Quote from: Etlase2 on September 19, 2013, 02:41:47 PM

It is not PoW or the blockchain that I have the major issues with, though those are terribly inefficient. The main issue I have is with this notion that a pyramid distribution of currency where 50% or more is distributed to a few thousand people will succeed at doing anything but creating the next Wall Street or London. I do not see exchanging one boss for another with grandiose promises of "this time, it's different" as anything other than a way to relieve the ignorant of their money.

When currencies start appearing that break this trend, I believe you will see a strong run to the bottom for all of the currencies that require an influx of new suckers to maintain the charade of the sustainability of closed, pyramid money supplies. And somebody with a fat stack of bitcoins is probably going to speed the process along leaving thousands holding the bag.

firstly thank you for replying ..

Ok i broadly agree with you here -

except to say that , if executed correctly , I don't believe that the block chain and/or PoW principal is much like a "Pyramid" structure - i believe , (and i believe i will be proven correct) that BTC is fantastically centralized that is simply to say , that by 2012 or even 2011 , when it was even being discovered by any people , you can see the history now it jumped like this :

2009 Zero information first of a first in a respect.~~~~~~~~~~~2012 some exposure ~~~~~~~~~~~~~2012/2013 ASIC takeover - further centralization.

When the hype is gone , after a few ASICs have been sold , people are going to stand back and start to say " Wait where are all the BTC " ?

so in this respect i can completely agree with you , however I disagree with the Pyramid analogy because the price can certainly go very far downwards , and there is no Pyramid structure collapse , its definitely not needing new investors in that sense .

I just think , a studious investor has to look at it as some thing that was fantastically unintentionally at the beginning pre-mined and then intentionally centralized after .

so for me BTC will have that hanging over it , and its price stability will live or die on those large holders , but i think this model can be improved upon.

bag holders don't forget , will be loosing the bag only if they sell low, this is a pretty pure market.