Re:310 Bitcoin challenge has been solved
by walrus01 on Thursday October 11, 2018 @09:52PM
(#18198512)
Back of the napkin level calculation says that if you had about 675 bitcoin in 2010, it would've been worth $10,625,000 if you'd sold it at the $17,000 peak.
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Bitcoin traded between $0.003 and $0.39 in 2009-2010. Source: http://bitcoin.zorinaq.com/price/ Therefore "$50" worth back then could be any amount between 128 and 16667 BTC, worth between $800k and $103M today.
Re:310 Bitcoin challenge has been solved
by wild_preference on Friday October 12, 2018 @01:00AM
(#18199331)
You weren’t kidding about back of the napkin because that’s not 675 * 17k.
He clearly calculated for 625 BTC (it divides evenly to the precise multi-million dollar amount) but had either a typo in his post or in the calculating.
Re:310 Bitcoin challenge has been solved
by walrus01 on Friday October 12, 2018 @02:53AM
(#18199770)
Yes, I typoed 625.
Re:310 Bitcoin challenge has been solved
by Spooky23 on Friday October 12, 2018 @08:02AM
(#18200808)
I’m very glad you were wrong. :)
I never calculated the actual potential amount, because I figured it would be depressing, but 9-figures would be beyond depressing.
I’m not sure what I actually paid because I bought it from a friend directly. It was somewhere around 100 BTC. Definitely a cautionary tale about backups and bad luck. But on the other hand, I’ve in whole been the recipient to more than my share of good fortune.