Re:Cryptoeconomics: Paving the Future of Blockchain Technology
by pedrocr on Saturday July 22, 2017 @02:49PM
(#14828691)
>I'm not sure anybody is saying that bitcoin will be used to price all assets in the world. USD currently isn't, for example. It's just the dominant currency.
Most things are actually priced in dollars to some extent, perhaps with some conversions. Maybe euros in some other cases.
>Why do you feel it's immoral for Satoshi to own 5%? We don't even know if he's alive or still has access to the coins, but let's say for the sake of argument that he does.
I'm not making a morality argument. Just pointing out that it will be a hard pill to swallow that for the (in my view small) advantages of cryptocurrencies we as a society complete the most massive wealth transfer to a single individual ever attempted. For me it's an argument as to why it's implausible crypto currencies will take hold as they exist today. They require a huge wealth transfer to a few early adopters for very little gain. If the advantages were greater it seems more likely to me that a new chain would be bootstrapped but I'm not even convinced it's worthwhile enough that it will actually take hold on a massive scale.
Most things are actually priced in dollars to some extent, perhaps with some conversions. Maybe euros in some other cases.
>Why do you feel it's immoral for Satoshi to own 5%? We don't even know if he's alive or still has access to the coins, but let's say for the sake of argument that he does.
I'm not making a morality argument. Just pointing out that it will be a hard pill to swallow that for the (in my view small) advantages of cryptocurrencies we as a society complete the most massive wealth transfer to a single individual ever attempted. For me it's an argument as to why it's implausible crypto currencies will take hold as they exist today. They require a huge wealth transfer to a few early adopters for very little gain. If the advantages were greater it seems more likely to me that a new chain would be bootstrapped but I'm not even convinced it's worthwhile enough that it will actually take hold on a massive scale.