I am surprised this has got less attention.
We get some socialist on here about once a month bringing up their insanity. For them I say...Bitcoin is not for you. Stick with your notes.
Topic: How can Bitcoin be a society changer with current distribution of wealth? - page 6. (Read 4397 times)
January 07, 2015, 05:39:51 AM
We get some socialist on here about once a month bringing up their insanity. For them I say...Bitcoin is not for you. Stick with your notes.
January 07, 2015, 05:35:42 AM
Only guns and violence can distribute wealth equally, a currency does not choose winners and losers.
Want to distribute wealth equally? Buy now while the price is low. Give it away when you are rich.
January 07, 2015, 04:47:52 AM
I am surprised this has got less attention. I have never thought of any of this before. I think for cryptocurrencys to be a game changer than wealth distribution does need to be addressed.
January 06, 2015, 11:19:58 PM
So today I was looking at coin distribution on BitRex beta. If you haven't done so yet then I would recommend taking a look (https://beta.bittrex.com/Market/Index?MarketName=BTC-XPY --takes you to Paycoins for example). In every single one I checked the distribution was like this:
Bitcoins distribution currently looks like this:
Before I continue I must say I do understand that lots of these address will not be in use, and many will be multiple addresses for one person. But I am going to try and work out wealth distribution off this data. First of all I will excluded wallets in 0-0.001 range. Which leaves 1,643,642 wallets. The top 98 wallets contain 19.66% of all the BitCoins currently in existence. That's a staggering 0.0059% of the BitCoin community that own 19.66% of all the wealth.
Now to include the 1000-10000 range. This range brings the number of wallets into existence to 1543 and the wealth held up to 43.89%. But even this staggering amount of BTC wealth is held by only 0.093% of the community.
At 100-1000 the number of wallets stands at 15,356 and a combined wealth of 67.64%. Here the wealth is held by 0.93%. < The top 1%. Now below I have inserted a table from Thomas Pickety: Capital for the 21 century, which has rough Wealth Distributions across the globe. This data is not perfectly accurate but gives you a rough idea.
Call modern day social systems what you want, and even at those quite frankly shocking levels of parity, there is still a much more fair distribution of wealth from 'capitialism' than from Bitcoin (35% at the top 1% vs 67.64% for BTC).
Lets continue at 10-100 the number of wallets stands at 115,281 and a combined wealth of 94.49%. This staggering wealth is owned by just 7.11% of the Bitcoin world.
So I ask you all this, with such concentrations of wealth comes massive power. If the system was to ever change to a one backed by cryptocurrency, then how can this minorities monopoly over the money supply be a good thing? Do you think this is in anyway fair and if we were to create a new currency with fairness at heart then what would be the ideal way to distribute?
I personally don't see how BitCoin can revolutionise the currency scene anytime soon. To me its just new monopolies with new faces, but no real fundamental change. That's not to say I don't think BitCoin is revolutionary, or something quite spectacular, as I do. But I struggle to see how cryptos in this format really stand to change society for the better.
Bitcoins distribution currently looks like this:
Before I continue I must say I do understand that lots of these address will not be in use, and many will be multiple addresses for one person. But I am going to try and work out wealth distribution off this data. First of all I will excluded wallets in 0-0.001 range. Which leaves 1,643,642 wallets. The top 98 wallets contain 19.66% of all the BitCoins currently in existence. That's a staggering 0.0059% of the BitCoin community that own 19.66% of all the wealth.
Now to include the 1000-10000 range. This range brings the number of wallets into existence to 1543 and the wealth held up to 43.89%. But even this staggering amount of BTC wealth is held by only 0.093% of the community.
At 100-1000 the number of wallets stands at 15,356 and a combined wealth of 67.64%. Here the wealth is held by 0.93%. < The top 1%. Now below I have inserted a table from Thomas Pickety: Capital for the 21 century, which has rough Wealth Distributions across the globe. This data is not perfectly accurate but gives you a rough idea.
Call modern day social systems what you want, and even at those quite frankly shocking levels of parity, there is still a much more fair distribution of wealth from 'capitialism' than from Bitcoin (35% at the top 1% vs 67.64% for BTC).
Lets continue at 10-100 the number of wallets stands at 115,281 and a combined wealth of 94.49%. This staggering wealth is owned by just 7.11% of the Bitcoin world.
So I ask you all this, with such concentrations of wealth comes massive power. If the system was to ever change to a one backed by cryptocurrency, then how can this minorities monopoly over the money supply be a good thing? Do you think this is in anyway fair and if we were to create a new currency with fairness at heart then what would be the ideal way to distribute?
I personally don't see how BitCoin can revolutionise the currency scene anytime soon. To me its just new monopolies with new faces, but no real fundamental change. That's not to say I don't think BitCoin is revolutionary, or something quite spectacular, as I do. But I struggle to see how cryptos in this format really stand to change society for the better.
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