Fiat money's richest vs Bitcoin's richest - page 2.

CarnagexD

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Quote from: bitbunnny on March 30, 2020, 05:23:40 AM

I think that exact list of Bitcoin richest people can't be done. Many of them are anonimous or they don't reveal the exact amount of coins they have and many Bitcoin addresses don't belong to individuals. So, there are no.exact and complete data.
With fiat money is much more easier and these people are usualy more exposed in public so information are not so hidden.

Many people today becomes more millionaire by the help of the fiat currency and cryptocurrency but they make their selves as low key or not become popular because it does not need the only thing they want is the income and we have different way of earnings some of the people want to make more earning in the business way of fiat currency and some of them want to make more risk into the market of the bitcoin those people can handle the risk of the designated they want. Still it is better to have a anonymous identity because it is more risk to their lives and accounts if they will show their identities.

Lucius

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Unfortunately, there is no perfect distribution of wealth in any financial system, and it is more than obvious that BTC is no exception to this rule. In the first few years after BTC was created, there were very few who knew it at all, and even fewer who invested in it either by buying or mining it. There was even a faucet promoting BTC by giving 5 BTC for one claim, which sounds pretty unrealistic from today's perspective.

It was early adapters who recognized the potential of BTC during this period, who can blame them for being in the right place at the right time. There were many more opportunities to buy cheap BTC in the coming years (2015 - BTC at price of $200 or lower) but it is not realistic to expect it to remain like that forever.

It is our reality that 10% of the population controls 90% of the world's wealth, and although it is not realistic for BTC to change that, it does give us some hope of changing that ratio for the benefit of small ordinary people who would otherwise never get the chance to pursue their dreams - unless they don't win the lottery.

bitbunnny

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I think that exact list of Bitcoin richest people can't be done. Many of them are anonimous or they don't reveal the exact amount of coins they have and many Bitcoin addresses don't belong to individuals. So, there are no.exact and complete data.
With fiat money is much more easier and these people are usualy more exposed in public so information are not so hidden.

johnyj

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Quote from: AtomicLemon_ on March 29, 2020, 08:44:00 PM

The 1% richest people in the world control half the worlds wealth (According to this article: https://www.theguardian.com/inequality/2017/nov/14/worlds-richest-wealth-credit-suisse)

"At the other end of the spectrum, the world’s 3.5 billion poorest adults each have assets of less than $10,000 (£7,600). Collectively these people, who account for 70% of the world’s working age population, account for just 2.7% of global wealth."

vs

(After spending 20 minutes doing the math)
The top 1% richest Bitcoin addresses account for 87.92% of all circulating Bitcoins.

Again, on the other end of the spectrum, the poorest 48.06% of addresses hold 0.02% of all circulating Bitcoins.

What do you guys think of this? I'd say that lots of the richest addresses don't count as much because some of them are exchanges cold wallets holding some people's funds.

EDIT: Forgot to add the the source for the information on Bitcoin's addresses came from here: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

This is the nature of human, since very few are good at math and business, especially investment. Let's say you send everyone on earth 20000 dollar check, taking the chance of covid-19 pandemic. In a few months, there will be a few people that gained a lot, and half of the population would still spent those away, some of them even get a debt

AtomicLemon_

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Quote from: avikz on March 30, 2020, 12:10:28 AM

Quote from: AtomicLemon_ on March 29, 2020, 08:44:00 PM

The 1% richest people in the world control half the worlds wealth (According to this article: https://www.theguardian.com/inequality/2017/nov/14/worlds-richest-wealth-credit-suisse)

"At the other end of the spectrum, the world’s 3.5 billion poorest adults each have assets of less than $10,000 (£7,600). Collectively these people, who account for 70% of the world’s working age population, account for just 2.7% of global wealth."

vs

(After spending 20 minutes doing the math)
The top 1% richest Bitcoin addresses account for 87.92% of all circulating Bitcoins.

Again, on the other end of the spectrum, the poorest 48.06% of addresses hold 0.02% of all circulating Bitcoins.

What do you guys think of this? I'd say that lots of the richest addresses don't count as much because some of them are exchanges cold wallets holding some people's funds.

EDIT: Forgot to add the the source for the information on Bitcoin's addresses came from here: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

It shows that the disparity of wealth is even severe in bitcoin market than the real world, which should have been other way around. But I am not surprised because bitcoin has long gone out of the hand of the individuals long time back. I still remember, that bitcoin mining was possible by an individual back in 2010 - 2012. But post that time, we started seeing immense institutional interest on mining and people with deep pocket, started setting up their own mining companies. That eventually lead the small miners out of the business.

The statistics shows that wealth distribution is indifferent - be it in crypto market or be it in real world. Riches will be riches and poor will get poorer. Sad!

I think this is why PoS is a lot better in some ways. PoW is outdated and too centralised. This still only solves the problem of whale miners, though

avikz

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Quote from: AtomicLemon_ on March 29, 2020, 08:44:00 PM

The 1% richest people in the world control half the worlds wealth (According to this article: https://www.theguardian.com/inequality/2017/nov/14/worlds-richest-wealth-credit-suisse)

"At the other end of the spectrum, the world’s 3.5 billion poorest adults each have assets of less than $10,000 (£7,600). Collectively these people, who account for 70% of the world’s working age population, account for just 2.7% of global wealth."

vs

(After spending 20 minutes doing the math)
The top 1% richest Bitcoin addresses account for 87.92% of all circulating Bitcoins.

Again, on the other end of the spectrum, the poorest 48.06% of addresses hold 0.02% of all circulating Bitcoins.

What do you guys think of this? I'd say that lots of the richest addresses don't count as much because some of them are exchanges cold wallets holding some people's funds.

EDIT: Forgot to add the the source for the information on Bitcoin's addresses came from here: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

It shows that the disparity of wealth is even severe in bitcoin market than the real world, which should have been other way around. But I am not surprised because bitcoin has long gone out of the hand of the individuals long time back. I still remember, that bitcoin mining was possible by an individual back in 2010 - 2012. But post that time, we started seeing immense institutional interest on mining and people with deep pocket, started setting up their own mining companies. That eventually lead the small miners out of the business.

The statistics shows that wealth distribution is indifferent - be it in crypto market or be it in real world. Riches will be riches and poor will get poorer. Sad!

mk4

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Quote from: Darker45 on March 29, 2020, 09:49:50 PM

The point, however, is that Bitcoin is not as different as fiat insofar as distribution is concerned. Those who have the capacity to accumulate as many Bitcoins as possible are those rich people. And they are absolutely free to do so. Bitcoin does not have a mechanism to limit people's BTC holdings or to evenly divide the entire supply among the world's population.

Word. Apparently for some reason there are some people who think that Bitcoin is a solution to wealth inequality. While Bitcoin definitely gave the less-wealthy people a huge opportunity to buy an asset that could exponentially increase in price, the rich are always going to have a lot more opportunities simply due to them having a lot more capital.

AtomicLemon_

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Quote from: Darker45 on March 29, 2020, 09:49:50 PM

Quote from: AtomicLemon_ on March 29, 2020, 08:44:00 PM

I'd say that lots of the richest addresses don't count as much because some of them are exchanges cold wallets holding some people's funds.

The point, however, is that Bitcoin is not as different as fiat insofar as distribution is concerned. Those who have the capacity to accumulate as many Bitcoins as possible are those rich people. And they are absolutely free to do so. Bitcoin does not have a mechanism to limit people's BTC holdings or to evenly divide the entire supply among the world's population.

You're very right. I just wanted to point out the massive difference (for the better or worse) of numbers

Darker45

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Quote from: AtomicLemon_ on March 29, 2020, 08:44:00 PM

I'd say that lots of the richest addresses don't count as much because some of them are exchanges cold wallets holding some people's funds.

In a list of the world's richest persons, the basis is more or less accurate. Basically, these people have declarations and their businesses' value could somehow be appraised. In a list of richest Bitcoin owners, however, the basis is not as accurate. What we only have are addresses. Of course, we cannot tell with certainty whether these addresses are indeed owned by companies or individuals.

The point, however, is that Bitcoin is not as different as fiat insofar as distribution is concerned. Those who have the capacity to accumulate as many Bitcoins as possible are those rich people. And they are absolutely free to do so. Bitcoin does not have a mechanism to limit people's BTC holdings or to evenly divide the entire supply among the world's population.

AtomicLemon_

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The 1% richest people in the world control half the worlds wealth (According to this article: https://www.theguardian.com/inequality/2017/nov/14/worlds-richest-wealth-credit-suisse)

"At the other end of the spectrum, the world’s 3.5 billion poorest adults each have assets of less than $10,000 (£7,600). Collectively these people, who account for 70% of the world’s working age population, account for just 2.7% of global wealth."

vs

(After spending 20 minutes doing the math)
The top 1% richest Bitcoin addresses account for 87.92% of all circulating Bitcoins.

Again, on the other end of the spectrum, the poorest 48.06% of addresses hold 0.02% of all circulating Bitcoins.

What do you guys think of this? I'd say that lots of the richest addresses don't count as much because some of them are exchanges cold wallets holding some people's funds.

EDIT: Forgot to add the the source for the information on Bitcoin's addresses came from here: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

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