"Satoshi Nakamoto is believed to amassed about one million Bitcoins which would give him a net worth, if all were converted to cash, of about $450m."
Anyone know what this was worth at its peak?
Anyone know what this was worth at its peak?
[1]: https://en.wikipedia.org/wiki/History_of_Bitcoin#cite_note-6... (would appreciate a correction with a better source)
I remember there was speculation that Bitcoin could go up to tens of thousands of dollars. Which would probably make Wright the richest man alive
It's not that far off from real world USD (if you limit it to the US, and extrapolate for number of users) where 16,000 families making up the richest 0.01% control 11.2% of total wealth
You could, however, control prices if you controlled 5% of Bitcoin, which you could cash out in USD or EUR.
There is no alternative to USD or EUR - at least not one that is widely accepted.
There IS an alternative to Bitcoin
The closest real world analogy I can think of would be that if all the unaccounted for physical US currency that is floating around outside the US all of a sudden returned 'home'.
In contrast, Satoshi's coins are currently outside the system, and adding them to the system would cause a whole bunch of instability.
Funny story. Although the UK has one currency, Northern Ireland and Scotland have different designs for banknotes compared to England & Wales (and too each other).
In December 2004, approximately 10% of the cash (~£26mil) in circulation in Northern Ireland was stolen. In response the bank recalled and reissued all the notes, to prevent the theives being able to use them.