Topic: Will bitcoin change the distribution of wealth in the world? - page 17. (Read 3527 times)

It might disturb it, but not so much after all. For it will only make Bitcoin holders richer, and... well, just do the maths: there's 21 M bitcoins. If you want to distribute it evenly, you must give 0.002BTC to each and every humans (something like that). However, as you might know it, Satoshi already holds 1M.
So, even if we share all the remaining bitcoins to everyone, this Satoshi will be 500 000 000 richer than all of us peasants.

In other words, at first, BTC will make richs, richer.
The real question is: will Satoshi-like people will keep all their money, or will they use it to end world's poverty ? Because, there will be a loooot of value re-distributed by this. And it will be distributed to people like... well... us. Not greedy fucks like Steeve Jobs (yes he was a greedy fuck, do your homeworks)

I am not sure if Bitcoin will change the distribution of wealth in the world, but I am almost sure that its helping so many people around the world financially, and that its making new rich people daily almost. Its at least a way for the poorest people and the unemployed to earn their living and make an income from working online with Bitcoin.

We are always going to be in the era of whoever comes first, takes the larger share and apparently the inventor and the rich ones always do before we now start talking about early adopters.

Laggards will basically end up in the last part of the chain to get the little they can lay their hands on to survive and probably by then a lot of jobs would have been on ground as so many of the early adopters would have been able to build a lot for themselves. Even fingers were not created to be equal and that is how life is.

Bitcoin is a digital crypto currency. It is not a wealth distribution scheme. People who have the cash and awareness about cutting edge tech in economics are in this crypto world. Even in bitcoin world early adopters are very few and the amount of bitcoin they hold is crazy. It is like traditional economy wealth distibution where top 5 to 10 percent are holding 90 percent of the wealth.
Bitcoin is not different from that. Bitcoin is freedom from the regulation and control of banks, govt on your own money, wealth.
In a way bitcoin is providing fair opportunity to all who are in bitcoin to be controller of their wealth.

It's not really senseless. Wealth distribution, maybe is not the right term, he should have said wealth re-distribution. In this sense, it is perfectly possible that bitcoin delivers the biggest re-allocation of capital ever seen in the history of mankind.

Never before people were able to store money out of the reach of any government at a borderless, global level. Every time I fathom this fact I realize how insanely undervalued bitcoin is, and how 3 figures per BTC are a given in the next decade. The ones not holding any BTC are the ones gambling at this point.

This is indeed a senseless topic but if you do try to understand on what hes saying about on the equal distribution then it is not really possible and can be solved by bitcoin alone because thinking off that all local fiat supply isnt still diverted to bitcoin itself which means this thing is impossible and also think off that even on bitcoin holding there would be no equality for sure since we cant really avoid that there are really greedy people will surely keep and accumulate much bitcoin as they can.

There is no way that wealth will be equally distributed.

Equality is what some social crusaders like Karl Marx envisaged but I don't think that is possible even with the emergence of bitcoin. The reason for my assumption is this, bitcoin came sometime around 9 years ago, some people new about it and embraced it while others new and didn't embrace it (meaning those people who embraced it would have been richer than those who didn't at that point in time ).

The above is the first scenario. Also, among those who embraced it, some would have lost hope, feelings, aspirations to be rich with bitcoin then either because of one reason or the other(which could be because of slow growth then) and hence, lost there bitcoins, given it out etc.

In the present however, what happened in the past where people didn't believe in it or didn't want to take up the advantage, don't have means to or are waiting for a lower price   is still around us currently.

Therefore, bitcoin is just going to create new rich people .

I agree, since not all people has access to technology. But I agree that bitcoin is a good way wealth distribution around the world, yeah it creates opportunity to all of us especially to countries who really needs it. This is a game changer.

Your question is not clear that which wealth you are referring?
If you are referring to the wealth distribution by bitcoin in bitcoins then It will be better to say "fairly" instead of "equally" because bitcoin is distributing the wealth according to the capability of the people that how much a person deserves irrespective of gender, age and nationality so its upto the people that how they avail this opportunity.

There is no way we can doubt that. Some of them are just solo, without much noise. It would not have taken them anything, to find a way to blend in knowing it is definitely worth the risk and most especially they are in a position to know if something will end up working or not and once they get a hold of that, they step in pretty fast.

So many of them are still going to come in and the poor will definitely just have to dig the scratch and find how they can enhance themselves better than someone else eventually.

This has been widely discussed previously and honestly wealth has no fair distribution and the rich always get rich and the poor remain poor. Now cryptocurrencies cannot change this in any aspect. Both rich and a poor person can invest money into bitcoin and other altcoins and get rich but the gain will be proportional to the capital invested into the crypto. Hence the profit even if both gain, will maintain the difference between their economic status. Thus reiterating the fact that the rich will continue to remain rich and the poor continue to remain poor.

Fair and neutral wealth to people who got to know crypto first, going with the trend further… The earlier you adopt it, the better.

It doesn’t have to be fair. We cannot expect to have equal distribution of wealth and that was not the main plan. The essence was to have a decentralized currency so as to take away the control from the government and banks.

Those who believed in it and took the risk are already made and nothing anyone can do about it, whoever is in it now and is taking the best advantage of it, will definitely not be compared to someone who comes in the next two years and so on.

Exactly. Rich people can also manipulate the market and get bigger profits, but the early adopters that started with just a few dollars in their btc invesment, in the long term, they will get rich because that's the beauty of cryptocurrency, the rich won't have absolute control on the price and while they get richer, others will as well and everybody wins (not just the 1%), that's that's the power of a decentralized entity as bitcoin.

To answer OP's question, If we're talking about going against the system that keeps the 1% from getting richer and richer, then bitcoin might be the solution as the distribution of wealth won't have a centrilized entity, but it's very unlikely to happen due to implication of having the govt without control over money would be terrible. If we're talking about fighting wealth inequality around the world, then no, bitcoin won't be of much help in that regard. Besides, that's not the purpose of bitcoin and it's technology.

Bitcoin does not make the poor people rich. It seems to me that it is not possible. But bitcoin can make those who are willing to work more secure. You can afford to make more purchases but a millionaire you will not become. If you store your bitcoins until he will cost a million dollars then you should not wait and lose everything.

Yes we didnt know what happened but the only thing we need to do is to believe that bitcoin will help a lot of people to become rich.

I guess I'll propose a 2-part answer that depends on what we mean by the 'success of Bitcoin.'

Success could mean (1) Bitcoin becomes the dominant form of currency in the world, or large parts of the world; or (2) Bitcoin becomes a major store of value that is traded at high value in fiat currency terms but is not used much for transactions.

For both scenarios, Bitcoin should have a fundamentally beneficial effect on inequality.

Scenario (1) is frankly not likely -- technical issues aside, as Jamie Dimon said, governments are just not going to let a non-state-controlled money take over.  Scenario (2) is looking more and more like where we're headed, where (at least Western) central banks will let Bitcoin go very high and then 'manage' the fiat-BTC exchange rate as a means to support confidence in their fiat money and stabilize the system.

As for the effect on inequality, we first have to understand where the extreme inequality of recent decades, and the inequality of the modern world in general, come from.  The current trend comes from central banks being forced to inflate the values of financial assets to make a small no. of people rich, and hoping that their spending will keep the world afloat, or at least that their spending won't collapse and bring the world down with it.  This is also an extreme-case microcosm of the modern system in general.

The reason this inequality drives even more inequality is that this is an unstable situation.  Spending by the lucky on frivolous luxuries can disappear quickly when the stock market goes down a little, for example.  So central banks must pump more money into the system, even though doing so will only increase the inequality and thus instability!  Asset inflation has become an addiction that can only end in disaster, but that you can't stop either.

With scenario (2) in place, the central banks will be able to, basically, bring about a reset of the entire system.  By owning a lot of Bitcoin and 'managing' the exchange rate, they will be back in a more powerful position where monetary and fiscal policies will have more freedom to rescue the system even if the lucky decide to cut back spending.  The asset inflation can stop, and asset markets will be freer.  In the long run, there's really no alternative.

The distribution of wealth of the world has nothing to do with Bitcoin. Bitcoin is just an asset that can be bought, and for buying something, you need money, so basically, only the people with wealth can access Bitcoin, unless someone without wealth has skills to earn it, but if someone can earn Bitcoins, he earn real money as well and he can't be categorized as a poor person.
Bitcoin is just a new face of keeping money. Unlike other third-parties, you are keeping your money within your own reach, but safe, that is what Bitcoin is all about. And, Bitcoin is a kind of money as well, and those who are wealthy can have it, and others, they can only be where they are.

Certainly, yes. I believe that Bitcoin will change the world distribution of wealth but I do not think it can be evenly done. Now, with Bitcoin, youngsters who follow the trend do come into wealth through their investment in Bitcoin, exposing them to this opportunity that they wouldn't have had. The story of the 12-year old who became rich after he invested his $1000 birthday gift from his granny into Bitcoin is a classical example.

Of making wealth distribution equal is an unachievable goal. No technology can achieve that.

Rich people can have control over a large number of bitcoins. They raise the price and then sell your coins increasing his fortune several times. When the poor maintain their bitcoins to earn they can stay with a set of numbers on the wallets ktorory will not cost anything.

It will depends on the people not bitcoin because bitcoin only offers opportunity for earnings its up to people who join the market to earn bitcoin the reality is that if you have more to invest then you probably has the higher chance to become rich but if a person is haeworking even if he does not have so much money to invest he can become rich thru bitcoin