Quote from: YarkoL on May 20, 2016, 09:10:21 AM

Quote from: freshman777 on May 20, 2016, 08:52:05 AM

Powerlaw distribution of wealth in cryptocoins is a non issue. Wealth will be distributed and re-distributed many times for the simple reason that code can be cloned unlike material wealth like gold. You don't expect in the future one global ledger, one world currency like most nerds here, do you?
Bitcoin is not backed by electrical power consumed to produce blocks, its idea can be copied and re-implemented. Its value is based on faith, we're watching some of this faith evaporating now to competition. Competition is code as well and wealth will be re-distributed to better competition, and so on, ad nauseam.

But you argued that PoW leads to a concentration of ownership
of "means of production". Don't you think you ought to qualify that
pronouncement in the light of what you now stated, as quoted?

I am not sure what you ask.