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Bitcoin - P2P currency
decepto
Member #7,102
April 2006
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Math check :
2400/6 = 400
6/2400 = .0025

Can you explain where these numbers come from?

Edit: 2.4 trillion is 2.4 million million.

Edit 2: Sorry, I meant to say 6 million, and I accidentally wrote 6 billion. I've updated the post above.

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Boom!

ImLeftFooted
Member #3,935
October 2003
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Google says:
2.4 trillion / 6 million = four hundred thousand
6 million / 2.4 trillion = 2.5 × 10-6 (ie 0.0000025)

Edgar Reynaldo
Major Reynaldo
May 2007
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decepto said:

The USD to bitcoin ratio would therefor be : 2,400,000,000,000 / 6,000,000,000 = .000003

The bitcoin to USD ratio would be : 6,000,000,000 / 2,400,000,000,000 = 33,333.

Your figures show 2.4 Trillion to 6 Billion, which gives the ratios I just posted. But you actually said there were 2.4 Trillion US Dollars and 6 Million Bitcoins, so that makes the ratios (after dividing top and bottom by 1,000,000) :
2,400,000/6 = 400,000
6/2,400,000 = 0.0000025

decepto
Member #7,102
April 2006
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I knew my math degree would come in handy ::)

Thank you for catching that, I've updated in the post.

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Boom!

decepto
Member #7,102
April 2006
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I think 6 million is the wrong number.

There are currently 6 million in circulation, roughly speaking.

http://en.wikipedia.org/wiki/File:Total_bitcoins_over_time.png

Edit:

Well, I found a kind soul on Reddit to sell me 10 bitcoins. I bought them at $5.50 USD. We'll see where this goes...

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Boom!

weapon_S
Member #7,859
October 2006
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decepto said:

Well, I found a kind soul on Reddit to sell me 10 bitcoins. I bought them at $5.50 USD.

It could be me, but someone here doesn't know the proper exchange rate. :o
How did you make 3.25 Bc, Dustin?

BAF
Member #2,981
December 2002
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Bump, to keep it alive. I'm interested in seeing where this goes - I'm trying to find someone to sell me some over PP at a good exchange rate, now that it's on the rise after today's drop. I'd bid on mtgox, but I'm waiting for dwolla to verify my account.

decepto
Member #7,102
April 2006
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What's going on? Should I sell or wait?

So far I've turned my $40 into $170.

Please tell me you didn't sell them. Your 43.25 Bitcoins are now worth ~375 USD.

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Boom!

bamccaig
Member #7,536
July 2006
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decepto said:

Please tell me you didn't sell them. Your 43.25 Bitcoins are now worth ~375 USD.

Unless the rise in value of Bitcoins is predictable there's no shame at all in cashing them in ASAP while there's a very reasonable return on your investment because if you wait too long the tables may turn. :-/ It doesn't matter if you would have made more money if you waited because just as easily you might have lost it all if you waited. :-/ You could also cash a fraction of them in so the original investment (and maybe a little extra for spending money) is at least
"protected"[1].

References

  1. Then again, the banks could decide it's inflation time and fuck you on traditional currencies any time they want... :-X


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