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> The problem with Bitcoin being a major currency is that the early miners have accumulated large portions [...] That's a fundamental problem that does not exis
by WizzleKake 13y ago
> The problem with Bitcoin being a major currency is that the early miners have accumulated large portions [...] That's a fundamental problem that does not exist with fiat currency like money
You have identified this as a problem without explaining why it is a problem. Can you elaborate?
- glomph 13y agoIf it is true that a large proportion of bitcoins belong to s a small number of people it has some pretty extreme consequences. It puts the effective monetary policy of bitcoin in the hands of random individuals. If they want the value to go down they can sell more, if they want it to go up they can sell less. Controlling that amount of the market makes them a defacto mint. That is a worrying scenario. It also is a complete opposite of the decentralization that bitcoin is supposed to represent.