Topic: Bitcoin, Crypto, and the Power of the Few - page 2. (Read 318 times)
Power is not how many btc you hold. Power is that you can control it and send to other people withouth bank etc. This is free market. Bitcoin is not about philanthropy
BTC being concentrated in just a few people might seem like an issue, but it also backs up the volatile price of it by keeping a specific amount in circulation and prevent a severe drop from dumps. The fiat system with banks definitely needed to be updated or completely changed the control over own wealth wasn't possible through it.
There is a disproportionate distribution of wealth in fiat system and as well as in btc but at least we have control on our own wealth here.
There is a disproportionate distribution of wealth in fiat system and as well as in btc but at least we have control on our own wealth here.
Man, that thought sure is deep. Just reading your post or what you have said really made me think back a little and more seriously. Now, all I have in my mind are big questions like yours because clearly, your thoughts really made sense and is something no one should ignore or take for granted. But even so, I think what we can do for now is just to take advantage of the fact that we are here earlier than others that are still about to come. Because even when we find the answers for this questions, I think it will probably be still out of our hands. I think that the best we should do is focus more on things we can control rather than stress ourselves out with these kind of thoughts. - my opinion.
Exactly! We really don't know what could happen later, tomorrow or the next coming months, but why thinking seriously about the negative or the worst to happened right? If we can just enjoy what we are doing here right now then let us not stress out ourselves, just continue to contribute for the success of this.
Man, that thought sure is deep. Just reading your post or what you have said really made me think back a little and more seriously. Now, all I have in my mind are big questions like yours because clearly, your thoughts really made sense and is something no one should ignore or take for granted. But even so, I think what we can do for now is just to take advantage of the fact that we are here earlier than others that are still about to come. Because even when we find the answers for this questions, I think it will probably be still out of our hands. I think that the best we should do is focus more on things we can control rather than stress ourselves out with these kind of thoughts. - my opinion.
How could you "distribute the wealth" without having a censorship-centralized party that "distributes the wealth?" As you see, you are asking for communism, and last time I checked, Bitcoin never promised communism, but a set of solid rules, in which people, rich or not, must follow.
Just because you got a ton of BTC, doesn't mean you can raise the total coin supply for instance, but in the fiat world they can do that. The rich don't follow rules, in Bitcoin, the rich follow rules, same as the poor.
If you want more BTC, then go and get it.
And as far the price against fiat goes... it's irrelevant, long term, the supply is limited, fundamentals are strong, fiat not so much.
Just because you got a ton of BTC, doesn't mean you can raise the total coin supply for instance, but in the fiat world they can do that. The rich don't follow rules, in Bitcoin, the rich follow rules, same as the poor.
If you want more BTC, then go and get it.
And as far the price against fiat goes... it's irrelevant, long term, the supply is limited, fundamentals are strong, fiat not so much.
From what I can see, the majority of BTC wealth is concentrated in the hands of the few, the same goes for many altcoins. The other day I saw a post that one person owns all the GVT in circulation.
regarding bitcoin this is only true if proven with facts not guesses. and so far people love making guesses when it comes to bitcoin and who owns what.
additionally it is not about how much some people own it is about how they own that much. there are two different things here:
1. the premine that altcoins use (i am guessing GVT is one of them) where the developer simply starts the project with all the tokens or a great deal of them belonging to him.
2. the distribution model of bitcoin where if you invest your computing power in finding blocks you will get the block reward and that has been true from the very first block that was found and the very first block reward that was created.
you can not compare these two together. the first one is obviously is a big no no! so lets focus on the first one and on bitcoin.
when bitcoin came out nobody was preventing YOU from mining it with your PC's CPU. some people did take advantage, spend their time, electricity, and computing power and were rewarded for it.
when bitcoin came out (after a while anyways) you could buy it when it gained a value. you could for example pay $10 and own a very large amount of bitcoin (for example 1000BTC) and nobody was preventing YOU from doing it. some people did that and are now rewarded for it.
you can not blame others for believing in bitcoin and taking the risk and investing their time and money while YOU did not.
you are not the first one to bring this up either. every couple of months someone raises the same thing and they miss the fact that in near future they will also look back at people buying today and think it is unfair that they bought at $1000 but now they have to buy at $100000
all that aside, bitcoin's purpose was not distribution of wealth.
bitcoin's purpose was to have a system of payment, a currency, which would be decentralized so nobody can control it or censor it.
Look if you read the bitcoin whitepaper you will not find any mentions to give money back to the people, or distributing wealth in a more fair manner, or anything like that. Bitcoin is not really a social project, and if bitcoin gets adopted, rich people have more money, so they can buy more. The distribution will remain the same, that will not change.
Bitcoin sets itself as a new payment system. It's as simple as that!
This new system is better than the traditional one, because it removes the middle man, it has a limit cap supply, and it's decentralized. This alone, makes it more efficient than the current one, and stops banking for having the control over your finances through debt.
Bitcoin was not made for the poor to get rich, and the rich to lose their money. Bitcoin was created so that a better payment system exists in our world.
Bitcoin sets itself as a new payment system. It's as simple as that!
This new system is better than the traditional one, because it removes the middle man, it has a limit cap supply, and it's decentralized. This alone, makes it more efficient than the current one, and stops banking for having the control over your finances through debt.
Bitcoin was not made for the poor to get rich, and the rich to lose their money. Bitcoin was created so that a better payment system exists in our world.
The manipulation you speak of is no secret and I struggle to see how it is any different to the current market. I think the harsh reality of it is that in any system where the rich, educated and experienced can take advantage of the poor, less educated and less experienced for their own personal gain - then that will happen. Hopefully in time the market will grow to such a size where manipulation is much more difficult. One disadvantage crypto has over forex, stocks etc is that due to its decentralized nature it is near impossible to regulate manipulation and stop collusion.
Cryptocurrency can not have the functions of the main currency of the state. Greater volatility of bitcoin can never make such an economy predictable. Moreover, the economy of the state requires the constant intervention of the government and the support of some sectors that have been in poor condition. How can this be done in a decentralized environment? Lol. States will never give up Fiat.
That is actually the interesting thought. The possibility of the FIAT replacement with the cryptocurrencies will never happen because of the governments that are supporting their centralized assets. Crypto cannot replace something that has been built for the ages and that is the paper money, better said physical money.
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Many of the whales are supporting the progress of the cryptos towards the future implementations within the system of the certain countries. These whales are currently holding a vast amount of the coins( especially Bitcoin) and it is in their interest for Bitcoin to become supported by all. Other wealthy people that gain their wealth through other means will never allow the implementation and that is the fact. Their hard-earned corrupted money has come to them too hard for it to be replaced by other corrupted decentralized assets owned by other corrupted investors in the eyes of the crypto nonsupporters.
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Many of the whales are supporting the progress of the cryptos towards the future implementations within the system of the certain countries. These whales are currently holding a vast amount of the coins( especially Bitcoin) and it is in their interest for Bitcoin to become supported by all. Other wealthy people that gain their wealth through other means will never allow the implementation and that is the fact. Their hard-earned corrupted money has come to them too hard for it to be replaced by other corrupted decentralized assets owned by other corrupted investors in the eyes of the crypto nonsupporters.
I'm not sure if this topic has been raised here, but I wanted to discuss the landscape that we are in within the crypto world.
The way I understand it, part of the goal of crypto-currency is to give some power back to the people, power that banks and large financial institutions have wielded over the common folk for a long time. And make no mistake, this is a corrupt system we're talking about, as has been well documented over the years.
One of the larger complaints that we regularly hear about is the 1% or even the 0.1% - these are the powerful people that own the majority of the wealth in the world, and who are mostly vilified and abhorred by the less fortunate.
It's my understanding, that many crypto evangelists want to move away from this kind of world, but how is that shaping up so far?
From what I can see, the majority of BTC wealth is concentrated in the hands of the few, the same goes for many altcoins. The other day I saw a post that one person owns all the GVT in circulation.
So let's hypothetically say that crypto is a success, and we start to move away from fiat and eventually use cryptocurrency, that's great in the sense that power from banks has been removed (to some degree), but what about the problem of disproportionate wealth distribution? Aren't we just moving from one system of masters and serfs to the next?
Perhaps I'm barking up the wrong tree, maybe that isn't a goal or ideal of crypto to strive for, but I have seen people like Brock Pierce talking about creating a crypto utopia in Puerto Rico and it also makes me think - what kind of utopia are they thinking of? Because sure, it's utopia for them, but I don't know if the people who will be living there and serving them will think the same.
Part of the reason this comes to mind now is because of the blatant manipulation that I've seen in the markets and exchanges.
The last few days of charts for BTC look like an alt-coin pump-n-dump, and this has been going on for a while. So what is the end game? Suck in newbies, get them to spend some money, shake them out with a crash, shake them out with erratic pump-and-dump manipulation so that the few can continue to amass BTC - to what end?
Where will they be when they are the only ones holding crypto and everyone else either a) has been burned and won't touch crypto again or b) doesn't care to join in the dance?
What's the point?
The way I understand it, part of the goal of crypto-currency is to give some power back to the people, power that banks and large financial institutions have wielded over the common folk for a long time. And make no mistake, this is a corrupt system we're talking about, as has been well documented over the years.
One of the larger complaints that we regularly hear about is the 1% or even the 0.1% - these are the powerful people that own the majority of the wealth in the world, and who are mostly vilified and abhorred by the less fortunate.
It's my understanding, that many crypto evangelists want to move away from this kind of world, but how is that shaping up so far?
From what I can see, the majority of BTC wealth is concentrated in the hands of the few, the same goes for many altcoins. The other day I saw a post that one person owns all the GVT in circulation.
So let's hypothetically say that crypto is a success, and we start to move away from fiat and eventually use cryptocurrency, that's great in the sense that power from banks has been removed (to some degree), but what about the problem of disproportionate wealth distribution? Aren't we just moving from one system of masters and serfs to the next?
Perhaps I'm barking up the wrong tree, maybe that isn't a goal or ideal of crypto to strive for, but I have seen people like Brock Pierce talking about creating a crypto utopia in Puerto Rico and it also makes me think - what kind of utopia are they thinking of? Because sure, it's utopia for them, but I don't know if the people who will be living there and serving them will think the same.
Part of the reason this comes to mind now is because of the blatant manipulation that I've seen in the markets and exchanges.
The last few days of charts for BTC look like an alt-coin pump-n-dump, and this has been going on for a while. So what is the end game? Suck in newbies, get them to spend some money, shake them out with a crash, shake them out with erratic pump-and-dump manipulation so that the few can continue to amass BTC - to what end?
Where will they be when they are the only ones holding crypto and everyone else either a) has been burned and won't touch crypto again or b) doesn't care to join in the dance?
What's the point?
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