I cannot see the whole world using bitcoin when its going to create such wealth disparity.
There are roughly 13 million coins in circulation, with the maximum amount being 21 million. This means over 50% of all coins in being, are in control of a small minority consisting of maybe 0.01% of the worlds population.
Yes, there is a super-elite rich at the moment, but not at the scale we are talking about if bitcoin were to be adopted.
Is it not more sensible to think that yes, a cryptocurrency will exist, but not bitcoin? A coin where you are automatically assigned a certain amount based on your wealth at the moment, in relation to others?
I find it absurd that someone, i.e the Winklevosses could own 1% of the worlds monetary power. Noone, absolutely noone in their right mind, will allow someone to hold this amount insane amount of resources.
I understand, the concept and even bitcoin itself is revolutionary, it has woken us up to what could be, but the origination and adoption of bitcoin was messy and only open to people who (rightly so) had knowledge and guts. But just because someone has guys it doesn't mean they are deserving of something.
99.99% of the worlds population controlling 50% of the worlds monetary value and therefore resources, when early adoptors, i.e the 0.01% own the other 50%. 1 person in the 'bitcoin elite' would have the same monetary power as 10,000 people. That's disgusting and human morality itself will not allow for this to happen.
Don't get me wrong cryptocurrency is the future, just not one causing a dictatorship to be born.
And for the short term I see no reason to invest either....
Swiping cards is just about the simplest thing you can do, most transactions under $50 don't require a signature, and security codes and card expiry are incredibly small concerns.
Bitcoin's headaches are immense, slow txn processing, irreversible for the consumer, funds are lost if wallet is compromises...now follow me for a sec...
Merchants can't replace credit with bitcoin. Simply can't. Credit is money you don't have and bitcoin is money you do have. A good credit card offers rewards, 100% fraud protection, ubiquitous acceptance, FICO score benefits, and an entity between you and your money. Tons of consumer value.
Now debit - debit fees were sliced by the Durbin amendment, so suddenly they aren't all that much more than the 1% exchange price of bitcoin.
While debit and bitcoin are comparable in that they are money you have, there is still no compelling reason for your average consumer to pay a fee to obtain bitcoin just to make an everyday purchase.
Merchants can want to eliminate transaction fees all they want but until there is clear value for the most important point in the value chain, the consumer, mass adoption will not occur. Even worse, to fix bitcoin's shortcomings, you need to regulate it, guarantee it, set up escrow's, exchange btc for USD...all the things that will make it just like the mainstream banks bitcoin is seeking to circumvent.
Even if these are fixed, its too late, people will realise the wealth disparity caused.
A new world cryptocurrency will be replace it, where the wealth disparity stays the same, where it is today... but with all the benefits that crypto has to offer so the world doesnt collapse?
Comments?
here is an example
if we had a central authority we could turn off transactions from people like this.
