Bitcoin redistribution | Bitcointalksearch.org

Ibian

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Quote from: solex on January 17, 2014, 03:23:37 AM

Quote from: henryreardon on January 14, 2014, 11:39:23 PM

Given the political leanings of the country these days, when Bitcoin really explodes and the value of bitcoins goes through the roof, can y'all see something like this going down:

Reporter: Mr. President! What do you think about the fact that 80% of bitcoins are held by 10% of the population?

Obama: I and many of my fellow Americans believe that that is unfair. We want to make sure that everyone gets a fair chance with Bitcoin.

Reporter: Do you plan to take any action in this regard?

Obama: Yes. I am am working in a bipartisan manner to introduce legislation that would ensure that all Americans receive opportunities with Bitcoin.

Lone Fox Reporter: So do you plan to redistribute bitcoins from those who hold them to those who don't?

Obama: All Americans deserve opportunities. That is the kind of country I believe in, and that is the kind of country that you elected me to lead.

(applause... fade to black...)

So, in this future Obama has abolished elections by Executive Order?
In this same future none of the owners of large Bitcoin holdings are prepared to actually spend their money??

While elections are not officially abolished yet, one could argue that a choice between two people who will do the same things (increase debt and reduce civil liberties) is not a real choice.

solex

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100 satoshis -> ISO code

Quote from: henryreardon on January 14, 2014, 11:39:23 PM

Given the political leanings of the country these days, when Bitcoin really explodes and the value of bitcoins goes through the roof, can y'all see something like this going down:

Reporter: Mr. President! What do you think about the fact that 80% of bitcoins are held by 10% of the population?

Obama: I and many of my fellow Americans believe that that is unfair. We want to make sure that everyone gets a fair chance with Bitcoin.

Reporter: Do you plan to take any action in this regard?

Obama: Yes. I am am working in a bipartisan manner to introduce legislation that would ensure that all Americans receive opportunities with Bitcoin.

Lone Fox Reporter: So do you plan to redistribute bitcoins from those who hold them to those who don't?

Obama: All Americans deserve opportunities. That is the kind of country I believe in, and that is the kind of country that you elected me to lead.

(applause... fade to black...)

So, in this future Obama has abolished elections by Executive Order?
In this same future none of the owners of large Bitcoin holdings are prepared to actually spend their money??

odolvlobo

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Quote from: Kungfucheez on January 15, 2014, 11:19:34 PM

lol

That didn't take very long for the conversation to go from Bitcoins, to Climate change, to Venus. Roll Eyes

Hitler would have agreed because you are all Nazis.

Wink

subvolatil

hero member

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Cypherpunk and full-time CryptoAnarchist

What is this Huh

deisik

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English ⬄ Russian Translation Services

Quote from: thinkloop on January 15, 2014, 03:29:48 PM

Quote from: Ibian on January 15, 2014, 03:25:50 PM

Quote from: thinkloop on January 15, 2014, 03:23:49 PM

True or not, seems weird to dump poison in the atmosphere - why not err on the side of clean air?

CO2 is not a poison.

Anything is a poison in the right doses, but what about carbon monoxide, sulfur dioxide, methane, etc.?

It is interesting to note that normal concentration of CO2 in the blood of mammals is higher than that in the atmosphere. It means that in ancient times the atmospheric concentrations of CO2 were much higher than now. So, by burning coal, we just return carbon to the atmosphere that was previously taken by plants...

deisik

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English ⬄ Russian Translation Services

Quote from: domob on January 15, 2014, 03:47:41 AM

Quote from: thinkloop on January 15, 2014, 03:15:00 AM

The top 50 holders of Bitcoin control 3.5m out of 13m coins, or 27% of the supply. The top 50 richest Americans are worth $700b out of $10t dollars, or 7%. Money supply chart: http://en.wikipedia.org/wiki/File:MB,_M1_and_M2_aggregates_from_1981_to_2012.png

I assume you mean "top 50 addresses"? (I don't see how one could get information about "top holders" as in persons, not addresses, for Bitcoin.) In that case, these addresses probably include business addresses of exchanges, for instance. In the USD world, you also can't include accounts that banks own into your statistics.

It works both ways, i.e. a few addresses in these top 50 may well belong to the same person. I don't know if there is a way to check this, but we can for sure find (if they are yet unknown) and exclude exchange addresses (and other big businesses') out of the equation...

RodeoX

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The revolution will be monetized!

Quote from: Ibian on January 16, 2014, 09:33:35 AM

...
This idea that nobody will spend bitcoins ever is absurd.

No kidding. I have spent over $800 this week alone, and over 2k since the new year. And no, not on drugs. I have never gambled or bought, drugs, porn, etc. with bitcoin.

Ibian

legendary

Activity: 2268

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Quote from: Xav on January 16, 2014, 05:29:35 AM

Quote from: keithers on January 15, 2014, 06:45:16 PM

with any form of currency, investment, or asset, there is always a distribution that has a few heavy hitters at the top who own the most bitcoins, dollars, euros, yen, stock, etc. Then there are people in the middle, and obviously the lower portion that just has a small amount. That is just the nature of money. Anything that has to do with money will always have a distribution like this...there really isn't a way around this unless there were guidelines and laws prohibiting a person to have more than X amount of whatever instrument that you are talking about...

What if?

What if this Bitcoin-community stays limited up to about a few million users, world wide, because each participant thinks 'my coins are going to be worth much much more in the future so why would I spend'? Bitcoin will then grow into a paradoxical dilemma, for the value of its Network increases by the size, which offers no other solution then to spread anyway; spread and conquer, spread to survive. Also, a BTC will 'remain' just a useless binary chunk of storage when circulating from speculator to speculator, ultimately just providing a few miners some profits probably. On the other hand, Bitcoin is not in a hurry and it might also be true that the longer it exists the more trusted it becomes; it survived many an attack already which adds to its reputation ...

In graphical terms; nobody knows if and where the elbow shows up.

That's not how it works. Everyone has their spending point. For me it begins around 10k, that's when I will start living solely on my bitcoins and thus circulating them back into the economy. This idea that nobody will spend bitcoins ever is absurd.

Xav

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Quote from: keithers on January 15, 2014, 06:45:16 PM

with any form of currency, investment, or asset, there is always a distribution that has a few heavy hitters at the top who own the most bitcoins, dollars, euros, yen, stock, etc. Then there are people in the middle, and obviously the lower portion that just has a small amount. That is just the nature of money. Anything that has to do with money will always have a distribution like this...there really isn't a way around this unless there were guidelines and laws prohibiting a person to have more than X amount of whatever instrument that you are talking about...

What if?

What if this Bitcoin-community stays limited up to about a few million users, world wide, because each participant thinks 'my coins are going to be worth much much more in the future so why would I spend'? Bitcoin will then grow into a paradoxical dilemma, for the value of its Network increases by the size, which offers no other solution then to spread anyway; spread and conquer, spread to survive. Also, a BTC will 'remain' just a useless binary chunk of storage when circulating from speculator to speculator, ultimately just providing a few miners some profits probably. On the other hand, Bitcoin is not in a hurry and it might also be true that the longer it exists the more trusted it becomes; it survived many an attack already which adds to its reputation ...

In graphical terms; nobody knows if and where the elbow shows up.

Kungfucheez

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lol

That didn't take very long for the conversation to go from Bitcoins, to Climate change, to Venus. Roll Eyes

Siegfried

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Quote from: Ibian on January 15, 2014, 03:31:29 PM

Quote from: thinkloop on January 15, 2014, 03:29:48 PM

Quote from: Ibian on January 15, 2014, 03:25:50 PM

Quote from: thinkloop on January 15, 2014, 03:23:49 PM

True or not, seems weird to dump poison in the atmosphere - why not err on the side of clean air?

CO2 is not a poison.

Anything is a poison in the right doses, but what about carbon monoxide, sulfur dioxide, methane, etc.?

Just stop. CO2 is required for plants to live which is required for YOU to live. Stop with the idiocy.

How would you like to live on Venus?

keithers

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Activity: 1456

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This is the land of wolves now & you're not a wolf

with any form of currency, investment, or asset, there is always a distribution that has a few heavy hitters at the top who own the most bitcoins, dollars, euros, yen, stock, etc. Then there are people in the middle, and obviously the lower portion that just has a small amount. That is just the nature of money. Anything that has to do with money will always have a distribution like this...there really isn't a way around this unless there were guidelines and laws prohibiting a person to have more than X amount of whatever instrument that you are talking about...

RodeoX

legendary

Activity: 3066

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The revolution will be monetized!

Quote from: Kungfucheez on January 15, 2014, 01:36:56 AM

Are you high or something?

LOL. I swear I was thinking the same thing.

Honestly, where do people get this stuff? By this logic Obama would already have given you my land, gold, money, stocks, etc. And in the case of bitcoin how would anyone know who has bitcoins anyway? In fact the estimate of what percent is held by what percent is a very, very rough guess.

Ibian

legendary

Activity: 2268

Merit: 1278

Quote from: thinkloop on January 15, 2014, 03:29:48 PM

Quote from: Ibian on January 15, 2014, 03:25:50 PM

Quote from: thinkloop on January 15, 2014, 03:23:49 PM

True or not, seems weird to dump poison in the atmosphere - why not err on the side of clean air?

CO2 is not a poison.

Anything is a poison in the right doses, but what about carbon monoxide, sulfur dioxide, methane, etc.?

Just stop. CO2 is required for plants to live which is required for YOU to live. Stop with the idiocy.

thinkloop

newbie

Activity: 41

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Quote from: Ibian on January 15, 2014, 03:25:50 PM

Quote from: thinkloop on January 15, 2014, 03:23:49 PM

True or not, seems weird to dump poison in the atmosphere - why not err on the side of clean air?

CO2 is not a poison.

Anything is a poison in the right doses, but what about carbon monoxide, sulfur dioxide, methane, etc.?

Ibian

legendary

Activity: 2268

Merit: 1278

Quote from: thinkloop on January 15, 2014, 03:23:49 PM

Quote from: Ibian on January 15, 2014, 03:16:16 PM

Quote from: domob on January 15, 2014, 02:38:44 PM

Quote from: Ibian on January 15, 2014, 12:40:28 PM

Quote from: acsalles on January 15, 2014, 09:07:03 AM

If prices are getting very high, Satoshi would not really need hundreds of billions of Dollars, it makes more sense if he is voluntarialy organizing a serious "giveaway" and distributed it to non-profitable organizations working agains climate-change, to red-cross, fund educational programs, etc...

He would remain very, very rich, would make Bitcoin safer and definitely write his name in history.

Satoshi is not stupid enough to believe in the climate change garbage. A religious nut could not have made something like bitcoin.

I don't want to be carried off-topic and I also don't know how things are in the US much (where seemingly most of the religious nuts and climate-deniers are), but I would associate religious nuts with denying climate change, not the other way round as your statement suggests. Why do you think that religious nuts in particular are those supporting scientifically evidenced climate change? (When they opposed scientifically evidenced evolutionary theory, for instance.)

Too bad, we are officially derailed.

The so-called manmade global warming shit is pure politics and superstition. The science is, in fact, divided on how much and even if we make a meaningful difference, what the factors are and useful responses to it.

But even if we pretend we are in fact warming the planet, that is vastly preferable to keeping the pre-oil and coal status quo because that would result in another ice age. We are at the tail end of one of the short warm periods, so keep on burning that coal and oil. If they are right there is a nonzero chance we are warding off an ice age, and if they are wrong any attempts to "fix" things would just be money out the window.

Additionally, just for completeness sake, keep in mind there are no actual "climate scientists". There is no such thing, it doesn't exist. There are geologists and meteorologists and such, but there are no actual climate scientists. It's a term the media made up.

True or not, seems weird to dump poison in the air - why not err on the side of a clean environment?

CO2 is not a poison.

thinkloop

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Quote from: Ibian on January 15, 2014, 03:16:16 PM

Quote from: domob on January 15, 2014, 02:38:44 PM

Quote from: Ibian on January 15, 2014, 12:40:28 PM

Quote from: acsalles on January 15, 2014, 09:07:03 AM

If prices are getting very high, Satoshi would not really need hundreds of billions of Dollars, it makes more sense if he is voluntarialy organizing a serious "giveaway" and distributed it to non-profitable organizations working agains climate-change, to red-cross, fund educational programs, etc...

He would remain very, very rich, would make Bitcoin safer and definitely write his name in history.

Satoshi is not stupid enough to believe in the climate change garbage. A religious nut could not have made something like bitcoin.

I don't want to be carried off-topic and I also don't know how things are in the US much (where seemingly most of the religious nuts and climate-deniers are), but I would associate religious nuts with denying climate change, not the other way round as your statement suggests. Why do you think that religious nuts in particular are those supporting scientifically evidenced climate change? (When they opposed scientifically evidenced evolutionary theory, for instance.)

Too bad, we are officially derailed.

The so-called manmade global warming shit is pure politics and superstition. The science is, in fact, divided on how much and even if we make a meaningful difference, what the factors are and useful responses to it.

But even if we pretend we are in fact warming the planet, that is vastly preferable to keeping the pre-oil and coal status quo because that would result in another ice age. We are at the tail end of one of the short warm periods, so keep on burning that coal and oil. If they are right there is a nonzero chance we are warding off an ice age, and if they are wrong any attempts to "fix" things would just be money out the window.

Additionally, just for completeness sake, keep in mind there are no actual "climate scientists". There is no such thing, it doesn't exist. There are geologists and meteorologists and such, but there are no actual climate scientists. It's a term the media made up.

True or not, seems weird to dump poison in the atmosphere - why not err on the side of clean air?

Ibian

legendary

Activity: 2268

Merit: 1278

Quote from: domob on January 15, 2014, 02:38:44 PM

Quote from: Ibian on January 15, 2014, 12:40:28 PM

Quote from: acsalles on January 15, 2014, 09:07:03 AM

If prices are getting very high, Satoshi would not really need hundreds of billions of Dollars, it makes more sense if he is voluntarialy organizing a serious "giveaway" and distributed it to non-profitable organizations working agains climate-change, to red-cross, fund educational programs, etc...

He would remain very, very rich, would make Bitcoin safer and definitely write his name in history.

Satoshi is not stupid enough to believe in the climate change garbage. A religious nut could not have made something like bitcoin.

I don't want to be carried off-topic and I also don't know how things are in the US much (where seemingly most of the religious nuts and climate-deniers are), but I would associate religious nuts with denying climate change, not the other way round as your statement suggests. Why do you think that religious nuts in particular are those supporting scientifically evidenced climate change? (When they opposed scientifically evidenced evolutionary theory, for instance.)

Too bad, we are officially derailed.

The so-called manmade global warming shit is pure politics and superstition. The science is, in fact, divided on how much and even if we make a meaningful difference, what the factors are and useful responses to it.

But even if we pretend we are in fact warming the planet, that is vastly preferable to keeping the pre-oil and coal status quo because that would result in another ice age. We are at the tail end of one of the short warm periods, so keep on burning that coal and oil. If they are right there is a nonzero chance we are warding off an ice age, and if they are wrong any attempts to "fix" things would just be money out the window.

Additionally, just for completeness sake, keep in mind there are no actual "climate scientists". There is no such thing, it doesn't exist. There are geologists and meteorologists and such, but there are no actual climate scientists. It's a term the media made up.

shawshankinmate37927

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Bitcoin: The People's Bailout

Quote from: henryreardon on January 14, 2014, 11:39:23 PM

Given the political leanings of the country these days, when Bitcoin really explodes and the value of bitcoins goes through the roof, can y'all see something like this going down:

Reporter: Mr. President! What do you think about the fact that 80% of bitcoins are held by 10% of the population?

Obama: I and many of my fellow Americans believe that that is unfair. We want to make sure that everyone gets a fair chance with Bitcoin.

Reporter: Do you plan to take any action in this regard?

Obama: Yes. I am am working in a bipartisan manner to introduce legislation that would ensure that all Americans receive opportunities with Bitcoin.

Lone Fox Reporter: So do you plan to redistribute bitcoins from those who hold them to those who don't?

Obama: All Americans deserve opportunities. That is the kind of country I believe in, and that is the kind of country that you elected me to lead.

(applause... fade to black...)

Why not just creare a new ObamaCoin that is equally distributed to all Americans?

domob

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Quote from: Ibian on January 15, 2014, 12:40:28 PM

Quote from: acsalles on January 15, 2014, 09:07:03 AM

If prices are getting very high, Satoshi would not really need hundreds of billions of Dollars, it makes more sense if he is voluntarialy organizing a serious "giveaway" and distributed it to non-profitable organizations working agains climate-change, to red-cross, fund educational programs, etc...

He would remain very, very rich, would make Bitcoin safer and definitely write his name in history.

Satoshi is not stupid enough to believe in the climate change garbage. A religious nut could not have made something like bitcoin.

I don't want to be carried off-topic and I also don't know how things are in the US much (where seemingly most of the religious nuts and climate-deniers are), but I would associate religious nuts with denying climate change, not the other way round as your statement suggests. Why do you think that religious nuts in particular are those supporting scientifically evidenced climate change? (When they opposed scientifically evidenced evolutionary theory, for instance.)

Ibian

legendary

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Quote from: acsalles on January 15, 2014, 09:07:03 AM

If prices are getting very high, Satoshi would not really need hundreds of billions of Dollars, it makes more sense if he is voluntarialy organizing a serious "giveaway" and distributed it to non-profitable organizations working agains climate-change, to red-cross, fund educational programs, etc...

He would remain very, very rich, would make Bitcoin safer and definitely write his name in history.

Satoshi is not stupid enough to believe in the climate change garbage. A religious nut could not have made something like bitcoin.

henryreardon

newbie

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Merit: 0

Quote from: Akka on January 15, 2014, 08:54:02 AM

If that happens, I'm curious on how they identify the American Bitcoins, to redistribute them between Americans. Or are you saying they will attempt to steal the money of everyone worldwide to distribute it between Americans?

I imagine they'd get some dinosaurs together and issue some silly law along the lines of...

The United States v. Satoshi and the Early Adopter Bitcoin community, 987 U.S. 479, 527 (2014)

All current US citizens who hold bitcoins shall remit them to the US Treasury 32uEbMgunupShBVTewXjtqbBv5MndwfXhb according to the following schedule:

<100 bitcoins - 10%

100-500 bitcoins - 30%

500+ bitcoins - 60%

And they'd have some curmudgeon on TV explaining to Al Bundy America how Bitcoin is a series of tubes (http://www.youtube.com/watch?v=R8XSo0etBC4) and how this law is needed in the name of fairness.

knightcoin

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Stand on the shoulders of giants

Quote from: acsalles on January 15, 2014, 09:07:03 AM

If prices are getting very high, Satoshi would not really need hundreds of billions of Dollars, it makes more sense if he is voluntarialy organizing a serious "giveaway" and distributed it to non-profitable organizations working agains climate-change, to red-cross, fund educational programs, etc...

He would remain very, very rich, would make Bitcoin safer and definitely write his name in history.

That's what's Bill Gates is doing, Gates has reduced his stock ~~holding~~ hodling on pre schedule share sell off, and transferring his wealth to Bill and Melinda Gates Foundation.

acsalles

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Rangers.Protocol

If prices are getting very high, Satoshi would not really need hundreds of billions of Dollars, it makes more sense if he is voluntarialy organizing a serious "giveaway" and distributed it to non-profitable organizations working agains climate-change, to red-cross, fund educational programs, etc...

He would remain very, very rich, would make Bitcoin safer and definitely write his name in history.

Akka

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Merit: 1001

Quote from: greyman on January 15, 2014, 08:57:56 AM

With my economic knowledge being limited, can someone explain what are the main disadvantages of such a distribution we've got in Bitcoin?

It's that many are envy of people getting rich and automatically thinks it's unfair. Even if they never had made and will make the same decisions /take the same risks as the people which accomplish it.

greyman

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With my economic knowledge being limited, can someone explain what are the main disadvantages of such a distribution we've got in Bitcoin?

Akka

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Quote from: henryreardon on January 14, 2014, 11:39:23 PM

Obama: All Americans deserve opportunities. That is the kind of country I believe in, and that is the kind of country that you elected me to lead.
(applause... fade to black...)

If that happens, I'm curious on how they identify the American Bitcoins, to redistribute them between Americans. Or are you saying they will attempt to steal the money of everyone worldwide to distribute it between Americans?

cr1776

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Quote from: henryreardon on January 14, 2014, 11:39:23 PM

Given the political leanings of the country these days, when Bitcoin really explodes and the value of bitcoins goes through the roof, can y'all see something like this going down:

Reporter: Mr. President! What do you think about the fact that 80% of bitcoins are held by 10% of the population?

Obama: I and many of my fellow Americans believe that that is unfair. We want to make sure that everyone gets a fair chance with Bitcoin.

Reporter: Do you plan to take any action in this regard?

Obama: Yes. I am am working in a bipartisan manner to introduce legislation that would ensure that all Americans receive opportunities with Bitcoin.

Lone Fox Reporter: So do you plan to redistribute bitcoins from those who hold them to those who don't?

Obama: All Americans deserve opportunities. That is the kind of country I believe in, and that is the kind of country that you elected me to lead.

(applause... fade to black...)

Plausible if bit coin became huge. i am waiting to see how the "redistribution of oil" works since it is quite concentrated in a few areas and "it isn't fair" to the world, particularly Africa since the can't afford it. Ditto ocean front property in Hawaii. 'Spread the wealth around' via government was the phrase that he used in 2008.

:-)

And addresses =/= people. And some are exchanges.

domob

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Quote from: thinkloop on January 15, 2014, 03:15:00 AM

Quote from: knightcoin on January 15, 2014, 12:50:26 AM

Global wealth inequality: top 1% own 41%; top 10% own 86%; bottom half own just 1%

Just 8.4% of all the 5bn adults in the world own 83.4% of all household wealth (that’s property and financial assets, like stocks, shares and cash in the bank). About 393 million people have net worth (that’s wealth after all debt is accounted for) of over $100,000, that’s 10% own 86% of all household wealth! But $100,000 may not seem that much, if you own a house in any G7 country without any mortgage. So many millions in the UK or the US are in the top 10% of global wealth holders. This shows just how little two-thirds of adults in the world have – under $10,000 of net wealth each and billions have nothing at all.

http://thenextrecession.wordpress.com/2013/10/10/global-wealth-inequality-10-own-86-1-own-41-half-own-just-1/

The top 50 holders of Bitcoin control 3.5m out of 13m coins, or 27% of the supply. The top 50 richest Americans are worth $700b out of $10t dollars, or 7%. Money supply chart: http://en.wikipedia.org/wiki/File:MB,_M1_and_M2_aggregates_from_1981_to_2012.png

I assume you mean "top 50 addresses"? (I don't see how one could get information about "top holders" as in persons, not addresses, for Bitcoin.) In that case, these addresses probably include business addresses of exchanges, for instance. In the USD world, you also can't include accounts that banks own into your statistics.

thinkloop

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Quote from: knightcoin on January 15, 2014, 12:50:26 AM

Global wealth inequality: top 1% own 41%; top 10% own 86%; bottom half own just 1%

Just 8.4% of all the 5bn adults in the world own 83.4% of all household wealth (that’s property and financial assets, like stocks, shares and cash in the bank). About 393 million people have net worth (that’s wealth after all debt is accounted for) of over $100,000, that’s 10% own 86% of all household wealth! But $100,000 may not seem that much, if you own a house in any G7 country without any mortgage. So many millions in the UK or the US are in the top 10% of global wealth holders. This shows just how little two-thirds of adults in the world have – under $10,000 of net wealth each and billions have nothing at all.

http://thenextrecession.wordpress.com/2013/10/10/global-wealth-inequality-10-own-86-1-own-41-half-own-just-1/

The top 50 holders of Bitcoin control 3.5m out of 13m coins, or 27% of the supply. The top 50 richest Americans are worth $700b out of $10t dollars, or 7%. Money supply chart: http://en.wikipedia.org/wiki/File:MB,_M1_and_M2_aggregates_from_1981_to_2012.png

That's assuming their entire wealth is in USD, which, of course, it's not. The dollar is significantly more dispersed.

Kungfucheez

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Are you high or something?

knightcoin

full member

Activity: 238

Merit: 100

Stand on the shoulders of giants

Global wealth inequality: top 1% own 41%; top 10% own 86%; bottom half own just 1%

Just 8.4% of all the 5bn adults in the world own 83.4% of all household wealth (that’s property and financial assets, like stocks, shares and cash in the bank). About 393 million people have net worth (that’s wealth after all debt is accounted for) of over $100,000, that’s 10% own 86% of all household wealth! But $100,000 may not seem that much, if you own a house in any G7 country without any mortgage. So many millions in the UK or the US are in the top 10% of global wealth holders. This shows just how little two-thirds of adults in the world have – under $10,000 of net wealth each and billions have nothing at all.

http://thenextrecession.wordpress.com/2013/10/10/global-wealth-inequality-10-own-86-1-own-41-half-own-just-1/

thinkloop

newbie

Activity: 41

Merit: 0

The high concentration of Bitcoin in few hands has been a lingering deterrent to my investing heavily in it. I wonder if this will be a hindrance to its adoption by big investors and institutions. It's not the uneven distribution of wealth that's the problem, but the danger of few individuals having the power to manipulate the value of the currency at will. The risk may be too much for sophisticated funds to justify investing big.

henryreardon

newbie

Activity: 59

Merit: 0

Given the political leanings of the country these days, when Bitcoin really explodes and the value of bitcoins goes through the roof, can y'all see something like this going down:

Reporter: Mr. President! What do you think about the fact that 80% of bitcoins are held by 10% of the population?

Obama: I and many of my fellow Americans believe that that is unfair. We want to make sure that everyone gets a fair chance with Bitcoin.

Reporter: Do you plan to take any action in this regard?

Obama: Yes. I am am working in a bipartisan manner to introduce legislation that would ensure that all Americans receive opportunities with Bitcoin.

Lone Fox Reporter: So do you plan to redistribute bitcoins from those who hold them to those who don't?

Obama: All Americans deserve opportunities. That is the kind of country I believe in, and that is the kind of country that you elected me to lead.

(applause... fade to black...)

Topic: Bitcoin redistribution (Read 1968 times)