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(P2P Foundation)   75 people own 99% of all Bitcoins   (blog.p2pfoundation.net) divider line 115
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4730 clicks; posted to Business » on 02 Jul 2013 at 3:57 PM (41 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-07-02 12:20:44 PM
A digital currency based on esoteric and murky footings with nothing backing it and no real regulation. And people wonder how it could be manipulated?
 
2013-07-02 12:43:03 PM
My cousin's got a closet full of Beanie Babies. They must be worth a fortune by now.
 
2013-07-02 12:51:02 PM
I have a large sum of fake money in a few online games.  it's just as valuable in the real world as this bitcoin bullshiat.
 
2013-07-02 01:02:43 PM
I once read that bitcoin was a preferred currency of drug dealers.  I have no idea why that is, or how it would work to their benefit.
 
2013-07-02 01:44:44 PM
So, pretty much just like US dollars?
 
2013-07-02 02:24:19 PM
Meet the new economy, same as the old economy.
 
2013-07-02 02:25:56 PM
...and have touched a total of 31 female breasts
 
2013-07-02 02:50:36 PM

Eddie Adams from Torrance: So, pretty much just like US dollars?

 
2013-07-02 02:59:52 PM

Eddie Adams from Torrance: So, pretty much just like US dollars?


I was wondering what the percentage worked out to.
 
2013-07-02 03:01:42 PM
are they the same 75 people who funded 80 percent of the romney campaign?
 
2013-07-02 03:02:18 PM

BunkoSquad: ...and have touched a total of 31 female breasts


Is that 31 pairs or 15 pairs and an odd one?
 
2013-07-02 03:43:30 PM

EvilEgg: BunkoSquad: ...and have touched a total of 31 female breasts

Is that 31 pairs or 15 pairs and an odd one?


They went to Mars once.
 
2013-07-02 03:54:55 PM

dahmers love zombie: EvilEgg: BunkoSquad: ...and have touched a total of 31 female breasts

Is that 31 pairs or 15 pairs and an odd one?

They went to Mars once.


wearscience.com
 
2013-07-02 04:03:01 PM
And one of them paid me 750% more for mine than I did.
 
2013-07-02 04:06:03 PM
Otherwise known as the stuckees
 
2013-07-02 04:07:04 PM
This is hilarious. Yet another major issue with the currency of the futuretm

I wonder if Roger Ver is one of the holders. That guy and his crappy bitcoin store are the best. Only $500k to go this month to keep those "competitive prices" flowing?

I wonder how many BTC Butterfly labs has? I mean, they've been using all those ASIC machines to mine like crazy while delaying shipping, so you know they hold a whole lot.
 
2013-07-02 04:07:19 PM

Lost Thought 00: Otherwise known as the stuckees


www.worldhobby.net  ?
 
2013-07-02 04:08:25 PM
What a surprise!
 
2013-07-02 04:13:08 PM

trotsky: This is hilarious. Yet another major issue with the currency of the futuretm

I wonder if Roger Ver is one of the holders. That guy and his crappy bitcoin store are the best. Only $500k to go this month to keep those "competitive prices" flowing?

I wonder how many BTC Butterfly labs has? I mean, they've been using all those ASIC machines to mine like crazy while delaying shipping, so you know they hold a whole lot.


Did you read the ad Ars Technica wrote after Butterfly shipped them two units for review?

They will ship the machines after they are no longer cost effective to mine Bitcoins.
 
2013-07-02 04:14:47 PM
Cryptocurrency or trust bankers... oh god we are all fu*ked!
 
2013-07-02 04:24:08 PM
Just wait the Amero will take off any day you just wait and see then ill be rich!
 
2013-07-02 04:32:31 PM
I thought it smelled weird from the beginning.
 
2013-07-02 04:35:27 PM
Article makes me glad that I never bit on the bitcoin.
 
2013-07-02 04:37:01 PM
FTFA:

"We also learn that, of the approximately 9 million bitcoins which currently exist, less than 2 million actually circulate - that is, change hands with any appreciable frequency"

Oh so it's kind of like real currency.  Neat!
 
2013-07-02 04:38:07 PM

Alphakronik: And one of them paid me 750% more for mine than I did.


Good on you, Scooter.  You're quite the financial wizard.
 
2013-07-02 04:39:30 PM
Bitcoin had way too many people invested in it for spite; to spite the banks and the Fed and the mainstream investing community and probably something else.

Spite is emotion.  Don't invest on emotion.

Bitcoin is good for concealing drug transactions.  Paying a dealer in straight cash is another way.
 
2013-07-02 04:44:09 PM

ManateeGag: I have a large sum of fake money in a few online games.  it's just as valuable in the real world as this bitcoin bullshiat.


I have a couple thousands Lindens with more contracts pending.
 
2013-07-02 04:51:24 PM

Earguy: I once read that bitcoin was a preferred currency of drug dealers.  I have no idea why that is, or how it would work to their benefit.


Anonymous and untraceable, apparently.
 
2013-07-02 04:54:44 PM

Rapmaster2000: Bitcoin had way too many people invested in it for spite; to spite the banks and the Fed and the mainstream investing community and probably something else.

Spite is emotion.  Don't invest on emotion.

Bitcoin is good for concealing drug transactions.  Paying a dealer in straight cash is another way.


I would imagine more dealers take cash than BitCoin.
 
2013-07-02 05:14:17 PM

Mikey1969: Anonymous and untraceable, apparently.


The transfer of bitcoins from one person to another at this point is anonymous, not sure about untraceable (which IP addresses took part in the transaction).  But making use of the bitcoins for tangible goods does require the use of an exchange, which is definitely not anonymous and is definitely traceable.
 
2013-07-02 05:14:33 PM

valkore: Alphakronik: And one of them paid me 750% more for mine than I did.

Good on you, Scooter.  You're quite the financial wizard.


SHAZAM!
 
2013-07-02 05:20:38 PM
So in other words its functioning just like normal currency?
 
2013-07-02 05:24:00 PM

valkore: Mikey1969: Anonymous and untraceable, apparently.

The transfer of bitcoins from one person to another at this point is anonymous, not sure about untraceable (which IP addresses took part in the transaction).  But making use of the bitcoins for tangible goods does require the use of an exchange, which is definitely not anonymous and is definitely traceable.


Yeah, but AFAIK, you don't have to show WHERE you got said bitcoins from.
 
2013-07-02 05:24:01 PM

FlashHarry: are they the same 75 people who funded 80 percent of the romney campaign?


No, these are the type of guys who would have funded the RON PAUL campaign, and then GARY JOHNSON when PAUL pulled out.
 
2013-07-02 05:24:51 PM

BunkoSquad: ...and have touched a total of 31 female breasts


Oh now that has got me thinking...
Due to my drug-addled memory I have incomplete recall on how many sexual partners I've had, I've tried making the list but the late 90s are too vague so I guess I will never know exactly how many breasts I came across.
/yes, that does have another meaning.
 
2013-07-02 05:34:46 PM
Extreme parity we Bitcoin also.

/ $1 US = $1.0004 Bitcoin
 
2013-07-02 05:40:10 PM

Eddie Adams from Torrance: So, pretty much just like US dollars?


And...done.
 
2013-07-02 05:55:08 PM

Earguy: I once read that bitcoin was a preferred currency of drug dealers.  I have no idea why that is, or how it would work to their benefit.


My drug dealer actually prefers dollars.  Maybe he's not as high as he seems
 
2013-07-02 06:05:58 PM

Dinki: A digital currency based on esoteric and murky footings with nothing backing it and no real regulation. And people wonder how it could be manipulated?


Did we have to start bashing the credit card companies already?

//rimshot
 
2013-07-02 06:12:04 PM

Mikey1969: valkore: Mikey1969: Anonymous and untraceable, apparently.

The transfer of bitcoins from one person to another at this point is anonymous, not sure about untraceable (which IP addresses took part in the transaction).  But making use of the bitcoins for tangible goods does require the use of an exchange, which is definitely not anonymous and is definitely traceable.

Yeah, but AFAIK, you don't have to show WHERE you got said bitcoins from.


You only have to prove where you got your real money from if the authorities have other evidence to suspect you're making money in illegal enterprises. A cop can't just willy-nilly shake you up for cash if he has no reason to suspect something is askew- that's like one of the very bases our laws in the US are built upon.
 
2013-07-02 06:26:15 PM

MrBallou: My cousin's got a closet full of Beanie Babies. They must be worth a fortune by now.


I've still got my Magic: The Gathering Cards. Some Revised Ed., mostly 4th Ed.

And Spellfire
And Marvel: Overpower
And The Dune CCG

//Wonder if my cousin still has his Hyborian Gates cards.
 
2013-07-02 06:42:09 PM

Crotchrocket Slim: You only have to prove where you got your real money from if the authorities have other evidence to suspect you're making money in illegal enterprises.


As someone who has spent the past eleven years working for himself, after fifteen years of standard by-the-book W-2 regular jobs, it still surprises me how much I am able to make "outside the system" and how little of it would actually be known to the IRS unless I report it.  And I'm in a legit profession, nothing illegal.

I've also met quite a few others who do quite well off the books - gardeners, handymen, tattoo artists, real estate investors - without being involved in criminal stuff.  The shadow economy is a lot bigger than I ever imagined, even here in the well-regulated and reported US.
 
2013-07-02 06:52:05 PM
WE ARE THE 99.99956134893%
 
2013-07-02 06:58:54 PM

FarkedOver: Oh so it's kind of like real currency.  Neat!


Real currency doesn't have the backing of a national GDP and the force of it's economy?

Wow. Learn something new every day!
 
2013-07-02 07:02:03 PM
You know what else is a common means of laundering currency?

High end watches.

Seriously, a courier wears a $50k watch one direction, a $50 watch the other.
 
2013-07-02 07:03:51 PM

Eddie Adams from Torrance: So, pretty much just like US dollars?


Pretty much what I was going to say.
 
2013-07-02 07:04:34 PM

PowerSlacker: Extreme parity we Bitcoin also.

/ $1 US = $1.0004 Bitcoin


And sponsored for the awesome reference.
 
2013-07-02 07:11:13 PM

Nemo's Brother: Rapmaster2000: Bitcoin had way too many people invested in it for spite; to spite the banks and the Fed and the mainstream investing community and probably something else.

Spite is emotion.  Don't invest on emotion.

Bitcoin is good for concealing drug transactions.  Paying a dealer in straight cash is another way.

I would imagine more dealers take cash than BitCoin.


Yeah, I seriously can't see BitCoin working for drugs, unless you order drugs via internet. I don't consider that a worthy idea, so it's cash for my monthly purchase.
 
2013-07-02 07:13:25 PM
Crotchrocket Slim:  You only have to prove where you got your real money from if the authorities have other evidence to suspect you're making money in illegal enterprises. A cop can't just willy-nilly shake you up for cash if he has no reason to suspect something is askew- that's like one of the very bases our laws in the US are built upon.

Guilty until proven innocent. How UnAmerican.
 
2013-07-02 07:38:12 PM
Flawed article. Bullshiat
 
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