BTC a chance to change the deadlock of 1% rich peple holding FIAT capital

[d5000]

everyone else with a decent level of economical understanding, will definitely not sit back and look how their fiat wealth is slimming down in value year after year. It doesn't mean they need to go all in, but it wouldn't hurt to convert around 25% of their fiat wealth to Bitcoin. If that's too risky for them, they could even go with 12.5% gold and 12.5% Bitcoin if that gives them a better feeling.

You assume that Bitcoin will be a bullish asset for a long time, so people would benefit from converting fiat into BTC. But I predict that in about 10-15 years at most we will enter a new stage where the price increases of the Bitcoin unit will be much less than today - the "steady stage" or "final stage" of Bitcoin adoption. From this moment on it won't be attractive to use Bitcoin as a store of value, as it will be outgrown by other values like stocks and real estate. It will be used mainly as a currency.

That's why I think Bitcoin's main effect on wealth distribution will not be that it creates a new elite - it will create some rich individuals, but they are mostly holding Bitcoin already today. As I said before the disruptive potential of Bitcoin lays in the possibility that it will make obsolete a whole part of the financial industry and weaken the elite associated with that business.

[iamTom123]

Old analysis but showing that 1% of population may hold ~50% of all money: http://www.bbc.com/news/business-30875633

I wonder what are the statistics of BTC and currencies. If it reaches over 51%, there is real possibility for BTC to be controlled by 1%. This is something like centralization for me.

Cryptocurrencies are extremely centralised in terms of holders.  You have people like Roger Ver who put his money less than ten years ago and is now extremely rich.

When the price goes up too dramatically, it naturally results in centralisation unless all of those early adopters sell along the way.

This is just showing us that we live in reality and even if Bitcoin is representing some noble causes it is still subjected to the current environment we have. Since Bitcoin is also about value and price, it is naive to expect that the usual human nature as re[resented by greed would go away. Not so. We are still humans here and so we have our own interests to look up to.

I don't believe that there is a significant concerted effort from the so-called elites to maneuver Bitcoin...what we are seeing are people big and small who are already into cryptocurrency and they want to make their newfound power known to all...and this is quite normal in trading. The current of cryptocurrency is still nothing compared to the global economy.

Of course, there will always be resistance to something new and that is quite normal. But when those who are resisting would realize that they can't win they would eventually join. Now, the question is: Are we ready for the elites to join us in cryptocurrency? Maybe we are not since we are also resisting their influence.

[cpfreeplz]

Smart rich people invest in cryptocurrencies. It's naive to think there are tech billionaires out there who think that bitcoins are bad and fiat it good.

[Yakamoto]

I think, there is another big thing why BTC is so treated hostile. Banks have their own interest. But many rich people are very addicted to FIAT connotations and the structure of cryptocurrency may change the general structure of possession.
This may build a thesis that:
- crypto currencies are pumped to give a strike in a moment to 'alienate the fashion' to BTC and show how 'BTC and crypto' is bad for the economic system
- or they are locking into positions to make is centralized through smooth control of the course of crypto
- or it is just a sheep run pump, as it goes.

I would like to open a discussion on that. What do you think?

Money always flows up, those at the top expand and get more, rinse and repeat. It's not like it is anything different with whatever crypto you try to insert as a means of achieving some near-utopic system. Go and look at any crypto that has been accepted by merchants or is at least commonly used; the most values go upwards and into the hands of those running businesses. The overall goal in a proper capitalistic system is not to be a worker for your entire life and rather become a business owner as well, again assuming you didn't have to deal with the corporatism of today.

[Sadlife]

People are addicted to fiat currency because they have not yet been introduced to bitcoin. Bitcoin is the only crypto currency that free's us from this debt based system that the fiat currency that we all been using since the evil bankers. Bitcoin will force the monetary system to change it ways or be crashed by it repeatedly until they learn, this crypto currency will free us from oppression, exploitation and tyranny from bankers. A decentralized monetary system should how be our fiat currency just like bitcoin. That's people becoming popular.

[wuvdoll]

There is no way to prevent uneven bitcoin distribution.

In the end when Bitcoin will turn out to be a legit, true and successful asset then rich FIAT holders simply liquidate their fiat positions in favour of BTC.
Nothing will really change, rich will be richer and poor wouldn't still be able to afford to buy enough BTC to change their life

As to me, this is an unlikely scenario

With Bitcoin we likely have a wave of new money coming in (the so-called nouveaux riches). Obviously, fiat deep pockets (those will represent old money) will be in a subdued position if we assume that they would ever want to switch to Bitcoin one day (they will be running after ever evading prices like a kitten trying to catch its tail). This is certainly not what they will like because they simply can't accept this state of affairs. So they will likely try to fight Bitcoin whenever it starts to threaten their financial hegemony

Yes this is what currently is happening and will be happening, many of the rich community having fiat are more influential on their government because they pay high taxes to the government and hence can make the government agree with what they want.
The reason for why the governments are not legalizing bitcoin consists of this factor that the stock exchange doesn’t want them to accept bitcoin. This fight between the hard stuff believers and the soft technological believers will go on.

[BartS]

There is no way to prevent uneven bitcoin distribution.

In the end when Bitcoin will turn out to be a legit, true and successful asset then rich FIAT holders simply liquidate their fiat positions in favour of BTC.
Nothing will really change, rich will be richer and poor wouldn't still be able to afford to buy enough BTC to change their life.
What bitcoin brought to the scene is more people, mainly early adopters, who will be extremely rich in the future.

There will always be an uneven distribution of money and as robots and technologies that replace human labor become even more common then the gap between those that can get those machines and services and those that do not will only become bigger.

[deisik]

I think, there is another big thing why BTC is so treated hostile. Banks have their own interest. But many rich people are very addicted to FIAT connotations and the structure of cryptocurrency may change the general structure of possession.
This may build a thesis that:
- crypto currencies are pumped to give a strike in a moment to 'alienate the fashion' to BTC and show how 'BTC and crypto' is bad for the economic system
- or they are locking into positions to make is centralized through smooth control of the course of crypto
- or it is just a sheep run pump, as it goes.

I would like to open a discussion on that. What do you think?

Money always flows up, those at the top expand and get more, rinse and repeat. It's not like it is anything different with whatever crypto you try to insert as a means of achieving some near-utopic system. Go and look at any crypto that has been accepted by merchants or is at least commonly used; the most values go upwards and into the hands of those running businesses. The overall goal in a proper capitalistic system is not to be a worker for your entire life and rather become a business owner as well, again assuming you didn't have to deal with the corporatism of today

Capitalism follows the laws of the wild

The survival of the fittest and all that. The major difference, though, is that in nature all people and animals have approximately equal life spans (but even that may change in the future), but it is different with corporations. Sometimes, they kick the bucket too, go bust and bite the dust, but ultimately their life spans are not inherently limited (unlike human lives), so a generic human who is inherently mortal has to fight with inherently immortal corporations which become only stronger over time (on average)

[Pettuh4]

Smart rich people invest in cryptocurrencies. It's naive to think there are tech billionaires out there who think that bitcoins are bad and fiat it good.

I couldn't agree more, cryptocurrencies are actually for smart people and they are investing in it and so the smart rich people are likely to have some kind of investments in cryptocurrencies or Bitcoin just like genesis mine and even Microsoft who are into mining.