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Question: A few questions about Bitcoin wealth and potential inequality
Do you approve of Bitcoin wealth inequality, if it exists?
Do you disapprove of Bitcoin wealth inequality, if it exists?
Do you not have enough information to answer?

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Author Topic: POLL: Bitcoin Inequality  (Read 1224 times)
Harry Hood
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October 05, 2015, 07:04:21 AM
 #21

bitcoin will never get adopted by the entire world population. beside that, by equality i don't mean that every person gets the exact same amount. currently 1% of the world controls all the wealth. if we can get that number closer to 10-20% it can already be considered a huge improvement.

If you want equality, then every person has to get the same amount. If different people get different amounts, then that can't be considered equal.

A person's wealth is not equal to the number of bitcoins they own. In fact the wealthiest 1% in the world probably own very few bitcoins. So, that raises the question, how can an equal distribution of bitcoins affect equality?

This is an interesting point, maybe inequality of bitcoin wealth distribution makes overall wealth distribution more equal (if those that are wealthy with fiat have very few or no bitcoin wealth, and vice versa for those with bitcoin wealth.)

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Searing
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October 05, 2015, 07:11:34 AM
 #22


 I have (or will have mining by the end of this year...ie probably ..... about 111 btc or equiv in LTC and BTC (trying to figure out when to move the LTC to BTC
currently sideways since halving at 0.01250 or so ltc to btc so..no drama..so no real push to move the LTC (or some) yet Smiley

 
in equip and/or $$$ to get the btc you have (ie have 111 btc say but say instead I spent 2x the usd price at current btc price to get such and in the hole) where
would that put me in all this?

me I'm ahead 25% on the 111 btc  (held all coin) (or will be) not counting elec ...if you add elec more or less by end of equip life then it is down to ahead about 16% on the $$$ to btc investment

anyway..if it is just having 111 btc then hey I'm in the whale camp...if it is any of the above it is more complex where you are in all this crypto speculation imho Smiley and
still a minnow Smiley



 

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October 05, 2015, 07:35:54 AM
Last edit: October 05, 2015, 06:03:51 PM by odolvlobo
 #23

I'm curious about what the phrase "Bitcoin wealth inequality" means. I assume it mean that some people own a lot of bitcoins and a lot of people own none.

Well, (assuming my description is correct) then I see no problem for these reasons:
  • Only a few people own Albanian leks, but nobody seems to care. Why is Bitcoin different?
  • A person that wants to be in the top 10% of bitcoin owners, a "whale", can simply buy 1 bitcoin. That's right. You can be one of the Bitcoin elite for only $240.

How can 1 bitcoin put any of us in the top 10% of bitcoin owners? There's 15 Million bitcoins in "circulation"!?

I don't think you're lying, i just want to see the numbers.

I'm glad you questioned my numbers. It looks like I am out of date and new information shows that the distribution is not as skewed as previously thought.

According to these estimates, as of April 2014, the distribution looked like this:
#People#Bitcoins#TotalBitcoins
70BTC10k+3.6M
930BTC1k-10k2.2M
13kBTC100-1k3.0M
85kBTC10-1002.3M
250kBTC1-100.8M
340kBTC0.1-10.1M
230kBTC0.01-0.10.0M
90kBTC0.002-0.010.0M

Total: 12.2M bitcoins (0.5M bitcoins assumed lost)

So, you must have 10 BTC to be in the top 10% of bitcoin owners. That's still not as unreachable as people might imagine. Anyway, if you have any bitcoins, you have more bitcoins than 99.99% of the people in the world.




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October 05, 2015, 11:28:00 AM
 #24

I'm curious about what the phrase "Bitcoin wealth inequality" means. I assume it mean that some people own a lot of bitcoins and a lot of people own none.

Well, (assuming my description is correct) then I see no problem for these reasons:
  • Only a few people own Albanian leks, but nobody seems to care. Why is Bitcoin different?
  • A person that wants to be in the top 10% of bitcoin owners, a "whale", can simply buy 1 bitcoin. That's right. You can be one of the Bitcoin elite for only $240.

How can 1 bitcoin put any of us in the top 10% of bitcoin owners? There's 15 Million bitcoins in "circulation"!?

I don't think you're lying, i just want to see the numbers.

I'm glad you questioned my numbers. It looks like I am out of date and new information shows that the distribution is not as skewed as previously thought.

According to these estimates, as of April 2014, the distribution looked like this:
#People#Bitcoins#TotalBitcoins
70BTC10k+3.6M
930BTC1k-10k2.2M
13kBTC100-1k3.0M
85kBTC10-1002.3M
250kBTC1-100.8M
340kBTC0.1-10.1M
230kBTC0.01-0.10.0M
90kBTC0.002-0.010.0M

Total: 12.2M bitcoins (0.5M bitcoins assumed lost)

So, you have to have 10 BTC to be in the top 10% of bitcoin owners. That's still not as unreachable as people might imagine. Anyway, if you have any bitcoins, you have more bitcoins than 99.99% of the people in the world.

those numbers are unquestionable, if someone cant see that bitcoin distribution is by far more fair than any curerncy on the world, then someone is blind...

so about the main question
Quote
Do you approve of Bitcoin wealth inequality, if it exists?
i can ask you it: has Bitcoin wealth inequality? really?

and no, im not an earlier adopter...  as i always said, you guys will tell stories to your grandchildren about that you won lot of money by doing faucets on 2015 just by doing captchas...

IMHO #1 of suspects, Hal Finney is/was Satoshi Nakamoto
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