Re: Bitcoin trades the inequity of dynastic power for the inequity of early adoption
Why create something targeted at instant transactions (like a Paypal) or to be used as a currency (like the USD) but design it to have the economic behaviour of stock market? That makes no sense. What we see here is that the effort needed to get 10-15 coins today is pretty much the same level of effort and risk that 1 year ago would give you hundred of thousands.
The main problem here is not the fact that early adopters have more, this is fine. The main problem is the sheer scale of the disproportion. We talk about million times more for a comparable risk. People entering the Bitcoin world now risk as much than people entering 1 or 2 years ago.
The main problem here is not the fact that early adopters have more, this is fine. The main problem is the sheer scale of the disproportion. We talk about million times more for a comparable risk. People entering the Bitcoin world now risk as much than people entering 1 or 2 years ago.
Xiaoma hit on what I think is the fundamental reason bitcoin will never go mainstream. Some 6 Billion people in the world are much like him. They've never heard of bitcoin, or they've never heard of bitcoin until today. When they show up here they are all going to ask this question over and over again.
"Why should I waste my time and money making you guys really rich? I've got that problem already."
@Xiamo, I can answer your question directly if you'd like, but it would cause a flame war. Probably better to do it in a new thread.
Hint: Bitcoin is not a currency. It is the first commodity ever created by mathematical fiat!
Well.. I think Bitcoin will have a very hard time going mainstream because most people are NOT like me
I only got so late into this because I only found out recently. If I wasn't away from crypto forums for so many years I would be an early adopter too. The only thing I can do now, at the current prices, is to get a dozen coins a month, not more than that. Still, even if I have a net loss so far, I still try to buy more coins because I believe the world needs it. I don't care much about the "getting rich" hype. It is the freedom from central entities control that I value most. Even if I was to lose all my investment on Bitcoin, another crypto-currency will be created that hopefully will have better luck than this one.
Most of the remaining 6 billions don't give a damn about it, to be blunt. They would happily give up all freedom if they were feeling safe and protected. It is the way governments work, and the way humans work.
It's also the way mafias work. That is a protection racket. That kind of political fiat currency is backed by the bullet. People are forced to accept USD or get beat up or killed? That is what we prefer over Bitcoin? We want to go back to that thug mafia style system based around fear, threats and intimidation?
Bitcoin doesn't have the coercion and intimidation. Maybe some hackers will dox you or put a virus on your computer but that is nothing compared to getting bombed and shot at by snipers because you didn't want to spend the USD. The world needs a global alternative and I'm not even considering myself a globalist, but the world needs a global currency done right and Bitcoin is the first global currency to ever exist. It might not be done right, but it's done first, and the people who are early adopters are taking the risk because WE KNOW.