i think that supply will steadily get more and more spread out. and also with any money there are the elites with a majority of it and there are millions with a small amount. its normal
I understand it's normal. I asked the original question because I believe I have a choice to put my investments and commerce into the USD or BTC. I often hear that bitcoin is better because it's decentralized. So I'm not at the mercy of governments and banks. But I think if I put my faith (investments and commerce) into BTC, I'll be at the mercy of bitcoin "elite". An example of this was posted by Bit_Happy:
1, 2 & 3 years ago I never had any problem with the idea of super-rich early BTC whales.
After this years scandals and the way the Bitcoin Foundation members (allegedly) made huge profits, and had access to withdrawals from Gox when others were losing a fortune, well...
Let's say my opinion has begun to change.
So maybe the question in the OP should be "Will there be a BTC elite?" So far, there have been many in this thread (including yourself, durrrr) who have said (in different ways) that yes there will be.
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The majority of all the wealth in the world is in the hands of a few, bitcoin is no different. It seems counter intuitive to think that this problem worsens as adoption increases though.
This is where bitcoin failed terribly, hoarders holding large stash and only rich miners or should i say bitcoin bagholders able to mine the rest of them with current difficulty levels. I think alts with no premine are much more fair
Also, if you make more than $32,000 per year I hope you do what you can to distribute your wealth to other nations as one of the 1% richest people in the world.
http://www.globalrichlist.com/What currency/financial system has less % owned by less people?
The answer to that is none. Look at the fiat in your wallet. that currency is already majority owned by the top %.
The difference in crypto is that the people can move purchasing power to other coins almost instantly and that counts as a "electronic vote" to how we want to manage our purchasing power.
The "unfair' nature of early BTC mining (it was 'fair' but hardly anyone was doing it or knew about it) is a HUGE problem.
Some Alt coins will survive partly because they are more fair. (......lol?)
I don't think you can ever have a situation in life where there arent a small % of people who own a majority of the money in circulation. This is true for all currencies that I know of.
I don't know why this would deter you from using or owning bitcoins though. If you are treating bitcoin as an investment and you think its value will go up then you can still buy as many bitcoins right now as you want and profit from that. Or if you are just in a situation where using bitcoin would reduce your fees (like a international transfer for example) it doesn't really matter how many bitcoins others own, all that matters as that youre using them in a way to save money.
So if these posters are right, my new question is: "Why should I trade one oligarchy (banks/governments) for another (BTC Elite)?"
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