Bitcoin Billionaires May Have Found a Way to Cash Out

Re:Bitcoin Billionaires May Have Found a Way to Cash Out by sillysaurus3 on Thursday December 21, 2017 @08:43PM (#15984641)

BTC can be divided into satoshis, which are extremely small units. If someone loses 1 BTC, the value of all the rest simply goes up.

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Re:Bitcoin Billionaires May Have Found a Way to Cash Out by billmalarky on Thursday December 21, 2017 @09:27PM (#15984797)

For those wondering, a satoshi is 1/100,000,000 of a bitcoin.

At the current bitcoin price of $14591, a satoshi is worth $0.0001459190.

The maximimum amount of minable bitcoins is 21 million.

Current global gold supply is ~ $7 trillion

If bitcoin completely replaces gold, bitcoins will be trading for about $333,333.33, so a satoshi would be worth ~$0.0033.

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Re:Bitcoin Billionaires May Have Found a Way to Cash Out by sillysaurus3 on Friday December 22, 2017 @01:55AM (#15985726)

And if BTC reaches $33M, which is not impossible, that implies $0.33 is the smallest unit of currency.

People use quarters for mostly everything now, so this is again quite reasonable.

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Re:Bitcoin Billionaires May Have Found a Way to Cash Out by CamelCaseName on Friday December 22, 2017 @08:49AM (#15987357)

Reasonable how? That's a $530T+ valuation at the current number of tokens, or about two times as much as the total global wealth according to Credit Suisse. [0]

[0] https://www.credit-suisse.com/corporate/en/research/research...

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Re:Bitcoin Billionaires May Have Found a Way to Cash Out by sillysaurus3 on Friday December 22, 2017 @05:33PM (#15991480)

I meant satoshis are a reasonable "smallest unit" even at absurd valuations.

But that's not necessarily impossible to attain. If BTC wins and the world switches, the resulting bubble might be that big.

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