How can Bitcoin be a society changer with current distribution of wealth?

[General_A]

So today I was looking at coin distribution on BitRex beta. If you haven't done so yet then I would recommend taking a look (https://beta.bittrex.com/Market/Index?MarketName=BTC-XPY --takes you to Paycoins for example). In every single one I checked the distribution was like this:




Bitcoins distribution currently looks like this:



Before I continue I must say I do understand that lots of these address will not be in use, and many will be multiple addresses for one person. But I am going to try and work out wealth distribution off this data. First of all I will excluded wallets in 0-0.001 range. Which leaves 1,643,642 wallets. The top 98 wallets contain 19.66% of all the BitCoins currently in existence. That's a staggering 0.0059% of the BitCoin community that own 19.66% of all the wealth.

Now to include the 1000-10000 range. This range brings the number of wallets into existence to 1543 and the wealth held up to 43.89%. But even this staggering amount of BTC wealth is held by only 0.093% of the community.  

At 100-1000 the number of wallets stands at 15,356 and a combined wealth of 67.64%. Here the wealth is held by 0.93%. < The top 1%. Now below I have inserted a table from Thomas Pickety: Capital for the 21 century, which has rough Wealth Distributions across the globe. This data is not perfectly accurate but gives you a rough idea.



Call modern day social systems what you want, and even at those quite frankly shocking levels of parity, there is still a much more fair distribution of wealth from 'capitialism' than from Bitcoin (35% at the top 1% vs 67.64% for BTC).

Lets continue at 10-100 the number of wallets stands at 115,281 and a combined wealth of 94.49%. This staggering wealth is owned by just 7.11% of the Bitcoin world.

So I ask you all this, with such concentrations of wealth comes massive power. If the system was to ever change to a one backed by cryptocurrency, then how can this minorities monopoly over the money supply be a good thing?  Do you think this is in anyway fair and if we were to create a new currency with fairness at heart then what would be the ideal way to distribute?

I personally don't see how BitCoin can revolutionise the currency scene anytime soon. To me its just new monopolies with new faces, but no real fundamental change. That's not to say I don't think BitCoin is revolutionary, or something quite spectacular, as I do. But I struggle to see how cryptos in this format really stand to change society for the better.

[Crypty3]

I am surprised this has got less attention. I have never thought of any of this before. I think for cryptocurrencys to be a game changer than wealth distribution does need to be addressed.

[Elwar]

Only guns and violence can distribute wealth equally, a currency does not choose winners and losers.

Want to distribute wealth equally? Buy now while the price is low. Give it away when you are rich.

[Elwar]

I am surprised this has got less attention.

We get some socialist on here about once a month bringing up their insanity. For them I say...Bitcoin is not for you. Stick with your notes.

[Crypty3]

I am surprised this has got less attention.

We get some socialist on here about once a month bringing up their insanity. For them I say...Bitcoin is not for you. Stick with your notes.

http://media.coindesk.com/2014/02/Screen-Shot-2014-02-14-at-2.38.44-PM.png

Attack this:

At 100-1000 the number of wallets stands at 15,356 and a combined wealth of 67.64%. Here the wealth is held by 0.93%. < The top 1%. Now below I have inserted a table from Thomas Pickety: Capital for the 21 century, which has rough Wealth Distributions across the globe. This data is not perfectly accurate but gives you a rough idea.

Call modern day social systems what you want, and even at those quite frankly shocking levels of parity, there is still a much more fair distribution of wealth from 'capitialism' than from Bitcoin (35% at the top 1% vs 67.64% for BTC).

How can you buy into a system where you know the cards are stacked against you? Not to say they're not in the current system. But in BTC their is more wealth inequality then societies with a monarch. How is this system going to help society advance? 

[Crypty3]

https://c2.staticflickr.com/6/5083/5371631857_303a5779fb.jpg

Only guns and violence can distribute wealth equally, a currency does not choose winners and losers.

Want to distribute wealth equally? Buy now while the price is low. Give it away when you are rich.

Or maybe we can start with a system where everyone has an equal share, then whoever comes out on top obviously did so on personal merit, grit and determination.

[Elwar]

Only guns and violence can distribute wealth equally, a currency does not choose winners and losers.

Want to distribute wealth equally? Buy now while the price is low. Give it away when you are rich.

Or maybe we can start with a system where everyone has an equal share, then whoever comes out on top obviously did so on personal merit.

You had equal access to Bitcoins in 2009 as everyone who mined them. You have equal access to bitcoins right now at such a low price.

Or is it still too risky? Those that take the greatest risks gain the greatest rewards. Kudos to those who took risks in this realm.

You should be looking to the people with guns if you want wealth redistributed.

Are you buying right now? When 1 Bitcoin is enough to run a nation's economy will you be upset about people holding 10?

[Q7]

I would like to be a champion of equality in terms of wealth distribution but sadly there is no such thing in this world. The world that we live in, in reality rewards those that seek opportunities, took the risk, be early adopters, smart, innovative and like it or not that is how it goes. Nevertheless, rather than trying to focus on wealth distribution just concentrate on the technology and innovation and how we can use bitcoin to our advantage.

[Crypty3]

You had equal access to Bitcoins in 2009 as everyone who mined them. You have equal access to bitcoins right now at such a low price.

Or is it still too risky? Those that take the greatest risks gain the greatest rewards. Kudos to those who took risks in this realm.

You should be looking to the people with guns if you want wealth redistributed.

Are you buying right now? When 1 Bitcoin is enough to run a nation's economy will you be upset about people holding 10?

Your missing the original question. How it BTC going to rid the world from the plights of fiat money in its current form?

For example: lets presume you are correct and one BTC could run an entire economy. Then how could BTC be a better system with just 15,000 people owning 8,793,200 BTC. How is this going to improve society?

[Crypty3]

I would like to be a champion of equality in terms of wealth distribution but sadly there is no such thing in this world. The world that we live in, in reality rewards those that seek opportunities, took the risk, be early adopters, smart, innovative and like it or not that is how it goes. Nevertheless, rather than trying to focus on wealth distribution just concentrate on the technology and innovation and how we can use bitcoin to our advantage.

Is this honestly how we are going to sell BTC to society? People are looking for real change.

[crunchynut]

sorry to disappoint, but bitcoin is not the future. it's the 18th century all over again. wealth and means of production are accumulated in the hands of the few, while the average joes in this game are fed and feed themselves with semi-religious believes about how they too will end up on the sunny side if only their faith in bitcoin is strong enough. all driven by one force: good old-fashioned greed.

"the creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which."

[Elwar]

For example: lets presume you are correct and one BTC could run an entire economy. Then how could BTC be a better system with just 15,000 people owning 8,793,200 BTC. How is this going to improve society?

Because Bitcoin is not controlled by a central entity that gets to award those closest to that central entity and punishes those furthest away from that central entity.

We are all on equal footing with equal access to Bitcoin. If you are not buying bitcoins right now, you have nothing to complain about. If you thought it was too risky the first time you heard about it and did not buy, you have nothing to complain about. If you have not been involved in your world that includes Bitcoin and just skate through life hoping for something better but not doing anything about it, you have nothing to complain about.

Those that work and take risk are being rewarded. Those people are improving society. Enjoy your diminished wealth if you are not one of them.

[Elwar]

I would like to be a champion of equality in terms of wealth distribution but sadly there is no such thing in this world. The world that we live in, in reality rewards those that seek opportunities, took the risk, be early adopters, smart, innovative and like it or not that is how it goes. Nevertheless, rather than trying to focus on wealth distribution just concentrate on the technology and innovation and how we can use bitcoin to our advantage.

Is this honestly how we are going to sell BTC to society? People are looking for real change.

I am not trying to sell BTC to society. Society is what got us here in the first place.

Bitcoin is for me. It makes my life easier. If this is not true for you, do not use it. Enjoy your notes.

[turvarya]

If we would give 1 Bitcoin to every person on earth, it would look the same in a year.
Most people would just sell it and a few people would see the potential and buy everything up, they can get.

Some people in here, know that I am a socialist. I don't believe in a completely free market. But even I, think you are delusional.

[crunchynut]

we are all on equal footing with equal access to factories and land. if you are not buying your own factory right now, you have nothing to complain about.

[Elwar]

Commy coin! The coin where everyone gets an equal share no matter what and the only way to come out on top is through personal merit or shady corrupt skills!

Freicoin is a commy coin. It loses value the longer you hold it. OP would probably love it.

[Elwar]

we are all on equal footing with equal access to factories and land.

This, those that actually produce will reap the rewards. Stay a cog in the wheel and let those that innovate move the world forward.

[Elwar]

LOL look at this guy. he buy a bitcoin expecting to become more rich and think he is improving society.

I do not buy bitcoin expecting to become rich.

I transfer my wealth from a bad currency to a good one.

Those who do not see it should stick with their notes. They deserve them.

[turvarya]

People should just stop trying to see something in Bitcoin, which is not there.
There are some things, Bitcoin can do for poor people.
- Poor people are those, who pay the highest fees. With Bitcoin everybody pays the same(small) fees.
- A bank can freeze your account. If you don't have the money to pay a lawyer, there is not much you can do about it. Nobody can freeze your Bitocoin.
- A country can increase inflation by printing money. Most of the time the rich are better informed about it and they have a lot of their money in assets anyways. It's the poor, who get hit by that, not so with Bitcoin.

So, Bitcoin is already doing a lot for the poor, if they are able to use it and stop  whining about, that it didn't make them rich.

[Elwar]

The OP is a non sequitur anyhow. How can X help society by redistributing wealth?

Redistribution of wealth does not help society.

QED