Post
Topic
Board Economics
Re: Bitcoin as a socially fair currency
by
RodeoX
on 21/08/2014, 17:26:46 UTC
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.
anyone with a penny can buy and use bitcoin. The price is completely irrelevant. If you own one dollar, you can buy one dollars worth of bitcoin. Same as when they were $0.06.
Quote

So how is that fair? It isn't. Because the opportunity to buy early is very lopsidedly distributed in society.

Early adoption of any successful enterprise is more profitable. That is just the way it works. The internet, stocks, start-ups. All favor early adoption. Those in early also take on much greater risk. It was not at all clear that bitcoin would work out and if their money had been lost would you be willing to share your money to cover their losses?
Quote
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! Cheesy 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.
Except that you will not be able to print for free. Things cost money and you will buy the software to print your hamburger then buy the stock material used to print it. Perhaps you will buy that stuff with bitcoin?