Quote from: smellyBobby on June 25, 2011, 04:09:55 AM

Quote from: chessdragon on June 25, 2011, 12:41:12 AM

......Release a currency at a constant rate in a relatively 'equal' system of distribution, and see how long it takes for inequality to root itself..... Bitcoin may not be defined as centralized, but I'm sure we can all agree that it certainly has the potential to be (with large quantities of Bitcoin vested in the hands of the few)

Ahh someone with intelligence! I am glad to see that there those who are still able to critically think about a system and deduce its unavoidable flaws.

If you attempted to acquire the majority of bitcoins, you would drive the price up to the point where you couldn't afford to buy more. Due to the law of marginal utility, you would progressively pay more and more for coins worth less and less to you personally until the price would be greater than the utility. At this point you would either act rationally and stop purchasing or continue and lose progressively more and more wealth, ultimately reaching the level of insolvency.