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Author Topic: Do you think bitcoin redistributes wealth or just makes the wealthy richer?  (Read 3034 times)
jseverson
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January 10, 2018, 05:51:38 AM
Merited by paxmao (1)
 #21

One thing to note is that it was designed to do neither. Some people may think that Bitcoin is anti-establishment and was made so that people from the lower classes can level with people from the upper classes, and it's simply not as grand as that. It's a trustless currency, and rich people can just as easily enter the market as poor people.

That being said, I would say there's no wealth being redistributed in the strictest sense of the term, in that you're not really taking money away from the rich to give to the lower classes. Bitcoin made some poor people wealthy, it made some rich people wealthier, and that's it.

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January 10, 2018, 06:23:31 AM
 #22

It is definitely not redistributing wealth, it is merely making the rich people richer, though it also does make other regular people rich too. So I guess in a way it helps create rich people, while also helping the rich make more money.

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January 10, 2018, 06:35:34 AM
Merited by paxmao (1)
 #23

Just that... do you think there is any re-distribution effect at all due to bitcoin?
I guess there is a distributing wealth all over the world, as bitcoin is depending on it's supply and demand. And it has a market cap where we can base it's value.

I'll give an example:
A young boy who's not that really rich invested to bitcoin when it was around $0.5 and he bought 100BTC so that's only $50 of his savings and he did planned to do nothing and hold it as something memorable for him as his first digital investment.

And years later, bitcoin grew and it's price reached $1,000 which already happened and then a very wealthy person (whale) invested and made the demand higher that made it $1,500. So this young made a lot of money because of the invested money to bitcoin that came from rich people.

It's making the rich richer and the poor-middle class to receive distributed wealth from them.

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January 10, 2018, 06:51:28 AM
 #24

Making the wealth richer, making people who are not rich become a rich people, and only more advanced people that can become a rich by bitcoin. Anyhow it's still need more knowledge and learning more things of course.
For me bitcoin is still a great opportunity to earn money so far, in essence I just thinking I keep trying I can take the advantages of all the superiority of bitcoin, but one thing.. it's not with a gambling.
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January 10, 2018, 06:56:09 AM
 #25

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

It does not redistributes wealth but it's giving a chance to mass to gain some wealth.
You will need a hundreds of thousands dollar to run an ordinary business, while  you could invest in bitcoin, alts and ICOs pennies and gain.

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January 10, 2018, 07:16:51 AM
 #26

I too think Bitcoin offers a great and new opportunity to people and for those who like to speculate and invest money. It will be interesting to see the development over the next years, but Bitcoin are for now a risky investment in my opinion, but with great return.
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January 10, 2018, 07:21:58 AM
 #27

I think BTC opportunities are equal for everyone, the rich used to increase their wealth, general investment to increase their income, but the money we understand this truth, so if more invest COINS, so the gap between rich and poor will be more and more big!
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January 10, 2018, 08:48:55 AM
 #28

Not really. It's currency, and that doesn't happen with a currency. As with 'Mathew Effect' top 1 per cent hold 95 per cent of the wealth. An institute in Hungary did this study in 2015 and found these results. Although old still similar figures hold true. But because bitcoin is decentralized it just prevents any authority to meddle in to appease any party.
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January 10, 2018, 10:21:13 AM
 #29

Redistributes Wealth? I don't think so.Bitcoin cannot redistribute wealth, but the people who uses it. Wealth Redistribution depends on how you cash out your money. Yes, the wealthy investors can cash out which may decrease the price of Bitcoin and wealthy investors can invest and buy bitcoin which may increase the price of bitcoin, But still it depends on how can you create an opportunity on these kind of events, I think there is a website that you can monitor the price of bitcoin which is  bitcoinwisdom.com and you can use that as an indicator to buy or sell Bitcoins.
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January 10, 2018, 10:33:02 AM
 #30

Just that... do you think there is any re-distribution effect at all due to bitcoin?
  Bitcoin does not redistribute anything. Everyone can become rich, the main thing is to have a desire and work hard. The one who does not want to work will never become rich.

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January 10, 2018, 03:35:03 PM
Merited by paxmao (1)
 #31

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 think I will have to disagree with this, because its not like every other currency that in terms of distribution. In the world today, there are certain  level of education you need to be able to practice in some profession in other to get some decent returns every month and even some amount of years to do that ( with the exception of the big entrepreneurs or inventors). For example as an accountant just starting a career, there is no way you make as much money as someone who has started practicing in the industry or firm for ten year which means he has more money to make more money and that is the way fiat as currency is distributed.

While I agree that some level of understanding is needed to be involved in bitcoin, it still cannot be compared to bitcoin because it does not even matter whether I am an Msc holder or Bsc or maybe college degree holder to be able to have one. Its also not a respecter of race every one have the equal opportunity just acquire the basic and simple knowledge and that is gradual distribution of wealth.
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January 10, 2018, 04:33:43 PM
Merited by frowsiter (2), paxmao (1)
 #32

Just that... do you think there is any re-distribution effect at all due to bitcoin?
I think yes there is complete redistribution at some point and off course that is why we are seeing the up and down trend of the bitcoin prices. This is really dependent on the market capital because that is the store value and place from where re-distribution occurs really. I mean if there would have been complete control over the bitcoin capital distribution then it could have been sort of centralised or equal to fiat currency. The fiat is good example where it doesn't redistribute the wealth due to controlled environment and the prices stays as it is and that why your money doesn't grow really. What it takes for the redistribution in the world of bitcoin? Well, just the way people are putting the money into it the same way they are getting it incriminated due to increased market contribution. The money has to come back from some where and that comes from the market cap itself. So yeah it does make sense and no its not juts making the rich richer but also helping the new comers to become richest.







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January 10, 2018, 04:39:17 PM
 #33

It is definitely not redistributing wealth, it is merely making the rich people richer, though it also does make other regular people rich too. So I guess in a way it helps create rich people, while also helping the rich make more money.
it's really true and if I see also now it's a lot of rich thanks to the bitcoin. so the bitcoin is a lot to make people become rich and rich people also become richer

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January 10, 2018, 04:51:23 PM
 #34

Not in any way is bitcoin redistributing wealth, those who invest make profit or vice versa. From this you make your profit or loss from the point of how well you can take risk.

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January 10, 2018, 04:56:16 PM
 #35

Just that... do you think there is any re-distribution effect at all due to bitcoin?
Bitcoin doesn't do anything on its own. The market forces are the reason for why you get capital gains. There is no redistribution effect, are you talking about bitcoin forks? If yes, well they are just a Plagiarized code of bitcoin's original code and few changes to make "bitcoin better", while they don't help at all. Bitcoin cash is thus far the best result derived from a fork, others just went to ruins.

Who makes the wealthy richer? Well they find themselves in a situation which makes them rich either because of their stupid or clever decisions. That is terrible question and proves how useless and dumb you're,and a big noob.

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January 10, 2018, 05:12:18 PM
 #36

One thing I am quite certain about is that there is only a small percentage of redistribution of wealth going on if one is to base his conclusion using developed countries such as the US, China, Japan e.t.c as benchmarks.

If one is to base his conclusion on third world countries where $100 worth a lot then I will say there is a large percentage of wealth redistribution going over there as small amount of bitcoins can mean a lot. Otherwise, it's just the whales getting richer from all forms of strategies from Bitcoin forks to pump and dump schemes.
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January 10, 2018, 07:02:25 PM
Merited by paxmao (1)
 #37

Yes I think it will have long lasting wealth redistribution effect.

Two driving forces:

1) cryptocurrencies and digitized assets have much smaller transaction cost; high transaction cost leads to big organizations and hence a concentration of power to take advantage of economies of scale in order to lower the transaction cost; big organization leads to culture and norms that help solve the free rider problem, hence the exclusivity and secrecy; lowering the transaction cost removes incentives to form big organizations and ensures wider access to these assets.

2) the cost of issuing a new cryptocurrency will approach zero; this has profound implications as concentration of holding will become self-destructive for the currency; majority of the network can move freely to new cryptocurrency with a more even distribution, which benefits the majority at zero cost, hence wiping out the network value of the old.

This means that redistribution will take place in a natural way because the strength and value of a network depends on the numbers. However, property rights will also be more clearly defined and more liquidly traded in the token economy so wealth in terms of property rights will not be redistributed, but rather more fairly valued.

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January 10, 2018, 07:52:00 PM
 #38

The crypto currency market is a new platform and therefore you can very well tell that it gives an equal opportunity for everyone to make money if they invest in it carefully even with small investment you could make a lot of money but what makes you think that it is redistributing wealth,and if so what proportion is distributed from where and so on must be explained  Tongue














 

 

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January 10, 2018, 08:27:19 PM
 #39

Just that... do you think there is any re-distribution effect at all due to bitcoin?
No, bitcoin doesnt redistribute wealth Nor makes the wealthy richer. Only those people that have knowledge about bitcoin and have skillS  can earn bitcoin.
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January 10, 2018, 09:17:22 PM
 #40

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

I don't think it does either, all that it does is serve to reward those who invest in it. It gives the less well off a chance to change that, or at least to this point it has done but it also offers the same opportunity for the rich to become richer.

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