AuthorTopic: The Bitcoin Wealth Distribution  (Read 731 times)

Offline azozeo

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The Bitcoin Wealth Distribution
« on: November 07, 2017, 05:36:48 PM »
https://blog.lawnmower.io/the-bitcoin-wealth-distribution-69a92cc4efcc

How many people hold how much bitcoin?

The public structure of the Bitcoin blockchain allows us to view & analyze every transaction on the network.

We can see exactly where every bitcoin was born, as mining rewards for solving for & placing valid new blocks into its blockchain, & exactly where every bitcoin has traveled, through potentially multiple addresses on its blockchain.

By tracing every bitcoin through respective transactions over the life of its blockchain, we can come to glean to composition & distribution of all the currently mined bitcoin over all their current addresses.


click on link for more & charts,graphs.
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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The Bitcoin Wealth Distribution: And...IT'S GONE!
« Reply #1 on: November 08, 2017, 04:20:44 AM »
<a href="http://www.youtube.com/v/TGwZVGKG30s" target="_blank" class="new_win">http://www.youtube.com/v/TGwZVGKG30s</a>

RE

http://www.businessinsider.com/ethereum-parity-wallet-hack-freeze-missing-code-2017-11

Someone deleted some code in a popular cryptocurrency wallet — and as much as $280 million in ethereum is locked up

    Becky Peterson


    An estimated $280 million worth of the cryptocurrency ethereum is now locked up after a user accidentally deleted the code necessary to access the digital wallets hosted by the company Parity Technologies.

    The vulnerability impacted the "multi-sig" digital wallets launched through Parity since July 20.

    Multi-sig wallets usually contain large sums of money since they are primarily used by startups or large groups looking to prevent any one member of the group from running off with the money.

 
An estimated $280 million worth of the cryptocurrency ethereum is currently locked up thanks to one person's mistake.

An unidentified user accidentally locked up recently-created digital wallets within Parity — a popular digital wallet provider — by deleting the code library required to use those wallets, according to a critical security alert posted to Parity Technology's blog on Tuesday.

The freeze impacts all "multi-sig" wallets created on Parity after July 20.

Multi-sig wallets — short for multiple signature — are especially popular with cryptocurrency startups and other collective groups because they require more than one person to agree before any currency gets moved around. It's a safeguard against rogue employees who might run off with the cryptocurrencies for their own gain.

For this reason, it's also a popular way of storing cryptocurrency raised in initial coin offerings, or ICOs — a new fundraising technique used by some companies in the blockchain space, in which investors trade cryptocurrencies like ether and bitcoin for new currencies created by the company.

Exactly how much cryptocurrency has disappeared due to the bug is unclear, but some cryptocurrency blogs have reported that Parity wallets make up 20% of the entire ethereum network.

Researchers familiar with the space have estimated around $280 million worth of ether is now inaccessible, including $90 million of which was raised by Parity's founder Gavin Woods. Parity has not shared any official totals, though a spokeswoman from the company disputed that this number was correct.
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Offline azozeo

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Re: The Bitcoin Wealth Distribution: And...IT'S GONE!
« Reply #2 on: November 08, 2017, 06:33:34 AM »
<a href="http://www.youtube.com/v/TGwZVGKG30s" target="_blank" class="new_win">http://www.youtube.com/v/TGwZVGKG30s</a>

RE

http://www.businessinsider.com/ethereum-parity-wallet-hack-freeze-missing-code-2017-11

Someone deleted some code in a popular cryptocurrency wallet — and as much as $280 million in ethereum is locked up

    Becky Peterson


    An estimated $280 million worth of the cryptocurrency ethereum is now locked up after a user accidentally deleted the code necessary to access the digital wallets hosted by the company Parity Technologies.

    The vulnerability impacted the "multi-sig" digital wallets launched through Parity since July 20.

    Multi-sig wallets usually contain large sums of money since they are primarily used by startups or large groups looking to prevent any one member of the group from running off with the money.

 
An estimated $280 million worth of the cryptocurrency ethereum is currently locked up thanks to one person's mistake.

An unidentified user accidentally locked up recently-created digital wallets within Parity — a popular digital wallet provider — by deleting the code library required to use those wallets, according to a critical security alert posted to Parity Technology's blog on Tuesday.

The freeze impacts all "multi-sig" wallets created on Parity after July 20.

Multi-sig wallets — short for multiple signature — are especially popular with cryptocurrency startups and other collective groups because they require more than one person to agree before any currency gets moved around. It's a safeguard against rogue employees who might run off with the cryptocurrencies for their own gain.

For this reason, it's also a popular way of storing cryptocurrency raised in initial coin offerings, or ICOs — a new fundraising technique used by some companies in the blockchain space, in which investors trade cryptocurrencies like ether and bitcoin for new currencies created by the company.

Exactly how much cryptocurrency has disappeared due to the bug is unclear, but some cryptocurrency blogs have reported that Parity wallets make up 20% of the entire ethereum network.

Researchers familiar with the space have estimated around $280 million worth of ether is now inaccessible, including $90 million of which was raised by Parity's founder Gavin Woods. Parity has not shared any official totals, though a spokeswoman from the company disputed that this number was correct.



 :emthup: :emthup: :emthup:   :icon_sunny: :icon_sunny: :icon_sunny:

Gotta' luv concepts  :coffee: POOF, there gone. BAHAHAHAHAH
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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Bitcoin Is A Bad Way To Do Something Necessary
« Reply #3 on: November 09, 2017, 04:10:10 AM »
http://www.ianwelsh.net/bitcoin-is-a-bad-way-to-do-something-necessary/

Bitcoin Is A Bad Way To Do Something Necessary
2017 November 8
12 Comments
tags: Bitcoin, blockchain
by Ian Welsh


I don’t write about crypto-currency often because proponents are fanatical. (You’d be fanatical too if  you combined rabid self interest that might make you a multi-millionaire with a social engineering project you thought was utopian.)

But more and more I am inclined to agree with a friend’s judgment from years ago that while Bitcoin does something important (creates a peer to peer payment network) it does it in a terrible way.

    This averages out to a shocking 215 kilowatt-hours (KWh) of juice used by miners for each Bitcoin transaction (there are currently about 300,000 transactions per day). Since the average American household consumes 901 KWh per month, each Bitcoin transfer represents enough energy to run a comfortable house, and everything in it, for nearly a week. On a larger scale, De Vries’ index shows that bitcoin miners worldwide could be using enough electricity to at any given time to power about 2.26 million American homes.

This is crazy. Looked at from this point of view, Bitcoin is terrible: it has far higher actual transaction costs than any other form of money I am aware of.

Bitcoin was also a libertarian project. Libertarians hate inflationary money, so Bitcoin was made deliberately deflationary. There are a limited amount of bitcoins which can be created. There is a strong first mover advantage even without the fact that bitcoin is acting more like stock in a company than money.

Deflationary money is reactionary. It rewards people for being first, not for being productive. It encourages people not to spend and not to invest in something other than money, which is bad for economies. Moderate inflation, contra-gold bugs and Austrians is a good thing, as it devalues effort from the past. It’s great that you did something wonderful 40 years ago, but what you do today should matter more.

It shouldn’t matter completely more, we’re not saying that retired people shouldn’t be able to eat and pay rent, but it should discount and discount more and more over time.

People who won the past shouldn’t control the future for all that long. People who are winning the present should, if anyone should.

This piece will likely have people screaming in the comments, but Bitcoin, just because it is not government money, does not get a pass from general economic principles.

And none of this is to say that blockchains are not an important innovation, or that Bitcoin isn’t important, won’t make its early movers lots of money and so on. Just that it has economic assumptions and power requirements embedded that won’t produce maximum welfare.
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