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An estimated 22,000 addresses, 1.1 million Bitcoin. Present value $78 billion. That would make him the 23rd richest person in the world. Bill Gates by compariso

An estimated 22,000 addresses, 1.1 million Bitcoin. Present value $78 billion. That would make him the 23rd richest person in the world. Bill Gates by comparison is 'only' worth $102 billion these days. If you priced Gates backwards in gold, his $102 billion is about $13 billion two decades ago. He hasn't kept ahead of the destruction of the dollar very well.

jmyeet 6mo ago
1.1m Bitcoin is currently $77B not $7B. Gold is a weird one. It’s has a hell of a run over the last decade. I’m not sure it looked so rosy in 2015. I kinda feel like betting on gold is betting on the end of civilization. I don’t really want to be right.
- saddist0 6mo ago
  Lmao, it's $70B+ brother. Zeros aren't for everyone. :")
  - jmyeet 6mo ago
    At the time of writing this the USD price of BTC is $70,934.09. 1.1m times that is $78,027,499,000 or $78B.
zzzoom 6mo ago
If any of those addresses sold a single sat the price would crash hard.
- cylemons 6mo ago
  Biggest pump and dump in history
- eru 6mo ago
  I would bet heavily against that. Someone selling single Satoshis from Satoshi's stash would herald the second coming of Satoshi. Can you imagine the hype?
  - bfmalky 6mo ago
    Hype would not cause a price increase in this case. The value of bitcoin is partly due to scarcity. 1.1m previously inaccessible bitcoins suddenly becoming liquid would cause a drop in price, even if they were sold slowly. It could also cause panic selling as it might indicate the wallets have been brute force cracked.
    - eru 6mo ago
      > The value of bitcoin is partly due to scarcity. Partially due to scarcity, but also due to hype. As a weaker point: I would expect an increase in the market capitalisation of the bitcoin float. Ie if you multiply the price of bitcoin by the amount of movable bitcoin right now and after the first Satoshi is sold, you compare with the new price of bitcoin multiplied by the newly enlarged amount of movable bitcoin. The strong claim is that the price per bitcoin would go up, too. Not just the market cap of the float. > It could also cause panic selling as it might indicate the wallets have been brute force cracked. Suppose I brute force cracked it to get access to the bitcoins. I would: Quietly amass a large offsetting position in the bitcoin futures market (and wherever else you can do this), before I make any moves. Then (assuming I couldn't hedge my whole exposure at decent prices) I would use all means available to pretend that Satoshi had woken up again. Eg use specially fine-tuned LLMs to mimic his style to post on the usual mailing list etc. Some people will believe you, some won't. I'd say post a bit in Satoshi's name to build interest. Then skeptics will say: prove it. And you 'prove' it by selling moving a few Satoshis between your own wallets back and forth. (Don't sell anything yet.) The hype will build, and you sell into it on the futures market. The last step is important, because you can get rid of your bitcoin exposure this way, without any trace on the blockchain. So you can even vow to never release any of the stash on the market and other shenanigans. That should help the price. Well, the futures will come due eventually, and then you can move the stash. The price might or might not crash, but you don't care, because you already locked in your profits on the derivatives.
      - carefree-bob 6mo ago
        > Partially due to scarcity, but also due to hype. I agree with you, but isn't the value of gold also almost entirely due to hype? Sure, there are some industrial applications, but those are minor components of demand for gold. Hype is just another way of saying "people obtain pleasure from owning this thing" and that's pretty much what sets demand for most goods. Don't even get me started on diamonds. The whole wedding ring having a diamond is hype. Bitcoin just makes this explicit and impossible to deny.
timr 6mo ago
> He hasn't kept ahead of the destruction of the dollar very well. The dollar is trading pretty much at 30-year historic highs relative to all other currencies. You have to go back to ~2000 to find a stronger era, and then the 1980s before that. https://www.marketwatch.com/investing/index/dxy https://www.marketwatch.com/investing/index/dxy
- fauchletenerum 6mo ago
  They're talking about the decline in the purchasing price of a dollar over the past decade, not its value relative to other currencies at the moment
  - deleted 6mo ago
    [deleted]
  - timr 6mo ago
    I don't know how you know that, but even that argument is a straw man, unless you're asserting that all of the other currencies declined in value equally against whatever theoretical good(s) you're holding out as the objective standard for value.
    - Citizen_Lame 6mo ago
      I don't think you know what a straw man means, or purchasing power.
      - timr 6mo ago
        OK.
brainwad 6mo ago
> He hasn't kept ahead of the destruction of the dollar very well. That hasn't been his goal. For the last two decades he's been running a huge charitable foundation...
- orangepanda 6mo ago
  Is that what they call visiting private islands these days?
  - vntok 6mo ago
    It's a pretty well known entity. You can find more info here: https://en.wikipedia.org/wiki/Gates_Foundation https://en.wikipedia.org/wiki/Gates_Foundation
    - stinkbeetle 6mo ago
      > It's a pretty well known entity. You can find more info here: https://en.wikipedia.org/wiki/Gates_Foundation https://en.wikipedia.org/wiki/Gates_Foundation Gates's relationship with financier Jeffrey Epstein started in 2011, a few years after Epstein was convicted for procuring a child for prostitution I see.
      - vntok 6mo ago
        Wait. Are you claiming that there's some sort of link between "Gates's relationship with financier Jeffrey Epstein started in 2011" and the Gates Foundation which launched in 2000 by merging with the Gates Sr. Foundation from all the way back in 1994?
        stinkbeetle 6mo ago
        [flagged]
      - gregw2 6mo ago
        Who says it started in 2011? I find that hard to believe. Gates was having interviews with John Brockman's edge.org in 1996: https://www.edge.org/conversation/bill_gates-digerati-chapter-10 https://www.edge.org/conversation/bill_gates-digerati-chapte... Gates was at The Edge dinners in 2010: https://michaelshermer.com/articles/my-dinner-with-bill-gates-that-is/ https://michaelshermer.com/articles/my-dinner-with-bill-gate... Jeffrey Epstein funded The Edge in the late 90s early 2000s, then not around 2008/9 during his first trial and prison, then again after he got out: https://www.buzzfeednews.com/article/peteraldhous/jeffrey-epstein-john-brockman-edge-foundation https://www.buzzfeednews.com/article/peteraldhous/jeffrey-ep... https://epsteinweb.org/john-brockman/ https://epsteinweb.org/john-brockman/
boring-human 6mo ago
> He hasn't kept ahead of the destruction of the dollar very well. You can't price dollars in gold to measure value. Gold doesn't measure value better than the dollar at any point in time, let alone over time. Just use the price index for one currency, or the relative price indexes across currencies.
- eru 6mo ago
  I broadly agree with you, however: during the classic gold standard years, gold did have a pretty stable purchasing power (as eg measured by your favourite inflation index) in the long run. However, since the world largely went off the gold standard, the purchasing power of gold has been a lot more volatile.

jmyeet 6mo ago

1.1m Bitcoin is currently $77B not $7B. Gold is a weird one. It’s has a hell of a run over the last decade. I’m not sure it looked so rosy in 2015. I kinda feel like betting on gold is betting on the end of civilization. I don’t really want to be right.

saddist0 6mo ago
Lmao, it's $70B+ brother. Zeros aren't for everyone. :")
- jmyeet 6mo ago
  At the time of writing this the USD price of BTC is $70,934.09. 1.1m times that is $78,027,499,000 or $78B.

zzzoom 6mo ago

If any of those addresses sold a single sat the price would crash hard.

cylemons 6mo ago
Biggest pump and dump in history
eru 6mo ago
I would bet heavily against that. Someone selling single Satoshis from Satoshi's stash would herald the second coming of Satoshi. Can you imagine the hype?
- bfmalky 6mo ago
  Hype would not cause a price increase in this case. The value of bitcoin is partly due to scarcity. 1.1m previously inaccessible bitcoins suddenly becoming liquid would cause a drop in price, even if they were sold slowly. It could also cause panic selling as it might indicate the wallets have been brute force cracked.
  - eru 6mo ago
    > The value of bitcoin is partly due to scarcity. Partially due to scarcity, but also due to hype. As a weaker point: I would expect an increase in the market capitalisation of the bitcoin float. Ie if you multiply the price of bitcoin by the amount of movable bitcoin right now and after the first Satoshi is sold, you compare with the new price of bitcoin multiplied by the newly enlarged amount of movable bitcoin. The strong claim is that the price per bitcoin would go up, too. Not just the market cap of the float. > It could also cause panic selling as it might indicate the wallets have been brute force cracked. Suppose I brute force cracked it to get access to the bitcoins. I would: Quietly amass a large offsetting position in the bitcoin futures market (and wherever else you can do this), before I make any moves. Then (assuming I couldn't hedge my whole exposure at decent prices) I would use all means available to pretend that Satoshi had woken up again. Eg use specially fine-tuned LLMs to mimic his style to post on the usual mailing list etc. Some people will believe you, some won't. I'd say post a bit in Satoshi's name to build interest. Then skeptics will say: prove it. And you 'prove' it by selling moving a few Satoshis between your own wallets back and forth. (Don't sell anything yet.) The hype will build, and you sell into it on the futures market. The last step is important, because you can get rid of your bitcoin exposure this way, without any trace on the blockchain. So you can even vow to never release any of the stash on the market and other shenanigans. That should help the price. Well, the futures will come due eventually, and then you can move the stash. The price might or might not crash, but you don't care, because you already locked in your profits on the derivatives.
    - carefree-bob 6mo ago
      > Partially due to scarcity, but also due to hype. I agree with you, but isn't the value of gold also almost entirely due to hype? Sure, there are some industrial applications, but those are minor components of demand for gold. Hype is just another way of saying "people obtain pleasure from owning this thing" and that's pretty much what sets demand for most goods. Don't even get me started on diamonds. The whole wedding ring having a diamond is hype. Bitcoin just makes this explicit and impossible to deny.

timr 6mo ago

> He hasn't kept ahead of the destruction of the dollar very well. The dollar is trading pretty much at 30-year historic highs relative to all other currencies. You have to go back to ~2000 to find a stronger era, and then the 1980s before that. https://www.marketwatch.com/investing/index/dxy https://www.marketwatch.com/investing/index/dxy

fauchletenerum 6mo ago
They're talking about the decline in the purchasing price of a dollar over the past decade, not its value relative to other currencies at the moment
- deleted 6mo ago
  [deleted]
- timr 6mo ago
  I don't know how you know that, but even that argument is a straw man, unless you're asserting that all of the other currencies declined in value equally against whatever theoretical good(s) you're holding out as the objective standard for value.
  - Citizen_Lame 6mo ago
    I don't think you know what a straw man means, or purchasing power.
    - timr 6mo ago
      OK.

brainwad 6mo ago

> He hasn't kept ahead of the destruction of the dollar very well. That hasn't been his goal. For the last two decades he's been running a huge charitable foundation...

orangepanda 6mo ago
Is that what they call visiting private islands these days?
- vntok 6mo ago
  It's a pretty well known entity. You can find more info here: https://en.wikipedia.org/wiki/Gates_Foundation https://en.wikipedia.org/wiki/Gates_Foundation
  - stinkbeetle 6mo ago
    > It's a pretty well known entity. You can find more info here: https://en.wikipedia.org/wiki/Gates_Foundation https://en.wikipedia.org/wiki/Gates_Foundation Gates's relationship with financier Jeffrey Epstein started in 2011, a few years after Epstein was convicted for procuring a child for prostitution I see.
    - vntok 6mo ago
      Wait. Are you claiming that there's some sort of link between "Gates's relationship with financier Jeffrey Epstein started in 2011" and the Gates Foundation which launched in 2000 by merging with the Gates Sr. Foundation from all the way back in 1994?
      - stinkbeetle 6mo ago
        [flagged]
    - gregw2 6mo ago
      Who says it started in 2011? I find that hard to believe. Gates was having interviews with John Brockman's edge.org in 1996: https://www.edge.org/conversation/bill_gates-digerati-chapter-10 https://www.edge.org/conversation/bill_gates-digerati-chapte... Gates was at The Edge dinners in 2010: https://michaelshermer.com/articles/my-dinner-with-bill-gates-that-is/ https://michaelshermer.com/articles/my-dinner-with-bill-gate... Jeffrey Epstein funded The Edge in the late 90s early 2000s, then not around 2008/9 during his first trial and prison, then again after he got out: https://www.buzzfeednews.com/article/peteraldhous/jeffrey-epstein-john-brockman-edge-foundation https://www.buzzfeednews.com/article/peteraldhous/jeffrey-ep... https://epsteinweb.org/john-brockman/ https://epsteinweb.org/john-brockman/

boring-human 6mo ago

> He hasn't kept ahead of the destruction of the dollar very well. You can't price dollars in gold to measure value. Gold doesn't measure value better than the dollar at any point in time, let alone over time. Just use the price index for one currency, or the relative price indexes across currencies.

eru 6mo ago
I broadly agree with you, however: during the classic gold standard years, gold did have a pretty stable purchasing power (as eg measured by your favourite inflation index) in the long run. However, since the world largely went off the gold standard, the purchasing power of gold has been a lot more volatile.