This then gives a smaller number of people bigger ammounts of power to act on the market.
Bitcoin is in an extreme situation where at the moment half the available bitcoin are in hands of a (on a global scale) small group of people.
I think that this will be a serious problem for bitcoin in the future, but others have disagreed.
Bitcoin is in an extreme situation where at the moment half the available bitcoin are in hands of a (on a global scale) small group of people.
I think that this will be a serious problem for bitcoin in the future, but others have disagreed.
I have seen similar threads on that subject. I haven't completely decided yet, but I am finding myself agreeing more with those who say people will sell BTC as the value rises and it gains more popularity. I don't think BTC was ever designed to do away with the rich vs. poor divide. But, and this is what I like most about it, it takes the monetary power away from government with their printing presses. And, without monetary power, government is mostly impotent.
Since we've got multiple moneys and currencies outside of bitcoin people will not depend (unless they choose to) on spending bitcoin to pay for food and rent.
So i can imagine that if bitcoin becomes a player on the world economy there will still be some people with a lot of bitcoin.
If you then take a look at how much a bitcoin needs to be valued to cover even a small portion of the world economy then you will find that there will be several people with more bitcoindollars than bill gates has. And that would be in usable currency, not in company bonds.
They would become the lords of the markets.
And we've got no idea how they will act and we have no protection for when they decide to screw over the rest.