Of the world's over 7 billion people, how many can today afford or even practically buy bitcoins? Not many percentage wise. And someone said that 70% of the U.S. population today don't even know what bitcoin is.
So how is that fair? It isn't. Because the opportunity to buy early is very lopsidedly distributed in society.
What about in the future? Let's say that a fraction of a percent of the world's population become very wealthy by having bought bitcoins early. The price of one bitcoin has become extremely high. Would that be a fair monetary system? Could be!
Why? Price/performance is progressing exponentially for information technology, and as Ray Kurzweil has pointed out, even material goods are becoming information technology.
This means that within a few decades people will be able to 3D print a Big Mac for free. And a decade after that, a flying Ferrari can be 3D printed for free. And then how many bitcoins you own will not matter that much. Ha ha.
So how is that fair? It isn't. Because the opportunity to buy early is very lopsidedly distributed in society.
What about in the future? Let's say that a fraction of a percent of the world's population become very wealthy by having bought bitcoins early. The price of one bitcoin has become extremely high. Would that be a fair monetary system? Could be!
Why? Price/performance is progressing exponentially for information technology, and as Ray Kurzweil has pointed out, even material goods are becoming information technology.This means that within a few decades people will be able to 3D print a Big Mac for free. And a decade after that, a flying Ferrari can be 3D printed for free. And then how many bitcoins you own will not matter that much. Ha ha.
Yesterday , today and tomorrow and probably in 10 years people will still be able to purchase 100$ worth of bitcoins.
They will purchase indeed less bitcoin but still people will be able to purchase them.
As for the part with printing a Ferrari , you will still need the materials for it , it's not just plugin in the printer put a few papers in the feeder and there goes your Ferrari.
Nanobots will be able to automatically extract raw materials from waste products. Ultimate recycling. I think a $0 Ferrari will become a reality.
The ownership of bitcoins could become disproportionally distributed. With a few bitcoin zillionaires, some billionaires and 95% of the population with very few bitcoins. My point is that such lopsided distribution may still be socially ok, since it could generate a very efficient bitcoin economy. And in the long run everybody will be wealthy because of the exponential progress of technology. And competing cryptocurrencies will prevent bitcoin from becoming too unfair.