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Bitcoins other fatal flaw is that roughly half of all bitcoins mined thus far are held in the hands of the inventor of bitcoins and his closet buddies. They hav
by andreyf 14y ago
Bitcoins other fatal flaw is that roughly half of all bitcoins mined thus far are held in the hands of the inventor of bitcoins and his closet buddies. They haven't been spending their bitcoins--but they're encouraging others to spend bitcoins as they are mined.
Any basis for this, or just spreading FUD?
- bcdefender 14y agoTrue, that claim was FUD. The problem bitcoin has is that there is no better refutation of the claim than yours. As politicians well know fud-slinging can be effective. When deciding whether to use bitcoin, people will either have to hold their nose and hope it is not true, or turn around and go elsewhere. The bigger bitcoin becomes, the greater the miasma.
- icebraining 14y agoUh, we can know exactly how many early mined bitcoins are being kept and how many aren't; it's a matter of downloading the public transaction block and following them. You don't need to "hope" it's not true. And in either case, I don't see what's the problem with that. People don't refuse to invest in Google just because the founders control the majority of stock votes. As long as one benefits from using Bitcoin, why should we care?
- bcdefender 14y agoIt is not possible that we can know to whom they once belonged nor to whom they currently belong. "And in either case ..." We are now several levels deep in this thread. Even if I agree with your point - and I do - the point is almost entirely lost already. Most would have stopped reading at the grandparent of my first post. Notwithstanding the special case of the hackernews domain. In the wider world, just a little shit that sticks - smells. So how do we manage the perception - not just the fact - of this problem? Because it WILL be necessary if bitcoin is to flourish.