Global Wealth Disparity is going to cause a lot of issues soon

[XZer0]

Why is every currency so centralized? By doing this, none of them can become global currencies.

Taking a look at some of the most likely coins to become a global currency at the moment:



USD- Chinese will never accept it since it is printed indefinitely by USA

BTC- Completely owned by the 5 top mining pools who control if btc has inflation or other network parameters because if they stop mining the old btc then the new btc is automatically the real one since it has all the mining power to back its value and not be attacked (see ltc, bch, etc. for examples)

Dogecoin- A fun coin and with stable development but with pow it has the same issues as btc and if they moved to pos they'd still have the same issue due to these rich lists:

(European/Russian currencies): All still held by the same people whose ancestors were friends with the king/czar since trickle down doesn't work and there is not as many "new rich" as the america's

I can only see how a currency that is globally owned could become globally accepted.

People normally purport btc's wealth centralization as a reason to buy but at 7 billion users following this trend 1 billion people would have less than 0.0000001 BTC each....that's a greater wealth divide than we currently have with even USD. I can't imagine a world where the 100 people with large btc balances aren't hunted down by the billions of poor if that was the case.

TheGreatReset.Finance

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[20kevin20]

First of all, Bitcoin is not fully owned by the top 5 mining pools as you say. BTC isn't owned by anyone and if the mining pools ever decide to change the parameters as they like, we fork off and solve the issue within hours at most.

Then, there wouldn't be just 0.0000001BTC per person. 21M coins divided by 7,800,000,000 people is about 0.00269 per existent person. Bitcoin is way easier to be moved around in much smaller quantities - you can't pay with 0.0000001$, can you?

The global wealth disparity will be a thing no matter how much we change things. There'll always be someone who earns more (or steals from others). We can't really change that unless we apply communist rules.

[fiulpro]

This seems more like an article about Global Acceptance of currencies rather than Wealth Disparity but I get your point.

This is the exact same reason why we need : Bitcoins
They are not controlled by any country, they do not have any dark side to their existence like most of these currencies do. They do not have restrictions on who can use them or who cannot. They cannot be controlled by anyone. Chinese have tried it, America have tried it but at the end of the day it's not something that can be tainted. Having a global currency without any borders will now only Help the people in financial matters but at the same time bring them closer (poetically).

But then again we would have to solve the issue of :
Fee
How it will be available for everyone since not everyone has same financial status and education.

Let's see how it goes in the future. We always can use smaller and smaller denominations in case of bitcoins..

[XZer0]

First of all, Bitcoin is not fully owned by the top 5 mining pools as you say. BTC isn't owned by anyone and if the mining pools ever decide to change the parameters as they like, we fork off and solve the issue within hours at most.

Then, there wouldn't be just 0.0000001BTC per person. 21M coins divided by 7,800,000,000 people is about 0.00269 per existent person. Bitcoin is way easier to be moved around in much smaller quantities - you can't pay with 0.0000001$, can you?

The global wealth disparity will be a thing no matter how much we change things. There'll always be someone who earns more (or steals from others). We can't really change that unless we apply communist rules.

Okay lets look at your theory: BTC forks off with every miner but the mining pools:

1. You can change btc from sha but then every btc miner now has to get new equipment since they all use asics. Your coin probably dies now

2. You can keep the same algorithm and then a few of the top miners from those pools will regularly attack your coin with their hashing power like with bch. Lets say they are nice and don't attack you. Your coin now cost way less to mine than theirs and so the price will fall, many will see this already as not bitcoin as they usually count the one that is the highest price when forks like abc/sv happened. So still you haven't created a new bitcoin.

How do you avoid these scenarios and take back control from the mining pools?


Also I like your maths but that is actually exactly what I am asking if you divided all coins evenly then btc could be a global currency, but btc isn't, its held in a pyramid. So i calculated the average amount of btc(i actually did this for other coins too and realized they all share a similar distribution structure however some just havent reached as many levels of the pyramid yet due to a small mcap/users) held at each level and extended the pyramid downwards to ~5 billion users. At the last level will be 1 billion people who have that little amount of btc.


The global wealth disparity doesn't have to be a thing. It's only defeatist propaganda you've been fed that makes you believe so. Similar to how creating a currency not owned by a central bank is not a thing that caught on until bitcoin. People who earn their money are not the issue, one could argue maybe they pay more taxes etc. but thats to be decided. The issue is with people who don't earn their wealth- either through stealing as you say or simply inheriting.

This unearned wealth creates the issue because most people would reward someone for doing good. Almost no one would reward someone for doing nothing or worse hurting others. Yet in most parts of the world the wealth is held by people who were friends with kings, dictators, etc. from the last few centuries. I am not especially into choosing an economic side, I just believe we should develop the best system from the ground up. Rather than using a system biased by history to determine who is the wealthiest.

[XZer0]

This seems more like an article about Global Acceptance of currencies rather than Wealth Disparity but I get your point.

This is the exact same reason why we need : Bitcoins
They are not controlled by any country, they do not have any dark side to their existence like most of these currencies do. They do not have restrictions on who can use them or who cannot. They cannot be controlled by anyone. Chinese have tried it, America have tried it but at the end of the day it's not something that can be tainted. Having a global currency without any borders will now only Help the people in financial matters but at the same time bring them closer (poetically).

But then again we would have to solve the issue of :
Fee
How it will be available for everyone since not everyone has same financial status and education.

Let's see how it goes in the future. We always can use smaller and smaller denominations in case of bitcoins..

I haven't seen the u.s. or china try to control bitcoin yet. I imagine when they do we will know because so much mining power is in china and the u.s. A simple knock on their door and chinese btc fork would be made.


I dont think there is an issue with fees, as long as everyone can meaningfully participate in the network they can earn money to use it. The issue bitcoin has is almost no one can participate in the network (meaningfully)

And yeah I love the beauty of infinite decimal places for once we reach a multiplanetary civilization.

[odolvlobo]

People normally purport btc's wealth centralization as a reason to buy but at 7 billion users following this trend 1 billion people would have less than 0.0000001 BTC each....that's a greater wealth divide than we currently have with even USD. I can't imagine a world where the 100 people with large btc balances aren't hunted down by the billions of poor if that was the case.

Money doesn't represent all of the wealth in the world. Except for a notable few, the richest people in the world together own 0 BTC. And while Musk may be the wealthiest person in the world, I bet 99% of his wealth is not from money stored in bank accounts.

[wxa7115]

The issue is with people who don't earn their wealth- either through stealing as you say or simply inheriting.

This unearned wealth creates the issue because most people would reward someone for doing good. Almost no one would reward someone for doing nothing or worse hurting others. Yet in most parts of the world the wealth is held by people who were friends with kings, dictators, etc. from the last few centuries. I am not especially into choosing an economic side, I just believe we should develop the best system from the ground up. Rather than using a system biased by history to determine who is the wealthiest.

But how do you plan to change this? Even if we could make a reset and everyone begins with the same resources the differences in skill will begin to produce individuals that have more than the others, how do you propose that they do not use their rights to give what they have to whoever they want?

Whether you like it or not generational wealth is a thing and most of those that have the skills to produce huge levels of wealth know very well how they did it and can teach their family members how to do this as well and very soon we will find ourselves in the same scenario that we face today, and there is no way to avoid it because even if you had a rule that stated that the wealth of that successful individual cannot go to his family they could always change the rules of the game once they have enough power to do so, so for the most part you are trying to solve something that for the most part cannot be solved.

[Darker45]

Before anything else, are the world's richest individuals today being hunted down by the billions of poor people?

Second, I'm afraid there'll be no fix global currency because there is no global government. Currencies are government-issued. The global currencies that we have today are those of the most powerful nations. It's just logical. But there will be changes as time moves on as there are inevitable shifts of power among nations in the global stage.

Third, the great wealth divide will always stay. Bitcoin is not here to plain the field. It is not Bitcoin's objective to address the unequitable wealth distribution in the human race.  

Finally, even a great financial reset, provided it is not just a utopian imagination, won't do much. In the first place, who will do it? The current elites and powerful? Do you think they would envision a world where they will end up in the same situation with that of their maids, nannies, gardeners, and so on?

[so98nn]

[...]

@20kevin20 is actually right. These are completely my thoughts about the bitcoin and I have always tried to spread the same thoughts earlier also. It’s very simple calculation based on Satoshi as lowest units. I believe this might have already thought by inventor while programming the bitcoins code. Today it is completely successful in terms of transactions. I can send below one buck too or millions too with no documentation, no authority which is added advantage over centralised currencies.

Hence, if USD or other Fiat are not gonna make it then Bitcoin would be the proper escape option for Global wealth disparity.

[Lorence.xD]

The global wealth disparity will be a thing no matter how much we change things. There'll always be someone who earns more (or steals from others). We can't really change that unless we apply communist rules.

We can change the global wealth disparity not by communism, remember that it didn't work so it is not worth doing a do over. What we can do is make more people in the population less ignorant, make them see the wrong things that have been plaguing the society and then they will elect the smartest person in the bunch that doesn't get scared or get bribed.

Second, I'm afraid there'll be no fix global currency because there is no global government. Currencies are government-issued. The global currencies that we have today are those of the most powerful nations. It's just logical. But there will be changes as time moves on as there are inevitable shifts of power among nations in the global stage.

I think that USD serves as a faux global currency with a lot of countries holding USD as a reserve currency aside from gold, I think not all currency from powerful countries are a good global currency, look at Russia's ruble, China's yuan, France is using Euro and UK is not that good with foreign policy. I don't want a global government, that thing wouldn't be easy to pull off, the only time that it will work is if terror reigned around the globe and no one can stop the rise of strong government.

Third, the great wealth divide will always stay. Bitcoin is not here to plain the field. It is not Bitcoin's objective to address the unequitable wealth distribution in the human race. 

The divide will stay if the people are happy with just being given a crumb of bread every time they bow down and accept situation when they could get the whole bread, r/wallstreetbets did the impossible, which means that if people were to bond towards a common goal, I think that they will achieve something, those rich people are not untouchables, they just have bodyguards and when that is gone, the masses can easily tear this people apart.

Finally, even a great financial reset, provided it is not just a utopian imagination, won't do much. In the first place, who will do it? The current elites and powerful? Do you think they would envision a world where they will end up in the same situation with that of their maids, nannies, gardeners, and so on?

There is no utopia, the root word of utopia sort of means "non-existing place". The only way that we will topple the hidden pyramid of classes that divide the people is for the masses to have an individual mind and a high level of critical thinking.

[hatshepsut93]

Fiat currencies don't really have a need to be globally accepted. But there actually is a globally accepted currency - the US dollar. While most countries won't allow their whole economy to rely on a foreign currency, at least the informal part of the economy is gladly accept the US dollar wherever you go. And there are exchanges for US dollar and local currency in almost every country in the world.

A currency with even distribution is impossible and pointless - the goal of currency is to exchange it for things, so even if you airdrop equal amount of a new currency to all people and make them use it, you'll again see unequal distribution very soon.

[youdacapt]

There is no global disparity; atleast that i know of, the USD is a Global currency; whether the Chinese agree to work with it or not; it doesn't change the fact that across Europe, Australia and Africa; the USD is a dominant figure. I think every country has centralized their own currency; this is why there are central banks.

Saying doge can effectively as as a direct replacement for Bitcoin is fallacy; there is no developments behind doge rise except that it was pumped and dumped; how then can i compete with Bitcoin adoption around the world? Bitcoin remains the first, the best and the king in crypto currency

[20kevin20]

1. You can change btc from sha but then every btc miner now has to get new equipment since they all use asics. Your coin probably dies now

I don't think so. If, as some fear, China suddenly starts willing to take control over the network, the denial of their equipment would also redeem all other similar equipment useless for BTC mining, but at the same time it'd show the world how strong Bitcoin is: whenever control is taken by force, we just reject it no matter what it takes.

Also I like your maths but that is actually exactly what I am asking if you divided all coins evenly then btc could be a global currency, but btc isn't, its held in a pyramid. So i calculated the average amount of btc(i actually did this for other coins too and realized they all share a similar distribution structure however some just havent reached as many levels of the pyramid yet due to a small mcap/users) held at each level and extended the pyramid downwards to ~5 billion users. At the last level will be 1 billion people who have that little amount of btc.

Create a currency and give an equal amount to everyone. In the end, there'll be hoarders and sellers. The wealth inequality will never disappear due to this. If 5 people have 1 BTC and one of them wants to sell it to another, here goes wealth inequality already: one has 0 BTC now so is in a disadvantage while the buyer has 2 BTC, so has an advantage. A proper solution to this issue has not been found yet (or I have to hear about its existence yet).

The global wealth disparity doesn't have to be a thing. It's only defeatist propaganda you've been fed that makes you believe so. Similar to how creating a currency not owned by a central bank is not a thing that caught on until bitcoin. People who earn their money are not the issue, one could argue maybe they pay more taxes etc. but thats to be decided. The issue is with people who don't earn their wealth- either through stealing as you say or simply inheriting.

I get your point, but you're looking for a solution that, as I said above, has not been found yet. Considering the current economical rules and status, this either has to be a thing or we "solve" the inequality by making the rich pay more.. which is now unfair for them.

 

This unearned wealth creates the issue because most people would reward someone for doing good. Almost no one would reward someone for doing nothing or worse hurting others. Yet in most parts of the world the wealth is held by people who were friends with kings, dictators, etc. from the last few centuries. I am not especially into choosing an economic side, I just believe we should develop the best system from the ground up. Rather than using a system biased by history to determine who is the wealthiest.

Well, finding out who does nothing and who doesn't and stealing their wealth just because "they haven't earned it" sucks. Who determines what "doing good" really means? Who determines whether I deserve not to be rewarded anything anymore due to the fact that I haven't done anything good?

As I said, these are communist/extremist rules. You can't take the wealth from someone's hands or decide not to give them any "reward" anymore and call it freedom.

[kooboat]

The issue about centralisation  or decentralization, when it comes to a particular currency  or a digital  asset  being accepted  globally  is neither here nor there. For any particular  currency  to be accepted  globally, it should be  useful to many  people there.  To a large extent,  one can say that the US Dollar is a global currency  since it is widely used for trading around the world. This means that, bitcoin is widely known and accepted despite the fewer number of people  across the globe who are comfortable  trading  with  bitcoin.

[iamsheikhadil]

There are certain things which are out of control from our hands and that includes our ideal coins like Bitcoin and other crypto currencies as well. As you said, unequal distribution will lead to global chaos but then again we live in a system where the rich gets richer and richer and poor gets poorer indefinitely and there will always be criminals who hijack others money or shut down institutions, so no matter what we do, ideal and perfect circulation can't be established, that's why I guess life's not fair

[el kaka22]

I do agree that it will never become a global currency, nothing could ever be, not btc not nothing however if anything has a chance to be a global currency it is going to be dollar for sure, bitcoin is a close second. Why?

First of all Chinese do accept dollars because they work with american companies and get paid in dollars as well and they are fine with it because they know america will pay their debt one way or another there is nothing that will stop them, however america printing whatever amount they want causes a bit of a problem, china has 2 trillion dollars debt they need to collect from usa but usa could print that and be fine with it anyway, it is a problem yet they still accept it.

Bitcoin as well because bitcoin is not tied to any nation and miners can do whatever they want but anyone with more money could destroy miners power very easily if they want to, look at grayscale and their power and grayscale is nowhere near JP Morgan or morgan stanlay levels.

[DrBeer]

A state system where everyone is equal, there are no poor or rich, everyone is happy and completely satisfied - UTOPIA.
You can take an infinite number of arguments, but one simple argument is enough: all people are different, they have different needs, different tastes, different cravings for consumption! Therefore, society will always be divided into 3 parts:
poor, middle class, rich. And the question is not that there are LOTS of rich and they should be forced to share with the POOR. The question is to increase the middle class.
Communism - ideology, justice reigns, there is no money, full prosperity and an absolutely conscious society - nonsense intended to manipulate the lumpenized community in the USSR. This is from the area "while you marvel in shit, and soon we will build communism and you will live in gold. But it is important now to shut your mouths, come to terms with the fact that you are treated like cattle, and be silent! We have communism on the horizon" ... .If these unfortunate people taught geography, they would understand that the horizon is an IMAGINARY border

[coolcoinz]

You think that if there are 5 mining pools it means bitcoin is centralized, but it's not. You could as well say that nuclear superpowers are controlling the wold because if you were to add together the power of China, Russia, the US and India, the rest of the world wouldn't be able to stop them, but that's exactly the point. They will never work together to take over the world, just as mining pools will not try to take over bitcoin and launch a 51% attack. You're talking from the perspective of the little guy who cannot control the world around him and therefore feels powerless and abused. Believe me, you are in control.

[wxa7115]

A state system where everyone is equal, there are no poor or rich, everyone is happy and completely satisfied - UTOPIA.
You can take an infinite number of arguments, but one simple argument is enough: all people are different, they have different needs, different tastes, different cravings for consumption! Therefore, society will always be divided into 3 parts:
poor, middle class, rich. And the question is not that there are LOTS of rich and they should be forced to share with the POOR. The question is to increase the middle class.
Communism - ideology, justice reigns, there is no money, full prosperity and an absolutely conscious society - nonsense intended to manipulate the lumpenized community in the USSR. This is from the area "while you marvel in shit, and soon we will build communism and you will live in gold. But it is important now to shut your mouths, come to terms with the fact that you are treated like cattle, and be silent! We have communism on the horizon" ... .If these unfortunate people taught geography, they would understand that the horizon is an IMAGINARY border

That is the thing, for all the criticism that capitalism receives the truth is that we have made great progress during the last decades and there are less poor all around the world, but it seems people want to live in an Utopia and that is not possible, there is always going to be those that have more and those that have less.

And then in order to correct this problem people decide to enact communism, or similar economic systems, that makes most people equal but not by rising their living standards but by decreasing them to the point many of those same people lament the fact capitalism is no longer in place but by the time they realize this it is too late.

[Obito]

You think that if there are 5 mining pools it means bitcoin is centralized, but it's not. You could as well say that nuclear superpowers are controlling the wold because if you were to add together the power of China, Russia, the US and India, the rest of the world wouldn't be able to stop them, but that's exactly the point. They will never work together to take over the world, just as mining pools will not try to take over bitcoin and launch a 51% attack. You're talking from the perspective of the little guy who cannot control the world around him and therefore feels powerless and abused. Believe me, you are in control.

Good analogy but a little nudging on agreements on what they will get from it is a possibility of them working together, a merge is going to be a possibility, the only thing that needs to happen is that all the heads of this organizations are willing to work with each other. There are other ways this organizations can work without combining their forces, remember that this people are the ones behind the curtains, who says that they are not working together for a long time now.