Tuesday, 31 March 2020
Is there a Bitcoin asteroid out there?
How many people are in the 21 Million Club? A Real World Calculation
"After recently seeing the posts about the 21 Million Club and the media write-up about it, I decided to do some digging into the numbers.
As many of you know, the 21 Million Club is a Reddit designation for those Bitcoiners that own 1 BTC or more. The 21 million is reference to the fact that only 21 million BTC will ever be in circulation. However, the designation makes it seem like (especially for newcomers) that there is or can be up to 21,000,000 in this club. Well let's check that and get a real estimate for the number of people in this exclusive club.
We know that there will only ever be 21,000,000 in circulation. However, there are 16,724,975 in circulation as of 12/5/17 according to the most recent data from blockchain[dot]info.
We know from recent studies that there are many bitcoins that are lost forever. I removed the Satoshi coins from the studies and averaged the difference to get an estimate of lost coins, which came to 2,304,824.
So, there are only 16,724,975 - 2,304,824 = 14,420,151 BTC, and therefore only a potential of 14.4 million current 21 Million Club members.
But let's dig deeper into what we know from the blockchain.
Satoshi is believed to have a stash of approximately 980,000. We will assume this as one BTC address and one person.
We can also see the largest holders on the blockchain. These are logged on bitinfocharts[dot]com. You can google "top 100 richest bitcoin addresses" and the site will provide the top 9900 BTC addresses. These 9,900 people account for an estimated wopping 9,870,340 BTC!
So, 14,420,151 [existing BTC] - 980,000 [satoshi BTC] - 9,870,340 [top 9900 BTC addresses] = 3,569,811 BTC. This means that 9,901 addresses hold roughly 78.65% of all the BTC that exists right now. That reduced our 21 Million Club members to 3,569,811 + 9901 = 3,579,711.
But let's dig deeper into some formulas to determine trends since many accounts have more than 1 BTC.
I took the top accounts with a maximum of 10000 BTC and plotted them on a power trendline coming up with the following equation:
y = 11880x -0.925
This formula allowed me to plot the rest of the addresses in 100 address groups. Using that formula and adjusting for the maximum BTC left, we can assume there are 801,713 addresses w/ 1 BTC - 156 BTC. Keep in mind this assumes no addresses with sub-1 BTC.
So, 9901 [largest address holders including Satoshi] + 801,713 [addresses w/ 1 BTC - 156 BTC] = 811,514 Addresses w/ 1 BTC Minimum.
So, the ABSOLUTE LARGEST estimate for the number of people in the 21 Million Club is 811,514. However, it is likely much much lower for the following reasons: 1) The analysis does not account for fractional BTC ownership at all, which is likely a very large portion of the BTC addresses, 2) It does not account for people that may control multiple addresses, which would further reduce the membership, and finally, 3) As time goes on the only people that will be able to purchase 1 BTC will reduce as the price goes up, making fractional ownership more common.
EDIT 1: The number also doesn't take into account distributed ownership. This could distribute in a number of ways but it would likely follow the same curve used for the estimate.
If you are part of the 811,514 or less, consider yourself lucky. You are in the top 0.01% globally. I saw this reported earlier as 0.3% globally, which is WAY OFF."
Submitted April 01, 2020 at 07:37AM by 69676f72 https://bit.ly/2JsAjFk
Ummm.... Bitcoin trading price levels are fully predictable by AI?
How many people are in the 21 Million Club? A Real World Calculation
History Repeats Itself: The Colonies created their own currency to escape the shackles of the central banks of England.
Submitted April 01, 2020 at 05:50AM by rtaylo https://bit.ly/2QWUPCg
Simple Factors Show Bitcoin’s Hash Rate Will Continue Dropping; Here’s Why This is Bullish
Submitted April 01, 2020 at 07:55AM by Alexia5412 https://bit.ly/2USgwo5
International Medical Corps Now Accepting BTC for COVID19 Response
Halving video on Reuter’s website
How the Crypto World reacts to the pandemic?
- China is back from isolation, and some people consider that it has all the chances to become the biggest mining community in the world.
- China is also continuing its work on state digital currency.
- In Italy Banco Sella is launching a new service for trading Bitcoin. One of the features of this service is an opportunity to donate BTC to the Red Cross organization.
- But it is not just an Italian thing. Now there are a lot of blockchain apps that allow donations to the Red Cross.
- Some crypto wallets also wave their fees to various funds that help to fight the pandemic.
- Despite the current health situation, we can witness crypto wallets and exchanges fighting for their rights to work in different countries. (For example, India, Singapore)
- A number of crypto events were canceled or postponed, such as the Binance Blockchain Week Vietnam, TRON’s native summit, and DC Blockchain Summit, etc.
- Some events moved online. For example, Consensus 2020.
Although this pandemic affects the Crypto world, some experts believe that this time it holds a lot of opportunities as well.
Submitted March 31, 2020 at 09:19PM by SimpleSwapExchange https://bit.ly/2WXhBO5
Cryptography Primer For the Technical and NonTechnical
Submitted March 31, 2020 at 02:41AM by emaG3M https://bit.ly/2Uuc0xk
Someone bought 1000 BTC in Kraken an hour ago.
Recent developments in transaction volume on the Bitcoin network show very nicely how keeping the block size limit at 1MB was the correct decision.
https://www.blockchain.com/charts/n-transactions
Those two abrupt declines in volume were caused by the companies Veriblock and Coinbase respectively (I think this is the result of Coinbase batching, correct me if I'm wrong).
Whatever territory you give them, they will take. Veriblock will just spam the blockchain with its useless crap if it's cheap enough. There has to be a fee market, and those who use the blockchain inefficiently must be made to pay until they improve their practices. Otherwise why would they ever bother to do things better?
/u/luke-jr was probably right when he said the block size should actually be decreased. It could have hastened adoption by making running a node easier. But of course, consensus is the name of the game and neither he nor the big-blockers could get it.
NB: Technically the current limit with segwit is 4 MWU (million weight units), corresponding in practice to a usual limit of around ~2 MB.
Submitted March 31, 2020 at 11:25AM by Mccawsleftfoot https://bit.ly/39whzj0
Bitcoin Maximum Supply over time, 2010–2100
Open-source Bitcoin Development Receives Funding Primarily From Blockstream and Lightning Labs
Submitted March 31, 2020 at 07:12PM by misscryptoz https://bit.ly/2JphVgP
The Egyptian Central Bank Limits Cash Withdrawals - 7Bitcoins
Submitted March 30, 2020 at 09:53PM by asso https://bit.ly/2JtKBVO
Covid-19 has gifted me time. I've done my own research, a heap, I'm hooked but still a little confused :| any bored isolated ppl out there in the world got time to answer a few noob questions? :)
So I'm german, bitcoin hasn't been as big in germany so I'm a little behind the 8 ball. like 12 years.... In short I'm a noob, 2 weeks ago I was a complete noob.
I started from the start. I read the wp 3 times. I did a week of research and then read it again. I sort of get it, most of it, definetely not all of it. So, for anyone with times my questions are:
- i understand that the bitcoin protocol has changed over the years. who is in charge of making these changes and will it keep changing forever or will it eventually become the 'final' design?
- Is the ultimate goal of bitcoin to be a store of value such as gold, or is the goal to replace the current somewhat broken fiat system that we have now and one day replace it?
- Is bitcoin anyonomus, can transactions be traced? if yes will this promote anarchism/crime?
Thanks and stay healthy, these are some weird times we are in
Submitted March 30, 2020 at 08:37PM by twaltersaurus https://bit.ly/2wGZIIX
Bitcoin-s v0.3.0 released: Neutrino node, PSBTs, wallet rescans with blockfilters and more!
Submitted March 30, 2020 at 07:41PM by Chris_Stewart_5 https://bit.ly/3auDsR5
In case you still think that you understand how Banks work Time for #Bitcoin
Binance Plans to Acquire Coinmarketcap.com for $400M
Why Bitcoin’s Trend Depends on The Defense of $5,800
Submitted March 31, 2020 at 05:06PM by cryptosyringe https://bit.ly/2WW255d
BitDeer.com Launches Antminer S19 Pro Acceleration Plan
Submitted March 31, 2020 at 05:29PM by HotMomentumStocks https://bit.ly/39tAye8
Bitcoin Just Rejected $6,600 and Its Vulnerable To a Short-Term Correction
Submitted March 31, 2020 at 04:59PM by cryptosyringe https://bit.ly/2UV71ou
Recent developments in transaction volume on the Bitcoin network show very nicely how keeping the block size limit at 1MB was the correct decision.
My 8 day old son owns BTC 😁
Trying to be the best dad possible and figured that buying him a little at a time would help his future. One more person to this movement!
Submitted March 31, 2020 at 03:26AM by DaBeeJ https://bit.ly/3awWTZr
Bitcoin Core shifts to dark web to resist censorship
Submitted March 31, 2020 at 01:19AM by DecryptMedia https://bit.ly/2Usc1So
Daily Discussion, March 31, 2020
Monday, 30 March 2020
Bitcoin & Cryptocurrency Industry - March Mining Update
Submitted March 31, 2020 at 02:02PM by nugget_alex https://bit.ly/3bxumTE
You need a pair to #HODL
It's my money, and I need it now!
Submitted March 31, 2020 at 06:58AM by ajudd4u https://bit.ly/3dGhOv9
It's my money, and I need it now!
No Central Bank can print Human Labor
If I had a dollar for every time someone said this was the last time it’d ever be below $X,XXX I’d have 0 bitcoin.
Submitted March 30, 2020 at 11:42AM by fraqaq https://bit.ly/2WSC72v
Why Bitcoin's Tumble Under $6,000 Could Be the Start of Something Worse
Submitted March 30, 2020 at 04:24PM by cryptosyringe https://bit.ly/2wBr5Ed
Tim Draper Makes a Big Statement: Says Bitcoin is a Safe Haven Holding
Submitted March 30, 2020 at 04:13PM by cryptosyringe https://bit.ly/2WR8AGi
The Bitcoin Standard Presented by Saifedean Ammous at Unconfiscatable 2020.
With crypto payments, once a transaction hits the blockchain, there’s no charging it back—a huge win for merchants!
Submitted March 30, 2020 at 01:13AM by AliantPayments https://bit.ly/33Z6gyz
If I had a dollar for every time someone said this was the last time it’d ever be below $X,XXX I’d have 0 bitcoin.
Daily Discussion, March 30, 2020
ZBG.COM exchange is a scam. Be careful after you put money in exchange they they won't allow you to log in again. In addition their volume is fake. They take a lot of volumes of many coins. Be aware
Submitted March 30, 2020 at 01:35AM by Teeio https://bit.ly/3bBoI36
Almost 2 years since accepting Bitcoin as a cryptocurrency for Tong Jerky's online sales
Submitted March 30, 2020 at 04:01AM by xxthey https://bit.ly/2UrRe1j
New GMiner 2.04 With Support for the New KAWPOW Algorithm
Submitted March 30, 2020 at 02:45PM by raaner12 https://bit.ly/2JlsnFY
Sunday, 29 March 2020
Well, they aren’t entirely wrong...
Submitted March 30, 2020 at 11:26AM by Flash_Discard https://bit.ly/2wDwydL
The Reality of life
Submitted March 30, 2020 at 09:54AM by Mav123005 https://bit.ly/39wkgRA
Which ASIC miner should i get?
In the hypothetical case that i had free electricity, which ASIC miner would produce the most revenue?
Submitted March 30, 2020 at 01:56PM by josshyg https://bit.ly/2Jrbvh0
New cryptocurrency you Can mine for! Pi
Mine 24 hours a day
I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 3.5 million members worldwide. To claim your Pi, follow this link
And use my username (owbro) as your invitation code.
Please use my username you will have to enter it separately
Owbro
Submitted March 30, 2020 at 12:10PM by cinnamonmintmint https://bit.ly/2UNvJH4
Well, they aren’t entirely wrong...
The Reality of life
A latino-american on side of road selling Easter Baskets for Satoshi on Lighting Network; progress.
Submitted March 30, 2020 at 06:46AM by bitcointwitter https://bit.ly/39sX3j2
I want to invest 3k USD in Bitcoin. What is the best strategy to do it?
With crypto payments, once a transaction hits the blockchain, there’s no charging it back—a huge win for merchants!
Central Bank of Egypt issues restriction on withdrawal.
New daily limits were set at EGP 10,000 ($636) for individuals and EGP 50,000 ($3,184) for enterprises
Submitted March 30, 2020 at 01:20AM by Leader92 https://bit.ly/2wPq6jN
Almost 2 years since accepting Bitcoin as a cryptocurrency for Tong Jerky's online sales
A latino-american on side of road selling Easter Baskets for Satoshi on Lighting Network; progress.
Using Mineral Oil To Cool Down Bitcoin Miners
Submitted March 29, 2020 at 07:25PM by blockchainprojects https://bit.ly/3artJer
A Simple Illustration Showing Why Bitcoin Is Our Best Weapon to Protect Against Currency Devaluation
People who invested in Bitcoin last month
Made a new "Bitcoin accepted here" sign for my office. Will be putting it up soon.
Submitted March 29, 2020 at 02:24PM by NikolaFrost30 https://bit.ly/2JjLUGX
Russian Police Take Down an Unlawful Bitcoin Mining Farm
Submitted March 29, 2020 at 06:18PM by queen987654 https://bit.ly/2xzmbYc
Taken on the London Underground days before the lockdown.
The US treasury is doing what all shady altcoins attempt when people start losing interest:
New Bitcoin Commercial of 2020 - "FDIC: The last thing you should be doing is pulling your money out of the banks now"
hodl
This community in 6 months.
Submitted March 29, 2020 at 12:31PM by raymonddurk https://bit.ly/2vV1CoH
Made a new "Bitcoin accepted here" sign for my office. Will be putting it up soon.
Daily Discussion, March 29, 2020
Saturday, 28 March 2020
Bitcoin integrated into communication and wallet app Sylo
Gold traders caught unprepared: have to physically find, divide, and transport gold. This is why digital wins.
Submitted March 29, 2020 at 07:34AM by anthologyxxviii https://bit.ly/2y8DuQb
This community in 6 months.
Bill Gates will send you bitcoins | LIVE YOUTUBE SCAM WARNING
How has Bitcoin improved since ATH in 2017? Is it ready to attract a new wave of users?
Usability, security, new layers, exchanges... What are the main improvements?
Submitted March 28, 2020 at 11:57PM by bitwot https://bit.ly/2QRaV04
Gold traders caught unprepared: have to physically find, divide, and transport gold. This is why digital wins.
It's fine, we will be back up there
Message from by bank : It's now forbidden to short the stock market due to Covid context. We're not even free of our decision with our money in the bank. Bitcoin solves that.
Submitted March 28, 2020 at 11:38PM by Agitated_cheese https://bit.ly/3bw84lg
Mom (72) just texted me this. She gets it.
Submitted March 29, 2020 at 06:02AM by wheezy360 https://bit.ly/2UrJCvu
How long would it take.
Hey! How long would it take to mine five dollars worth of bitcoin with a normal gaming computer?
Submitted March 29, 2020 at 07:07AM by Matija224 https://bit.ly/2wyGvZT
I am buying Bitmain coupons
Hi dears
I am buying Bitmain coupons, if you have any pm me here or on telegram: dtnsa
Thanks
Submitted March 29, 2020 at 07:32AM by dtnsa https://bit.ly/2UHAmlX
They won't bail you out.
In a world where Bitcoin is the currency, and a pandemic happens, the stock market crumbles, and we need the equivalent of $2 trillion dollars, what do we do?
Not saying that creating $2 trillion is a good idea, I am very against it.
But the world would want to function the same (I guess) hence this hypothetical scenario.
Submitted March 28, 2020 at 02:53AM by adigabusymind https://bit.ly/3apdPAZ
Liquid Network Grows to 45 Members
Submitted March 28, 2020 at 12:47AM by AnnaHodlHodl https://bit.ly/2Jn8qPb
Prepare for impact guys, IMF will launch the so called global currency. Buy BTC stay safe.
Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
Submitted March 28, 2020 at 07:15PM by cryptosyringe https://bit.ly/3dCP2f1
A ₿etter Future (inspired by Bitcoin time traveler's reddit post)
Submitted March 28, 2020 at 05:27AM by HODL_CRYPTO https://bit.ly/3dzWHuh
Bitcoin Holds $6,000s, Federal Reserve To Do "QE Infinity," U.S. Digital Dollar Proposed
Submitted March 28, 2020 at 06:47PM by cryptosyringe https://bit.ly/2vU9Ld2
During hard times and house arrest, people will look for online ordering food. Here we can build a list of groceries accepting BTC and can deliver at home
The Internet is open source.The open source movement is the reason that technology has developed at such a breakneck pace for the past few decades.
Submitted March 28, 2020 at 10:22AM by undadatunda https://bit.ly/2ygcTkn
I created a python script that texts me the value of bitcoin every hour and you can use it for yourself.
Can someone please explain why the fuck shit just dropped so fast
Submitted March 28, 2020 at 08:21AM by myfaceislopsided https://bit.ly/2Jidoww
Russian Police Take Down an Illegal Bitcoin Mining Farm
Submitted March 28, 2020 at 04:54PM by cryptonaut101 https://bit.ly/2QPNULh
Bought cloud mining rental... is this normal mining? Same amount each day?
Submitted March 28, 2020 at 04:44PM by jayolic https://bit.ly/2WPyz15
Bitcoin Miners Are Selling Coins Faster Than They Can Generate Them
Submitted March 28, 2020 at 03:24PM by raaner12 https://bit.ly/2UGBshY
Watch out for the Coinbase DeFi mafia !
Daily Discussion, March 28, 2020
Don’t panic. We are in a worldwide crisis, everything is collapsing, it’s natural. Also, remember Bitcoin true purpose. Hodl on.
Submitted March 28, 2020 at 08:39AM by notowisu https://bit.ly/2ULmUgU
Friday, 27 March 2020
If Bitcoin ever goes to zero this is me. Are you man enough?
Submitted March 28, 2020 at 09:16AM by notowisu https://bit.ly/39qNGAG
The Internet is open source.The open source movement is the reason that technology has developed at such a breakneck pace for the past few decades.
Don’t panic. We are in a worldwide crisis, everything is collapsing, it’s natural. Also, remember Bitcoin true purpose. Hodl on.
If Bitcoin ever goes to zero this is me. Are you man enough?
Can someone please explain why the fuck shit just dropped so fast
Jeff Bezos sold $3.4bn of Amazon stock just before Covid-19 collapse | You are still waiting for your paycheck?
Submitted March 28, 2020 at 03:46AM by BTC_Forever https://bit.ly/3dCyAes
One million dollars every second. That's how much the Federal Reserve is printing. It's balance sheet increased by $586.1 billion last week to a record total of $5.24 trillion. Which is $84 billion a day and $60 million printed per minute.
Fed’s “infinite amount of cash” is biggest argument for Bitcoin yet
Bitcoin is a Rally Cry - to all Americans in the world, stay humble, stack sats, and hold the damn line. Whatever it takes.
Submitted March 27, 2020 at 03:03AM by unchainedcap https://bit.ly/39m30yy
Go look at the history books. What's happening to 'money' now is exactly what happened to every fiat currency since the beginning of time.
BTC Deviating from Markets
Submitted March 27, 2020 at 06:05PM by hashpowah https://bit.ly/2wIzoxP