Does Bitcoin increase wealth equality? - page 2.

michellee

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Quote from: Wawa2013 on August 21, 2021, 04:44:53 AM

Quote from: michellee on August 21, 2021, 04:28:32 AM

Quote from: jamkesmas on August 21, 2021, 03:12:31 AM

There will never be equality of wealth in this world, and bitcoin cannot solve this problem, moreover the supply of bitcoins is so limited that it can only be owned by a few rich people and it is likely that some of the poor will never own it, thus creating a 99% income gap for the rich , and 1% for the poor.

I believe that being wealthy is for all people but that will depend on how they want to achieve that and how hard their work to be wealthy. Many people dream of becoming rich but they are lazy and do not want to get work. So the question is how they can become rich?

Bitcoin offers a new way to become rich and people need to work hard in many ways. Trading can be one solution for them, but they need to learn about trading and not give up until they succeed in learning the trading lesson and making a profit.

To be rich requires hard work, because being rich cannot be obtained easily. In addition to hard work, patience is also needed to get it, because we
have to go through a long process to become a rich person. Then with Bitcoin, this provides an opportunity for investors to become rich. Due to
the significant movement of the Bitcoin price, make Bitcoin can provide a large profit. Trading is one way of making profit from Bitcoin, so learn
a lot and practice, so that our trading skills increase.

Indeed. Most people can not have patience and do not want to enjoy the process. That is why many people can not be rich from what they did because they do not have patience. If people can consistently work hard, sooner or later, they will get the benefits and it will not take too long to see their wealth will increase. Bitcoin can help them but that will depend on how they can work in a job related to bitcoin. If someone can focus on trading and try to learn more lessons about trading, his skills will increase, which means he will have a chance to make money. That will be a matter of time to see he will become a rich person.

Wakate

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Quote from: lightning0 on August 19, 2021, 09:16:45 PM

Bitcoin's decentralization promotes the fairness of global currencies and protects its holders from inflation.
Bitcoin does not achieve global wealth equality. It will only benefit those who are really rich or the rich who buy it, and make the rich who have the funds to buy more Bitcoins become richer.

Bitcoin can only increase wealth when bought and left for longer period of time to appreciate more before selling it. Bitcoin is an asset not a tool for equality program or plans. It does not equalize wealth or balance the wealth of the rich to that of an average man. The potential in Bitcoin is to increase the value of one asset according to size and time in which this is done.

If the rich put more funds in Bitcoin meaning they'll gonna make more money that one who put lesser amount. It's a money doubling asset that requires holding for a certain period of time before selling it.

conected

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Quote from: zanezane on August 20, 2021, 01:06:50 PM

I think yes it can increase the equality because it somehow levels the playing field for those at the lower strata although it's not quite enough to be equal with the uber rich like Bezos and Musk, this is different. If you think about it if you include the uber rich then it's not equal but in some parts yes it does make wealth equality.

- Your sense of equality is only equal to the participating classes, there is no restriction to the poor and less qualified but one thing that remains original is that property equality will not appear because once this equality emerges, many people's criteria and goals will be reduced and many people's aspirations will be eroded as they try harder, bitcoin still make everything equal, their wealth is only equal to those who don't try. Such ground and playing field is not suitable for the aspirations of many subjects, intelligence and sophistication will have their value, cannot be put on par with lack of knowledge.

Wawa2013

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Quote from: michellee on August 21, 2021, 04:28:32 AM

Quote from: jamkesmas on August 21, 2021, 03:12:31 AM

There will never be equality of wealth in this world, and bitcoin cannot solve this problem, moreover the supply of bitcoins is so limited that it can only be owned by a few rich people and it is likely that some of the poor will never own it, thus creating a 99% income gap for the rich , and 1% for the poor.

I believe that being wealthy is for all people but that will depend on how they want to achieve that and how hard their work to be wealthy. Many people dream of becoming rich but they are lazy and do not want to get work. So the question is how they can become rich?

Bitcoin offers a new way to become rich and people need to work hard in many ways. Trading can be one solution for them, but they need to learn about trading and not give up until they succeed in learning the trading lesson and making a profit.

To be rich requires hard work, because being rich cannot be obtained easily. In addition to hard work, patience is also needed to get it, because we
have to go through a long process to become a rich person. Then with Bitcoin, this provides an opportunity for investors to become rich. Due to
the significant movement of the Bitcoin price, make Bitcoin can provide a large profit. Trading is one way of making profit from Bitcoin, so learn
a lot and practice, so that our trading skills increase.

michellee

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Quote from: jamkesmas on August 21, 2021, 03:12:31 AM

There will never be equality of wealth in this world, and bitcoin cannot solve this problem, moreover the supply of bitcoins is so limited that it can only be owned by a few rich people and it is likely that some of the poor will never own it, thus creating a 99% income gap for the rich , and 1% for the poor.

I believe that being wealthy is for all people but that will depend on how they want to achieve that and how hard their work to be wealthy. Many people dream of becoming rich but they are lazy and do not want to get work. So the question is how they can become rich?

Bitcoin offers a new way to become rich and people need to work hard in many ways. Trading can be one solution for them, but they need to learn about trading and not give up until they succeed in learning the trading lesson and making a profit.

junmisakiro

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Given human nature is actually full of greed, then I think it is very unlikely to increase wealth equality, even with bitcoin, because rich people have large portfolios so it is very easy for them to earn large incomes, they will also do various ways to continue increase their wealth, while the poor usually only work for the rich, because the poor do not have a sufficient portfolio to build a business.

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There will never be equality of wealth in this world, and bitcoin cannot solve this problem, moreover the supply of bitcoins is so limited that it can only be owned by a few rich people and it is likely that some of the poor will never own it, thus creating a 99% income gap for the rich , and 1% for the poor.

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Bitcoin can't establish wealth equality. It has made early buyers wealthy but that doesn't mean it has equated them to the existing wealthy men who has been in to various investments over the years. Except this holders diversify their portfolio to accommodate other investments option that will help solve global challenges but relying on bitcoin alone can't achieve it.

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Wealthy people have stable stores of value like hedge funds, venture capital, and so on. Rich people can borrow money to purchase bonds, real estate and land without putting down any money. Poor people cannot. And, as a result, the rich get richer while the poor get poorer.
We are investing in Bitcoin to at least keep our money safe in a currency that won't lose value due to the increase in the supply.

zanezane

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I think yes it can increase the equality because it somehow levels the playing field for those at the lower strata although it's not quite enough to be equal with the uber rich like Bezos and Musk, this is different. If you think about it if you include the uber rich then it's not equal but in some parts yes it does make wealth equality.

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Quote from: brainactive on August 15, 2021, 11:26:42 PM

Due to Bitcoin's supply issuance schedule, it's fair to say that those who buy bitcoin early achieve (exponentially) outsized gains.

Based on what we've seen so far, adoption looks something like: cryptographers -> early adopters -> suits/elite -> the masses

Given that the exponential nature of adoption and returns, doesn't Bitcoin further increase wealth equality? So that the elite are even richer than the everyone else?

To be a bit more specific, what I'm envisaging is the new world to include three groups of people, the elite (aka "the 1%" of the old world), the early adopters (aka "the 1%" of the new world) and the masses (the remaining 98% of people).

Before bitcoin maybe top 2% of people owned 80% of the wealth. But after bitcoin, perhaps top 2% would own 95% of the wealth (approx only to illustrate point).

Thoughts?

yes, Bitcoin has pushed the economy of the poor to become rich. Bitcoin has a very good influence on the economy in a country where the majority of the population is classified as poor. most of the bitcoin holders come from poor families, then their lives change drastically after buying bitcoins and holding them for a very long time, this is what increases the wealth equality of the population in a country.

verita1

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My opinion is in relation to my own experience. Before bitcoin I did not have a job, I live in a country with hyperinflation where most of the population only has enough money to eat. Other needs such as buying clothes, shoes, doing home repairs among others, the average population has to save for a long time or work very hard to achieve it. Thanks to bitcoin, I have a job, I overcame the hyperinflation in my country and now I can support my family and help the closest relatives who need the most.

On the other hand, I think that the equality of wealth in bitcoin that OP mentions refers to those who are investing in bitcoin receive their wealth in proportion to their investment or holding of bitcoin.

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Quote from: lightning0 on August 19, 2021, 09:16:45 PM

Bitcoin's decentralization promotes the fairness of global currencies and protects its holders from inflation.
Bitcoin does not achieve global wealth equality. It will only benefit those who are really rich or the rich who buy it, and make the rich who have the funds to buy more Bitcoins become richer.

The richer get richer still applies in cryptocurrency but at least this time there is a chance for the poor to get richer since they could hold tokens to expect enough return one day.

Equality is not ideal really but the people to have enough will have contentment. The world will be better to have people who could say they have enough than people who will revolt to make more money. Sometimes its not good for the poor to have more money, they eventually see their past enemies be a peony.

lightning0

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Bitcoin's decentralization promotes the fairness of global currencies and protects its holders from inflation.
Bitcoin does not achieve global wealth equality. It will only benefit those who are really rich or the rich who buy it, and make the rich who have the funds to buy more Bitcoins become richer.

iTradeChips

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Wealth equality? Is that even a concept that can be attained? When Bitcoin was created, does the creator have in mind ending poverty all over the world? Bitcoin was an experiment in digital currency and it succeeded. Also, your concept of wealth equality is to general, where do you think wealth equality will happen? In the U.S.? I mean if you are talking about a country as large as America or Russia or China, that is already complex without the government machinery. Then you think of wealth equality in the whole world through crypto? That would be problematic.

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I don't know why people raise this question again and again. Satoshi Nakamoto was not a socialist. So there is zero chance that his innovation has wealth redistribution or wealth equality as one of the perceived goals. Also, wealth equality is not possible with an anonymous asset such as Bitcoin. Even if you airdrop Bitcoin equally to every human in this planet, there is no guarantee that the distribution will remain the same after 1-2 weeks. You can try the Venezuelan Bolívar or the Cuban Peso if you want wealth equality.

Melody kdl

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I don’t think that equality of wealth is a good phenomenon. The law of survival of the weak and the fittest is not unreasonable. When all are equal, who will have the desire for upward progress and the motivation to work hard. Life is unequal. The reason why people work hard, Bitcoin will not solve this problem. Everyone's initial starting point is different, so they will not reach the same end.

James Watson

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Bitcoin cannot solve this problem. Bitcoin's inequality will be more serious, because wealthy investors can afford to buy more Bitcoin, and the supply of Bitcoin is limited. Like whales, they can do anything in the market. Manipulation, causing panic among retail investors, isn't this the power of capital? So I don't think Bitcoin will make wealth equal.

AliMan

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Bitcoin will only benefit for those who really have enough money or the rich guys buying it. Sadly the average people one get smaller portions of profit out of it, because they can't buy as much as the rich person did.
However there's an other options investing with altcoins can be a good alternative but have no assurance at all.
In general I don't see any wealth equality, everyone has a different financial wealth situation to tackle with.

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If you have 1 BTC, you will be said as wealthy if you cash out it and by fiat.
And the amount of the fiat itself that will determine it. This is actually the common sense and opinions of many people around the world.
People are rich if they have a lot of money, big companies, work in top companies, have big houses, many vehicles, and also others.
but if you have even 3BTC, will you consider rich?
If someone else knows about Bitcoin and what's inside your wallet, yeah you will.
But for many other ordinary people, they will not think about that if you don't have some things above.

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