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Author Topic: Do you think bitcoin redistributes wealth or just makes the wealthy richer?  (Read 3151 times)
francojon
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January 09, 2018, 10:17:29 PM
 #1

Just that... do you think there is any re-distribution effect at all due to bitcoin?
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January 09, 2018, 10:32:41 PM
 #2

Like any other currency, bitcoin is not redistributing wealth to the common mass. However it has given an immense opportunity to the educated and tech-savy mass. People who are good with computers can still earn bitcoins or other currencies by providing various service to the crypto community. But that doesn't necessarily mean fair distribution is happening. Only people with a certain set of qualities are eligible to earn it. So it is giving that particular set of people a chance to live a decent life but not to all levels of society.

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January 09, 2018, 11:30:47 PM
 #3

Indirectly I think that is what is ongoing at the moment yes. The funds themselves won't come from the rich because they will likely prosper from cryptos but I think those who take the time and effort to learn the industry stand to benefit a lot. Directly however the funds are coming from somewhere and while it may make a lot of people slightly less well off I think the amount of people that gain from this industry will be worthwhile and I think it provide a net positive effect for the world.

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January 09, 2018, 11:57:03 PM
Merited by paxmao (1)
 #4

Wealth redistribution (in the sense you're describing it) would be taking wealth from the rich and redistributing those funds to the poor. I'm not certain if bitcoin has that effect. I believe bitcoin benefits those living in poverty and elevates living standards among the lowest earners, but I don't know if I'd go so far as to say bitcoin functions like a currency based robin hood, stealing from the rich and giving to the poor.

This topic could invoke discussions relating to socio economic stability. Whether or not large wealth divides between classes can be maintained without some form of auto-correction taking place. Anyone who has ever watched some type of nature tv show has probably heard ecologists or biologists discuss the fragility of our native biosphere and how mass species extinction and other cataclysmic events can be triggered by imbalances in nature. It is possible there is a type of socio economic parallel which can occur if wealth and wage inequality spirals dramatically out of control.

If we're witnessing people losing faith in things like stocks, bonds, government issued fiat. And there is some type of counter culture movement whereby bitcoin and crypto are being elevated as people seek more independent means of maintaining wealth, doing business and general living. Then yeah, maybe it could be said that crypto represents a redistribution of wealth as people abandon the institutions they have traditionally relied upon. Although, I don't know if I would go so far as to say that where people could hear it.

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January 10, 2018, 12:02:17 AM
 #5

Just that... do you think there is any re-distribution effect at all due to bitcoin?

It's both in my opinion.

Of course, as bitcoin rises, the rich do gain more wealth, but along-side that, those who aren't as wealthy and who got into bitcoin earlier are also able to reap the profits. Think about it in the sense of someone who is poor, but got into bitcoin much earlier (around 200 a piece). Now, that person's bitcoin is worth 15k, and they can support themselves off of those gains. In that sense, I see bitcoin as a helpful asset to everyone.

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January 10, 2018, 12:19:40 AM
 #6

Just that... do you think there is any re-distribution effect at all due to bitcoin?
People who take time and effort to this system or industry take a benefit a lot.If a certain goal has to achieve you must reach your aim.Not all wealthy are those who gain more.If you have the beleive and trust you can possibly achieve also and become succesfull as they are and always be positive

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January 10, 2018, 12:38:58 AM
 #7

Like any other currency, bitcoin is not redistributing wealth to the common mass. However it has given an immense opportunity to the educated and tech-savy mass. People who are good with computers can still earn bitcoins or other currencies by providing various service to the crypto community. But that doesn't necessarily mean fair distribution is happening. Only people with a certain set of qualities are eligible to earn it. So it is giving that particular set of people a chance to live a decent life but not to all levels of society.

I would agree. Bitcoin does not redistribute wealth because not everyone from the common mass are able to enjoy wealth or reap profits from bitcoin. Especially those who come from the low class are unable to access bitcoin or other cryptocurrencies because they cannot afford to use internet or any other device in other to connect and do so. Bitcoin may give opportunities to some, but it does not entirely redistribute wealth. Also, even with bitcoin the rich are still rich. Even with the presence of bitcoin, it does not change their financial status.

Because of their sources, the rich are able to access bitcoin more as compared to those who come from the lower class. In a way, it makes them even richer because of this privilege that they have.
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January 10, 2018, 12:52:51 AM
 #8

The latter. The brightest or weirdest people got in early. The richest get in after them and buy from them. The donkeys will be last and the richest will feed it back to them in a way that makes them even richer.

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January 10, 2018, 12:57:39 AM
 #9

The latter. The brightest or weirdest people got in early. The richest get in after them and buy from them. The donkeys will be last and the richest will feed it back to them in a way that makes them even richer.


Yeah, this I buy.

There may be some re-distribution of wealth to smart & technologically oriented people who do not have much money, but my guess is that most of the profits seen so far benefit mainly already wealthy people.

Barring the crazies who got in when BTC was under a dollar, smile.
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January 10, 2018, 12:58:38 AM
 #10

For me bitcoin distributes all the people, rich people, it will be more wealth if they invest in bitcoin and the poor will become rich and maybe become a billionaire if they have been stockpiling bitcoin from 2010. Have heard much news about this, where people become billionaires because of bitcoin. Keep doing the best, then you will become rich because it is distributed from bitcoin.

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January 10, 2018, 01:10:50 AM
 #11

Many people are member of wealthy family and those people can afford to invest large capital in bitcoin, so therefore as they are already a wealthy people and can afford to invest large capital and gain more profit so meaning the more the manier. The more capital the more incomes returns. If you have a lot of money already and you invest it into bitcoin, you become more and more richer.
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January 10, 2018, 02:37:52 AM
Merited by paxmao (1)
 #12

Like any other currency, bitcoin is not redistributing wealth to the common mass. However it has given an immense opportunity to the educated and tech-savy mass. People who are good with computers can still earn bitcoins or other currencies by providing various service to the crypto community. But that doesn't necessarily mean fair distribution is happening. Only people with a certain set of qualities are eligible to earn it. So it is giving that particular set of people a chance to live a decent life but not to all levels of society.

I agree with avikz. Despite the easy accessibility towards Bitcoin considering how everybody is aware of the cyberworld, redistribution of Bitcoins is not occuring as the knowledge towards this platform is still not diverse and established formally. As avikz said, Bitcoin allows opportunities for the users of Bitcoin and I think no matter how late you discovered Bitcoin, you can still benefit from it. The fact that the structure of Bitcoin can be quite complex and hard to comprehend limits the people who can acquire it making the situation favorable for those who are more interested in these types of ventures.
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January 10, 2018, 02:48:28 AM
Merited by paxmao (1)
 #13

Its pretty obvious right now Bitcoin has become a speculative vehicle with high entry fees to participate.    Its reinforcing wealth and the general FIAT system right now.    Previously with low transaction fees it allowed transfer of value between people who otherwise would be isolated and unable due to poor access to the banking and finance fields but now we are right back to square one.

Bitcoin is elitist Im sorry to say, I hope this is seen as a negative but not everyone respects capitalism and the simple origins of free trade.  I see sucess with a wider world able to access Bitcoin and I'd love to quote some important Dev on wanting similar but Im not sure we will go that way.    Crypto overall will find a way, I think there is still free enterprise out there but its a long and winding bumpy clifftop road till balance comes to economies worldwide including online global transfer trade.




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January 10, 2018, 02:51:07 AM
 #14

Just that... do you think there is any re-distribution effect at all due to bitcoin?
I think so because if a person that already has a capability to invest large amount of bitcoin then they are the one who owns huge profit if price fluctuates while those person who has less chance to own even just a little bitcoin has also less chance to get wealthy but there are ways to own bitcoins without any investment if those less fortunate strive hard to own bitcoin well most probably they can also make huge profit if they hold it for a while.Bitcoin is for everyone rich or poor as long as every individual add more interest to own it ,work hard for it and more strategic i think thats the key to change different lives for a better one.
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January 10, 2018, 02:53:46 AM
 #15

Just that... do you think there is any re-distribution effect at all due to bitcoin?

For me bitcoin distributes wealth to those people who are interested to bitcoin. The rich will becone richer .it distribute wealth because everybody is welcome to join here. The most l like here is no restrictions, as long as you are interested you are welcome at bitcoin. No age limit also so anytime we are a part of bitcoin. That all benefits of bitcoin will distribute to every bitcoiner.Wealth of bitcoin will be powerful to all bitcoiners.

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January 10, 2018, 03:53:13 AM
Merited by paxmao (1)
 #16

If you base it on what you asked, distributing wealth is not possible to any community. I don't think they (the wealthy people) will even allow that to happen. If you were in their place you will also do the same. Giving wealth to those people who doesn't earn doesn't make any sense unless its a family member who will inherit your wealth. Bitcoin provides opportunities no matter what class you belong. As long as you are skilled and can understand how bitcoin works, you can earn a decent amount of money. You are right on bitcoin just makes the rich people even richer because they have the money and can hold coins for as long as they want to until the price is at its peak.

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January 10, 2018, 04:05:49 AM
 #17

Just that... do you think there is any re-distribution effect at all due to bitcoin?
Eh, honestly it makes the early investors wealthier and anyone who saw Bitcoin with money and dumped a lot of value into investing in it. The only redistribution that occurs, which is of noteworthy comment, is the distribution to anyone who got into Bitcoin earlier than 2013 or got invested during the $200/BTC portion of 2015. After that and you're basically completely out of luck when it comes to investments and being part of the "redistribution".

The rich are mostly getting richer at this point as whole BTCs become out of reach for most people and the trend moves into consistent $10k's of value. There's very little that can be done now for the "little people" getting involved for whole Bitcoins, they can always keep their investments small though.
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January 10, 2018, 04:20:36 AM
 #18

Just that... do you think there is any re-distribution effect at all due to bitcoin?

Both  can happen in Bitcoin. Bitcoin is an open opportunity meaning anyone can get in anytime  whether you have a small or big capital. With small capital we have the chance to make it grow while if you have a big capital then you can earn more  at the shortest time possible compared to depositing your money in banks. Of course,there are risks involved and we don't have to go to anything with blindfolded eyes. I don't understand the idea of redistributing wealth that is not the best way to do it..we should be promoting wealth creation by means of merits and not mediocrity by dole-out mentality. 

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January 10, 2018, 05:04:08 AM
 #19

Just that... do you think there is any re-distribution effect at all due to bitcoin?

There will always be an upper hand if you are a rich person compare to normal person who gets bitcoin, a rich person can buy a lot of bitcoin without any problem which will make that person more richer, while if you are a normal person mining bitcoin or acquiring through work, which will took him a long time to become a rich person.

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January 10, 2018, 05:13:09 AM
 #20

Just that... do you think there is any re-distribution effect at all due to bitcoin?

For me bitcoin distributes wealth to those people who are interested to bitcoin. The rich will becone richer .it distribute wealth because everybody is welcome to join here. The most l like here is no restrictions, as long as you are interested you are welcome at bitcoin. No age limit also so anytime we are a part of bitcoin. That all benefits of bitcoin will distribute to every bitcoiner.Wealth of bitcoin will be powerful to all bitcoiners.
Exactly.Bitcoin is giving great opportunities to all the people who wants to make changes in their lives.If you show much interest and effort on bitcoin even if you have no capital to invest,then you will really make big profit along the road.You will start to earn little by little through participating in signature and bounty campaigns until you will reach one bitcoin and it's already a big amount for us.But it will give also more advantage to the wealthy people because they can make their lives even wealthier if they strive hard and continue earning and investing in bitcoins.

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