Is Bitcoin the biggest wealth distribution system ever?

[HabBear]

The guy in this article says "yes!" - https://news.bitcoin.com/76420-2/

I say "NO!"

Bitcoin has created a ton of wealth, perhaps the biggest wealth CREATION system in this decade. But it hasn't distributed wealth. It has enabled the rich and poor in the fiat system to get wealthy alike, correlated to the investment or energy they've devoted to bitcoin. What it hasn't done is shifted wealth from the wealthy in the fiat system to the poor (or anyone) in the crypto currency system.

I'm firm in my beliefs on this but would be eager to hear others opinions. I think there's a lot we could discuss.

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[squatz1]

Well with wealth distribution doesn't have to be from 'wealthy' to 'poor' it could be from one layer of the middle class to another or something along those lines. So I would class Bitcoin as the biggest wealth distribution system EVER, though this metric is very subjective on your definitions of certain words which just change things around a lot.

The article is right though.

[pesonet]

Well with wealth distribution doesn't have to be from 'wealthy' to 'poor' it could be from one layer of the middle class to another or something along those lines. So I would class Bitcoin as the biggest wealth distribution system EVER, though this metric is very subjective on your definitions of certain words which just change things around a lot.

The article is right though.

I dont think so. Because i doesnt read something that connects with this.

[HabBear]

Well with wealth distribution doesn't have to be from 'wealthy' to 'poor' it could be from one layer of the middle class to another or something along those lines. So I would class Bitcoin as the biggest wealth distribution system EVER, though this metric is very subjective on your definitions of certain words which just change things around a lot.

The article is right though.

Can you give me an example of how bitcoin has made the rich or middle class less wealthy or the poor more wealth at the expense of the other classes?

I stand by the fact that bitcoin has created a ton of wealth for the rich, the middle class, and the poor. So it's a wealth creation system.

Any examples to share? Thanks.

[filharvey]

You are right.Bitcoin is successful in creating ton of wealth for people belonging to all sections of the community.But what it has not done is that it has not helped to shift the wealth from rich people where it is very highly located to the poor people.

It has not helped to reduce the gap which exists between the rich class and the poor class in terms of wealth.

In turn,it has made rich people more wealthier by providing them options of investing their huge money in bitcoin and increase their wealth much more thus indirectly widening the gap between the two classes.

Here,a rich can become a millionaire and millionaire a billionaire,but not a poor man a millionaire or billionaire.

The only exception would be that if the poor man would have bought lots of bitcoins in its early stage itself when it was dead cheap.

[BrewMaster]

articles like this are usually written by people who suddenly come into some large amount of money (large for them not necessarily large per se) and now think they got rich and "wealthy because of bitcoin".

if you read the article you can see the author is quoting it from a Kenyan cryptocurrency miner who is a young guy from east Africa and claims to be in poverty.

but the thing is, he became rich because he invested in a business and that business happened to become successful and very profitable. it just happens that business was cryptocurrency mining. he might as well started any other business and that business could have became successful!

[kiver]

you may think that bitcoin is in great success now (not saying it's not)

but the crypto currencies in general is like the undiscovered gold mine
look at the technology of blockchain the outstanding way of dealing with transactions this technology could change the entire system ofthe financial world i hope it will soon enough  i hope people not just in it for the money

[oksana2705]

You are right.Bitcoin is successful in creating ton of wealth for people belonging to all sections of the community.But what it has not done is that it has not helped to shift the wealth from rich people where it is very highly located to the poor people.

It has not helped to reduce the gap which exists between the rich class and the poor class in terms of wealth.

In turn,it has made rich people more wealthier by providing them options of investing their huge money in bitcoin and increase their wealth much more thus indirectly widening the gap between the two classes.

Here,a rich can become a millionaire and millionaire a billionaire,but not a poor man a millionaire or billionaire.

The only exception would be that if the poor man would have bought lots of bitcoins in its early stage itself when it was dead cheap.

Я c этим вышecкaзaнным впoлнe coглaccнa!

[esgdrhlg]

If it were two years ago, I would agree with you.But now, unpolitely, bitcoin has been dominated by business titans, at least in control.This market is brutal.

[Eternu]

The guy in this article says "yes!" - https://news.bitcoin.com/76420-2/

I say "NO!"

Bitcoin has created a ton of wealth, perhaps the biggest wealth CREATION system in this decade. But it hasn't distributed wealth. It has enabled the rich and poor in the fiat system to get wealthy alike, correlated to the investment or energy they've devoted to bitcoin. What it hasn't done is shifted wealth from the wealthy in the fiat system to the poor (or anyone) in the crypto currency system.

I'm firm in my beliefs on this but would be eager to hear others opinions. I think there's a lot we could discuss.

It depends from the point of view. Bitcoin has provided all people who use it a way to earn some money. Some have made more money, some less, but they all could tap into that way of earning money. For some people 1000$ is wealth, for other much more. But from my point of view, Bitcoin have brought wealth to some people. At least that is what I think.

[JLCoin]

Oh course not. Once the wealthy noticed what was going on, they bought warehouses filled with bit-coin miners. No poor or middle-class person could do that.

[SixOfFive]

I don't think that it is distributing any money. Distribution of wealth means that all will get equal amout of wealth irrespective to his/her social or financial status.
Perhaps it is wealth Creation system like stock market. One can earn as much as he can using his analytical skills, talent and innovation.

[grermezter]

Oh course not. Once the wealthy noticed what was going on, they bought warehouses filled with bit-coin miners. No poor or middle-class person could do that.

They are and will always be the most beneficiary when it comes especially to investing bitcoins because they have the money to invest and reap the profits from it. The poor are lucky to have a piece of the pie even though it's a small piece of the pie but I think we will make do of that.  Until we get money to invest even more.

[Iranus]

They're mentioning a miner who became wealthy.  It seems like common sense that if a miner or investor does something profitable in BTC, its profitability is proportionate to the amount of money that they put in.  That's pretty much the case in every investment.

If BTC was regarded as a "wealth distribution system", it would be a pretty horrible system.  That would just be a "make everybody rich system".

Actually, I'd argue that BTC's current state is resulting in an uneven wealth distribution system.  Increases in price can result in whales (who usually get in earlier) exponentially getting wealthier, especially if they're capable of manipulating the market.

In the case of mining, having more money allows you to have more efficient facilities, which in turn results in greater profits proportionately to the money you invested.

[exstasie]

The guy in this article says "yes!" - https://news.bitcoin.com/76420-2/

I say "NO!"

Bitcoin has created a ton of wealth, perhaps the biggest wealth CREATION system in this decade. But it hasn't distributed wealth. It has enabled the rich and poor in the fiat system to get wealthy alike, correlated to the investment or energy they've devoted to bitcoin. What it hasn't done is shifted wealth from the wealthy in the fiat system to the poor (or anyone) in the crypto currency system.

I'm firm in my beliefs on this but would be eager to hear others opinions. I think there's a lot we could discuss.

It will take far longer to do the latter. What you're talking about requires a massive devaluation of fiat against all commodities/stores of value, not just Bitcoin and other cryptocurrencies.

The rise of cryptocurrencies as a new asset class means a major transfer of wealth, assuming they become economically relevant (comparable to the market caps of major commodities). If Bitcoin were to achieve e.g. 10% of the market cap of gold, that money has to come from somewhere, and presumably it would come from the devaluation of fiat wealth.

Because we are so early in terms of adoption (meaning there is a lot of room for growth), investors in developing countries and poor people generally could see drastic gains and improvement to their living standards. This is because they can ride on the coattails of institutional investment from places like the US. Where living costs are much lower, the potential gains from cryptocurrency investment go much further.

[EcoChavCrypto]

It made rich a lot of people, but think about it, if you bought like 100 bitcoins on the past, you should not be able to withdraw them right now because that is more than 700 thousand dollars and it is almost impossible to withdraw them for a bank or from any other way, not even those big companies are able to withdraw such that amount of money.
And the same applies to those who are holding more than thousands of bitcoins, this is the bad side of bitcoin, maybe you have a lot of money, but you can not spend it..

[Yamifoud]

Oh course not. Once the wealthy noticed what was going on, they bought warehouses filled with bit-coin miners. No poor or middle-class person could do that.

They are and will always be the most beneficiary when it comes especially to investing bitcoins because they have the money to invest and reap the profits from it. The poor are lucky to have a piece of the pie even though it's a small piece of the pie but I think we will make do of that.  Until we get money to invest even more.

Sometimes we can say bitcoin/crypto is so unfair for its unequal distribution and not all of us are in capable of doing/having this. It could be most preferable to person who have enough and steady resources. Unfortunate people are have less chances to take in participation as it requires fundings.

[DannaWonder]

The guy in this article says "yes!" - https://news.bitcoin.com/76420-2/

I say "NO!"

Bitcoin has created a ton of wealth, perhaps the biggest wealth CREATION system in this decade. But it hasn't distributed wealth. It has enabled the rich and poor in the fiat system to get wealthy alike, correlated to the investment or energy they've devoted to bitcoin. What it hasn't done is shifted wealth from the wealthy in the fiat system to the poor (or anyone) in the crypto currency system.

I'm firm in my beliefs on this but would be eager to hear others opinions. I think there's a lot we could discuss.

Bitcoin never generated anything, Bitcoin don't have an industry as of now. Well some of the fiat currency was just moved to other persons because trading the coin but the coin itself don't have a value yet. That is why it is best to invest on it while it is on this phase.

[swaptaker]

The guy in this article says "yes!" - https://news.bitcoin.com/76420-2/

I say "NO!"

Bitcoin has created a ton of wealth, perhaps the biggest wealth CREATION system in this decade. But it hasn't distributed wealth. It has enabled the rich and poor in the fiat system to get wealthy alike, correlated to the investment or energy they've devoted to bitcoin. What it hasn't done is shifted wealth from the wealthy in the fiat system to the poor (or anyone) in the crypto currency system.

I'm firm in my beliefs on this but would be eager to hear others opinions. I think there's a lot we could discuss.

It's not distributing wealth. It's not giving benefits to the poor people of Africa or Assia. It's very similar to any other economical instrument. You can't expect economical instrtuments to distribute wealth for free globally.

[Feri577]

depending on our perspective. Bitcoin has provided for everyone who uses it some money, they can all make use of it by earning, money but from my point of view, Bitcoin has brought wealth to some people. At least that's what I think they will always be the most beneficiaries when investing primarily on bitcoin investments because they have money to invest and reap even greater profits.