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Bitcoin is largely controlled by a small group of investors and miners

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Re: Bitcoin is largely controlled by a small group of investors and miners

#171

Post by EdwardDiego »

jimmydorry wrote: post #45
jayd16 wrote: post #22

Earlier quoted context omitted.

In what way do users have control over miners or developers? If the assumption is that corruption can overcome a democratic state, I never understood why its so crazy to suggest it can overcome developers or a mining cartel.

Corrupt states have a monopoly on violence. There is no such similar force ensuring people have to use the crypto made available to them. The Bitcoin network operates by balancing the economic incentives of each party, and at any point, any party is free to walk away. __Developers:__ * Profit motive: Paid salaries / bounties / donations by users, business that build off the Blockchain, miners, and appreciation from t…

> Corrupt states have a monopoly on violence

Do you believe all states to be corrupt?

Re: Bitcoin is largely controlled by a small group of investors and miners

#172

Post by EdwardDiego »

rglover wrote: post #61
jayd16 wrote: post #21

Earlier quoted context omitted.

This is just desperate whataboutism. The inequality of life is certainly brutal but it doesn't make Bitcoin a populous utopia either. Besides that the numbers aren't equivalent. Holding stake and controlling its exchange are not the same thing, at least not for Bitcoin or democratic state controlled currencies.

A decentralized money that government can't touch is the definition of a populous utopia in money terms. Bitcoin, by nature, is the most democratic form of money to ever exist on the planet. That more people don't get behind it and buy at least a little bit is mind boggling. Government fiat is and always will be a source of controlling the population and limiting their ability to build wealth.

Bitcoin is money now? I feel that the one thing we've definitely established so far is that it is absolutely not a viable currency.

Re: Bitcoin is largely controlled by a small group of investors and miners

#175

Post by gitrog »

beambot wrote: post #142
Gustomaximus wrote: post #119

Earlier quoted context omitted.

A company is very different from a currency. Apples and oranges comparing those in terms of centralisation.

How does the USD currency compare? I'd wager that the top-10 banks and the various central reserve banks own or control the vast majority of USD.

Traditional currencies aren't advertised as being decentralised.

Re: Bitcoin is largely controlled by a small group of investors and miners

#176

Post by nuerow »

EdwardDiego wrote: post #168
anonporridge wrote: post #108

Earlier quoted context omitted.

> magical pseudo-currency that solves all problems and unexplainably makes everyone richer and richer That's not what's exciting about bitcoin. What's exciting is that it is the first digital, global money that isn't protected by the proof of violence of the state. The US dollar is the world reserve currency because the United States is the best in the world at deploying destructive power, and the British and French…

> . The US dollar is the world reserve currency because the United States is the best in the world at deploying destructive power, Orrrrr.... because its value is backed by the world's largest economy?

> Orrrrr.... because its value is backed by the world's largest economy?

There's also the fact that oil is quoted in US dollars, and about 65 countries, about a third of all the countries in the world, peg their currency to the US dollar[1].

[1] https://www.investopedia.com/articles/forex/040915/countries...

Re: Bitcoin is largely controlled by a small group of investors and miners

#177

Post by emptyfile »

koonsolo wrote: post #129
nuerow wrote: post #94

Earlier quoted context omitted.

> Soooo. . . you're saying a tiny fraction of the population controls the vast majority of the resource? You mean just like every other major resource on the planet? :) I understand the need to try to dismiss this problem, specially from those who have a dog in the race, but the dream of having a magical pseudo-currency that solves all problems and unexplainably makes everyone richer and richer just falls out flat if…

> a magical pseudo-currency that solves all problems and unexplainably makes everyone richer and richer That is not what cryptocurrency enthusiasts believe. I understand that you have to explain to yourself why others are dumber than you, even though they made crazy amounts of gains. But maybe in the end, we just see something that you refuse to see.

A chance for a fast buck with much risk and little work? How revolutionary...

Re: Bitcoin is largely controlled by a small group of investors and miners

#178

Post by TeMPOraL »

beambot wrote: post #142
Gustomaximus wrote: post #119

Earlier quoted context omitted.

A company is very different from a currency. Apples and oranges comparing those in terms of centralisation.

How does the USD currency compare? I'd wager that the top-10 banks and the various central reserve banks own or control the vast majority of USD.

If Bitcoin is comparable to USD, then there's nothing justifying its use over USD, with its associated ludicrous waste of energy and environmental impact.

Re: Bitcoin is largely controlled by a small group of investors and miners

#179

Post by LittlePeter »

I am really tired of Bitcoin articles with pictures of physical Bitcoin. It is silly. Let go of the past. Show instead a mining farm or something. It also confuses older people who may read the article then ask their children to buy them one of those physical Bitcoins.

Re: Bitcoin is largely controlled by a small group of investors and miners

#180

Post by nuerow »

corobo wrote: post #148
anonporridge wrote: post #108

Earlier quoted context omitted.

> magical pseudo-currency that solves all problems and unexplainably makes everyone richer and richer That's not what's exciting about bitcoin. What's exciting is that it is the first digital, global money that isn't protected by the proof of violence of the state. The US dollar is the world reserve currency because the United States is the best in the world at deploying destructive power, and the British and French…

That would have been the case if crypto had been used as a currency instead of as any other stock asset You can't use it anywhere as currency! I guess you can buy weed with it online, but that's about it

> You can't use it anywhere as currency! I guess you can buy weed with it online, but that's about it

The same can be said about jugs of Tide detergent, but somehow that's not presented as disruptive technology of the future.

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