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Topic: Is Bitcoin the biggest wealth distribution system ever? - page 2. (Read 710 times)

sr. member
Activity: 434
Merit: 250
Oh course not. Once the wealthy noticed what was going on, they bought warehouses filled with bit-coin miners. No poor or middle-class person could do that.
They are and will always be the most beneficiary when it comes especially to investing bitcoins because they have the money to invest and reap the profits from it. The poor are lucky to have a piece of the pie even though it's a small piece of the pie but I think we will make do of that.  Until we get money to invest even more.
sr. member
Activity: 630
Merit: 257
I don't think that it is distributing any money. Distribution of wealth means that all will get equal amout of wealth irrespective to his/her social or financial status.
Perhaps it is wealth Creation system like stock market. One can earn as much as he can using his analytical skills, talent and innovation.
member
Activity: 116
Merit: 10
Oh course not. Once the wealthy noticed what was going on, they bought warehouses filled with bit-coin miners. No poor or middle-class person could do that.
sr. member
Activity: 560
Merit: 257
The guy in this article says "yes!" - https://news.bitcoin.com/76420-2/

I say "NO!"

Bitcoin has created a ton of wealth, perhaps the biggest wealth CREATION system in this decade. But it hasn't distributed wealth. It has enabled the rich and poor in the fiat system to get wealthy alike, correlated to the investment or energy they've devoted to bitcoin. What it hasn't done is shifted wealth from the wealthy in the fiat system to the poor (or anyone) in the crypto currency system.

I'm firm in my beliefs on this but would be eager to hear others opinions. I think there's a lot we could discuss.
It depends from the point of view. Bitcoin has provided all people who use it a way to earn some money. Some have made more money, some less, but they all could tap into that way of earning money. For some people 1000$ is wealth, for other much more. But from my point of view, Bitcoin have brought wealth to some people. At least that is what I think.
member
Activity: 173
Merit: 10
If it were two years ago, I would agree with you.But now, unpolitely, bitcoin has been dominated by business titans, at least in control.This market is brutal.
member
Activity: 75
Merit: 10
You are right.Bitcoin is successful in creating ton of wealth for people belonging to all sections of the community.But what it has not done is that it has not helped to shift the wealth from rich people where it is very highly located to the poor people.

It has not helped to reduce the gap which exists between the rich class and the poor class in terms of wealth.

In turn,it has made rich people more wealthier by providing them options of investing their huge money in bitcoin and increase their wealth much more thus indirectly widening the gap between the two classes.

Here,a rich can become a millionaire and millionaire a billionaire,but not a poor man a millionaire or billionaire.

The only exception would be that if the poor man would have bought lots of bitcoins in its early stage itself when it was dead cheap.
Я c этим вышecкaзaнным впoлнe coглaccнa!
full member
Activity: 210
Merit: 100
you may think that bitcoin is in great success now (not saying it's not)

but the crypto currencies in general is like the undiscovered gold mine
look at the technology of blockchain the outstanding way of dealing with transactions this technology could change the entire system ofthe financial world i hope it will soon enough  i hope people not just in it for the money
legendary
Activity: 2128
Merit: 1293
There is trouble abrewing
articles like this are usually written by people who suddenly come into some large amount of money (large for them not necessarily large per se) and now think they got rich and "wealthy because of bitcoin".

if you read the article you can see the author is quoting it from a Kenyan cryptocurrency miner who is a young guy from east Africa and claims to be in poverty.

but the thing is, he became rich because he invested in a business and that business happened to become successful and very profitable. it just happens that business was cryptocurrency mining. he might as well started any other business and that business could have became successful!
hero member
Activity: 866
Merit: 1001
You are right.Bitcoin is successful in creating ton of wealth for people belonging to all sections of the community.But what it has not done is that it has not helped to shift the wealth from rich people where it is very highly located to the poor people.

It has not helped to reduce the gap which exists between the rich class and the poor class in terms of wealth.

In turn,it has made rich people more wealthier by providing them options of investing their huge money in bitcoin and increase their wealth much more thus indirectly widening the gap between the two classes.

Here,a rich can become a millionaire and millionaire a billionaire,but not a poor man a millionaire or billionaire.

The only exception would be that if the poor man would have bought lots of bitcoins in its early stage itself when it was dead cheap.
hero member
Activity: 1106
Merit: 638
Well with wealth distribution doesn't have to be from 'wealthy' to 'poor' it could be from one layer of the middle class to another or something along those lines. So I would class Bitcoin as the biggest wealth distribution system EVER, though this metric is very subjective on your definitions of certain words which just change things around a lot.

The article is right though.

Can you give me an example of how bitcoin has made the rich or middle class less wealthy or the poor more wealth at the expense of the other classes?

I stand by the fact that bitcoin has created a ton of wealth for the rich, the middle class, and the poor. So it's a wealth creation system.

Any examples to share? Thanks.
member
Activity: 87
Merit: 10
Well with wealth distribution doesn't have to be from 'wealthy' to 'poor' it could be from one layer of the middle class to another or something along those lines. So I would class Bitcoin as the biggest wealth distribution system EVER, though this metric is very subjective on your definitions of certain words which just change things around a lot.

The article is right though.

I dont think so. Because i doesnt read something that connects with this.
legendary
Activity: 1666
Merit: 1285
Flying Hellfish is a Commie
Well with wealth distribution doesn't have to be from 'wealthy' to 'poor' it could be from one layer of the middle class to another or something along those lines. So I would class Bitcoin as the biggest wealth distribution system EVER, though this metric is very subjective on your definitions of certain words which just change things around a lot.

The article is right though.
hero member
Activity: 1106
Merit: 638
The guy in this article says "yes!" - https://news.bitcoin.com/76420-2/

I say "NO!"

Bitcoin has created a ton of wealth, perhaps the biggest wealth CREATION system in this decade. But it hasn't distributed wealth. It has enabled the rich and poor in the fiat system to get wealthy alike, correlated to the investment or energy they've devoted to bitcoin. What it hasn't done is shifted wealth from the wealthy in the fiat system to the poor (or anyone) in the crypto currency system.

I'm firm in my beliefs on this but would be eager to hear others opinions. I think there's a lot we could discuss.
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