can someone explain this to me?

[rocky04]

It is not in the interest of economic elites to support bitcoin. They became the elites by excluding you from the market. There is no way they want a bunch of poor people trading in ways they can't profit from.
Also, the new world order is fringe element wet dream. No one is at the helm, which is just as disquieting.

this was posted in another thread in reply to this op:

Obviously some of us here may be familiar with such conspiracy theories as the New world order and such like, and as a n00b I still have questions about this Satoshi guy and why he would be so illusive whilst other early developers are open.

So what do you think about the long term future of Bitcoin, could it be subverted from a utopian currency system into a dystopian one with draconian laws imposed upon it by government?

could hardware wallets become implantable RFIDs? could the mining pools centralise and become the new Bank for International settlements? as all transactions are transparent could the legislators make creating new public key addresses illegal and could they enforce that?


Your thoughts please...

here is the link to the thread in case you want to read it: https://bitcointalk.org/index.php?topic=147807.0

Im curious, how the elite became the elite by excluding poor people from the market?, can someone explain to me how it works? excuse my ignorance, but im not very good at economy and its an information i would like to understand.

[rocky04]

Also let me take this opportunity to introduce myself.

Hi to everyone, i hope to become a member of this community.

[Grover]

Im curious, how the elite became the elite by excluding poor people from the market?, can someone explain to me how it works? excuse my ignorance, but im not very good at economy and its an information i would like to understand.

The elites don't exclude poor people from the market in the sense of never allowing them in the market.  The elite exclude poor people from first or early mover positions then use the market to recoup their initial investment and attain profit.  So elite's do not really exclude poor people from the market they use poor people to take out their positions.

This happens in all markets.  The elite's in bitcoin world are the people who got on board years ago when you could mine with a cpu.  Now it looks like it will take 60k Mhash/sec to make a few hundred USD a year when overhead is calculated.  The one difference here from the traditional model is the bitcoin network was open to anyone who knew about bitcoins and wanted to invest in hardware to mine bitcoins.

Once something is on the front page it's too late is an axiom that applies.  (I embody that axiom as I had heard about bitcoins but didn't pay attention until a few days ago when I read an article that they had jumped to ~$33USD)

To compete with the elite's in bitcoin mining looks like it will require about a ~$30k investment in one of BFL's 1.5TH systems.  The point is even if a system does not intentionally block people based on social connections the system does set up a form of elitism if the cost to join the system rises.

Other examples of the elites keeping the poor down are the Dot.gone bubble, the housing bubble, and the skyrocketing of Gold to USD.


Just my 0.00000002 Bitcents

[Gabi]

The elite are the banks that can print money at will and give it to their friend banks. You can't compete in a fair way with this system, of course.

The elite do not want bitcoin because you cannot print bitcoins at will. Look at what the FED is doing with dollars, billions and billions are printed, that's how they bailed out the banks in the subprime thing bubble crash. Banks invested and traded in these fail loans, once the bubble exploded you would expect them to fail, since if you buy loans where 50% of them can't be repaid, you deserve to fail. But the government saved them.
Try doing this with bitcoin, you can't print billions of bitcoins at will and save these idiots

[RodeoX]

Since it was me that said that, maybe I should explain it?
The factors that favor entrenched money in markets are many and have built up for decades and even centuries.  Take for example stock markets. Many people participate via 401ks and such. It may seem to be basically open to all, but when the market falters, who holds the bag? In 08 American small investors watched their savings shrink, while the players on wall street ballooned up. And one need look no further than the news to see the influence of monied interests being used today. Money being used in anti-competitive ways. I could go on, but you have google also.
I'm not saying there are no investment opportunities, there always are. But for a majority of people there are unfair and insurmountable barriers to entering many markets.  

[Anon136]

Im curious, how the elite became the elite by excluding poor people from the market?

Elites dont become elites by excluding people from markets, this is the exact opposite of the truth. Entrepreneurs who provide cheep goods to the masses are the ones who have a shot at becoming wealthy enough to be considered "elites". Here look at it this way, which company do you think brings in more profits? rolls royce or toyota? some company that charters private jets or delta? armani or old navy?

[MilesDyson]

such as the California gold rush back in (1848–1855) no miners ever got rich, only the business associated with the miners ever made any mentionable profits.... history seams to be repeating its self in a sense but in a digital way. trying to transfer/spend/convert your digital currencies require you to pay fees not to mention if you do get to convert your coins to cash there is a fee to get your cash and even pools taking from 1% - 3% right off the top. I see no way to actually make a descent profit by mining.

Setting up your own public pool and bleeding other miners seams to be more profitable in the long run.

or perhaps I’m just having a bad day.... the above is only my opinion thus far.

[Teferi66]

Also let me take this opportunity to introduce myself.

Hi to everyone, i hope to become a member of this community.

Me too, thats my 4th, one more to go...