85 people now own 50% of world's wealth

[aminorex]

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........

You don't need a computer to store your bitcoin, because it lives in the blockchain.  A brain wallet will suffice.  Even if they did need a computer, it's a lot easier, cheaper, to provide everyone with a computer (which is essentially a tiny bit of sand, after all, perhaps with a miniscule amount of some metals) than to provide them with potable water for life.  And it is almost certainly better to equip them to get their own damn water than to provide it to them anyhow.

[aminorex]

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 U.S. gives out more than $20 billion every year in foreign aid every year, more than twice the value of all the bitcoins in existence. Handing out bitcoins will have no effect.

Handing out bitcoins worth a 50kUSD each would certainly change things quite a bit, as entrepreneurs sought to offer services desired by the newly created consumer class.  Those $20 bn mostly go into the hands of kleptocrats, tyrants, profiteers, often encumbered.  If they were used effectively, as would personal wealth be, the picture would be very different.

Economies are great tools for self-improvement.  Create an economy and you create a lot of opportunity.  Can't solve all problems, but can certainly ameliorate a very large number of very severe problems.

[lnternet]

Doesn't the bottom x% of the world have negative wealth
Maybe even bottom 50% together.

Surely depends on the measure of wealth.

[Johnny Bitcoinseed]

Yes, what is "wealth'?

I'd say it is "quality of life".

[johnyj]

And they acquire those wealth by almost doing nothing

Since all the money printed out originally belongs to Federal Reserve Banks, they own every penny of those money. Of course those money do not present all the wealth of the nation, but through QE, they purchased many assets amid the crisis. Even the value of dollar crashed later, they have already gained the ownership of those assets

[Xav]

If wealth-distribution is a major problem then are we making any progress toward a solution by Bitcoin? Let's face it, geeks and daredevils (speculators c.s.) are not the most emphatic sort of people, are they, yet they are the big owners of Bitcoin. They either suffer from a lack of social skills or from an overdose of testosterone (causing more risk taking). Take for instance the Winklevoss brothers ... (fill in the dots) ... 'our' new banksters? Let's hope, I'm mistaken, and I'll burn a candle for the exceptions like guru Andreas Antonopoulos.

[topshot]

Bitcoin will probably reset the button for a lot of people and their wealth, but I also think that it will not necessarily change the wealth of the rich. They aren't rich without reason. They or their families and generations have made smart choices. I think everyone that 'has not' likes to think those that 'have' stole it somehow. It's easy to villain-ize people especially if you are envious. It doesn't necessarily make it unfair. It's just that you don't have it and you want it.

Here's an idea... If you want to have 10% of the worlds wealth, why don't you setup a plan for 10 generations of your family and start taking the steps that will work towards getting that wealth generations down the line. That's what some of these super wealthy families have done and that's why they are where they are at now.

[teukon]

If wealth-distribution is a major problem then are we making any progress toward a solution by Bitcoin? Let's face it, geeks and daredevils (speculators c.s.) are not the most emphatic sort of people, are they, yet they are the big owners of Bitcoin. They either suffer from a lack of social skills or from an overdose of testosterone (causing more risk taking). Take for instance the Winklevoss brothers ... (fill in the dots) ... 'our' new banksters? Let's hope, I'm mistaken, and I'll burn a candle for the exceptions like guru Andreas Antonopoulos.

I believe so.  The distribution of wealth across a group is not so much a problem as it is indicative of the underlying power structure within that group.  Bitcoin takes some power from banks and gives it to individuals in a way which I perceive to be, on net, a boon to humanity.   Banksters would only have power in Bitcoin proportional to their ability to trick others into giving them power and money, i.e. they could be nothing more than scammers.  Perhaps some measure of "wealth-gap" will decrease, perhaps it will increase, but either way, I believe it will be a change for the better.

[johnyj]

They aren't rich without reason. They or their families and generations have made smart choices.

This is typically a scammer want you to believe. They are just much smarter in scamming you to work for them

[wobber]

They aren't rich without reason. They or their families and generations have made smart choices.

This is typically a scammer want you to believe. They are just much smarter in scamming you to work for them

I agree, but it's not exactly scamming. You work because you need to. Millions of people would like to work for somebody at this point.

Anyway, I just turned communist.

[Bitcoin Fiction]

They aren't rich without reason. They or their families and generations have made smart choices.

This is typically a scammer want you to believe. They are just much smarter in scamming you to work for them

I agree, but it's not exactly scamming. You work because you need to. Millions of people would like to work for somebody at this point.

Anyway, I just turned communist.

lol, communism is one big scam too. But this time you're scammed by the government and not by the "business man". One way or another there always will be a scam. And I can't even call it a scam, if you're smart enough to scam people and not get caught or even noticed - good for you.

[tsoPANos]

Well this is the price of our global economy system.
Just deal with it.

[BitchicksHusband]

ITT: More reporters and posters that don't understand the universality of the Pareto Principle.

https://en.wikipedia.org/wiki/Pareto_principle

[practicaldreamer]

ITT: More reporters and posters that don't understand the universality of the Pareto Principle.

https://en.wikipedia.org/wiki/Pareto_principle

Yes, maybe you are right - but by the same token a lot of posters don't seem to understand the significance of moral agency  .

http://en.wikipedia.org/wiki/Moral_agency

 The distribution of wealth across a group ...... is indicative of the underlying power structure within that group.  Bitcoin takes some power from banks and gives it to individuals in a way which I perceive to be, on net, a boon to humanity.... I believe it will be a change for the better.

Yes, agreed - and I'm hoping so too.

[Xav]

Go tell the women that we are leaving

[TheIrishman]

The 85 Richest People In The World Have As Much Wealth As The 3.5 Billion Poorest

http://www.forbes.com/sites/laurashin/2014/01/23/the-85-richest-people-in-the-world-have-as-much-wealth-as-the-3-5-billion-poorest/

<< As the World Economic Forum begins in Davos, Switzerland, Oxfam International has released a new report called, "Working for the Few", that contains some startling statistics on what it calls the "growing tide of inequality". >>

[BitChick]

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........

But if we, that hold some Bitcoin out of compassion go to these places to give them a chance at clean water and other basic necessities as well as education and so on we can start changing things for the better.  Maybe I am a bit naive or a "dreamer" but I am already in the works of planning a trip with a group called Harvest India this fall and one goal will be bringing some clean water by putting a water well (or several if enough funds are raised) in these villages and also supporting the education that is taking place there.  I am even thinking about introducing the founder of the organization to Bitcoin.  It does not seem that India has been too friendly with the adoption of it but it would be great to have a better way to send funds there if possible and they are doing so many great things there.

[Adrian-x]

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

This is the wrong reaction but right solution to the problem.
This gift from Oxfam shows that 85 people who own as much wealth as 3,500,000,000 people are not responsible stewards, it isn’t farfetched to assume they haven’t generated there wealth by being productive in society through mutual beneficial actions but have instead constructed a lawful way to siphon wealth to the top.

I wonder how many of the 85 are members of the Council on Foreign Relations?  

The problem is Fractional Reserve Banking backed by Central Banks, they increase the money supply at the expense of wellbeing of Billions of people at the bottom of the pyramid.  

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

[Xav]

3.5 billion people that's 3,500,000,000. This typical American number is very confusing for non-americans, like myself. I always have to think twice before I figure the correct amount of zeroes. Just saying.
Anyway, the best graph I ever saw on this board was this:

http://bitcoinexaminer.org/wp-content/uploads/2014/01/Who-owns-all-the-bitcoins-1-700x1024.png

[Kaiji]

1.What sort of businesses, stocks etc. are the 85 involved in? I don't want specific company names just the type of trades.

2.How did they accumulate so much money during a period of bad economic environment?

I noticed something was up this past year when I read that luxury cars have increased in sales while other industries are struggling. At first I thought is was because of the new millionaires in china but their economy hasn't been good lately.