[vanzard]

> For starters that address is empty. The coins from it are on the list at ~174,000 now.

Doesn't matter. This one addresses alone represents hundreds of thousands of customers of Bitstamp that you are completely ignoring in your math in your previous posts. I am just pointing out to you that AT LEAST some of these big addresses are bound to represent other exchanges/online wallets.

> So while large wallets exist to see a number like 2.8m coins and assume it means there are at least 2m users is simplistic at best.

It is simplistic for you too to assume that these 2.8 million BTC are all owned by a few individuals.

If you want my estimate, since we don't have much data to rely on, I think that roughly 30-70% of this 2.8 million BTC is owned by individuals and the other 70-30% represents exchange/online wallet customer funds. It's realistic to think that even the smaller portion (30%) of 2.8 million BTC could still represent at least 1 million users. And the ~2 million addresses with smaller funds could represent another ~1 million users (as you yourself estimated, well you said 0.75 million which is close enough). So that's ~2 million users total.