85 people now own 50% of world's wealth

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Quote from: BitchicksHusband on January 22, 2014, 02:32:15 PM

ITT: More reporters and posters that don't understand the universality of the Pareto Principle.

https://en.wikipedia.org/wiki/Pareto_principle

I was just about to post the same thing, but thought to check someone hadn't achieved frost piss. ;-)

I think it need elucidating to some though: Pareto said something along the lines that 80% of his garden peas came from 20% of the pods. Juran noticed 80% of the wealth was owned by 20% of the population.

Now, you can extend that: of that 20% likewise 20% of those people hold 80% of that wealth too, and similarly in that group too 20% holds 80% of the wealth. Now you reach a limit as humans are countable.

i.e. it's a simple power law distribution applied to integers.

So, when you read 85 people own 50% of the world's wealth it is nothing more than fun with statistics time.

Adrian-x

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Quote from: dissident on January 26, 2014, 10:33:12 PM

Quote from: DieJohnny on January 21, 2014, 06:10:27 PM

In 10 years if bitcoin takes over the world it will be "85 people now own 50% of Bitcions"

Oh wait you can say that today already.....

I'm glad someone had the guts to say it before me. Everything that has been said about the 85 people here could be said about the top 2% bitcoin holders, and the situation is the same with crypto currencies. Be honest with your intentions when you are sitting on a pile of coin hoping for it to shoot to the moon!

Owning 50% of something small like Bitcoin is not comparable with owning more wealth than half the world's population.

Also consider what ever wealth Bitcoin represents is backed only by what people who want to use it are willing to part with for it.

i.e. Bitcoins value is voluntarily given, where as the fiat money makers just target to take value away, between 2 or 3% of the poorest people's value every year.

There is a theory of Law of large numbers and the Central limit theorem which suggest wealth and Bitcoin will never be equally distributed. Bitcoin will increase in value and crash over and over until this equilibrium is reached.

Bitcoin may look similar to current wealth distribution but it doesn't represent even 0.00001% of the world's wealth. It can only grow as a result of distribution moving to resembling a normal distribution curve.

The big holder's know this it's not about having all the Bitcoin's it's about creating the most wealth in Bitcoin. The wealth won't materialize if the distribution isn't optimal. And just so you know it won't look anything like the 99% - 1% of today's distribution.

dissident

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Quote from: DieJohnny on January 21, 2014, 06:10:27 PM

In 10 years if bitcoin takes over the world it will be "85 people now own 50% of Bitcions"

Oh wait you can say that today already.....

I'm glad someone had the guts to say it before me. Everything that has been said about the 85 people here could be said about the top 2% bitcoin holders, and the situation is the same with crypto currencies. Be honest with your intentions when you are sitting on a pile of coin hoping for it to shoot to the moon!

Adrian-x

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Quote from: travel-trousers on January 25, 2014, 06:14:11 PM

These 85 people could lose half their money and not even notice....

They don't use money to quantify there wealth. Redistribution of there wealth would disrupt the homeostasis to the system with a resulting power struggle and war. They need to rethink there role as the homeostasis is being disrupted by there existence.

travel-trousers

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These 85 people could lose half their money and not even notice....

GigaCoin

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Giga

Quote from: Kaiji on January 25, 2014, 08:02:37 AM

1.What sort of businesses, stocks etc. are the 85 involved in? I don't want specific company names just the type of trades.

2.How did they accumulate so much money during a period of bad economic environment?

I noticed something was up this past year when I read that luxury cars have increased in sales while other industries are struggling. At first I thought is was because of the new millionaires in china but their economy hasn't been good lately.

Yep its true, I've read articles on how high end markets are booming since the past 5 years, you look around you and you see standards of living are plummeting with cost of living skyrocketing. Yet supercars, yatchs, high end jewelry , mansions, designer fashion, premium butler services, and other elite luxury items and services are at high demand and companies within the luxury industry are doing pretty well.

There is no doubt that the wealthy have been getting richer in the past decade and middle class and poor poorer. Not because of freemarkets but the exact opposite.

Adrian-x

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Quote from: Kaiji on January 25, 2014, 08:02:37 AM

1.What sort of businesses, stocks etc. are the 85 involved in? I don't want specific company names just the type of trades.

2.How did they accumulate so much money during a period of bad economic environment?

I noticed something was up this past year when I read that luxury cars have increased in sales while other industries are struggling. At first I thought is was because of the new millionaires in china but their economy hasn't been good lately.

It has been going on since Feudalism took hold, there was a big shake up and reversal during the enlightenment and the industrial revolution. We have been moving backwards over the last100 years to get to this point of absurdity.

Lots of education to do to find out how it was done but ultimately you need to be in the business of creating money and Propaganda. Another Swiss report had over 60% of wealth generating assets being owned by less than 50 entities.

practicaldreamer

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Quote from: Kaiji on January 25, 2014, 08:02:37 AM

1.What sort of businesses, stocks etc. are the 85 involved in? I don't want specific company names just the type of trades.

2.How did they accumulate so much money during a period of bad economic environment?

I'm not sure exactly - its almost impossible to find out who owns what on a modern stock exchange for example, the owners being carefully and deliberately hidden from view via holding companies and so on - but you can guarantee that oil will have played a big part somewhere along the line. Thats my guess anyhow.

Kaiji

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Hoist the Colours

1.What sort of businesses, stocks etc. are the 85 involved in? I don't want specific company names just the type of trades.

2.How did they accumulate so much money during a period of bad economic environment?

I noticed something was up this past year when I read that luxury cars have increased in sales while other industries are struggling. At first I thought is was because of the new millionaires in china but their economy hasn't been good lately.

Xav

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3.5 billion people that's 3,500,000,000. This typical American number is very confusing for non-americans, like myself. I always have to think twice before I figure the correct amount of zeroes. Just saying.
Anyway, the best graph I ever saw on this board was this:

http://bitcoinexaminer.org/wp-content/uploads/2014/01/Who-owns-all-the-bitcoins-1-700x1024.png

Adrian-x

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Quote from: GigaCoin on January 21, 2014, 02:22:23 AM

The wealth grab continues

http://www.latimes.com/business/money/la-fi-mo-oxfam-world-economic-forum-income-inequality-20140120,0,7080817.story

Oxfam and other bullshit charities are calling for higher taxes on the rich, however that will only help government get bigger and more corrupt.

Our chance to win against this is for Bitcoin to hit $1Million per BTC

This is the wrong reaction but right solution to the problem.
This gift from Oxfam shows that 85 people who own as much wealth as 3,500,000,000 people are not responsible stewards, it isn’t farfetched to assume they haven’t generated there wealth by being productive in society through mutual beneficial actions but have instead constructed a lawful way to siphon wealth to the top.

I wonder how many of the 85 are members of the Council on Foreign Relations?

The problem is Fractional Reserve Banking backed by Central Banks, they increase the money supply at the expense of wellbeing of Billions of people at the bottom of the pyramid.

Quote from: Henry Ford

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

BitChick

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Quote from: jonanon on January 21, 2014, 07:03:45 PM

Quote from: Jungian on January 21, 2014, 02:48:48 AM

Quote from: ?? on ??

Bitcoin will not change anything. The poorest people in the world own no bitcoins, so it doesn't really matter what the value is.

They don't own any bitcoins at the moment, but that can change.

The poorest people in the world don't even have clean water, let alone access to a computer to store Bitcoin........

But if we, that hold some Bitcoin out of compassion go to these places to give them a chance at clean water and other basic necessities as well as education and so on we can start changing things for the better. Maybe I am a bit naive or a "dreamer" but I am already in the works of planning a trip with a group called Harvest India this fall and one goal will be bringing some clean water by putting a water well (or several if enough funds are raised) in these villages and also supporting the education that is taking place there. I am even thinking about introducing the founder of the organization to Bitcoin. It does not seem that India has been too friendly with the adoption of it but it would be great to have a better way to send funds there if possible and they are doing so many great things there.

TheIrishman

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The 85 Richest People In The World Have As Much Wealth As The 3.5 Billion Poorest

http://www.forbes.com/sites/laurashin/2014/01/23/the-85-richest-people-in-the-world-have-as-much-wealth-as-the-3-5-billion-poorest/

<< As the World Economic Forum begins in Davos, Switzerland, Oxfam International has released a new report called, "Working for the Few", that contains some startling statistics on what it calls the "growing tide of inequality". >>

Xav

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Go tell the women that we are leaving

practicaldreamer

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Quote from: BitchicksHusband on January 22, 2014, 02:32:15 PM

ITT: More reporters and posters that don't understand the universality of the Pareto Principle.

https://en.wikipedia.org/wiki/Pareto_principle

Yes, maybe you are right - but by the same token a lot of posters don't seem to understand the significance of moral agency Roll Eyes

.

http://en.wikipedia.org/wiki/Moral_agency

Quote from: teukon on January 22, 2014, 08:26:25 AM

The distribution of wealth across a group ...... is indicative of the underlying power structure within that group. Bitcoin takes some power from banks and gives it to individuals in a way which I perceive to be, on net, a boon to humanity.... I believe it will be a change for the better.

Yes, agreed - and I'm hoping so too. Wink

BitchicksHusband

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ITT: More reporters and posters that don't understand the universality of the Pareto Principle.

https://en.wikipedia.org/wiki/Pareto_principle

tsoPANos

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In math we trust.

Well this is the price of our global economy system.
Just deal with it.

Bitcoin Fiction

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Quote from: wobber on January 22, 2014, 10:00:47 AM

Quote from: johnyj on January 22, 2014, 09:57:45 AM

Quote from: topshot on January 22, 2014, 07:52:28 AM

They aren't rich without reason. They or their families and generations have made smart choices.

This is typically a scammer want you to believe. They are just much smarter in scamming you to work for them

I agree, but it's not exactly scamming. You work because you need to. Millions of people would like to work for somebody at this point.

Anyway, I just turned communist.

lol, communism is one big scam too. But this time you're scammed by the government and not by the "business man". One way or another there always will be a scam. And I can't even call it a scam, if you're smart enough to scam people and not get caught or even noticed - good for you.

wobber

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Quote from: johnyj on January 22, 2014, 09:57:45 AM

Quote from: topshot on January 22, 2014, 07:52:28 AM

They aren't rich without reason. They or their families and generations have made smart choices.

This is typically a scammer want you to believe. They are just much smarter in scamming you to work for them

I agree, but it's not exactly scamming. You work because you need to. Millions of people would like to work for somebody at this point.

Anyway, I just turned communist.

johnyj

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Beyond Imagination

Quote from: topshot on January 22, 2014, 07:52:28 AM

They aren't rich without reason. They or their families and generations have made smart choices.

This is typically a scammer want you to believe. They are just much smarter in scamming you to work for them

Topic: 85 people now own 50% of world's wealth (Read 5159 times)