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Richest Bitcoin Addresses

bitcoinrichlist.com

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Re: Richest Bitcoin Addresses

#61

Post by user24 »

unethical_ban wrote: post #35
Cthulhu_ wrote: post #17

Earlier quoted context omitted.

And you defeated the purpose of hellbanning by pointing it out to the user. http://en.wikipedia.org/wiki/Hellbanning

I know. I disagree with the practice, especially when I look through the history of the account and see no flagrantly offensive remarks. HN mods might think this site is a temple, but it's disrespectful to waste someone's time and mislead their expectations of feedback for months at a time.

Agree. I saw some guy's hellbanned account who was happily commenting for over a year on HN - again nothing abusive I could see.

I tried to message him on twitter but no reply.

Re: Richest Bitcoin Addresses

#62

Post by wdvh »

Can we link IP addresses and hence approximate locations to these wallets using announced transactions on the network? That might be an interesting visual. Maybe not because I doubt anybody was logging bitcoin network traffic in the early days. But doing that even starting today might turn out to be useful. And there's little doubt NSA and friends are likely already doing this.

Re: Richest Bitcoin Addresses

#63

Post by johnchristopher »

waterlesscloud wrote: post #18
lukev wrote: post #10

Earlier quoted context omitted.

No. The market just isn't that deep. I really doubt there are people looking to spend 10 million (or even 1 million) dollars on bitcoin in any normal time frame. Most of the bitcoin super-rich are the early adopters, who mined hundreds of bitcoins on their personal PCs while that was still possible.

One million dollars is less than 1400 BTC on gox at the moment. There are several transactions a day in this range. And contrary to the popular folklore, you can get USD out of gox, it just costs you a fair amount to do so. If you're dealing in million dollar transactions, it can be arranged.

How much would it cost to convert an amount of bitcoins valued at one million dollars ?

Re: Richest Bitcoin Addresses

#64

Post by downandout »

res0nat0r wrote: post #6

Question: How hard/impossible would it be for me as a US citizen to cash in on a large lot like that? Say I want 10 million dollars for some partying I want to do for New Years. It seems some people have mega riches, but is it actually feasible for me to realize that money (in US Dollars, deposited to my Chase bank account)?

Actually, it wouldn't be that hard over the course of a few weeks or months. Yes, the price of BTC would drop to some degree, but not necessarily considerably. Over the last 30 days, approximately $720 million worth of bitcoins have been traded on MtGox and btc-e.

http://bitcoincharts.com/markets/mtgoxUSD.html http://bitcoincharts.com/markets/btceUSD.html

Re: Richest Bitcoin Addresses

#65

Post by pyre »

fat0wl wrote: post #50
hahainternet wrote: post #42

Earlier quoted context omitted.

> But the fact that early adopters are psychotically rich for doing nothing is... one of the many signs of a flawed system This is also the case with rich families. It doesn't make the system unusable.

Hah rich families are usually rich because they spear-headed a manufacturing industry or rose to political power. Yes, their CHILDREN may not deserve the wealth, but they earned it. Bitcoiners are getting rich for designing a pump-and-dump scam & passing it along. It's called a pyramid scheme. You make a pitch that sounds convincing and then shop it out through "Multi-Level Marketing" strategies. Why do Bitcoiners be…

What about old old money? I'm talking about people that have money because their ancestors were royalty of some sort. Can you really say that they earned it? How much of that could be being in the right place at the right time? E.g.

  You helped out the king and he granted you a lot
  of land. Several generations later, your descendents
  are ridiculously wealthy because you got in on the
  'ground floor' of what would later become the world
  economy we have today.

Re: Richest Bitcoin Addresses

#66

Post by elux »

FridayWithJohn wrote: post #27

Question: How was this list generated, ie: how do you find out which hash number has a lot of bitcoins in it? I thought that was completely hidden.

See "Quantitative Analysis of the Full Bitcoin Transaction Graph”,

a 2012 paper by Ron and Shamir. (Adi Shamir of “RSA".)

Preprint available here: http://eprint.iacr.org/2012/584.pdf

(The "Rich List” seems obviously inspired by this paper.)

Re: Richest Bitcoin Addresses

#67

Post by lhgaghl »

fat0wl wrote: post #50
hahainternet wrote: post #42

Earlier quoted context omitted.

> But the fact that early adopters are psychotically rich for doing nothing is... one of the many signs of a flawed system This is also the case with rich families. It doesn't make the system unusable.

Hah rich families are usually rich because they spear-headed a manufacturing industry or rose to political power. Yes, their CHILDREN may not deserve the wealth, but they earned it. Bitcoiners are getting rich for designing a pump-and-dump scam & passing it along. It's called a pyramid scheme. You make a pitch that sounds convincing and then shop it out through "Multi-Level Marketing" strategies. Why do Bitcoiners be…

> Why do Bitcoiners believe so much in a currency that allowed the originator to pull so much wealth out of thin air?

Even if you don't believe in bitcoin, the problem with fiat currencies is that they are insecure.

> Baaaaaw Bitcoiners' wealth are disproportionate to their merit

Just like in fiat currency, in Bitcoin, lots of people who don't "deserve" anything are rich. Deal with it or go back to your imaginary universe that gives economical advantages to people based on "merit". Notice how I'm using quotes around the words that have no objective definition.

> A currency is not a currency if it is so distorted that it is radically reorganizing the wealth of those who convert to it.

What is your definition of currency?

Re: Richest Bitcoin Addresses

#68

Post by sogen »

fat0wl wrote: post #30
res0nat0r wrote: post #6

Question: How hard/impossible would it be for me as a US citizen to cash in on a large lot like that? Say I want 10 million dollars for some partying I want to do for New Years. It seems some people have mega riches, but is it actually feasible for me to realize that money (in US Dollars, deposited to my Chase bank account)?

The whole price of Bitcoin is an illusion that they use to get people to keep buying. It's the result of a bidding war. There is an article here about that basically explains (this is my interpretation not his words) how the price of BTC is kindof like the sticker price on an item in the store. It doesn't represent the real value, it's simply the value as perceived by consumers and is, in a way, fixed -- http://falkv…

+1 Thanks for being a voice of reason and speak of this pyramid scheme.

Re: Richest Bitcoin Addresses

#69

Post by lhgaghl »

user24 wrote: post #58
knodi wrote: post #48

Earlier quoted context omitted.

This!! A rumor is all its going to take to tank the price.

I think you're wrong about that. 51% attack publication didn't kill it. Silk road bust didn't kill it. Selfish miner attack publication didn't kill it. I'm not saying that a flood of sellers won't lower the price dramatically. But to say a rumour is "all it will take" is to ignore recent history.

> 51% attack publication didn't kill it.

Are you talking about some new attack? The "51% attack" is a security property that fell out from the design of bitcoin: A cooperating group of people needs "51%" of the computing power to break bitcoin.

Re: Richest Bitcoin Addresses

#70

Post by wdvh »

chrisacky wrote: post #23

Can you imagine how many of these BTCs are actually lost forever. Look at this address: http://bitcoinrichlist.com/address/198aMn6ZYAczwrE5NvNTUMyJ5... The last time this address was touched was 2009, and has an even 8,000 coins (back in the day, this only amounted to 320 mined blocks. You could do that in what?... a few hours/half days?[1]) The owner probably ran his system for a few hours, collected 8000 coins, tho…

Given tptacek and colleagues' paper on the RSA-doomsday scenario that might not be too far out in the future, I think it might be possible to reclaim (steal?) that money in the future.

Obviously when RSA's end nears, assuming bitcoin is still around then, we'll see some sort of managed transition to a newer cryptosystem. I imagine the network will probably support announcing transactions saying something like, "Wallet X will now be known as wallet Y" where Y uses the new cryptosystem. And presumably only the first valid signed announcement will count and make its way into the block chain. It's at this point that I think people with enough compute power might be able to "steal" lost wallets.

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