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This is what I don't understand. In the hypothetical case where we switch to using bitcoin won't early adopters be the only people with money? What about the 9
by randlet 9y ago
This is what I don't understand. In the hypothetical case where we switch to using bitcoin won't early adopters be the only people with money? What about the 99.9(9?)% of the population who don't own any bitcoins?
- icebraining 9y agoHow are you thinking the switch would occur? It's not like the "old" currencies will suddenly lose their value, you'll be able to exchange them for a long time. Plus, most people don't own that much currency anyway; they either get a paycheck (which can start coming in BTC) or an asset like a house, which is valuable in any currency.
- jerkstate 9y agoUSD has already declined in value 3x over the past 6 weeks, compared to BTC
- randlet 9y agoWhen I said "only people with money" I meant "meaningful amount of money" but I can see what you're saying. I'm not sure what I'm struggling with about the concept...time for me to do some more reading / thinking.
- devdas 9y agoWelcome to serfdom.