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Correct, but that does not mean its unfair. It just means being late, in the same way that I didn't buy early Apple stock. Nothing prevented me from buying that

by fleddr 5y ago

Correct, but that does not mean its unfair. It just means being late, in the same way that I didn't buy early Apple stock. Nothing prevented me from buying that stock, the opportunity was equal at the time. Whilst anybody is forgiven for not knowing about the very start of BTC at some obscure mailing list, since then there has been a decade of mainstream media exposure, a huge amount of time to acquire BTC. Failing to make use of this enormous time window is on the individual. If I have to believe the below articles, miners own less than 10% of supply, so the gold comparison is misplaced: https://insights.glassnode.com/bitcoin-supply-distribution/ https://insights.glassnode.com/bitcoin-supply-distribution/

ThaJay 5y ago
The oppurtunity was never equal. It's directly related to net worth which is one of the most unequal things we have.
- fleddr 5y ago
  Of course that is true, but that's true of anything of value in society, it is unequally distributed. Surely nobody expects a software protocol to equalize any and all capital in the world? What I mean by equal opportunity is that Bitcoin treats every wallet owner the same and does not favor any elite or closed group in any way. There's not been a "hidden" period where insiders could jump in, whilst others could not. That's much different from almost any other crypto, where the development team pre-mines supply and rewards them to themselves before opening sales of their tokens. Likewise, owning lots of Bitcoin does not reward additional Bitcoin. This rich get richer effect is simply not there. Although rich people do tend to get richer in other ways, but that's not Bitcoin's fault. This too is different from PoS crypto, where owning lots of crypto rewards you even more of the token.
arcticbull 5y ago
> It just means being late, in the same way that I didn't buy early Apple stock. Nothing prevented me from buying that stock, the opportunity was equal at the time. Sure, and that's fine for equity but really bad for currency. > Whilst anybody is forgiven for not knowing about the very start of BTC at some obscure mailing list, since then there has been a decade of mainstream media exposure, a huge amount of time to acquire BTC. Failing to make use of this enormous time window is on the individual. Again, totally fine for equity, shameful for currency.

by fleddr 5y ago

ThaJay 5y ago

The oppurtunity was never equal. It's directly related to net worth which is one of the most unequal things we have.

fleddr 5y ago
Of course that is true, but that's true of anything of value in society, it is unequally distributed. Surely nobody expects a software protocol to equalize any and all capital in the world? What I mean by equal opportunity is that Bitcoin treats every wallet owner the same and does not favor any elite or closed group in any way. There's not been a "hidden" period where insiders could jump in, whilst others could not. That's much different from almost any other crypto, where the development team pre-mines supply and rewards them to themselves before opening sales of their tokens. Likewise, owning lots of Bitcoin does not reward additional Bitcoin. This rich get richer effect is simply not there. Although rich people do tend to get richer in other ways, but that's not Bitcoin's fault. This too is different from PoS crypto, where owning lots of crypto rewards you even more of the token.

arcticbull 5y ago

> It just means being late, in the same way that I didn't buy early Apple stock. Nothing prevented me from buying that stock, the opportunity was equal at the time. Sure, and that's fine for equity but really bad for currency. > Whilst anybody is forgiven for not knowing about the very start of BTC at some obscure mailing list, since then there has been a decade of mainstream media exposure, a huge amount of time to acquire BTC. Failing to make use of this enormous time window is on the individual. Again, totally fine for equity, shameful for currency.