Quote from: herzmeister on August 01, 2015, 01:49:16 PM

Quote from: TPTB_need_war on July 31, 2015, 10:39:47 PM

I will agree with Armstrong's skepticism on cryptocurrencies. We can even see that Bitcoin is becoming increasingly centralized (by design)

not by design. Capital always consolidates. Or certain structures in society generally for that matter. That's an unsolved problem. Probably unsolvable. Also if we lived in a money-less world, some would have more power and influence than others. At best we could get an ~ 80-20 distribution I guess, that seems to be the rule of thumb of balance in nature.

herzmeister

Yes, we see that 80/20 Rule in so many places... Including in our own business. In fact, we are a bit MORE highly skewed, we are closer to 85/15 (both in our products and our customers). 15% of our customers buy 85% of our bearings. 15% of our items account for 85% of our sales.

Although published in 1998, this book is the best description that I have read of the 80/20 Rule, highly recommended:

Koch, Richard, The 80/20 Principle (1998), Doubleday

The book apparently was published first in the UK by Nicholas Brealey Publishing.

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I have not seen Armstrong cover that, but 80/20 is everywhere.....