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Author Topic: Most bitcoins owned?  (Read 6092 times)
newMeat1
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May 21, 2011, 08:12:54 PM
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I bet that 20 or so people own over 1,000. Maybe a few pioneers own over 10k. Is that about right?

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Raulo
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May 21, 2011, 08:25:12 PM
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I bet that 20 or so people own over 1,000. Maybe a few pioneers own over 10k. Is that about right?

See yourself and weep Smiley

http://bitcoinreport.blogspot.com/2011/03/bitcoin-top-100-rich-list-20th-march_20.html

This is a lower estimate of bitcoin concentration since everybody can own any number of wallets.

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newMeat1
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May 21, 2011, 08:43:44 PM
 #3

Wow. Is it just me or does that top spot seem a little fishy?
12C9c9VQLMrLi4Ffzq2wDvwrKnUPaAaNFp   250000.01000000

3X as much as anybody else, and such a round #. I wonder if it's an administrative account or something...

Raulo
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May 21, 2011, 08:50:29 PM
 #4

This used to be the largest wallet
http://blockexplorer.com/address/1AYtnRppWM7tWQaVLpm7TvcHKrjKxgCRvX
but it was split

3X as much as anybody else, and such a round #. I wonder if it's an administrative account or something...

No, it's somebody who has simply a lot of coins. And likes to keep them in one place. There is a proof somewhere of somebody owning more than 300000 BTC so there are more of such large BTC owners.

If you used Bitcoin since 2009, you'd probably also own that much because mining back then was much easier.

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newMeat1
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May 21, 2011, 09:28:39 PM
 #5

Those top 100 add up to over a million total... That is depressing considering it's 1/6th of the entire value of the currency. Right now I'm thinking "pyramid scheme". Maybe bitcoins weren't intended that way, but that's how they turned out

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May 21, 2011, 10:01:41 PM
 #6

Do you think the distribution will flatten out or bunch up?

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May 21, 2011, 10:19:41 PM
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Those top 100 add up to over a million total... That is depressing considering it's 1/6th of the entire value of the currency. Right now I'm thinking "pyramid scheme". Maybe bitcoins weren't intended that way, but that's how they turned out

Are you going to avoid using a handy tool because the first people who started using it are likely to end up wealthy? I don't blame you if you say yes, but I certainly am not going to stop using Bitcoins for that reason. I consider those people as lottery winners in something less random and more productive than a lottery.

What would you do if you were one of those first Bitcoin users? Would you go out of your way to convince people it wasn't a pyramid scheme? Considering Bitcoin's recent publicity, and increase in value, would you wait to see how rich you can get, maybe put your kids through college? How would you feel if people accused you for finding Bitcoin early on?

These people aren't thieves. They aren't forcing people to put value into Bitcoin. They aren't tricking people into doing it either. Bitcoin is useful and as long as it remains useful people will continue to use it and the value will grow according to it's usefulness.

I found out about Bitcoin less than two months ago and I've been intrigued with the idea ever since. It never once occurred to me to even consider it a Ponzi scheme or Pyramid scheme, but I see people calling it this all the time. Am I too trusting? I don't think so, I consider myself to be less trusting than most. So what am I missing here?

And if they are only in it to get rich, what are they waiting for? Why hasn't the price crashed as they scramble to sell their Bitcoins. Are they so greedy that they are waiting for the price to go even higher? Would you wait?

What if these addresses don't even belong to the original miners? What if they sold early at $0.07 thinking it was a fantastic deal. Is it still a pyramid scheme now, perpetuated by the investors who bought Bitcoins so cheaply?
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May 21, 2011, 10:31:27 PM
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What if they sold early at $0.07 thinking it was a fantastic deal.
 

And the folks who sold thousands of bitcoins when 1 BTC was at $0.001 "USD" (FRN), thinking it was a fantastic deal.
Andris
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May 22, 2011, 12:32:06 AM
 #9

I bet that 20 or so people own over 1,000. Maybe a few pioneers own over 10k. Is that about right?

Pretty much everyone who got in last year with any amount of interest has over a thousand, I would imagine.
Iceredwing
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May 22, 2011, 04:57:00 AM
 #10

The numbers seem quite low to me. This is only by address and not based on per wallet correct?
Basiley
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May 22, 2011, 06:49:59 AM
 #11

250 000 BTC's ??! Tongue
we're got BTC tycon right here :-)
wonder what biz/country/project he build/ruin/start/stop with such resources Tongue
newMeat1
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May 22, 2011, 05:38:36 PM
 #12

Well, it's hard for me to justify spending real dollars to acquire bitcoins, when anything I get is just a drop in the bucket. And it seems like 99% of the BTC are being hoarded right now...

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May 22, 2011, 06:09:14 PM
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"It's hard for me to justify spending real dollars to acquire euros, when anything I get is just a drop in the bucket."
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May 22, 2011, 06:14:35 PM
 #14

Wow. Is it just me or does that top spot seem a little fishy?
12C9c9VQLMrLi4Ffzq2wDvwrKnUPaAaNFp   250000.01000000

3X as much as anybody else, and such a round #. I wonder if it's an administrative account or something...

I'm guessing someone had a much larger amount, but didn't want to keep it all in one wallet, so they divided it up into several smaller wallets with round numbers like that.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
bittrader
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May 22, 2011, 06:15:24 PM
 #15

The numbers seem quite low to me. This is only by address and not based on per wallet correct?

Yes, per address. There's no good way to know how much someone has in their wallet, since which addresses belong to which wallet is not publicly known.
FreeMoney
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May 23, 2011, 06:18:19 AM
 #16

Well, it's hard for me to justify spending real dollars to acquire bitcoins, when anything I get is just a drop in the bucket. And it seems like 99% of the BTC are being hoarded right now...

Lol, do you have more than a drop in the bucket of anything ever?


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May 23, 2011, 02:23:57 PM
 #17

What has happened to several hedge funds over the years is that they become so enormous that any action they take moves the market considerably in negative ways to their interests.

In this sense, they become like obese people who are molecularly bonded to their couch.

I thought part of the reason BTC came around is to get rid of some of the idiocy of the dominant inflationary model.

There is hoarding in that as well.

A healthy economy, like a healthy body, has circulation.  If your limbs are swelling, it's a matter of time before something bad happens.

Unless there are all kids and criminals on the list, they must know that I have to give a little in the form of investment or an outright spending spree to keep the economy alive.

BTC is a very interesting experiment.

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