Inequality in Bitcoin compared to North Korea

http://www.businessinsider.com/bitcoin-inequality-2014-1

by hmsimha • 13 years ago

2 3 13 years ago

What's next in an effort to drive page views, an article suggesting that Bitcoin is literally Hitler?

hmsimha2• 13 years ago

It's a ridiculously titled article, but the point about the distribution of bitcoin is a valid one. In the U.S. for example, 34.6% of wealth is owned by the top 1%.

Let's reflect on the difference:

- In the bitcoin network, 80% of the wealth is owned by 1% of bitcoin holders.

- In the U.S. 84.9% of wealth is owned by the wealthiest 20% of Americans.

The uneven distribution of wealth in the United States presents a gross reality. If bitcoin were to reach mass adoption (and surmount other forms of currency) and the top 1% didn't budge from their holdings, it would create an even more incredible inequality where we would potentially have people richer than the U.S. government. Good for them, but not so good for the stability of bitcoin.

hmsimha2• 13 years ago

I guess the question that logically follows is, will mass adoption of bitcoin as a currency help smooth out the inequalities in wealth distribution?

Inequality in Bitcoin compared to North Korea

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