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Author Topic: 85 people now own 50% of world's wealth  (Read 5096 times)
GigaCoin (OP)
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January 21, 2014, 06:22:23 AM
 #1

The wealth grab continues

http://www.latimes.com/business/money/la-fi-mo-oxfam-world-economic-forum-income-inequality-20140120,0,7080817.story

Oxfam and other bullshit charities are calling for higher taxes on the rich, however that will only help government get bigger and more corrupt.

Our chance to win against this is for Bitcoin to hit $1Million per BTC

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January 21, 2014, 06:41:30 AM
 #2

The wealth grab continues

http://www.latimes.com/business/money/la-fi-mo-oxfam-world-economic-forum-income-inequality-20140120,0,7080817.story

Oxfam and other bullshit charities are calling for higher taxes on the rich, however that will only help government get bigger and more corrupt.

Our chance to win against this is for Bitcoin to hit $1Million per BTC

It will need to be much higher than 1 million to even come close to what you would call "winning" this.

$1 million per BTC with 13 million coins would account for about 1.5% GDP.

I wouldn't call 1.5% of the score winning the match...

PS
Remember we won't have 21 million coins until 2140 and in all reality we will NEVER have 21 million coins. Some will be lost.

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aminorex
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January 21, 2014, 06:44:55 AM
 #3

Bitcoin will not change anything. The poorest people in the world own no bitcoins, so it doesn't really matter what the value is.

They will own some if you give them some.

I suspect nouveaux riche are much more interested in funding public interest ventures than are the ancien regime.  You don't get to be the old money by giving it all away.

Give a man a fish and he eats for a day.  Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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January 21, 2014, 06:48:48 AM
 #4

Bitcoin will not change anything. The poorest people in the world own no bitcoins, so it doesn't really matter what the value is.


They don't own any bitcoins at the moment, but that can change.

I think Monero (XMR) is very interesting.
https://moneroeconomy.com/faq/why-monero-matters
jl2012
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January 21, 2014, 06:50:02 AM
 #5

The original title is "85 richest people own as much as bottom half of population"

And you say "85 people now own 50% of world's wealth"

Any problem with your reading comprehension?  Roll Eyes Roll Eyes

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aminorex
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January 21, 2014, 07:10:08 AM
 #6

The original title is "85 richest people own as much as bottom half of population"

And you say "85 people now own 50% of world's wealth"

Any problem with your reading comprehension?  Roll Eyes Roll Eyes

Nice catch.  I hadn't even noticed that.  Could use less snark.

Give a man a fish and he eats for a day.  Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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January 21, 2014, 07:21:34 AM
 #7

So in a few years with the 85 people that hold 50% of the world's wealth change from those that hold it in fiat now to those that hold it in BTC?  That is the question I guess?



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Jungian
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January 21, 2014, 07:24:42 AM
 #8

So in a few years with the 85 people that hold 50% of the world's wealth change from those that hold it in fiat now to those that hold it in BTC?  That is the question I guess?


1) They don't hold 50% of the worlds wealth

2) Why do you think they hold it in fiat? They might measure the value of it in fiat, but that is not what they hold

I think Monero (XMR) is very interesting.
https://moneroeconomy.com/faq/why-monero-matters
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January 21, 2014, 07:35:33 AM
Last edit: January 21, 2014, 03:51:25 PM by BitChick
 #9

So in a few years with the 85 people that hold 50% of the world's wealth change from those that hold it in fiat now to those that hold it in BTC?  That is the question I guess?


1) They don't hold 50% of the worlds wealth

2) Why do you think they hold it in fiat? They might measure the value of it in fiat, but that is not what they hold

Ok. It doesn't have to be 85.  It doesn't need to be specifically "fiat."   Let me rephrase the question.

Will those that hold the vast majority of "wealth" change to those that hold it in BTC?

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January 21, 2014, 07:38:38 AM
 #10

I am quite comfortable in predicting the top 85 bitcoin holders hold more than the bottom 50% of bitcoin holders.
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January 21, 2014, 07:53:30 AM
 #11

Quote
  Falling taxes for the rich and increased use of tax havens have helped widen income inequality, Oxfam said.

lol Tongue

Yeah, they don't talk about how much the middle class are getting screwed over do they?
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January 21, 2014, 08:01:05 AM
 #12

I am quite comfortable in predicting the top 85 bitcoin holders hold more than the bottom 50% of bitcoin holders.

Ah, but it is mostly a very different group of 85.  That will help the global Gini co-efficient a lot.

Give a man a fish and he eats for a day.  Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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January 21, 2014, 09:03:05 AM
 #13

I am quite comfortable in predicting the top 85 bitcoin holders hold more than the bottom 50% of bitcoin holders.

Ah, but it is mostly a very different group of 85.  That will help the global Gini co-efficient a lot.

Good point.  I would be surprised if there was any overlap at all at this stage.
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January 21, 2014, 12:28:04 PM
 #14

Quote
President Obama recently called the expanding gap between rich and poor a bigger threat to the U.S. economy than the budget deficit.

Undecided
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January 21, 2014, 01:44:10 PM
 #15

There are two kind of mega rich. Those who use the power of government for rent seeking, and those who get rich by pleasing customers and create jobs. More taxes will only please the government rent seeking corperations. 
mgio
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January 21, 2014, 08:56:23 PM
 #16

The original title is "85 richest people own as much as bottom half of population"

And you say "85 people now own 50% of world's wealth"

Any problem with your reading comprehension?  Roll Eyes Roll Eyes

Nice catch.  I hadn't even noticed that.  Could use less snark.

This was actually misquoted on the radio this morning too.

The DJ said that the richest 85 people own 50% of the worlds wealth. That didn't seem right to him, or to me. Happy to know that he was mistaken.
Dr Bloggood
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January 21, 2014, 09:08:55 PM
 #17

The wealth grab continues

http://www.latimes.com/business/money/la-fi-mo-oxfam-world-economic-forum-income-inequality-20140120,0,7080817.story

Oxfam and other bullshit charities are calling for higher taxes on the rich, however that will only help government get bigger and more corrupt.

Our chance to win against this is for Bitcoin to hit $1Million per BTC

It will need to be much higher than 1 million to even come close to what you would call "winning" this.

$1 million per BTC with 13 million coins would account for about 1.5% GDP.

I wouldn't call 1.5% of the score winning the match...


Where did you get that idea from?

1 million x 13 million = 13 trillions

World GDP is 75 trillion or so. So 13 trillions out of 75 trillions are roughly 17,3% (of the world GDP).

I have no idea why we are calculating the GDP and not the monetary base (which would make a lot more sense), but anyways, it's almost the same number.
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January 21, 2014, 10:04:30 PM
 #18

Bitcoin will not change anything. The poorest people in the world own no bitcoins, so it doesn't really matter what the value is.


Also, the article had a major correction. It turns out that, "the 85 richest people own about 0.7% of the world's wealth, which is the same as the bottom half of the population."


Damn.  For a second there, I thought maybe we could kill 85 people and double everyone else's standard of living.  Roll Eyes

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January 21, 2014, 10:10:27 PM
 #19

In 10 years if bitcoin takes over the world it will be "85 people now own 50% of Bitcions"

Oh wait you can say that today already.....

Those who hold and those who are without property have ever formed distinct interests in society
jonanon
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January 21, 2014, 11:03:45 PM
 #20

Bitcoin will not change anything. The poorest people in the world own no bitcoins, so it doesn't really matter what the value is.


They don't own any bitcoins at the moment, but that can change.

The poorest people in the world don't even have clean water, let alone access to a computer to store Bitcoin........
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