85 people now own 50% of world's wealth - page 2.

teukon

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Quote from: Xav on January 22, 2014, 04:56:50 AM

If wealth-distribution is a major problem then are we making any progress toward a solution by Bitcoin? Let's face it, geeks and daredevils (speculators c.s.) are not the most emphatic sort of people, are they, yet they are the big owners of Bitcoin. They either suffer from a lack of social skills or from an overdose of testosterone (causing more risk taking). Take for instance the Winklevoss brothers ... (fill in the dots) ... 'our' new banksters? Let's hope, I'm mistaken, and I'll burn a candle for the exceptions like guru Andreas Antonopoulos.

I believe so. The distribution of wealth across a group is not so much a problem as it 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. Banksters would only have power in Bitcoin proportional to their ability to trick others into giving them power and money, i.e. they could be nothing more than scammers. Perhaps some measure of "wealth-gap" will decrease, perhaps it will increase, but either way, I believe it will be a change for the better.

topshot

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Bitcoin will probably reset the button for a lot of people and their wealth, but I also think that it will not necessarily change the wealth of the rich. They aren't rich without reason. They or their families and generations have made smart choices. I think everyone that 'has not' likes to think those that 'have' stole it somehow. It's easy to villain-ize people especially if you are envious. It doesn't necessarily make it unfair. It's just that you don't have it and you want it.

Here's an idea... If you want to have 10% of the worlds wealth, why don't you setup a plan for 10 generations of your family and start taking the steps that will work towards getting that wealth generations down the line. That's what some of these super wealthy families have done and that's why they are where they are at now.

Xav

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If wealth-distribution is a major problem then are we making any progress toward a solution by Bitcoin? Let's face it, geeks and daredevils (speculators c.s.) are not the most emphatic sort of people, are they, yet they are the big owners of Bitcoin. They either suffer from a lack of social skills or from an overdose of testosterone (causing more risk taking). Take for instance the Winklevoss brothers ... (fill in the dots) ... 'our' new banksters? Let's hope, I'm mistaken, and I'll burn a candle for the exceptions like guru Andreas Antonopoulos.

johnyj

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Beyond Imagination

And they acquire those wealth by almost doing nothing

Since all the money printed out originally belongs to Federal Reserve Banks, they own every penny of those money. Of course those money do not present all the wealth of the nation, but through QE, they purchased many assets amid the crisis. Even the value of dollar crashed later, they have already gained the ownership of those assets

Johnny Bitcoinseed

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Johnny Bitcoinseed

Yes, what is "wealth'?

I'd say it is "quality of life".

lnternet

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Doesn't the bottom x% of the world have negative wealth Cheesy

Maybe even bottom 50% together.

Surely depends on the measure of wealth.

aminorex

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Sine secretum non libertas

Quote from: ?? on ??

Quote from: Jungian on January 21, 2014, 01:48:48 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 U.S. gives out more than $20 billion every year in foreign aid every year, more than twice the value of all the bitcoins in existence. Handing out bitcoins will have no effect.

Handing out bitcoins worth a 50kUSD each would certainly change things quite a bit, as entrepreneurs sought to offer services desired by the newly created consumer class. Those $20 bn mostly go into the hands of kleptocrats, tyrants, profiteers, often encumbered. If they were used effectively, as would personal wealth be, the picture would be very different.

Economies are great tools for self-improvement. Create an economy and you create a lot of opportunity. Can't solve all problems, but can certainly ameliorate a very large number of very severe problems.

aminorex

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Quote from: jonanon on January 21, 2014, 06:03:45 PM

Quote from: Jungian on January 21, 2014, 01:48:48 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........

You don't need a computer to store your bitcoin, because it lives in the blockchain. A brain wallet will suffice. Even if they did need a computer, it's a lot easier, cheaper, to provide everyone with a computer (which is essentially a tiny bit of sand, after all, perhaps with a miniscule amount of some metals) than to provide them with potable water for life. And it is almost certainly better to equip them to get their own damn water than to provide it to them anyhow.

jonanon

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Quote from: Jungian on January 21, 2014, 01:48:48 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........

DieJohnny

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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.....

notme

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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.

Also, the article had a major correction. It turns out that, "the 85 richest people own about 0.7% of the world's wealth, which is the same as the bottom half of the population."

Damn. For a second there, I thought maybe we could kill 85 people and double everyone else's standard of living. Roll Eyes

Dr Bloggood

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Quote from: pungopete468 on January 21, 2014, 01:41:30 AM

Quote from: GigaCoin on January 21, 2014, 01:22:23 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

It will need to be much higher than 1 million to even come close to what you would call "winning" this.

$1 million per BTC with 13 million coins would account for about 1.5% GDP.

I wouldn't call 1.5% of the score winning the match...

Where did you get that idea from?

1 million x 13 million = 13 trillions

World GDP is 75 trillion or so. So 13 trillions out of 75 trillions are roughly 17,3% (of the world GDP).

I have no idea why we are calculating the GDP and not the monetary base (which would make a lot more sense), but anyways, it's almost the same number.

mgio

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Quote from: aminorex on January 21, 2014, 02:10:08 AM

Quote from: jl2012 on January 21, 2014, 01:50:02 AM

The original title is "85 richest people own as much as bottom half of population"

And you say "85 people now own 50% of world's wealth"

Any problem with your reading comprehension? Roll Eyes

Nice catch. I hadn't even noticed that. Could use less snark.

This was actually misquoted on the radio this morning too.

The DJ said that the richest 85 people own 50% of the worlds wealth. That didn't seem right to him, or to me. Happy to know that he was mistaken.

toomsie

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There are two kind of mega rich. Those who use the power of government for rent seeking, and those who get rich by pleasing customers and create jobs. More taxes will only please the government rent seeking corperations.

teukon

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Quote

President Obama recently called the expanding gap between rich and poor a bigger threat to the U.S. economy than the budget deficit.

HairyMaclairy

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Degenerate bull hatter & Bitcoin monotheist

Quote from: aminorex on January 21, 2014, 03:01:05 AM

Quote from: HairyMaclairy on January 21, 2014, 02:38:38 AM

I am quite comfortable in predicting the top 85 bitcoin holders hold more than the bottom 50% of bitcoin holders.

Ah, but it is mostly a very different group of 85. That will help the global Gini co-efficient a lot.

Good point. I would be surprised if there was any overlap at all at this stage.

aminorex

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Sine secretum non libertas

Quote from: HairyMaclairy on January 21, 2014, 02:38:38 AM

I am quite comfortable in predicting the top 85 bitcoin holders hold more than the bottom 50% of bitcoin holders.

Ah, but it is mostly a very different group of 85. That will help the global Gini co-efficient a lot.

Lethn

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Quote

Falling taxes for the rich and increased use of tax havens have helped widen income inequality, Oxfam said.

lol

Yeah, they don't talk about how much the middle class are getting screwed over do they?

HairyMaclairy

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Degenerate bull hatter & Bitcoin monotheist

I am quite comfortable in predicting the top 85 bitcoin holders hold more than the bottom 50% of bitcoin holders.

BitChick

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Quote from: Jungian on January 21, 2014, 02:24:42 AM

Quote from: BitChick on January 21, 2014, 02:21:34 AM

So in a few years with the 85 people that hold 50% of the world's wealth change from those that hold it in fiat now to those that hold it in BTC? That is the question I guess?

1) They don't hold 50% of the worlds wealth

2) Why do you think they hold it in fiat? They might measure the value of it in fiat, but that is not what they hold

Ok. It doesn't have to be 85. It doesn't need to be specifically "fiat." Let me rephrase the question.

Will those that hold the vast majority of "wealth" change to those that hold it in BTC?

Topic: 85 people now own 50% of world's wealth - page 2. (Read 5185 times)