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Richest Bitcoin Addresses

bitcoinrichlist.com

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Re: Richest Bitcoin Addresses

#91

Post by reconbot »

MSM wrote: post #78
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…

Way smaller scale but back in 2011 I heard about bitcoins and crunched some numbers. I realized that at the current price (~$16), I was able to make profit mining them on my desktop since it would only cost about ~$12 in electricty per coin. I got myself 3 or 4 coins (I wasn't even in a pool at that point) but then the price crashed in late 2011 and I eventually forgot about it. Since then I've reformatted and I reme…

I got 2 coins off a guy in a coffeshop about 1 year ago for $20. I sold them today for about $1600. About 2 years ago I almost dropped $1000 on bitcoins but was talked out of it by family and friends. It feels weird. I can't connect bitcoins to social or economic value. The "china explosion" of btc price won't last imho. And while I like bitcoin, it's just a currency and not an investment, as in it doesn't generate value itself. I have a hard time connecting stocks to social or economic values too. I'd like to think we can invest in actual businesses where it's a better connected to reality. I don't know how to do that however. Not yet anyway.

Re: Richest Bitcoin Addresses

#92

Post by Torn »

josephagoss wrote: post #43
shawabawa3 wrote: post #19

Earlier quoted context omitted.

afaik 90+% (100%?) of all the blocks mined by satoshi have never been touched. Satoshi's wealth would be in thousands of separate 50BTC wallets, not 1 big one. Can't be bothered to find the source atm but someone did some analysis on the mined blocks in 2009/2010 and found the likely blocks mined by the same person who mined the first block, all unspent.

Thousands of separate addresses, most of those coins still sit in their mined blocks. However it is likely Satoshi has all the addresses in one single wallet so that he could move them all at once if he wanted to. Satoshi's estimated wealth is between 500,000 and 1,000,000 coins.

1,000,000 coins is ~10x the top person in that rich list i.e. 840 million USD going by that page's prices

Re: Richest Bitcoin Addresses

#93

Post by mkramlich »

taigeair wrote: post #46
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…

No way to recover the Bitcoins?

Correct.

And this is one of many reasons why it will become increasingly important to beef up the security and robustness of the Bitcoin network and ecosystem. It has some of the same failure modes as traditional bank/government-backed currency. But it also has a set of a different kind of failure modes that should also be minimized or mitigated.

Re: Richest Bitcoin Addresses

#94

Post by lhgaghl »

fat0wl wrote: post #82
lhgaghl wrote: post #67

Earlier quoted context omitted.

> 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 uni…

greed-monger! Currency is something relatively stable, it's not a trading platform. I spoke about it in this way the other day -- One should not have to consult an exchange rate to figure out how much their currency is worth. They should know what it's worth by how much it costs for a dozen eggs. If that number changes rapidly (dozen eggs costs 1 BTC Monday, 3 on Friday, .5 next month, 100 in the future, .002 after t…

Again, you speak of a con of Bitcoin, but I don't see how any other system solves what you complain about.

Please explain to me (or refer me to material explaining) how USD can possibly be stable when used by billions of people. Just because it's been stable from my point of view, doesn't mean it's stable for everyone. If your explanation relies on trusting a single person or organization, you see why I favor Bitcoin.

> The only reason Bitcoin users don't complain is because they're mostly hoarders/traders & the general trend is up.

The only reason fiat users don't complain is because from their perspective it looks like it's working.

Re: Richest Bitcoin Addresses

#95

Post by chewmieser »

reconbot wrote: post #91
MSM wrote: post #78

Earlier quoted context omitted.

Way smaller scale but back in 2011 I heard about bitcoins and crunched some numbers. I realized that at the current price (~$16), I was able to make profit mining them on my desktop since it would only cost about ~$12 in electricty per coin. I got myself 3 or 4 coins (I wasn't even in a pool at that point) but then the price crashed in late 2011 and I eventually forgot about it. Since then I've reformatted and I reme…

I got 2 coins off a guy in a coffeshop about 1 year ago for $20. I sold them today for about $1600. About 2 years ago I almost dropped $1000 on bitcoins but was talked out of it by family and friends. It feels weird. I can't connect bitcoins to social or economic value. The "china explosion" of btc price won't last imho. And while I like bitcoin, it's just a currency and not an investment, as in it doesn't generate v…

Ugh, I kick myself all the time for not investing in bitcoins. I did end up buying 30 of them back in the earlier days of SilkRoad... Wish I saved them instead.

Re: Richest Bitcoin Addresses

#96

Post by fat0wl »

ajuc wrote: post #90
anopows wrote: post #87

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. No they risked their money with a speculation that had almost 0% chance of getting any return in the future. They took a huge risk, without this, bitcoin would not exist. And that's why they are rewarded: Taking a risk that almost no one would have taken to create something big. > Basically if e…

Isn't bitcoin easily manipulated? Let's say I have 1% of all bitcoins. I sell half of them, wait for the price to fall, and buy back to have 1.1% of all bitcoins. Repeat each few weeks, and let's say there's 20 people that realized this and have enough bitcoins for this to be feasible. End result = currency that's mostly owned by a few people. And when everybody realize this - bubble collapses. At least that was my t…

yeah but people shouldn't be getting involved with a currency just because it's so scammable.

I commend you for not getting involved. I think Bitcoin speculators are immoral. Someone is going to end up footing the bill and it will ruin many lives.

Re: Richest Bitcoin Addresses

#97

Post by jonnathanson »

pyre wrote: post #65
fat0wl wrote: post #50

Earlier quoted context omitted.

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…

"What about old old money? I'm talking about people that have money because their ancestors were royalty of some sort."

They would fall under the rubric of what the parent comment said about "rose to political power." The old nobility got that way because they supported the king in military campaigns in exchange for titles, land, and protected agricultural or mercantile monopolies and warrants. (Incidentally, the origin of the word "entitled" dates back to the titling of the nobility by royal authority. A title is, in essence, the exclusive right to something. In many cases, that right was to specific regions or lands. When we say that someone is "entitled to" something, or "has a sense of entitlement," we are figuratively harkening back to an age when an "entitlement" was something very literal.)

For what it's worth, the fluidity of the nobility is vastly underreported in popular conception. Noble families rose, fell, were made, were broken, etc., about as often as in Game of Thrones. Today's "old old money" descends from the old old noble houses who, by some combination of luck and savvy, ended up on the right side of countless civil wars, uprisings, wars of succession, and dynastic transitions.

Did these families "earn" their fortunes? I'd say no more and no less than any of today's political elites. We're kidding ourselves if we believe the political patronage system in the US is all that different from the political patronage system of the Tudor dynasty, or that of Louis XIV. The mechanics of government are different; the rules of the "Game" are entirely unchanged. (Replace "King" with "Presidential Administration.")

Re: Richest Bitcoin Addresses

#98

Post by darkmethod »

Back in early 2011 I ran a BTC miner for awhile on a spare system and generated around 18 BTC. I bartered them later in 2011 for a pair of movie tickets to take my wife out to see Moneyball (ironically).

Re: Richest Bitcoin Addresses

#100

Post by mcherm »

skriticos2 wrote: post #54
taigeair wrote: post #46

Earlier quoted context omitted.

No way to recover the Bitcoins?

No. If you delete the wallet, the contained Bitcoins make poof . You basically delete the private key and won't be able to sign a transaction with it ever.

It's like what happens when your wallet gets burned in a fire. That cash is gone forever.
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