Is Bitcoin Fair?

[From Above]

do u think Bitcoin culd be called fair?
~CfA~

Yes its fair, in fact one of the most fair currencies out there.. or i dont know what are you triying to say with "fair"

wrong its not 'fair', but thats why i love it to be honest.

http://www.businessinsider.com/927-people-own-half-of-the-bitcoins-2013-12
http://www.cryptocoinsnews.com/news/owns-bitcoins-infographic-wealth-distribution/2014/03/21

It turns out that the distribution of bitcoins among users is even more skewed than the distribution of traditional wealth across the globe. This is understandable, since bitcoin favours early adopters who either mined or purchased their coins a few years ago. Furthermore, the amount of bitcoins in circulation is capped at 21 million, which also helps create an unequal distribution of wealth. Interestingly, the FBI had the second largest known stash of bitcoins, a whopping 174,000 BTC from the Silk Road seizure.

BITCOIN is the best. Keep the rich rich and let dem Average Joe slaves hype up my riches.

~CfA~

[ARGpentem]

do u think Bitcoin culd be called fair?
~CfA~

obviously

[lynn_402]

do u think Bitcoin culd be called fair?
~CfA~

Yes.  Bitcoin is the coin with the best distribution, where the top 100 richest addresses hold less than 20% of all the coins (and that's including Satoshi's huge stash).

http://bitinfocharts.com/bitcoin/

Most altcoins are at about 50%, although it could be argued that, since they were released in a period were considerably more people are aware of cryptocurrencies, they may in a way be more fair.

[giveBTCpls]

No it isn't:

http://bitcoinrichlist.com/charts/bitcoin-distribution-by-address?atblock=305000

96.04% of addresses have shit nothing, few have even 1 BTC. It's a joke, it really solves shit nothing when it comes to equality. But it's always the same tho, whoever gets first makes the big gains, the rest of us just miss the boat and stay depressed for not being in the right moment at the right time. It is great tho, for trying to evade taxes, moving money around the world, recieving payments easy, and so on and so on (but for this I would use an anonymous coin like Monero, anyway).

[Momimaus]

no it is not.

worst distribution of all coins. Like most of minable coins.

That´s why we need a good POS coin. Maybe it will be NEM.

[cozk]

no it is not.

worst distribution of all coins. Like most of minable coins.

That´s why we need a good POS coin. Maybe it will be NEM.

Oh boy here we go again.

Not its not fair ''insert shitcoin'' is a lot better.

[El Dude]

no it is not.

worst distribution of all coins. Like most of minable coins.

That´s why we need a good POS coin. Maybe it will be NEM.

Oh boy here we go again.

Not its not fair ''insert shitcoin'' is a lot better.

It's always like that here

[Momimaus]

no it is not.

worst distribution of all coins. Like most of minable coins.

That´s why we need a good POS coin. Maybe it will be NEM.

Oh boy here we go again.

Not its not fair ''insert shitcoin'' is a lot better.

It's always like that here

No it´s always like, buy my shitcoin, cause I can mine it profitable at the moment.
So POW just fucking die.

I don´t care if it´s NXT, NEM, Qora or another good coin. But POW has to die.

[Malin Keshar]

Why put this in alternate cryptos discussion, not in the bitcoin discussion?


For me there is no thing like "fair", absolutely speaking, only more fair and less fair. That being said, bitcoin is the most fair currency than all others before it, in the sense no central authority can screw it(hyperinflation, money confiscation, and stuff like that), anyone can get it without strong regulations like gold, silver and stocks have, you have some privacy with more transparency too, and you can decide whether you want trust a 3th part to store your money, or if you want take full responsibility to your savings

[foodies123]

do u think Bitcoin culd be called fair?
~CfA~

this is a stupid question so I'll give you a stupid two-part answer:

1. Bitcoin is fair as it's a decentralized and trustless currency so it's as fair as can be.
2. The market is unfair to new commers.

[Brewins]

Its more fair than their fiat/gold/etc counterparts. For me is enough

[digitalindustry]

do u think Bitcoin culd be called fair?
~CfA~

obviously

obviously not -  better definition is "flawed" if you want to contest "flawed on purpose" then that's up to you

but it's not a scam, there is not real Po$ or (Proof of Scam) or more specifically it wasn't designed as a "trust us" type system.

[digitalindustry]

no it is not.

worst distribution of all coins. Like most of minable coins.

That´s why we need a good POS coin. Maybe it will be NEM.

Oh boy here we go again.

Not its not fair ''insert shitcoin'' is a lot better.

It's always like that here

[digitalindustry]

kids today.

[LeChatNoir]

It is not fairer then LTC, PPC, DOGE, DRK, NXT, Facebook, Twitter etc. etc. etc.

[Benjig]

Yes its fair, in fact one of the most fair currencies out there.. or i dont know what are you triying to say with "fair"

[From Above]

Yes its fair, in fact one of the most fair currencies out there.. or i dont know what are you triying to say with "fair"

wrong its not 'fair', but thats why i love it to be honest.

http://www.businessinsider.com/927-people-own-half-of-the-bitcoins-2013-12
http://www.cryptocoinsnews.com/news/owns-bitcoins-infographic-wealth-distribution/2014/03/21

It turns out that the distribution of bitcoins among users is even more skewed than the distribution of traditional wealth across the globe. This is understandable, since bitcoin favours early adopters who either mined or purchased their coins a few years ago. Furthermore, the amount of bitcoins in circulation is capped at 21 million, which also helps create an unequal distribution of wealth. Interestingly, the FBI had the second largest known stash of bitcoins, a whopping 174,000 BTC from the Silk Road seizure.

BITCOIN is the best. Keep the rich rich and let dem Average Joe slaves hype up my riches.

~CfA~

[counter]

Bitcoin is fair to me because it was for sale to everyone when the price was low.  Anybody paying attention had a chance to buy and hold but many didn't take the risk.  So to me in that sense it is fair.  But not everyone has access to the internet or were aware of it's existance.  So it that sense it is not so fair. 

[lynn_402]

Bitcoin is fair to me because it was for sale to everyone when the price was low.  Anybody paying attention had a chance to buy and hold but many didn't take the risk.  So to me in that sense it is fair.  But not everyone has access to the internet or were aware of it's existance.  So it that sense it is not so fair. 

The great thing is that, for those who deem that Bitcoin is not fair and yet are still interested in cryptocurrencies, they now have hundreds of them to choose from!

Altcoins are a great asset to the fairness of cryptocurrencies.

[counter]

I agree but the alt coins don't have the same community/ecosystem Bitcoin has.  Also it is hard to find a good coin in such a saturated market full of scams, clones and pump & dumps.  But I agree with you their is that potential none the less.