Re:The Bitcoin Whales: 1,000 People Who Own 40 Percent of th...
by em3rgent0rdr on Friday December 08, 2017 @05:37PM
(#15882711)
> "What do you think about the concentration of Bitcoins in the hands of a small number of people?"
It should be emphasized that bitcoins don't have a fixed value (bitcoin can't force an exchange rate), and that anyone can created a competing currency (bitcoin can't force people to accept bitcoin). So although bitcoins may be concentrated, that doesn't necessarily mean that wealth is being concentrated. A lot of (non-libertarians particularly) mistakenly conflate currency with wealth.
It should be emphasized that bitcoins don't have a fixed value (bitcoin can't force an exchange rate), and that anyone can created a competing currency (bitcoin can't force people to accept bitcoin). So although bitcoins may be concentrated, that doesn't necessarily mean that wealth is being concentrated. A lot of (non-libertarians particularly) mistakenly conflate currency with wealth.