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Author Topic: who are those 1% of the new world order of bitcoin economy?  (Read 1843 times)
cbeast
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Let's talk governance, lipstick, and pigs.


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July 22, 2014, 01:15:38 PM
 #21

The thing is with the 1% of the bitcoin wealthiest, they don't control the rest of the network.

The 1% of the wealthiest fiat owners control money. They have a monopoly of money, and the 0.001% richest control the instruments that even make money itself (out of thin air and debt).

That's the really big important difference to keep in mind here.
This bears repeating. Remember, that the fiat 0.001% doesn't need to work for their money because it is printed especially for them at your expense. With Bitcoin, the 0.001% must hire you if they want anything and pay you what you are worth at their expense. It won't take long for the wealth to even out if there is a level playing field.

I agree with everything in both glendall's and cbeast's posts except the very last sentence. There is no reason to expect that the wealth will even out, i.e. everyone has roughly the same. That strikes me as a highly unlikely scenario; you see nothing like it in nature.
Man has dominion over nature. That's what science is for. All I'm saying is that Bitcoin is egalitarian because it is free to spend anywhere and anyway you want without capital controls. This is a great opportunity for third world nations to start getting bitcoins while they're so cheap.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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July 22, 2014, 01:21:33 PM
 #22

The big holders got their coins fairly, and it would be ridiculous to suggest they should have bought or mined less out of consideration for later adopters, since the future was not certain. I think later adopters benefit because the earliest adopters gave life to the network and made others aware of this new system thanks to the growing price. As for future wealth inequality, at least with bitcoin the rules of money generation and number of coins are clear and simple for anyone to understand, unlike the current system which is obscure to say the least. This gives people a fairer chance to improve their lot.
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