What the hell is a Nebbie? or a Nebie?
Also, how can anyone possibly look at these forums and pretend that deflation is a big secret that we are trying to hide from the masses? You can hardly swing a cat in here without hitting a dozen threads on the subject, including the one and only sticky topic in the Economics forum.
Why are people trying to suppress the point that the system is unfairly designed?
How is it unfair that Bill Gates and his buddies got to buy microsoft stock when it was pennies to the dollar in respect to todays price of stock of that company or any company for that matter?
I am invested in silver. Yes I believe I got in early, not the earliest. But in the end I will likely sell my silver to someone who doesnt know any better that the market has peaked in silver and that they will be left holding the bag.
How are those two scenarios any different than bitcoin?
In the case of Bill Gates and his buddies, they're not just rich because they "got in early", they got rich because they managed to get their operating system in front of 90% of the world's population. They worked very hard to achieve that and so, they deserve it.
Silver is tangible; it has inconvenience in hoarding a lot of it, and that's the price you pay to store substantial wealth in it. It took a *long* time for it to appreciate its value today.
Bitcoins have no great inconvenience to store, except maybe not having enough bank vaults available - where a wallet will ironically always have to pay the fees for existing there until it no longer exists itself. It also appreciates at a massive rate. Plus, it required extremely little real work to create - it is the most efficient "value token" ever created, by only requiring the cost of electricity. Hardware is moot, since it's cycles would have been lost anyway, and the use of which didn't require further human interaction. It is printing money that may have value in the future. The production of coins as a percentage of coins already produced *exponentially drops*, which means the value of further coins exponentially rises. This benefits the early far far far more than the middle and later, without doubt, and is a problem because BTCs are created as a trade of value token, but no value was created when they were made, so it's resorted to speculation on future value, and nothing more.
If somehow bitcoins survive 50 more years, a car might cost 300 nanoBTC based on the number of BTCs that exist. That means that 1 BTC would be the equivalent of 3.3 Million Cars. No one with violent means would accept anyone else having that much power in spendable currency....when there's not even the inconvenience of building the ship to carry it across the ocean...get in, torture, transfer BTC, kill owner, go spend. Don't think people won't do it - massive hacks already when it's worth $15-30/btc.
I don't think anyone has a problem with people taking risks and getting high rewards (in the case of microsoft). Those were high risk, lots of work, high reward, though. Bitcoins are low risk, with MASSIVE reward, and it won't gain mass appeal because of that. Which powerful business man, soccer mum for that matter, is going to accept a million sweaty kids having more "money" than them? A grand total of zero.
For the next 100 years, Bitcoins are a game of speculation. Even people accepting BTC for trades are forced to speculate on future prices. I love the idea, but it's not going to work as a currency in our lifetimes, so I feel a change of mind coming on.
I've noticed a few people around on these forums who also recognise this, and have tried to encourage a viable bitcoin economy to stop it failing. It seems they've all complained about not having much success, though. The global bitcoin stock exchange has like 5-6 floats on there, and half of them are for mining operations. The only other businesses putting through a lot of coins are exchanges and gambling sites (although that may be a random made up comment, because I don't really know, just that those are the only exchanges I see people saying they've spent money through).