No, no and no...
BTC cannot prevent the concentration of income in top bracket or we say top 1% rich club. Generally we consider those to be rich who have large amount of fiat wealth, etc. So now if we consider dominance of BTC over fiat nothing would change as there are enough holders in case of BTC with numerous amount and people who enter market now will hardly able to hold BTC as equal to earlier adopters. This will make the wedge in case of BTC too as similar to fiat.
Topic: BTC a chance to change the deadlock of 1% rich peple holding FIAT capital - page 3. (Read 1848 times)
June 02, 2017, 12:58:02 PM
June 02, 2017, 12:49:06 PM
I think, there is another big thing why BTC is so treated hostile. Banks have their own interest. But many rich people are very addicted to FIAT connotations and the structure of cryptocurrency may change the general structure of possession.
This may build a thesis that
This may build a thesis that
This is a wrong thesis for pretty obvious reasons
Money is not wealth, and rich people are rich not because they are sitting on piles of cash (as many erroneously think), but because they own huge businesses and corporations which can indeed be priced or valued in fiat terms (e.g. Apple costs 800 billion dollars) but they don't represent fiat or money as such (what you term as "holding fiat capital", which is not fiat). They represent what is called real wealth. So these superrich people like Bill Gates are mostly Bitcoin agnostic, i.e. they don't really care about it as long as it doesn't interfere with their business empires in general and daily operations in particular
June 02, 2017, 07:05:08 AM
Old analysis but showing that 1% of population may hold ~50% of all money: http://www.bbc.com/news/business-30875633
I wonder what are the statistics of BTC and currencies. If it reaches over 51%, there is real possibility for BTC to be controlled by 1%. This is something like centralization for me.
You might be right though the people that make money through Altcoin trading and became an expert in making money doing it can get really rich since millions of dollars is flowing through it everyday. Just because someone is rich does not mean that they will be able to pump coins and get their money out of it. I wonder what are the statistics of BTC and currencies. If it reaches over 51%, there is real possibility for BTC to be controlled by 1%. This is something like centralization for me.
June 02, 2017, 05:55:34 AM
There will never be total equality in this world. The rich always becomes richer because they end up joining forces with other rich people. Meanwhile, the poor and the common man continue to struggle with his daily life, trying to make ends meet, some living from paycheck to paycheck. That’s the harsh reality of life when it comes to wealth distribution. The gap between the rich and the poor has never been wider, and I don’t think bitcoin or any other currency can really tilt the balance in favor of the less privileged ones.
June 02, 2017, 05:43:40 AM
Old analysis but showing that 1% of population may hold ~50% of all money: http://www.bbc.com/news/business-30875633
I wonder what are the statistics of BTC and currencies. If it reaches over 51%, there is real possibility for BTC to be controlled by 1%. This is something like centralization for me.
I wonder what are the statistics of BTC and currencies. If it reaches over 51%, there is real possibility for BTC to be controlled by 1%. This is something like centralization for me.
June 02, 2017, 05:35:59 AM
It is good question but there are several answer for this.
To be honest i dont now how would be effect and how would all be, but if we look on everything we have some people so rich, that the effort involved in making new type of investment in Bitcoin, can in the end vastly outweighs the effect that this investment could possibly have on their lives.
Other are trying to get rich quick with bitcoin (so many of them), will it be just buying and holding or it will be investment in altcoin.
But some bottom line is that bitcoin network is more popular than ever and Bitcoin is higher than ever.
To be honest i dont now how would be effect and how would all be, but if we look on everything we have some people so rich, that the effort involved in making new type of investment in Bitcoin, can in the end vastly outweighs the effect that this investment could possibly have on their lives.
Other are trying to get rich quick with bitcoin (so many of them), will it be just buying and holding or it will be investment in altcoin.
But some bottom line is that bitcoin network is more popular than ever and Bitcoin is higher than ever.
June 02, 2017, 04:57:32 AM
I think that it is going to be regulated, but only because of the reason that any regulation brings limitations (licenses). The newest EU resolutions brings cryptocurrencies into the process of KYC/AML verification, as well as trade mechanisms like exchanges are going to be forced to have trade licenses. I'm not saying it is totally bad - contrary - it brings safety. The main thing is that this regulations are often not adapted to the essential idea of BTC and decentralization. It is forced for BTC to be centralized somehow. Any structure bringing the ability to speculate over course (i.e. like banks now do with relation EUR to other currencies being in EWG but not havinh EUR) brings closer to centralization. Why? Because it is speculated. Not by the community, but by singularities.
June 02, 2017, 04:48:41 AM
It might change which people represent the 1% but if you check the top bitcoin addresses you will see all the money is concentrated at the top as well.
I also disagree that bitcoin is treated hostile, I have found rich people overwhelmingly like the idea of bitcoin, even banks do. I think why people mistakenly think the establishment is hostile against bitcoin is due to the lack of regulation on this new type of currency/asset. That is quickly changing though and both countries and banks are lining up to accept it in a more regulated manner.
There are also a lot of people in the 1% already that have big bitcoin holdings and many more that have diversified at least small portions of their portfolio into it. There is a reason why the notion of an ETF would bring so much money into bitcoin, because even pension funds would be able to invest in it.
I am bullish on the prospects for bitcoin but for different reasons than you, I think it has been accepted by the establishment so that's why I think it will continue to grow.
I think the current pump is a natural reaction to what I mentioned above and the real bubble is yet to come.
I also disagree that bitcoin is treated hostile, I have found rich people overwhelmingly like the idea of bitcoin, even banks do. I think why people mistakenly think the establishment is hostile against bitcoin is due to the lack of regulation on this new type of currency/asset. That is quickly changing though and both countries and banks are lining up to accept it in a more regulated manner.
There are also a lot of people in the 1% already that have big bitcoin holdings and many more that have diversified at least small portions of their portfolio into it. There is a reason why the notion of an ETF would bring so much money into bitcoin, because even pension funds would be able to invest in it.
I am bullish on the prospects for bitcoin but for different reasons than you, I think it has been accepted by the establishment so that's why I think it will continue to grow.
I think the current pump is a natural reaction to what I mentioned above and the real bubble is yet to come.
June 02, 2017, 04:40:46 AM
I think, there is another big thing why BTC is so treated hostile. Banks have their own interest. But many rich people are very addicted to FIAT connotations and the structure of cryptocurrency may change the general structure of possession.
This may build a thesis that:
- crypto currencies are pumped to give a strike in a moment to 'alienate the fashion' to BTC and show how 'BTC and crypto' is bad for the economic system
- or they are locking into positions to make is centralized through smooth control of the course of crypto
- or it is just a sheep run pump, as it goes.
I would like to open a discussion on that. What do you think?
This may build a thesis that:
- crypto currencies are pumped to give a strike in a moment to 'alienate the fashion' to BTC and show how 'BTC and crypto' is bad for the economic system
- or they are locking into positions to make is centralized through smooth control of the course of crypto
- or it is just a sheep run pump, as it goes.
I would like to open a discussion on that. What do you think?
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