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It is true that a cabal of rich people cannot arbitrarily modify the money supply. We instead get a permanently chosen system of money supply that was created b
by UncleMeat 4y ago
It is true that a cabal of rich people cannot arbitrarily modify the money supply. We instead get a permanently chosen system of money supply that was created by an ideologically driven software engineer who appears to have vanished into the ether. Is it not possible that Satoshi chose a less optimal system than the central banks would? The finite and logarithmic rewards make a huge huge huge difference in the eventual distribution of BTC worldwide, should it become a dominant system. In my opinion, a system where early adopters get unimaginably rich forever is simply unethical.
And if another system eventually wins... then isn't that simply an example of a cabal of people (though not necessarily rich at first in this case) modifying the rules for money supply? Doge produces a different outcome than BTC. That's important.
- zmaurelius 4y agoI don't think fair distribution of cryptocurrency in the bootstrap phase is a solved problem. We got a long way to go if we are to come up with a fair system. Satoshi went with the best that he could come up with which is a no premine solution. A slightly better solution would be a no premine coin with a global announcement for 5 years before the mining begins so everybody gets a fair shot at participation. I am sure we can develop even more fair forms of distribution with sufficient research.
- EFreethought 4y agoHonestly, that would give wealthy people (and possibly scammers) plenty of time to figure out how to game the rules.
- EVa5I7bHFq9mnYK 4y agoNobody is going to be rich forever, because nobody is going to live forever. You have a very hard time limit to spend your coins.
- UncleMeat 4y agoCoins don't return to the reward pool when somebody dies. A system of new aristocratic families based on who was an early adopter and held on to some BTC is not something I'm excited about.
- EVa5I7bHFq9mnYK 4y agoThe world was much more unequal than today back in the time. It all diffuses quickly with usage.
- UncleMeat 4y agoWe might have different definitions of "quickly." I also don't think that going backwards is a good thing. Yes, BTC is more equitable than a system of divine right of kings where the monarchy literally owns everything. Hooray.