Earlier quoted context omitted.
Churn at the top doesn't mean there's upward mobility.
Yes, it literally does.
No.. it doesn’t. It is often a game of musical chairs with the same aristocratic class.
Is the Bitcoin network an oligarchy?
81–83 of 83 posts
Re: Is the Bitcoin network an oligarchy?
#82Earlier quoted context omitted.
It's not Bitcoin itself, it's just that most people on Hacker News hate fraudsters and charlatans perpetrating get-rich-quick pyramid schemes.
You arent a programmer right? Or did you not know there are only 21,000,000 BTC ever ever ever? Have you heard of fractional reserve banking?
Fractional reserve banking is independent of the currency. You can implement a bitcoin fractional banking system if you have trusted party available (the bank) and as long as you consider bitcoins to be homogeneous. Although it'll be funny (and borderline eco-terrorism) to use bitcoins if there exists a trusted party (like CME for bitcoin futures, bitcoin wallets, bitcoin exchanges, your ISP, your hardware manufacturer).
Limited bitcoins doesn't make it any less vulnerable to being marketed (yes, there is a lot of marketing $ behind it) as a get rich quick scheme. In fact, the growth of fiat value of bitcoin is the biggest reason people see it as an investment vehicle. Bitcoin system might be helpful in countries with oppressive governments and no trustworthy party, but I don't see largest orders of bitcoins coming from North Korea.