under 8.7 million BTC issued thus far, you can start out only needing about $130 million sitting at the exchanges to do that, and send the rest over the years as needed.

Which really shows how little value this "experiment" called bitcoin is garnering where buying pressure from a single lotto winner can raise the BTC/USD exchange rate 10X (probably 100X) without even having to use more than the interest income from investing in decent paying bonds, for instance.

And then to put that in perspective, consider this:

"Wow, MegaMillions jackpot is BIG! So big in fact, if you won it 32,759 times you could pay off current National Debt!"
 - http://twitter.com/#!/pkelly99/status/185009848579129344