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Author Topic: Does Bitcoin Cater to the Rich?  (Read 2081 times)
BitJammin
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December 23, 2011, 01:13:57 AM
 #1

Here is a worry I have should Bitcoin ever become widely adopted:

Wealthier people have access to computers and have the education needed to navigate them successfully and easily.  The same cannot be said for many poor people either because they lack easy access to computers/cell phones or do not have the technical skill required to operate them to the point where they can navigate a search engine easily, let alone becoming involved with Bitcoin.

Isn't it likely that Bitcoin, a currency that literally depends upon this technology, will only marginalize the poor further?

Must say though, I do have a computer and a cell phone, and this currency is pretty friggin' awesome.

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December 23, 2011, 01:18:51 AM
 #2

Actually, cell phones are the great equalizer:
 - http://businesstoday.intoday.in/story/innovation-m-pesa/1/20189.html

They don't use m-pesa as a store of value.  But they could use bitcoins as a store of value (though there is a lot of volatility with bitcoin yet).  Either way, fees to the carrier suck out a chunk of each m-pesa transaction.  Bitcoin fees are trivially small in comparison, once you already have converted from fiat.
 
Bitcoins can be used by mobile users, both businesses and customers.

BitJammin
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December 23, 2011, 02:47:27 AM
 #3

Actually, cell phones are the great equalizer:
 - http://businesstoday.intoday.in/story/innovation-m-pesa/1/20189.html

Bitcoins can be used by mobile users, both businesses and customers.

Gee, that's interesting...

And the technical skill requirements?  I have an older relative who has been using computers for 20 years and can't manage text messaging.
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December 23, 2011, 03:28:32 AM
 #4

Actually, cell phones are the great equalizer:
 - http://businesstoday.intoday.in/story/innovation-m-pesa/1/20189.html

Bitcoins can be used by mobile users, both businesses and customers.

Gee, that's interesting...

And the technical skill requirements?  I have an older relative who has been using computers for 20 years and can't manage text messaging.

They likely will be dead before Bitcoin goes mainstream.  I am only half kidding.  Bitcoin is so small that even with rapid growth it could take a decade or two before it becomes as common place as say twitter.
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December 23, 2011, 03:54:07 AM
 #5

I'm poor as hell.

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BitJammin
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December 23, 2011, 03:55:03 AM
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I'm poor as hell.

Lol
P4man
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December 23, 2011, 10:02:53 AM
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You have obviously never worked in IT or with the "1%" (snark).  The more degrees they have the more incompetent. 

This. If there is a correlation between wealth and basic computer skills, its probably the inverse of what the OP thinks.

BitJammin
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December 23, 2011, 10:10:37 AM
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You have obviously never worked in IT or with the "1%" (snark).  The more degrees they have the more incompetent. 

This. If there is a correlation between wealth and basic computer skills, its probably the inverse of what the OP thinks.

What color skin?
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December 27, 2011, 10:49:39 PM
 #9

If BTC cannot be used by everyone (and I mean everyone that is able to open a door and, subsequently, drive a car), BTC won't be the major success. The Rich are neither the enemy nor the problem.

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December 27, 2011, 11:39:24 PM
 #10

They likely will be dead before Bitcoin goes mainstream.  I am only half kidding.  Bitcoin is so small that even with rapid growth it could take a decade or two before it becomes as common place as say twitter.

I'm more optimistic. I believe the great financial motivation that Bitcoin provides to early adopters will motivate them to kickstart its infrastructure and applications in a much more rapid way than twitter.

Suppose you're the 100th Twitter user ever. You may or may not have an idea of its vision, but even if you do, it doesn't offer you a great benefit right now because ... well ... none of your friends are using it yet.

If you're the 100th Bitcoin user, and you understand it, then you understand why it's so much better than what was before Bitcoin, and (IMO) believe it will be very popular in say 20-30 years. So you become an early adopter, hoard some coins, talk about it, encourage your friends & family to join...

Bitcoin users have some (maybe huge) benefit from it even before it reaches mass adoption, unlike Twitter.

I think that this Early Adopter Motivation factor can bring about a massive Bitcoin adoption within five years (give or take).

True, there is a lot of existing infrastructure and competition to replace that won't just die without a fight, and legislation will be a bitch. But I'm an optimistic kind of guy.
We'll just have to wait and see.

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December 27, 2011, 11:44:32 PM
 #11

Right now, fiat money favors the rich... just having bitcoin as backing would make a huge positive difference.

If you're not rich, you probably earn a wage or a salary.  Your wage or salary is denominated in dollars.  Each time the Fed prints more money, you just got a pay cut, and you can't even see it directly.  Regardless, the price of goods and services goes up, but your wage or salary stays the same.  You, as a working person, have just invisibly borne the cost of whatever that printed money went to pay for (bombs, missiles, golden toilet seat, whatever).  I wonder what Obama needs another $1.2 trillion for, but of course, all of us should have seen this coming.

Meanwhile, rich people own assets, and those assets have their own value that floats independently of the dollar.


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December 28, 2011, 01:41:07 AM
 #12

Actually, cell phones are the great equalizer:
 - http://businesstoday.intoday.in/story/innovation-m-pesa/1/20189.html

Bitcoins can be used by mobile users, both businesses and customers.

Gee, that's interesting...

And the technical skill requirements?  I have an older relative who has been using computers for 20 years and can't manage text messaging.

They likely will be dead before Bitcoin goes mainstream.  I am only half kidding.  Bitcoin is so small that even with rapid growth it could take a decade or two before it becomes as common place as say twitter.

Actually, I'm betting on some of your older relatives outliving Bitcoin, although the fact one can still trade in Second Life properties does give Bitcoin some hope of continuing as a sideshow among enthusiasts.
NASDAQEnema
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December 28, 2011, 02:27:07 AM
 #13

Rich people are not wealthy. They are parasites.

Wealth = Talent * Resources
Power = Talent * Opportunity
Parasite = Resources * Opportunity

Resources do not implement themselves.
Opportunity comes and goes.
Only talent can be a source, a fountain of value.

Aside from all that, those who educate themselves have more knowledge than those who bought their education.
Count on it.

So no BTCs make class war less easy to get away with.

The problem is not how much someone makes but how much they take and break.

And the only way to beat them is to stop sabotaging ourselves by hating those who have more. The only thing that you get from that is people who can compete with abusers foolishly refusing to acquire the means to do so.

Stop romanticizing lack of assets. It only makes you unprepared and easy prey for abuse.

Those who do not abuse should be getting as much wealth and momentum as possible to block those who do abuse.

I'm sorry but if you think you can eat turkey at Thanksgiving with a spoon and no knife you're going to be disappointed.

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Peter.C
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December 28, 2011, 06:43:04 AM
 #14

I guess in a way it does. But not too many people do not have a TV or computer. And for those who cannot afford one they can always just use their local libraries. I also feel it apropriate to mention that internet is a basic right required for all citizens so the government will give them free, but not too good, internet connection.
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December 29, 2011, 12:07:00 AM
 #15

bitcoin in reality caters for the ugly side of society not rich or poor. it caters for the scammers, the loner with no girlfriend or friends, the computer hacker who lives in his mums basement at age 40, and everyother seedy part of society like people who like CP, drugs etc. It's not a pretty sight.
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December 29, 2011, 12:44:18 AM
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bitcoin in reality caters for the ugly side of society not rich or poor. it caters for the scammers, the loner with no girlfriend or friends, the computer hacker who lives in his mums basement at age 40, and everyother seedy part of society like people who like CP, drugs etc. It's not a pretty sight.


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Ron Gross


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December 29, 2011, 05:38:52 AM
 #17

It's usually the disinfranchised and desfunctional people who are the earliest adopters of new technologies and loopholes. it's only natural for those most deviant on fringes of society are the ones to exploit new holes in the system.

Recently a pedophile ring leader was caught with 40,000 bitcoins on a encrypted usb stick. So make of that what you will.

Link?
Was he forced to open the encrypted file?
How do people know what was in it?

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Gerald Davis


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December 29, 2011, 03:27:36 PM
 #18

It's usually the disinfranchised and desfunctional people who are the earliest adopters of new technologies and loopholes. it's only natural for those most deviant on fringes of society are the ones to exploit new holes in the system.

Recently a pedophile ring leader was caught with 40,000 bitcoins on a encrypted usb stick. So make of that what you will.

One you are full of shit.  Second as someone else said if the stick was encrypted how do you know what was on it.
Still in related news terrorists, drug dealers, war criminals, and dictators have been found with billions of USD.

Don't bother replying.  Obvious troll is obvious but not immune to ignore.
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December 29, 2011, 04:49:55 PM
 #19

To Richer or Poorer  Smiley

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December 30, 2011, 11:08:09 PM
 #20

i dont think so
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