Re:Bitcoin, The Economic Singularity: From Holland with Love
by snitko on Tuesday October 29, 2013 @09:53AM
(#6634034)
And what is merit? Does Satoshi who created it have merit? Or do those who started mining it back then because they recognized the true potential have merit? Or those who bought it at $2 and then a $10 and then at $100 have merit, because they understand why Bitcoin is important and what it can do to the world? It's not like those who got in are random people. They had some knowledge and experience that allowed them to understand Bitcoin, while everyone else was running around screaming "ponzi scheme"
Re:Bitcoin, The Economic Singularity: From Holland with Love
by jondtaylor on Tuesday October 29, 2013 @01:41PM
(#6636033)
Not necessarily. The fractional reserve system is rigged in the sense that to use it you must borrow at interest where the interest can not be paid back resulting in assets transferred to the creators of the currency. Bitcoin does not have this property. In my opinion the system of Bitcoin isn't rewarding certain people over others, that is a property of the market.
A fundamentally rigged system is any system which doesn't reward merit. That's BitCoin - it doesn't reward merit. Those who got in first, benefit if they convince everyone else to use it.
But those they convince do not benefit the same.