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March 27, 2015, 08:20:33 AM |
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For what it's worth, I agree with him.
The more of something is in a very few hands, and the more of a disadvantage latecomers are at, the more unstable it is as an investment.
When I see something where there's good reason to believe that one or a few 'whales' can utterly destroy the market and will have a motive to, I tend to step very cautiously.
That's why I didn't make more money than I made in Bitcoin. I was worried that Satoshi had too many coins in too few hands, so I stayed out until I was pretty sure it was well past the point where a pump&dumper would have struck.
FWIW, I don't even particularly like the reward halving in Bitcoin. Leave the block subsidy constant, and money supply inflation will still approach zero percent annually in the long run.
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