>People .. ridicule cryptocurrencies, dismissing bitcoin as a scam, a Ponzi scheme or a bubble.
>Wealth disparity is at record levels and the ultrarich have cornered the market on every asset class, but with bitcoin, an entirely new economy has sprung into existence. That's the pitch for decentralized cryptocurrencies: They offer hope that there might be another, fairer way of doing things.
The irony here is Bitcoin, like most other cryptocurrencies are structured similar to a pyramid scheme and highly favor existing capital to control the supply and exploiting users who join the network past a certain date where barrier to entry increases.
They tell the story of acquiring this digital asset for a small capital sum, and simply passing it off to someone else for a greater sum. The intention is not utility but psychological exploitation of greater fools.
http://bitcoin.stackexchange.com/questions/86/is-it-possible...
http://www.businessinsider.com/bitcoin-inequality-2014-1
Best estimates (2014) are that there are
about one million holders of
Bitcoin; 47 individuals hold about
30 percent, another 900 hold a
further 20 percent, the next
10,000 about 25% and another
million about 20%, with 5% being
lost. So 1/10th of one percent
represent about half the holdings
of Bitcoin and 1 percent close to
80 percent
>Wealth disparity is at record levels and the ultrarich have cornered the market on every asset class, but with bitcoin, an entirely new economy has sprung into existence. That's the pitch for decentralized cryptocurrencies: They offer hope that there might be another, fairer way of doing things.
The irony here is Bitcoin, like most other cryptocurrencies are structured similar to a pyramid scheme and highly favor existing capital to control the supply and exploiting users who join the network past a certain date where barrier to entry increases.
They tell the story of acquiring this digital asset for a small capital sum, and simply passing it off to someone else for a greater sum. The intention is not utility but psychological exploitation of greater fools.
http://bitcoin.stackexchange.com/questions/86/is-it-possible...
http://www.businessinsider.com/bitcoin-inequality-2014-1