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>Moreover for the vast majority of people on earth would still have basically zero money relative to the emerging bitcoin oligarchs. It would be a grossly unequ
by throwaway20875 6y ago
>Moreover for the vast majority of people on earth would still have basically zero money relative to the emerging bitcoin oligarchs. It would be a grossly unequal society, where there would need to be some non-math-based approach to getting money from the wealthy to redistribute to the less fortunate.
Those oligarchs won't be able to print more bitcoin or exclude (sanctions) their political enemies from conducting trade. Seems fairer than the current system.
- ruined 6y ago>Those oligarchs won't be able to print more bitcoin or exclude (sanctions) their political enemies from conducting trade. Seems fairer than the current system. Sure they would. If bitcoin continues to exist much longer, you'll likely see the larger governments define a set of rules for domestic miners, perhaps including requirements to only process transactions from registered accounts or signed by specific keys, or otherwise authenticated. Any international agreement on such a system reaching significant hash power would fork the ledger into legitimate and illegitimate versions, and generate obvious consequences
- throwaway20875 6y agoWhat you're suggesting is a fork, which would not be Bitcoin at that point.
- ruined 6y agothe "real" bitcoin among forks is culturally determined, and institutions with power right now have the most control over that