Post
Topic
Board Economics
Re: Bitcoin as a socially fair currency
by
Anders
on 22/08/2014, 05:38:49 UTC
But wouldn't that next currency backed buy really big investors have to have a fair distribution in order for the coin to compete and become better then Bitcoin.  I think the real issue is that Bitcoin is better then the system we have now.  Which is beyond poorly distributed and many people don't have access to it.  Everyone may not be able to buy a whole Bitcoin but they can buy a portion of a coin and accumulate the amount of Bitcoin they hold.  People that buy stocks at different places don't say it isn't fair when those before them bought the same stock for cheaper or they shouldn't IMO.

When people first heard about Bitcoin they paid it no attention for whatever reasons.  The point I'm trying to make is that everyone has had a chance at cheap Bitcoin whether they realized it or not. This is early stages of Bitcoin's growth and like years back their is no reason not to invest into Bitcoin.  If anything this is a sale price after the MTGOX debacle.

If big investors will launch their own cryptocurrency, then they could grab a huge share before the smaller investors would have time to react. They could do a premining and only share those initial coins with their super rich buddies. That would be a more uneven distribution than bitcoin, but it would be legal as far as I know.

The reason for why the big investors would do that is that they don't want to invest in bitcoin when more than half of the total amount of bitcoins have already been mined. Because that would make those who already own bitcoins today wealthier than the big investors. Money is power. Most of the very big investors today have zero bitcoins.