Post
Topic
Board Bitcoin Discussion
Re: The $1000 Bitcoin, yes it's worth at least that.
by
rezin777
on 16/05/2011, 21:46:58 UTC
I agree, I too want a monetary revolution. But this just stinks of greed, and the model is flawed due to the initial unbalanced sharing of wealth. As a principle, I will not buy any BitTulips

This is my concern too. It is often explained here as high profit associated with high initial risk taken by early adopters, but somehow I don't buy it.

It like this. Some smart fellow invented the wheel. It allowed some dude to do more work with less energy. He had a huge advantage over everyone else who was still dragging carcasses, sticks, and whatnot around using barrows (wheelbarrow without a wheel). A few of the people around him see the benefit of the wheel. They start using it. They start telling their friends. The people on the other side of the world are the last to hear about this fantastic new invention: the wheel.

Now, do the early adopters of the wheel have an advantage over the people on the other side of the planet who haven't heard about it yet? Yes.

Did that make the wheel a poor tool? No! (In fact, we still use it today)

Is it unfair that the people who started using the wheel first had an advantage over the people on the other side of the planet? Maybe, but that's life.

Bitcoin isn't going to stop being useful because the people who saw it's usefulness first might profit from being first. Those who choose to boycott Bitcoin for these reasons will simply have to continue life without having the advantages of this particular useful tool. Time will tell if this becomes a disadvantage for them or not.