What's wrong with wealth disparity? Every one of us has different interests and attitudes that makes us have different incomes. There's nothing wrong with that.
For those that think that wealth disparity is wrong, I recommend Murray Rothbard's Egalitarianism as a Revolt against Nature. You can find it free here: https://mises.org/books/egalitarianism.pdf
Topic: Bitcoin - Losing faith...heres why... - page 2. (Read 4907 times)
I think some of your assumptions are wrong because bitcoins is rising and spreading very fast. Its value is also on the rise.
I am an optimist and don't buy your views at all.This is a lay man's perspective on the concept of Bitcoin so stop posting such opinions on the forum if you don't believe in its establishment and use then why invest your money on it.However,i will advice you to be patient and watch the trend for at least 2 more years then may be your views will change.
Some of your assumptions are wrong. Bitcoin is gaining trust and popularity practically speaking but loosing in theory..
So?
So?
As the BTC price rise with increase adoption, the bitcoin whales will slowly cash out their coin stash. It's not like BTC will jump from 500 to 10k overnight so the wealth distribution will have time to even out. Unless Mr. Nakamoto decides to reappear and announce his plans for world domination.
Not necessarily. As the price rises they will have no need to cash out more than small amounts- unless they want to buy a castle
(or a country)
The tycoons of today spend millions and always have more than before. It will be no different.
As the BTC price rise with increase adoption, the bitcoin whales will slowly cash out their coin stash. It's not like BTC will jump from 500 to 10k overnight so the wealth distribution will have time to even out. Unless Mr. Nakamoto decides to reappear and announce his plans for world domination.
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?
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?
some points :
- There is no support it left roughly 1 to 2 months ago if it was even there.
- less than 100k of BTC could flaw the price.
- the reason it ran up to create the illusion of "high valuation" was though complete monopoly.
- that monopoly is broken (basically)
- I'd say the "market" would value Bitcoin between $2 and $50 based on "brand speculation" if the valuation collapse doesn't cause significant structural collapse. (i.e multiple 51% "events")
You can argue that there is a rich elite at the moment which is absolutely fucking the world right now, but the amount of potential disparity that bitcoin may create will be absolutely catastrophic, causing the human planet to turn all dystopian.
Please substantiate this assertion with examples of similar events that have occurred in history.
The way to automatically allocate a new currency based on wealth prior to adoption already exists. It's called an exchange. If you have 1% of the cash on earth and everyone is buying bitcoin you can buy 1%.
Very early adopters (I missed that boat by the way) are rewarded for the higher risk that they took in jumping in early. Do you really think they will hold forever? They'll gradually sell off their holdings until there is a more even distribution.
Bitcoin becoming the dominant currency is far from a sure thing by the way.
Everyone somewhat critical of the Bitcoin permabull cultist mentality must surely work for banks and/or governments ...
Why don't you just refute his arguments, instead of asking silly questions about his personal credentials and background?
What's with the echo chamber mentality here? Are you guys trying to outdo /r/Bitcoin in that regard as well?
I agree here. When you throw around these accusations at anyone who is even slightly doubtful it makes you look like a raging fool. People should always be asking questions, raising doubts, addressing concerns and considering the worst as well as the best case scenario.
Very early adopters (I missed that boat by the way) are rewarded for the higher risk that they took in jumping in early. Do you really think they will hold forever? They'll gradually sell off their holdings until there is a more even distribution.
Bitcoin becoming the dominant currency is far from a sure thing by the way.
Who is OP working for?
Everyone somewhat critical of the Bitcoin permabull cultist mentality must surely work for banks and/or governments ...
Why don't you just refute his arguments, instead of asking silly questions about his personal credentials and background?
What's with the echo chamber mentality here? Are you guys trying to outdo /r/Bitcoin in that regard as well?
I agree here. When you throw around these accusations at anyone who is even slightly doubtful it makes you look like a raging fool. People should always be asking questions, raising doubts, addressing concerns and considering the worst as well as the best case scenario.
How do you lose faith in something that's only been around for 5 years or so? 
I wonder if the same people lost faith when the Internet was in it's infancy not so longer ago.
I wonder if the same people lost faith when the Internet was in it's infancy not so longer ago.
It's been around for almost six years, and it's showing signs of aging. It's been nine months since Bitcoin's ATH, and it's been in a downtrend ever since. The downtrend seems to be continuing. Sustaining a price over 500 is very hard, almost impossible, for BTC right now. And it's gonna be harder in the future.
Who is OP working for?
Everyone somewhat critical of the Bitcoin permabull cultist mentality must surely work for banks and/or governments ...
Why don't you just refute his arguments, instead of asking silly questions about his personal credentials and background?
What's with the echo chamber mentality here? Are you guys trying to outdo /r/Bitcoin in that regard as well?
Who is OP working for?
How do you lose faith in something that's only been around for 5 years or so?
I wonder if the same people lost faith when the Internet was in it's infancy not so longer ago.
I wonder if the same people lost faith when the Internet was in it's infancy not so longer ago.
Bitcoin isn't a get-rich-quick scheme, if you have lost your faith, the best thing you can do is howl your coins and forget about them for some years.
99% people here are here coz trying to get rich
How could you possibly know that - especially since you just registered on the forum today?
I first registered for research purposes, for personal learning only.
Spent a lot time lurking before registering, when I started to have my own questions.
Bitcoin isn't a get-rich-quick scheme, if you have lost your faith, the best thing you can do is howl your coins and forget about them for some years.
99% people here are here coz trying to get rich
How could you possibly know that - especially since you just registered on the forum today?
Bitcoin whales will spend their coins when the time is ready.
They will not wait until their death.
At one moment they will redistribute them to others who provides goods and services.
They will also be awarded for the fact that they were first movers and pioneers who made this all possible.
Don't be jealous, just take part in the eco system or leave. Nobody forces you to stay.
I on the other hand feel a desperate need to be in this community because it feels good to be in it.
All get rich quick people will learn their lessons and loose if they are in bitcoin only for the FIAT.
Because remember one thing.
The moment they "cash out" into FIAT when price is 1,000,000 nobody wants those FIAT notes because the world will run on bitcoin at that moment.
I already know one person who made "profits" and sold all his bitcoins (lol, moron)
He will learn his lesson in a few years
They will not wait until their death.
At one moment they will redistribute them to others who provides goods and services.
They will also be awarded for the fact that they were first movers and pioneers who made this all possible.
Don't be jealous, just take part in the eco system or leave. Nobody forces you to stay.
I on the other hand feel a desperate need to be in this community because it feels good to be in it.
All get rich quick people will learn their lessons and loose if they are in bitcoin only for the FIAT.
Because remember one thing.
The moment they "cash out" into FIAT when price is 1,000,000 nobody wants those FIAT notes because the world will run on bitcoin at that moment.
I already know one person who made "profits" and sold all his bitcoins (lol, moron)
He will learn his lesson in a few years
whales can't dump because they are the one, that have rised the price to 400, they dump on their pump? it's stupid, they must wait for other whales, or dump small amount to the poors, and the latter is good
Bitcoin isn't a get-rich-quick scheme, if you have lost your faith, the best thing you can do is howl your coins and forget about them for some years.
99% people here are here coz trying to get rich
ahhh. another newbie posting in bitcoin discussion when you should be reading about what bitcoin is. please just go back the beginngers section and read more before you come up with your brilliant plant about bitcoin. there are people who have been here from the beginning and know way more than you. bitcoin doesnt need shortcomings fixed, it CANNOT BE EVERYTHING AT THE SAME TIME. it is bitcoin and it will stay what it is.
Uhm, OP actually produced solid arguments. You, on the other hand, provide nothing but childish, badly written ad hominem attacks. Why don't you try refuting his arguments instead? Is it because you're unable?
Maybe, but they aren't new. I see this argument pop up now and then. Firstly people will spend, they're not just gonna sit on them. Secondly, I do not care that much who holds most of a currency I'm using. But IF i have to choose, I choose computer geeks over bankers any day
Comments?
Egalitarian cryptos on the way. Any crypto needs adoption for success, so adopters can feel free to regularly use new and new egalitarian or close-to-it coins until wealth redistribution result'll comfort them.
The rising price of bitcoin is something satoshi very much intended to bootstrap this whole bitcoin thing as an economy in its own right. I can't think of another good way to get people to use a decentralised peer to peer currency, can you? Remember, 1:1 swapping of fiat for government-crypto would inevitably involve banks because people do not store their monetary assets as cash any more, thereby entirely missing the point of cutting out middle men. And so consumers wouldn't notice any difference. I'm afraid every important change involves suffering for some, even the internet and mobile phones killed off some jobs at the same time as creating more and benefiting those who could adapt.
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