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Author Topic: Reducing the wealth concentration of Bitcoin  (Read 6663 times)
BitPay Business Solutions
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June 25, 2012, 02:25:39 AM
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For the longest time, there have been complaints that a small group of legacy miners were hoarding massive piles of bitcoin, and it would be better if the bitcoin wealth was not so concentrated.

Well, this weekend we have solved that problem.

Butterfly Labs new ASIC miners have pried approximately 50,000 Bitcoins from the hands of bitcoin's top miners.  And now, we can use everyones help in returning these bitcoins to circulation and giving everyone, including new bitcoiners, the chance to own some.

We are listing these bitcoins for sale on a number of bitcoin exchanges, starting now, to give as many people as possible the opportunity to buy.

We have them on

Mt. Gox
Bitfloor
CampX
BitStamp

50,000 BTC are up for grabs (not all at once obviously).

If you are interested in a private deal to buy $10,000 or more, contact me directly.

Tony

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June 25, 2012, 02:45:32 AM
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Hehehehe I see what you did there. That was rather brilliant, Tony Smiley
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June 25, 2012, 02:45:57 AM
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TizzyTazzy
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June 25, 2012, 02:56:15 AM
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I guess this means for now the value of BTC will start to go back down??

EVERYBODY SELL NOW!!

lolz.
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June 25, 2012, 02:59:13 AM
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I guess this means for now the value of BTC will start to go back down??

EVERYBODY SELL NOW!!

lolz.


Not exactly.  Since the only way you can pay for the hottest new product is with BTC, well, that may just spur a little buying interest.

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June 25, 2012, 10:14:45 AM
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So to put this in another way, equipment which will eventually deliver 10-20TH have been bought. This is more than the current total hash rate.
My math: 50kBTC ~ $300k ~ 10 x 1TH rigs (no trade-in) or 20 x 1TH (all trade-ins).
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June 25, 2012, 12:04:06 PM
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Yeah, nice advertising, but you wont "SOLVE" the problem of uneven money distribution by selling such a puny amount of BTC (total market cap 9.309 Million BTC!) to the community.
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June 25, 2012, 12:32:31 PM
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(total market cap 9.309 Million BTC!)
The market capitalization is not the total amount of bitcoins in circulation, but rather their total value.

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June 25, 2012, 01:00:28 PM
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(total market cap 9.309 Million BTC!)
The market capitalization is not the total amount of bitcoins in circulation, but rather their total value.

And their total value, at the moment, is about 9.309 million. BTC is a measure of value also, you know  Cheesy
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June 25, 2012, 01:56:43 PM
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(total market cap 9.309 Million BTC!)
The market capitalization is not the total amount of bitcoins in circulation, but rather their total value.
And their total value, at the moment, is about 9.309 million. BTC is a measure of value also, you know  Cheesy
Of course! The market value of my 1 Samsung UE46ES6715 flat panel TV is 1 Samsung UE46ES6715.
Let's say Philips has produced 1000 HD2686 toasters. Their market cap would be 1000 HD2686 toasters! Truly amazing!

On a more serious note, we generally use another currency or asset when calculating the market capitalization of an asset, you know.

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June 25, 2012, 02:08:16 PM
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Do you mean to tell me that bitcoin will drop below the 1 Dollar mark again Huh??

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June 25, 2012, 02:29:42 PM
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Do you mean to tell me that bitcoin will drop below the 1 Dollar mark again Huh??

Well announcing you have 50K BTC you need to sell within 2.69% of current price to break even certainly wasn't the smartest plan.

https://www.bitcoin.org/bitcoin.pdf
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June 25, 2012, 02:35:06 PM
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For the longest time, there have been complaints that a small group of legacy miners were hoarding massive piles of bitcoin, and it would be better if the bitcoin wealth was not so concentrated.

Well, this weekend we have solved that problem.

Butterfly Labs new ASIC miners have pried approximately 50,000 Bitcoins from the hands of bitcoin's top miners.  And now, we can use everyones help in returning these bitcoins to circulation and giving everyone, including new bitcoiners, the chance to own some.

We are listing these bitcoins for sale on a number of bitcoin exchanges, starting now, to give as many people as possible the opportunity to buy.

We have them on

Mt. Gox
Bitfloor
CampX
BitStamp

50,000 BTC are up for grabs (not all at once obviously).

If you are interested in a private deal to buy $10,000 or more, contact me directly.

Tony


+1 (I see what you did there.  Grin )

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June 25, 2012, 02:36:01 PM
 #14

why dont i see a new 50K of bitcoins on the ask wall on MtGox live?

Are you planning on selling them slowly?

what if the price drops below 6$ will you still be selling them?

lol tell us Exactly what your trading strategy is  Wink

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June 25, 2012, 04:22:47 PM
 #15

why dont i see a new 50K of bitcoins on the ask wall on MtGox live?

Are you planning on selling them slowly?

what if the price drops below 6$ will you still be selling them?

lol tell us Exactly what your trading strategy is  ;)

Because they are using 3 other exchanges as well :p
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June 25, 2012, 04:29:26 PM
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why dont i see a new 50K of bitcoins on the ask wall on MtGox live?

Are you planning on selling them slowly?
Because they are using 3 other exchanges as well :p

and

50,000 BTC are up for grabs (not all at once obviously).

Obvious answer is obvious.

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June 25, 2012, 04:34:01 PM
 #17

And so another bitcoin business went bankrupt Sad

As a payment processor I guessed you were supposed to immediately sell BTC that you receive on an exchange. Apparently you were hoarding as the price was supposed to go up and now you need to sell at 6.5$ but can't? Come on!

Announcing to deposit 50k BTC for a good reason at least tries to calm those that see a drop of confidence in a flooded market but I'm not sure the sharks will be happy to buy your coins at 6.5$

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June 25, 2012, 04:43:54 PM
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I love this, you can only buy miners with BTC and bankwire, so everyone gives Bitcoin away, BFL sells it all pushing down the price and forcing GPU miners out of the market, then 8 months later the difficulty increases exponentially as they "test" their ASIC on Inaba's pool, then they release it first to GigaVPS, who hypes up how "awesome" it is and single handedly mines a huge portion of the 3100btc/day till the next difficulty readjustment.

Then everyone after two weeks more who gets their devices finds their ROI is about 10 years. GG.

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June 25, 2012, 05:10:36 PM
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your walls scare the newbs. you would probably get a better price if you would sell in smaller chunks.

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June 25, 2012, 05:13:15 PM
 #20

Nice job of revealing the pre-order statistics for everyone to extrapolate from. So, more than $300k in sales on one preorder day? That's a lot of rigs.

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