Is Bitcoin fair for those who buy for the first time now?

[lisboncryptoeconomist]

As an economist, I worry about a lot of issues related to economies in this world.
Bitcoin is surely a revolution, but I worry that it is highly unfair for the older generations and the people who join Bitcoin in later periods.

Most people in the world do not hold Bitcoin or any other cryptocurrency. If they started buying it, prices would soar and there would be a huge purchasing power transfer from those who got later in to those who got in earlier. For these people, staying in Fiat currency will be the best option.

Also, there is the issue of scalability and of the timeframe of existance of Bitcoin.
Isn't it better to jump try an ICO? And following this reasoning why invest in an ICO now when something better may come later?

I think many of the discussions about cryptocurrencies leave out those of our society who have less access to information and new technologies.

What do you think?
Thank you.

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[clrpod]

As an economist you should know that the market price is always the 'fair' price. If people don't want to pay it for whatever reason then they won't. If you are intent on using bitcoin to purchase goods and services as it's intended then it does not matter if you buy at $1 or $10000, the use is exactly the same.

Scalability is a clear issue and it's being worked on, it's not so prevalent right now because there aren't huge amounts of transactions but we saw in November/December what an increase in transactions can do to fees and transfer times.

Again I question your reasoning for investing, if you are looking for profit from an investment then maybe an ICO is better for you, or if you are looking for something different to bitcoin then an ICO again could be best. But if you want bitcoin and its futures then there is no reason to look to an alternative.

[James ssi~]

As an economist, I worry about a lot of issues related to economies in this world.
Bitcoin is surely a revolution, but I worry that it is highly unfair for the older generations and the people who join Bitcoin in later periods.

Most people in the world do not hold Bitcoin or any other cryptocurrency. If they started buying it, prices would soar and there would be a huge purchasing power transfer from those who got later in to those who got in earlier. For these people, staying in Fiat currency will be the best option.

Also, there is the issue of scalability and of the timeframe of existance of Bitcoin.
Isn't it better to jump try an ICO? And following this reasoning why invest in an ICO now when something better may come later?

I think many of the discussions about cryptocurrencies leave out those of our society who have less access to information and new technologies.

What do you think?
Thank you.

It would never be fair in the old generation they adopt currency in early stage and besides even if you join i later period you are lucky because you know bitcoin while the price is not too high, don't look on how much you buy the coin look on the development of the project if it is good to buy or not, then if i'm not mistaken you'll find on where you can invest, just make a research on a project before you go through an investment.

[Rath_]

In my opinion, early-adopters of Bitcoin should be rewarded. Most of them became rich because they were interested in Bitcoin back in 2009 or 2010. Without them, probably hardly anyone would buy Bitcoin. Process of switching completely over to cryptocurrencies is going to take years.

ICOs are very risky investment, especially right now. There have been a lot of scam projects which were advertising themselves as successor of Bitcoin because of their speed, security and other features. Lightning Network should solve scalability problem for a few years, we will have to think about increasing the blocksize if opening and closing LN channels will take too long.

[hodlftw]

In my opinion, early-adopters of Bitcoin should be rewarded. Most of them became rich because they were interested in Bitcoin back in 2009 or 2010. Without them, probably hardly anyone would buy Bitcoin. Process of switching completely over to cryptocurrencies is going to take years.

Building on that, nobody would even know what Bitcoin was if it wasn't for the fringe anarchists of the world. I myself only found out about in 2015 and I worked in a rather shady industry myself before.

It isn't unfair for the older generation, they had the chance to adopt it just as much as everyone else did and besides if they are older they need not risk their money in such a fashion.

Scaling is and will always be in an issue, people seem to think scaling will end someday but it won't. Somebody will always be looking to do more things on the network and as long as we improve it (BIPs) we good.

Sure if you wanna purely gamble hop into an ICO. And to not hop in a good ICO because of potential future good ICOs is a bizarre scenario to paint, I mean why invest in anything at this point then?

I am sorry do we not live in the 21st century with smart computers in our pocket, that talk to space and transmit information everywhere? Could have sworn we lived in that world . People have access to information!

My 2 sats on the matter.

[matuson]

As an economist you should know that the market price is always the 'fair' price. If people don't want to pay it for whatever reason then they won't. If you are intent on using bitcoin to purchase goods and services as it's intended then it does not matter if you buy at $1 or $10000, the use is exactly the same.

Scalability is a clear issue and it's being worked on, it's not so prevalent right now because there aren't huge amounts of transactions but we saw in November/December what an increase in transactions can do to fees and transfer times.

Again I question your reasoning for investing, if you are looking for profit from an investment then maybe an ICO is better for you, or if you are looking for something different to bitcoin then an ICO again could be best. But if you want bitcoin and its futures then there is no reason to look to an alternative.

I fully support you. The mistake of many people is that they forget that bitcoin is a currency. They dream about what buying 1 bitcoin, they can't work until retirement and always to earn an income due to the growth of prices on the bitcoin and attract new users. I see this as an attempt to turn bitcoin into a pyramid.

[spagettiboy69]

Now might be an amazing time to buy. Nobody knows what's going to happen. We could go lower for a few months and then those people are going to be on a massive profit coaster up if the market improves where it dropped back in January. There's just no way to know. If you go on reddit, it just bounces between "the market is dead!! It's a scam!" and "MOON!!!". It'd be pretty cool to come back to this thread next March and weigh in on it.

[BartS]

As an economist, I worry about a lot of issues related to economies in this world.
Bitcoin is surely a revolution, but I worry that it is highly unfair for the older generations and the people who join Bitcoin in later periods.

Most people in the world do not hold Bitcoin or any other cryptocurrency. If they started buying it, prices would soar and there would be a huge purchasing power transfer from those who got later in to those who got in earlier. For these people, staying in Fiat currency will be the best option.

Also, there is the issue of scalability and of the timeframe of existance of Bitcoin.
Isn't it better to jump try an ICO? And following this reasoning why invest in an ICO now when something better may come later?

I think many of the discussions about cryptocurrencies leave out those of our society who have less access to information and new technologies.

What do you think?
Thank you.

Nothing is ever fair and bitcoin is not an exception to this, what you are saying is just true for any technology out there, those that invested earlier get the most profits so I cannot see why this is right in everything else but somehow it's wrong when it comes to bitcoin, anyone is free to join bitcoin and buy it right now if they don't do it that is their choice and they will have to face consequences of those choices, then you state that for those that come late it will be better to keep their fiat but if bitcoin really becomes as successful as some people think they will have no option, this is similar to what happened to those that used Windows XP they resisted for years to not upgrade but eventually they will have to do it.

[Mpamaegbu]

To start with, is it even fair to us here that you chose to ask this  question knowing well that we are handicapped in knowledge concerning Adams Smith and the rest of Karl Max?

Honestly, I dont know why noobs are allowed to open up threads. Theymos should look into this honestly because most of these threads are repetitive and most often turn redundant and consequently insignificant (I am just being optimistic that it isn't all. Though facts on ground suggest otherwise.) What does the OP mean by fair for anyone buying at this massive Bitcoin dip of $7,000+ where as certain people bought at its ATH of $19,000+

However, a reminder with this cliche could snap you back to reality, Life is not fair itself, let alone business.

[frowsiter]

Nooo, thats very misleading I guess. Even people who got involved in the bitcoin in year 2009 are not holding the bitcoin because I am pretty sure most of them sold it in the early days and most of them sold it when bitcoin reached 1K in value which was blessings for them. So there is no much difference between those who got involved in early stages and those who are getting involved today. Its all about those who hold and its all about those who sell at different time points.

There is no in leaving the crypto and holding the fiat, that one got my attention. There is always chance in the crypto currency and who said that it is not going to rise in the value or use in the future? It was unknown when it was launched in 2009 and it is unknown today as well, but it did grew after 2009, right? So lets just jump in and let others come out of the fiat world.

[stomachgrowls]

As an economist, I worry about a lot of issues related to economies in this world.
Bitcoin is surely a revolution, but I worry that it is highly unfair for the older generations and the people who join Bitcoin in later periods.

Most people in the world do not hold Bitcoin or any other cryptocurrency. If they started buying it, prices would soar and there would be a huge purchasing power transfer from those who got later in to those who got in earlier. For these people, staying in Fiat currency will be the best option.

Also, there is the issue of scalability and of the timeframe of existance of Bitcoin.
Isn't it better to jump try an ICO? And following this reasoning why invest in an ICO now when something better may come later?

I think many of the discussions about cryptocurrencies leave out those of our society who have less access to information and new technologies.

What do you think?
Thank you.

Nothing is ever fair and bitcoin is not an exception to this, what you are saying is just true for any technology out there, those that invested earlier get the most profits so I cannot see why this is right in everything else but somehow it's wrong when it comes to bitcoin, anyone is free to join bitcoin and buy it right now if they don't do it that is their choice and they will have to face consequences of those choices, then you state that for those that come late it will be better to keep their fiat but if bitcoin really becomes as successful as some people think they will have no option, this is similar to what happened to those that used Windows XP they resisted for years to not upgrade but eventually they will have to do it.

This is just really a matter on how a certain person would able to risk.If they can afford to lose up some amounts then he would probably risk his money since he do believe on such thing.Talking about investing on bitcoin nowadays would really be always on our choice since its our money after all.For those who bought on earlier days then i would say they do really deserve on the money that they do earn.They believe on bitcoins tech and now they do see the profits from their own pockets.

[supine]

As an economist, I worry about a lot of issues related to economies in this world.
Bitcoin is surely a revolution, but I worry that it is highly unfair for the older generations and the people who join Bitcoin in later periods.

Most people in the world do not hold Bitcoin or any other cryptocurrency. If they started buying it, prices would soar and there would be a huge purchasing power transfer from those who got later in to those who got in earlier. For these people, staying in Fiat currency will be the best option.

Also, there is the issue of scalability and of the timeframe of existance of Bitcoin.
Isn't it better to jump try an ICO? And following this reasoning why invest in an ICO now when something better may come later?

I think many of the discussions about cryptocurrencies leave out those of our society who have less access to information and new technologies.

What do you think?
Thank you.

Cryptocurrency or bitcoin is just starting, we are just starting to adapt a new and innovative way of securing assets and transactions. So, I think we cannot say that it is unfair since it is not even the fault of those people who learned about it first. A lot of countries are even late in adapting cryptocurrency and they are coping up fast.

[Vannie12]

Bitcoins are very unstable and I think there is no fair or right time to buy bitcoins. It is just advisable to buy during dips to avoid quick losses and lessen risks at the first place. Like for example, observing the market when is the resistance happening and what price does bitcoin stay longer, then you would know what mark will be your basis of fairness and when it dips below your mark then its your perfect time to buy. Everyone has their own opportunity to invest it is just you need to have better judgement and courage to do it. Be as patient as you can too.

[fudster]

The price is dictated by the market so whatever the market price is it should have been fair to those who buy at that time. Its just sad to see the price dip so low that it will hurt you so bad when you have bought at the time when the price was $20k. I'd cry a river too if seeing the money I have now belongs to those who crazily dumped.

[HeRetiK]

As an economist, I worry about a lot of issues related to economies in this world.
Bitcoin is surely a revolution, but I worry that it is highly unfair for the older generations and the people who join Bitcoin in later periods.

Is it fair that the older generations are holding most of the real estate, forcing the younger generation into a modern form of serfdom?

Is it fair that wealth begets wealth and that income through labor is much more heavily taxed than capital income?

Is it fair that the younger generation has a much smaller chance of aggregating wealth due to the fact that income levels have not even remotely kept up with the purchasing power of fiat currencies over the last few decades?

People investing into new and unproven companies, industries and technologies take high risks. Naturally they expect high rewards. It not always pays off, but when it does, even those that failed to invest usually simply accept it. I've never heard anyone complain about how investing in Microsoft, Apple or Google in their early days was unfair. Something that has always been well in reach for older generations. And for the most part of modern history, investing in stocks was much more difficult for the layment than investing in crypto is today.

Most people in the world do not hold Bitcoin or any other cryptocurrency. If they started buying it, prices would soar and there would be a huge purchasing power transfer from those who got later in to those who got in earlier. For these people, staying in Fiat currency will be the best option.

No one is forcing anyone to invest. Those that invested early, took the highest risk. Those that will use cryptocurrencies once adoption is high and risk is low (should that ever be the case), will profit from improved economic freedom caused by less friction in international remittance and trade.

Also, there is the issue of scalability and of the timeframe of existance of Bitcoin.
Isn't it better to jump try an ICO? And following this reasoning why invest in an ICO now when something better may come later?

If you find a viable ICO, sure, by all means, go for it. I'm sure as an economist you are well aware of the failure rate of startups and how to asses and mitigate these risks accordingly.

I think many of the discussions about cryptocurrencies leave out those of our society who have less access to information and new technologies.

Do they? There's been a lot of talk about how cryptocurrencies could help economies in developing countries. Banking the unbanked is a prevalent topic. Supporting citizens of nations suffering from hyperinflation and questionable monetary policies is another.

As an economist you should know that the market price is always the 'fair' price.

[Leonia-Ridinger]

The question is I think if you're going to use it as a store of value or as a method of payment. As a store of value, as you said, early adopters enjoy the biggest profits. As a method of payment, you don't care if it's $1 or $10000, as long as the price doesn't fluctuate too much too fast (if it does, it's difficult to use it as a method of payment). But I think when bitcoin becomes mainstream, the price will stabilize and it will be used in reality as a method of payment. And then it won't matter as the majority of people will be late comers, and the early adopters will be rich but they won't be able to affect the market, because it will be so big. So I think in the long run it doesn't matter and that fairness is not a scale that can be applied to this issue. That's the way it works with every new technology, the early adopters are the ones who are rewarded the most, but you have to remember that they are the ones who risked the most too - not every new technology goes on to become "the next big thing"

[trecore4]

As an economist, I worry about a lot of issues related to economies in this world.
Bitcoin is surely a revolution, but I worry that it is highly unfair for the older generations and the people who join Bitcoin in later periods.

Most people in the world do not hold Bitcoin or any other cryptocurrency. If they started buying it, prices would soar and there would be a huge purchasing power transfer from those who got later in to those who got in earlier. For these people, staying in Fiat currency will be the best option.

Also, there is the issue of scalability and of the timeframe of existance of Bitcoin.
Isn't it better to jump try an ICO? And following this reasoning why invest in an ICO now when something better may come later?

I think many of the discussions about cryptocurrencies leave out those of our society who have less access to information and new technologies.

What do you think?
Thank you.

You talk about ICO Over bitcoin, dam that's very daring of you. I don't think there is any ICO that can beat the bitcoin!! It's more than self sufficient to take over other currencies held together. If you talk about the market cap and even the prices of bitcoin then don't forget bitcoin dominates all the available crypto currencies in the market by 40-60% over the course of time. Isn't thats enough proof to let you bitcoin can't be replaced with ICO? I might be fighting back too much over your ICO statement but ICO are not that great as you are trying to depict here. Also bitcoin is not that weak to avoid it in first place.

[marseille]

There is no delay when it comes to buying bitcon as bitcoin is gaining popularity now and many more people are getting aware about it and you cannot expect that everyone would be knowing bitcoin since its inception and many people have come to know about bitcoin at this stage and I don't think that anything is wrong in that and even if they start investing in bitcoins from now then in future they will be earning huge profits only by holding it so there should not be any regret for knowing bitcoins lately.

[akamit]

Bitcoin is surely a revolution, but I worry that it is highly unfair for the older generations and the people who join Bitcoin in later periods.

Yes it is, Bitcoin is a revolution.

I remember the price was $250-$350 when I first heard about bitcoin and joined this forum. At that time I was thinking the same thing you are thinking.
But look at now where bitcoin price is and how far it went a few months back. You are here now and the price range is $7k-$9k, at this point think of two years in future. At that time someone will worry the same.

I'm not an economist, but I understand a simple logic - the more people will join, the more demand will be there, and the price will increase drastically.
And another thing could happen is the decrease in total supply over the time and it can add extra value to bitcoin.

If someone thinks to invest in bitcoin, they should understand that bitcoin investment is a long-term thing. But if someone buys it to use as currency then its a different story.

Most people in the world do not hold Bitcoin or any other cryptocurrency. If they started buying it, prices would soar and there would be a huge purchasing power transfer from those who got later in to those who got in earlier. For these people, staying in Fiat currency will be the best option.

The theory needs a detail explanation. But in short, I would like to say that we are humans and humans has huge greed inside them.
Those who have entered early will also buy more at a later time because everyone wants to multiply. If you have 1 btc now, you will want to have 2 or more btc in future, isn't it?

Also, there is the issue of scalability and of the timeframe of existance of Bitcoin.

In my opinion bitcoin will stay forever, no matter what happens, whether it is centralized or stays decentralized.

Isn't it better to jump try an ICO? And following this reasoning why invest in an ICO now when something better may come later?

If you have an opportunity to invest in a good ICO "now" then why you should wait for future?
Try to take the profits from "now" and invest in future if there are any good projects, you will have more money to invest, isn't it? Present and future are two different things - act in present and plan for future.

[Rath_]

It isn't unfair for the older generation, they had the chance to adopt it just as much as everyone else did and besides if they are older they need not risk their money in such a fashion.
Scaling is and will always be in an issue, people seem to think scaling will end someday but it won't.

The only problem is that people didn't know about Bitcoin back then. These days, Bitcoin is almost everywhere in the television, newspapers and so on. The positive is that those who supported Bitcoin in 2009 were interested in the Blockchain itself, not in the profit which could come in the following years. People don't even think about Bitcoin's scalability issues. Low SegWit adoption is a sufficient proof. I have met many people who still didn't know what is SegWit at the beginning of this year.