Post
Topic
Board Economics
Re: Paypal bought up to 70% of all the newly mined bitcoin recently
by
dothebeats
on 25/11/2020, 10:41:42 UTC
It started as a pretty good news for adoption when it was first announced, although as the story progresses, it feels like most of these institutions are slowly choking bitcoin up to the point that they control most of it, leaving most of the general population empty-handed or just at the sidelines wishing for a huge crash to get their own share of the pie. The only way to offset this huge, uneven distribution of bitcoins, or to stop them from acquiring even more is for the price to shoot up so high that the risks would soon outweigh the benefits of acquiring coins. While they have the capacity to risk more than us, they would surely still think twice to invest if they are already sitting on a huge pile of money with the bitcoins they already acquired. Either way, more people coming in on the industry is good, but it's alarming that tens of millions are being controlled by a few entities.