Bitcoin’s value just passed $1 trillion

[zarathustra]

Bitcoin's price soared past $56,000 on Friday, pushing the combined value of all bitcoins past the $1 trillion mark—at least in theory. That's more than the market capitalization of Facebook, though Apple, Alphabet, Amazon, and Microsoft are worth more. Bitcoin's value has almost doubled from $29,000 since the start of the year.

I say "in theory" because not all bitcoins are actually available for use. Each bitcoin (or fraction of a bitcoin) is secured by one or more cryptographic signatures. To transfer a bitcoin, you need to know its corresponding private key. And some of those keys have been lost—and it's impossible to know how many.

For example, a British man says he threw away a hard drive in 2013 that contained the keys to 7,500 bitcoins—worth around $400 million at today's price. He sought permission to excavate the dump containing the hard drive, but the request was denied.

This kind of incident has been repeated many times over the past 12 years. It was likely an especially common occurrence in the first two years of bitcoin's operation, when you could get a bitcoin for a fraction of a penny. In 2010, a man paid 10,000 bitcoins for two pizzas—a transaction now widely recognized as the first commercial bitcoin payment.

Back then, it was common for people to mine a few hundred bitcoins—or even many thousands—and then forget about them, since they might be worth too little to be worth the trouble of selling them. By the time owners realized the bitcoins were valuable, the data might have been lost.

The world's biggest stash of bitcoins is probably the one owned by the pseudonymous bitcoin creator Satoshi Nakamoto. In the cryptocurrency's early months, Nakamoto is estimated to have mined more than 1 million bitcoins.

Nakamoto never revealed his true identity, and he disappeared from public view in 2011. No one knows if he's still alive; those 1 million bitcoins haven't been transferred since they were created more than a decade ago.

But if Nakamoto held on to the private keys, his net worth would be more than $50 billion today—sufficient to make him among the 20 wealthiest people in the world.

Two other likely bitcoin billionaires are Tyler and Cameron Winklevoss. The Harvard alums first came to prominence during a legal battle over Facebook's origins as a social network for Harvard students. After they settled their legal battle with Mark Zuckerberg, they spent $11 million to buy bitcoins in 2013. At a reported price around $120, they might have gotten nearly 100,000 bitcoins—which would give them a net worth of several billion dollars today.

[zarathustra]

Naaku telisinokadu brought 10 bitcoins at 5k last year. He's going nuts on Facebook, he's worth 550k now. 

[zarathustra]

Any bitcoin millionaires here? 

[manadonga]

Me 20k profit only 5 k invest chesa last year 

[Scurvy]

3 minutes ago, zarathustra said:

Naaku telisinokadu brought 10 bitcoins at 5k last year. He's going nuts on Facebook, he's worth 550k now. 

Good for him baa. After 2018 crash did not have enough confidence to buy even knowing its Roller coaster ride. 

[zarathustra]

2 minutes ago, manadonga said:

Me 20k profit only 5 k invest chesa last year 

Last year it was 5k kadaa bro so you got one bit coin? Means you have a 50k profit then

[zarathustra]

2 minutes ago, Scurvy said:

Good for him baa. After 2018 crash did not have enough confidence to buy even knowing its Roller coaster ride. 

Yeah idi vaadu officlal ga cheppadu, unofficially idk how much he owns. 

[Scurvy]

1 minute ago, zarathustra said:

Yeah idi vaadu officlal ga cheppadu, unofficially idk how much he owns. 

Yeah just 2017 start nundi end varku crypto lo proper ga invest chesina vallu become overnight millionaries and financially independent. This bull run is even massive.

[manadonga]

2 minutes ago, zarathustra said:

Last year it was 5k kadaa bro so you got one bit coin? Means you have a 50k profit then

Ekkuva vunnapudu vesanu 

[zarathustra]

4 minutes ago, Scurvy said:

Yeah just 2017 start nundi end varku crypto lo proper ga invest chesina vallu become overnight millionaries and financially independent. This bull run is even massive.

Yeah thinking since 2016 bro, appatiki kontha mandi friends invest chesaru I didn't. My portfolio is the same, naya paisa peragala since then. 

kondaru friends already became millionaires bayataki cheppukotledu anthe

[Yomama20]

encouraged some friends to buy BTC when it was around 4-6K & eth

i sold some eth around $600 and smoked it all up on ganja 🤣🤣 

 

[zarathustra]

2 minutes ago, Yomama20 said:

encouraged some friends to buy BTC when it was around 4-6K & eth

i sold some eth around $600 and smoked it all up on ganja 🤣🤣 

 

Did you buy? 

[Yomama20]

11 minutes ago, zarathustra said:

Any bitcoin millionaires here? 

Nen dobbi dobbi explain chesina nammi invest chesina old friends oka iddaru unaremo, i believe they did buy some coins. 
manche ayindi i guess

[Yomama20]

Just now, zarathustra said:

Did you buy? 

Bought 5 eth at 180$ In 2019 

sold 

India lo cash to crypto currency ela kontaro idea unda? 

[Scurvy]

3 minutes ago, zarathustra said:

Yeah thinking since 2016 bro, appatiki kontha mandi friends invest chesaru I didn't. My portfolio is the same, naya paisa peragala since then. 

kondaru friends already became millionaires bayataki cheppukotledu anthe

I was into it too but did not sell thinking it will go up and up. But that year was one hell of ride baa crazzy ponzi schemes , ico’s , unethical pumps and dumps aboo.. Appudu stocks lo invest chesevalli ni baccha galla laga chusunde lol!