Quote from: bitbeg on December 07, 2013, 05:14:32 AM

Quote from: freebird on December 07, 2013, 05:05:20 AM

Quote from: bitbeg on December 07, 2013, 05:00:13 AM

Quote from: superduh on December 07, 2013, 04:48:45 AM

Quote from: bitbeg on December 07, 2013, 04:40:11 AM

Quote from: superduh on December 07, 2013, 04:37:14 AM

i'm glad you have brought up a question that hasn't been discussed to death. please explain how the current system is anything but making you sick to your stomach then we'll discuss bitcoins

I haven't discussed it to death with anyone. If you already have, why are you joining another discussion about it?

because this topic has been discussed to death and that's why there is a search feature.

regardless, at least make at attempt to answer my question to you. otherwise it looks like someone is paying you to talk nonsense

The current system has been making me sick to my stomach for quite some time. You are making assumptions that have no basis in reality. The very point of this thread is that the problems that we are currently facing will only (possibly) get worse. My numbers might be off, but even if today 1% (or 70 million) of the world population owns 90% of the money, that is still a better scenario than 1 million owning 60% of it.

Personally, I would rather have a bunch of geeks own most of the money than a bunch of corrupt banks and the governments they buy off.

Any proportion of any group will structure itself in the same way. You will still have greedy geeks-- or are they somehow immune to human nature?

Revolutionaries become tyrants, it has always happened throughout history.

Regardless, the proportions would remain the same. Would these geeks one day, in a moment of mass enlightenment, redistribute the wealth?

And one more point-- it is no longer the just geeks, but rather geeky speculators and speculators alone who are driven by greed that are buying up the most coin and form the the majority of cryptocurrency holders.

The philosophical issue you keep coming back to is your opposition to an unequal distribution of wealth. The problem is, in a free market economy, wealth naturally accumulates in fewer and fewer hands. Eventually, the poor overthrow the rich through a violent revolution. Then some of the poor revolutionaries become tyrants, as you pointed out. The cycle repeats.

I don't know if there is any permanent escape from this cycle. It seems to be a consistent feature of human history.

What I do know is that for reasons of personal survival, it would be very smart for the average person with a low net worth to be accumulating cryptocurrency right now. Because I certainly don't think the economy is going to be improving anytime soon. All around the world, there is chronic structural unemployment, governments deep in debt and in some cases practically owned by for-profit banks, and a lack of money velocity in the economy because more and more money is being concentrated in the hands of a few people who have so much that they don't need to spend it.

The only people who are truly free are those who have enough assets to live off of their wealth (passive income) rather than needing traditional employment. Cryptocurrencies offer ordinary people a chance to reach that level as this technology explodes over the next few years. I suggest that anyone who can do so, take that chance while it still exists.

P.S. I certainly hope that people who become wealthy from investing in bitcoin will share their newfound wealth with needy people and worthy causes. It would be great to see more philanthropy by bitcoiners.