Quote from: RodeoX on November 08, 2018, 02:44:21 PM

Quote from: Wind_FURY on October 25, 2018, 10:27:48 AM

Would it be fair enough to assume that the project has failed, or failing?

90% of Bitcoin being held by an oligarchy of the elite, a cartel of banks, and by governments working together might turn Bitcoin into their "playground".

Bitcoin is was not designed to enrich the poor. It is fair money. Fiat currencies, like the dollar, are subject to manipulation of all sorts. It can be used unfairly by issuer. Bitcoin does not allow for anyone, even if they own 99.999% of the supply, to change the protocol.However, if your neighbor owns a factory, they may be making more than you and buying more bitcoin than you.

But it might not assure censorship resistance anymore if most of the supply is held by banks and Bitcoin services owned by banks, the "Bitcoin oligarchy". What if the oligarchy, because of their own self-interest, be coerced by the government to censor some transactions it doesn't want? Has that iteration of a "censorship resistant" cryptocurrency then failed?

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Anyone is welcome to own bitcoin and nobody can stop us from it. That includes people who can buy large sums of bitcoin. They of course pay large sums of other wealth to get it, it is fair. Even if how the banksters got their money originally is not. You know, the fiat they got from us all.

But wouldn't it make Bitcoin a permission-only currency once most of the supply if controlled by a group of banks and Bitcoin services working together, especially when most of the coins are already mined?