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> But Satoshi also recognized that having more computing power on the network made the network stronger as long as the people with the power, like Laszlo, wante
by altern8tif 9y ago
> But Satoshi also recognized that having more computing power on the network made the network stronger as long as the people with the power, like Laszlo, wanted to see Bitcoin succeed.
Not sure if I entirely agree with/understand this. Even if they do want Bitcoin to succeed, how different is it from the current capitalist system if 40% of the bitcoins are owned by 1% of the population?
Doesn't the (economic) power that Bitcoin takes away from governments end up in the hands of a select few? We are then back to square one.
- koolba 9y ago> Not sure if I entirely agree with/understand this. Even if they do want Bitcoin to succeed, how different is it from the current capitalist system if 40% of the bitcoins are owned by 1% of the population? 1%? According to a Bloomberg article[1] it's 1000 people owning 40% of all bitcoins. That's about 0.000014286% of the world population. I doubt any of the are involved in mining either now either, more likely just early adopters. [1]: https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market https://www.bloomberg.com/news/articles/2017-12-08/the-bitco...
- virtuexru 9y agoThat Bloomberg article's evidence for that number is shoddy at best.