Post
Topic
Board Speculation
Re: If Bitcoin became the sole reserve currency...
by
freebird
on 07/12/2013, 06:05:36 UTC
It's not so much my opposition to wealth disparity in general, but my concern with how Bitcoin (cryptos) can potentially make the extreme disparity we have today look a lot less extreme in the future.

The best case scenario would be the creation of a new altcoin, with superior features to bitcoin, and its creators to be humanitarian type of people who would market the new coin as much as possible to ordinary people, so that there would be (1) more early adopters, and (2) more diversity among the early adopters rather than only geeks. It would have to be a project in which developers would work together with philosophical, socially conscious type of people to achieve a common goal of a "people's currency" that spreads wealth around rather than concentrating it.

My honest opinion is that bitcoin itself is going to become the cryptocurrency for the financial establishment. It's already starting to be embraced by hedge funds, and sooner or later it will be traded as an ETF on the stock market, and within a few years it will be playing a store-of-value role similar to gold in billion-dollar investment portfolios.

I will continue to own bitcoin, because it's a good way to make money and it's a useful tool for sending money abroad without incurring large fees. But I don't believe it's going to fundamentally transfer power to the common folks or anything like that.

You say anyone should take the chance, but my point is that not just anyone can take the chance, nor will they.

True. But that, alas, may be part of the human condition. The smart and the lucky have advantages. It is what it is.

I appreciate you actually engaging in a discussion. With that said, I think your position can be questioned. You say that this is a chance for ordinary people to get a fairer share, but if self-limited cryptos are the way of the future, then aren't a very small amount of early adopters and/or the ones with enough money to invest, going to always form a very small and highly disproportionate amount of wealth holders-- as is already the case today?

There is nothing actually stopping ordinary people from buying bitcoin. They just need to be made aware of it, and they need to be persuaded that it's worth the risk. Even somebody who buys a few hundred bucks worth of it today, could still make thousands of dollars from it within a few years.