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Author Topic: 0.1% guys hold 50% Bitcoins, that's too CENTRALIZED!  (Read 15218 times)
hmongotaku
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October 11, 2011, 09:09:50 PM
 #101

we should get a 51% vote to redistribute the riches! down with the bitcoin horders!

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Rassah
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October 11, 2011, 09:15:26 PM
 #102

He'll be happier because he'll actually have other reasons to live besides shaping ground beef?

Meanwhile Mr. or Ms. 16 hours bides their time, saving and scrimping every cent. Eventually, robots are produced to flip burgers automatically. The grasshopper dies, the ant lives.

Mr 8 hours had the burger flipping knowledge AND the free time to invent the burger flipping robot. He sells his idea, becomes rich, and replaces Mr 16 hours's job. Too bad for Mr 16.

Meanwhile Mr. or Ms. 16 hours bides their time, saving and scrimping every cent. They grow envious of 8's happiness and decide to buy a weapon with the money they've saved. No one stops them. The grasshopper dies, the ant lives.

Not sure how killing the poor, peniless, and lazy Mr 8 hours is going to make Mr 16 hours happier...

Meanwhile Mr. or Ms. 16 hours bides their time, saving and scrimping every cent. 16 saves up enough money to be able to procure some means of production, and forms a burger company. BurgerB takes enough customers away from BurgerA so that the grasshopper gets laid off. The grasshopper dies, the ant lives.

Mr 8 hours has a lot of experience flipping burgers. If Mr 16 is building a competing burger business, he'll need a lot more Mr 8 hourses to hire for his place, too, including the already experienced one. Once BurgerA folds, the number of Mr 8 hourses just goes back to what it used to be, and if he was any good, Mr 8 just has a new employer.

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October 11, 2011, 09:23:12 PM
 #103

This is when it becomes severely retarded.
Rassah
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October 11, 2011, 09:36:18 PM
 #104

We should start an Occupy Bitcoin protest! Everyone should buy as much bitcoin as they can and squat on it, demanding the 1% distribute their coins to everyone else in a fair manner. I bought my bunch of bitcoins, everyone upset with the 1% hoarders, your turn to buy now.
I.e. buy buy buy! (Please?)

finway
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October 12, 2011, 12:47:21 AM
 #105

good news or bad news?

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October 12, 2011, 09:30:36 AM
 #106

I love that 7 of the wallets are 1337.

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October 12, 2011, 09:54:35 AM
 #107

for me, the main point why this is not a problem is, that those top .1% aren't able to rig the bitcoin-game (like in the real world economics)
BadBear
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October 12, 2011, 01:10:36 PM
 #108

Wow, didn't realize how many libertarians were here.  That's...unsettling. 

1Kz25jm6pjNTaz8bFezEYUeBYfEtpjuKRG | PGP: B5797C4F

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Rassah
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October 12, 2011, 02:14:38 PM
 #109

Wow, didn't realize how many libertarians were here.  That's...unsettling. 

On a forum about a decentralized, unregulated, anarchy-enabling currency? Why are you surprised?

Anonymous
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October 12, 2011, 02:24:49 PM
 #110

Wow, didn't realize how many libertarians were here.  That's...unsettling. 

On a forum about a decentralized, unregulated, anarchy-enabling currency? Why are you surprised?
These people must just like it as a software project that sends money back-and-forth which is a terribly dull perspective.
BitterTea
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October 12, 2011, 02:31:41 PM
 #111

for me, the main point why this is not a problem is, that those top .1% aren't able to rig the bitcoin-game (like in the real world economics)

Exactly. There is no centralized power structure to manipulate. There is one exception, and that is the development team, but that is only barely centralized (open source contribution), and perfectly transparent (open source code), so I'm not too worried.
neptop
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October 12, 2011, 02:34:44 PM
 #112

We, are the ...%! xD

Actually that what comes with trust. Trust in Bitcoins, don't sell or even buy them and you will also have a lot of them. I don't think it is a good thing for a currency. On the other hand it is similar to other currencies, so it looks logical.

We need more merchants. This could change it, but not if the merchants take Bitcoins and instantly sell them. The people who have so many Bitcoins are the ones who run Bitcoin based businesses or simply buy them.

Also I wonder how many of them might be from lost wallets. A nice fraction of it could also be from early adopters and lost/without an owner.

BitCoin address: 1E25UJEbifEejpYh117APmjYSXdLiJUCAZ
Rassah
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October 12, 2011, 02:42:49 PM
 #113

We need more merchants. This could change it, but not if the merchants take Bitcoins and instantly sell them.

Even instantly selling is ok. Bitcoin will be in someone's hands for at least a few seconds, and all those seconds added up still means a lot of bitcoin owned by a lot of people at the same time, and when they sell, it still means someone else is buying, like the next customer.

bitleaker
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October 12, 2011, 03:24:03 PM
 #114


These people must just like it as a software project that sends money back-and-forth which is a terribly dull perspective.

Rather than true libertarians like yourself, who are constantly focussing on the USD$ value of BTC?  Cheesy
Anonymous
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October 12, 2011, 03:26:15 PM
 #115


These people must just like it as a software project that sends money back-and-forth which is a terribly dull perspective.

Rather than true libertarians like yourself, who are constantly focussing on the USD$ value of BTC?  Cheesy

It's more than that. I want to see Bitcoin displace the entire globalist banking regime. That's where the real value is.
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October 12, 2011, 04:34:53 PM
 #116

Wow, didn't realize how many libertarians were here.  That's...unsettling. 

Yeah look out for them!!! They might leave you alone!!!
Gabi
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October 12, 2011, 06:26:50 PM
 #117

I'm the 99.9% bitcoin! I say, let's occupy that forum to show these 0.1% guys some things!

Or maybe not.
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Let the chips fall where they may.


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October 13, 2011, 05:41:15 AM
 #118

Possibly relevant to most of the free market/government intervention discussion:
CHARTS: Here's What The Wall Street Protesters Are So Angry About...

I'm sure the Libertarians will come to the conclusion that all of the problems listed (if they actually agree income disparity is a problem) are the result of government intervention.

In the case of bitcoin, I'm not sure if the apparent disparity will really be a problem in the long run. The network (and markets based on it) are not able to distinguish between a hoarded Bitcoin and a lost bitcoin. The value of bitcoin will always be based on coins actually in circulation. The biggest risk is that some of the large holders suddenly decide to sell everything, crashing the price (by putting more coins in circulation).

The profit-maximising hoarder would be wise to sell their coins as slowly as they can; unless they expect the value to eventually drop to zero (I think it will approach that within about 25 years, but not the near term). Selling coins puts them back in ciculation: likely spreading them out among more holders.

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ptshamrock
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October 13, 2011, 10:10:05 AM
 #119

This is when it becomes severely retarded.

Thank you for defending the Truth Sir !


We might disagree on some details..but I always like too see ppl defending Reality !


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BitterTea
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October 13, 2011, 11:45:41 AM
 #120

Possibly relevant to most of the free market/government intervention discussion:
CHARTS: Here's What The Wall Street Protesters Are So Angry About...

I'm sure the Libertarians will come to the conclusion that all of the problems listed (if they actually agree income disparity is a problem) are the result of government intervention.

In the case of bitcoin, I'm not sure if the apparent disparity will really be a problem in the long run. The network (and markets based on it) are not able to distinguish between a hoarded Bitcoin and a lost bitcoin. The value of bitcoin will always be based on coins actually in circulation. The biggest risk is that some of the large holders suddenly decide to sell everything, crashing the price (by putting more coins in circulation).

The profit-maximising hoarder would be wise to sell their coins as slowly as they can; unless they expect the value to eventually drop to zero (I think it will approach that within about 25 years, but not the near term). Selling coins puts them back in ciculation: likely spreading them out among more holders.


Why do you consider mere income disparity to be a problem?

Isn't the real problem HOW they earned their money (rent seeking behavior), not how much of it they earned?
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