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Someone gave away over $13,000 worth of Bitcoins to complete strangers on Reddit as price drops in half

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April 10, 2013 in Economics

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Bitcoin  in 6 hours - drops its USD “value” in half – from

‘The Bitcoin Billionaire’ Randomly Giving Out  Thousands

 Of Dollars On Reddit

monopoly bitcoin man bitcoin billionaire

 

Today, something pretty  strange happened.

 

Someone gave away over $13,000 worth of Bitcoins to complete strangers on  Reddit.

Some context: For the last few months, Reddit users have been able to “tip”  each other with Bitcoins. Basically, the user sets up a “Bitcointip” account.  They are then able to tip other users using simple commands within Reddit.

For example, typing “+bitcointip @Username $1usd” will tip that username the  Bitcoin equivalent of $1. The recipient of the tip can then export their tip to  a Bitcoin wallet (in this case, BlockWallet.info).

(For more information, try reading  Bitcointip’s help page here).

As the Bitcointip account writes a message whenever a tip is verified, you  can see how people are using it. It appears most people use this feature for  comical effect — of the most recent tips, most are below $5:

Bitcoin Billionaire

Reddit

 

 

However, earlier today a user who called themselves “Bitcoinbillionaire“  began giving out much larger tips:

Bitcoin Billionaire

Reddit

 

That first tip was apparently worth $4,680.

Over the day, Bitcoinbillionaire gave out 11 tips, some of which were  thousands of dollars. By Business  Insider‘s calculation, he or she gave away $13,627.69896 worth of  Bitcoins.

Most of the time, the tip seemed almost arbitrary. Redditors observing the  transactions were left stunned:

Bitcoin Billionaire

Reddit

 

We messaged some recipients of the tips, who confirmed that they had received  the tips (you can also see the  tips on BlockChain). The Reddit users who talked to us told us they had had  no contact with the Bitcoinbillionaire before receiving the tips.

Who is the Bitcoinbillionaire? We messaged the account to ask for more  details, and have not received an answer at the time of writing (we’re not sure  we expect one either, the account is clearly a throwaway and they undoubtedly  got a lot of messages).

There are snippets of information: he or she claims that they were an “early  adopter,” and had forgotten they even had  any Bitcoins. “I am bitcoin,” he or she wrote  in a moment of megalomania.

Nothing this good can last forever, however. After one user begged for  Bitcoin, Bitcoinbillionaire said they had “ruined it”:

“You’ve made me change my mind about this whole thing,” the  Bitcoinbillionaire wrote. “I’m done.”

As of 4 hours ago, the Bitcoinbillionaire has apparently stopped giving out  tips. They ended this experiment with a quote  from Ron Paul:

Bitcoin Billionaire

Read more:  http://www.businessinsider.com/who-is-bitcoinbillionaire-2013-4#ixzz2Q5gFHPxS


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