Why is this topic so taboo that it can't be discussed even hypothetically? What I'm trying to say is if you believe in Bitcoin as a viable long-term P2P currency then you need to identify the inherent risks to its longevity. Shouldn't the fact that a very small portion of the overall community having the ability to bring BTC to its knees be at least something to discuss?
I don't understand why early-adopters need to be treated as gods and any sort of topic that comes up is automatically met with, "oh yeah just another guy trying to get rich off them." As if my ONE thread can somehow re-write history...
I am confused by everyone's assumption that the 'early adopters' took a risk...pennies worth of electricity is not a risk on generating thousands of worthless bitcoins is not a gamble. If anything, they gambled their brain power on something they saw as immensely useful. Those that propped up the system and invested in BTC for cash and began to offer goods and services for bitcoin are the ones bearing a risk...basically everyone that came in after the 'earliest adopters'.
The entrants into the current market are the ones bearing the greatest risk. Buying in at $14/per is a lot different than buying in for pennies...
. He (and his counterparty) took more of a risk than any of us.
What risk? At the time of the transaction, they were essentially worthless... The guy that paid USD for the pizzas took a risk, but only for the value of the pizzas. Neither party had a clue as to the future value. They were placing faith in the currencies ability to grow, and through their (and a ton of others') actions, built bitcoin to what it is today.
EDIT: Whoa, there was another page of replies there...
I am wholly with cypherdoc in not begrudging the early adopters anything. They built this to what it is, I hopped on board and am having a blast. I have immense respect for everyone who preceded (and followed) me into this, and I hope those early adopters that drove the construction of this incredible community do get paid for their efforts...not so much their risks.