Pages:
Author

Topic: Under capitalism eventually 1% own 99% of BTC, 1% have 99% of power? - page 3. (Read 369 times)

legendary
Activity: 2310
Merit: 4085
Farewell o_e_l_e_o
I think I understand that the BTC blockchain can't be corrupted, because it would be too difficult to do.  But can't the 99% be exploited the 1% that own 99% of BTC?  BTC is a transfer of wealth to a different system.  Won't the 1% be able to exploit the 99%? 
Exploit what?

Who does exploit others?

In fact, you can check the Top 100 richest Bitcoin addresses and I am sure there is no information that 99% bitcoin belongs to 1% addresses. Remember, we can not identify what addresses belong to a specific owner.

There is a Pareto principle that says 80% of assets belong to 20% richest people. It is biased by lost BTC in early days when people considered it is a joke and did not back up their private keys.

Power, I guess you implied about power on the network, by owning hash rate. You must have 51% of network total hash rate to attack their network. It's impossible. Cost is expensive and community, nodes, exchanges will do react to this very quickly.

How many Bitcoin confirmations is enough. Read it first and experience the calculator there https://jlopp.github.io/bitcoin-confirmation-risk-calculator/


hero member
Activity: 2240
Merit: 848
Uhhh 1% does not own 99% of Bitcoin. No idea where you got that idea from.
newbie
Activity: 6
Merit: 0
I think I understand that the BTC blockchain can't be corrupted, because it would be too difficult to do.  But can't the 99% be exploited the 1% that own 99% of BTC?  BTC is a transfer of wealth to a different system.  Won't the 1% be able to exploit the 99%?  Capitalism centralizes wealth

Tks!  
Pages:
Jump to: