DeathAndTaxes is right but you do have a point that concern over unfair Bitcoin distribution is a recurring theme.
I've often promoted Litecoin as providing strength to cryptocurrency overall by offering things Bitcoin simply can't. A desirable alternative to Bitcoin is one of those things. This issue could be a second.
Litecoin was distributed in a far more balanced way. Not only was it not announced with only a handful of people that could realistically participate, but the launch date was voted for democratically. At least thousands of people heard of it and no pre-mining occurred. Even long after launch while Bitcoin was around $12, Litecoin remained $0.04 cents. Even today with Bitcoin at hundreds of dollars Litecoin is less than $14.00. Yet Litecoin is the oldest, most successful cryptocurrency that is not Bitcoin.
Markets like choices, so as I often explain, it's possible to believe in both Bitcoin and Litecoin at the same time.
Topic: How viable is Bitcoin with Satoshi + MtGox theif holding 2 Million BTC? (Read 1054 times)
February 28, 2014, 05:23:51 PM
February 28, 2014, 05:19:50 PM
The fact that one exchange holds close to 1 million or 1/21 of all BTC is scary in itself.
But hey, don't let people tell you that Bitcoin is centralized.
Bitcoin should stick to its promise - decentralization. P2P + Ripple for fiat onramp/offramp is the only solid solution. This will remove speculators from the picture as they won't be able to conduct High-Frequency Trading and will keep large investors off the market, too, as it won't be so easy for them to acquire large amounts of bitcoins. But hey, don't let people tell you that Bitcoin is centralized.
February 28, 2014, 05:13:11 PM
The fact that one exchange holds close to 1 million or 1/21 of all BTC is scary in itself.
But hey, don't let people tell you that Bitcoin is centralized.
But hey, don't let people tell you that Bitcoin is centralized.
February 28, 2014, 05:06:48 PM
That Mark stole 744k BTC is not necessarily what happened, but one interpretation of the very limited facts that have been provided for us.
February 28, 2014, 04:53:43 PM
Why would you assume the thief is still holding. I think there are a lot of holes to MtGox's story but they claim they were losing coins for YEARS. It wasn't like all coins accounted for, single 800,000+ BTC tx and all coins are lost. Thief may have exchanged, or spent some or all of those coins months ago.
February 28, 2014, 04:52:01 PM
It seems that the Gini co-efficient would be outrageously high for Bitcoin to succeed if 10% of coins really are in the hands of two entities.
It seems like there will be opportunity for other alt-coins to market themselves as more 'fairly' distribted and take some market share from Bitcoin.
It seems like there will be opportunity for other alt-coins to market themselves as more 'fairly' distribted and take some market share from Bitcoin.
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