Quote from: DeathAndTaxes on January 07, 2015, 07:09:30 PM

Quote from: General_A on January 07, 2015, 07:07:15 PM

I don't personally think a gold standard would benefit many members of society. I believe BTC could, but not with its current monopoly.

There is no monopoly. You keep using that word but I don't think you know what it means. You can mine new coins right now. You can sell goods or services for Bitcoins. You can take some of your non crypto wealth and trade it for Bitcoins. There is no monopoly to access.

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.

Standard oil got called a monopoly with 70% of US oil production under its thumbs. If everyone was to switch to BTC tomorrow, for all extents and purposes a few would have a monopoly on the entire system.

Evidently Standard Oil was just one company. And the owners of BTC are individuals and I have no proof (and I don't suspect) they collude to form a monopoly. All the same, if all 7 billion people on planet earth decided to switch to BTC tomorrow then these few would have an extortionate advantage on the rest of us.

Again - I will refer to this line: If everyone was to switch to BTC tomorrow, for all extents and purposes a few would have a monopoly on the entire system.