Topic: Bitcoin Richlist (Read 363 times)

Again Bitcoin is NOT the saviour of the poor people. There will always be an imbalance in the world regarding the wealth concentration. There will always be lazy people and hard-working people. And there will always be thieves. We as humans can't be the same because everyone of us is unique with its own abilities and defects.

Thus it's normal that BTC to be concentrated in the hands of who believed the most in it or who hoarded it. I'm not against it, BUT we need to have a decentralized network. That's what Bitcoin and cryptocurrencies are about.

Yeah bitcoin adds a few addition to that wealth,  and sad that only 0.6% controls  almost 40% of it. What we need right now is an organic growth by spreading distribution of bitcoin across the planet. Adoption is the key and right now, there is a explosive growth of digital wallet whether its decentralized or not. This is a good start, as more and more joining the game, and in the future its easy to transfer cash to different platform.

Except the government owns a good part of this 50% they wont show any interest in it as we expect. There are possibility of a good portion in USA and china. I dont think we can get out of a decentralized space with percentage of bitcoin been held by such few people. It can always be easy for exchanges and whales to manipulate this space but I know at a point they will release some of the bitcoin to pump the space in terms of bitcoin, traders should know when to hold on to some.

50% of the bitcoin held by the top 50 people is not private property but belongs to many people who are stored on the exchange, Exchanges do not have the right to use bitcoin unless the exchange is fraudulent, although bitcoin is the main crypto but not everyone uses it, many choose other crypto alternatives, like in China, the top-ranked crypto is EOS not bitcoin, so in my opinion even though 50% of bitcoin is held by the top 50 people it won't really matter.

Like you said, it could be owned by exchanges, but that does not mean that it is the exchanges that own everything, there are still going to be people’s bitcoin on them, and remember that there are many traders using some of these exchanges, which they have to keep the money in the exchange wallet and I believe that this would be part of the reason why we have limited number of people holding majority of the coin.

This could actually be a problem anyway, if the holders of these coins are individuals, it could still cause inflation, but I doubt if individual would actually be the one holding more of those cryptocurrencies, and don’t forget that the only way it can work against us is when government makes it the only currency of the world, otherwise, people would shift attention to altcoins making those bitcoin holder to lose.

we all from this forum, will not be alive than, some other generations will have to deal with the last BTC mined block
let's enjoy BTC in our century as more as we can

everyone loved fossil fuel cars, but there is a high percentage moving on electric only
you think that it's impossible that one day everyone will drive electric only cars? no, I think it's a standard coming on

simple as that, the world is changing, and the money/value will be stored as a cryptocurrency for sure, we have to be patient, nothing more than that

It's become the real economy. Like the top 0.1 percent of the richest people in the world control 90 percent of of the money in the world, very limiting.

If an exchange holds your coins and private keys, it doesn't matter. It's not your money and they could go bust any day and those funds that you are holding on an exchange, they go away as well.

Don't think we'll be able to make Bitcoin and global currency, fiat is too loved by everyone.

 I doubt Bitcoin becomes the worlds global currency, it's slow and expensive in more ways than one. Transaction costs are especially high, even on exchanges, and Bitcoin is a major power consumer for miners. I do believe the only reason Bitcoin is still here as number 1 is because it hasn't meet a true successor yet. Some people say that Ethereum has answered that call and is the true successor of Bitcoin.  It's a nice addition of course with the introduction of smart contracts but not a successor when it depends on Bitcoins success to thrive. When Bitcoin prices fall in the market, Ethereum follows right behind with it, as do all altcoins except for stable coins.

It seems far to me that Bitcoin can be the global currency in the future. I don't think that governments will be convinced to use a volatile currency instead of a currency that they hold the control on their hands and that is more stable than Bitcoin.

That sounds about right to me given that there can't be that many bitcoin holders with respect to a significant percentage of the world population.  16237 is actually a lot, but that's assuming this represents individual people which I'm sure it doesn't.

If crypto keeps appealing to people and attracts new investors/owners, the distribution will eventually even out and there will be more addresses/individuals holding that 61% of bitcoin.  That might take another decade or two, but it'll happen.

Yeah, funny how the same situation basically recreated itself with bitcoin.

We don't have to worry about this one. Since it's still far from the reality. It would be really hard for bitcoin to be the global currency when there are governments who don't like decentralized cryptocurrency. Rather than a global currency, it's more near from reality to be an alternative global currency. Also right now, we're already working to earn bitcoin, and that's already an example of being under by a person who holds more power and bitcoin. Same thing will happen if it will become a global currency. We're still going to work for it just like how fiat circulates.

I only believe that bitcoin can be used as an alternative payment system globally without having to replace conventional money. Isnt that better to be accepted by all elements of society ? Living side by side with conventional currencies is the thing I would expect for bitcoin.
Bitcoin provides a new color in the digital world civilization, this is a fantastic thing and I hope people do not force their will to fight the existing system.
Do we have to fight the system and make bitcoin a global currency ?

It is hard to say for a system that everybody has the full control of their money. If a person, group or government can't control the money of people, then there will no such problems.

We must not compare the current wealth distribution comprison with bitcoin. We all believe bitcoin as better currency and it will ensure better economic condition. That's why we are here.
Thank you for the correction.  It was not a typo but a mistake certainly. I had checked it some days ago and that's why I had forgotten.

That's the sole reason why they say that you should never keep a large amount in exchanges. You must only keep a certain amount in exchanges which you want to actively trade and are willing to lose. The rest of your coins should be in a wallet whose private key you own.

This issue does exist today but will vanish in time when many people join the crypto community and the amount of bitcoin gets distributed in the community.

Just like banks, these exchanges hold immense power and influence in the entire cryptocurrency market, whether we like it or not. Many of them are centralized organizations, and they are mainly for profits, of course. Is this good or bad. I would say that this set-up has some advantages and disadvantages, mostly depending on the person's point of view. Just like Binance, a very successful crypto exchange that is lording the industry it is on and eventually launched its own coin the BNB. I would not say that they are "controller" as the digital assets they are holding are not really theirs but who can discount the big influence of Binance in this industry?



Maybe what you have in mind is the current wealth distribution of wealth where only a certain or small percentage of the population owned the vast control of available resources and maybe thinking that the same thing can be happening with Bitcoin and cryptocurrency in general. Actually you can be right. However, Bitcoin is not a tool to redistribute the wealth, far from that. And people who are concerned on this should maybe start buying Bitcoin and distribute to the homeless and the poor. The thing is that there is nothing we can do in case Bitcoin is not properly distributed to the population. Anyway, holding a Bitcoin does not mean that anybody can be the maser of the universe, and he can be commanding people to be his slaves. Far from that. I love some of the ideals socialists are offering but generally many of their ideas (as man-made as they can be) are not also working. Anyway, I digress.

Slaves to certain people if you only let them make you a slave but certainly I think even though they own most Bitcoin I think they can not control the market, And I think the market and exchange are pretty balanced right now the movements of certain Bitcoin to other cryptocurrencies are pretty much normal in my opinion, I guess Satoshi still hold a much number of Bitcoin that can forever not be claimed by anyone that means the value of bitcoin will wither to none.

1. That's our fault. We have the choice to use fully decentralized platforms but we choose not to because centralized exchanges are more convenient.

2. What's your source? That's inaccurate. ~61% of the coins are being controlled by 16237 addresses.

Well the biggest holders of cryptocurrency are the exchanges since the deposits of people are going inside their wallets.  But exchanges are not controller of the crypto community but they are actually relying on the crypto community to earn profit. They earn through our trades and thus instead of controlling they are actually attracting more people from the community to trade in their exchange. The possibility of them being a controller is when they are faking volumes and is affecting the overall value of bitcoin at the market.

That still applies to gold today.... if a government introduces new regulations where private ownership of the metal is prohibited, people will be blaming themselves for ever having trusted a bank to store their gold with.

In most cases the gold inside bank vaults is insured as well, and for your gold to be insured you must declare the quantity and all, which means that not only the bank, but also the government knows what you hold if they ask for it.

If you see the distribution of wealth comparison worldwide, you will see that 0.6% of the world population holds 39.3% of the world's wealth!

Reference: https://en.m.wikipedia.org/wiki/Distribution_of_wealth

Bitcoin is not going to change the equation. But it may add few more people in the list increasing the percentage of both parameters. We all are modern day slaves, that ain't gonna change for all!

that is a problem but i don't see it being a big one. and the problem is not what you think, the problem is that we need more exchanges so that the volume distributes more between them and as a result we see less power for them in controlling the "price".
the good news is that it is already happening. in early years there was only one big exchange and some small one s (Mt Gox) it was controlling the entire market then other exchanges grew bigger and nowadays there around 10 big exchanges i believe. that shows growth. if we keep this track in a couple of years there will be 20-50 exchanges all around the world with volume being distributed among them.

they don't control bitcoin by having (temporarily) a big percentage of the total supply among multiple unlinked exchanges.
bitcoin is PoW not PoS.

if you dont hold the private key, the coins are not yours
a century ago if you dont have actual gold. the bank note promissory note is telling you that you dont own gold.. you dont even own the paper. you just 'bear'(hold/keep) the paper that can be exchanged for gold.

I have checked the richlist recently, some of them are from exchanges. More than 50% of BTC are holding by the top 50 people or so. Can't remember the amount though. 61% BTC is held by 16237 addresses.
I have two question-
1. Exchanges are being the giant although BTC holding by them are from customers. Still it's possible that they are trying to be a controller of the crypto community which is very bad I guess.

2. If top 50 people hold 50% of BTC and BTC becomes the global currency, we may face once again the previous era. Being slaver to certain people.

Think at from the point of macro economy. In my opinion, it's something we need to talk.