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927 People Own Half Of All Bitcoins

Bitcoin Proves The Libertarian Idea Of Paradise Would Be Hell On Earth

Read more: http://12160.info/photo/927-people-own-half-of-all-bitcoins?...



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obviously bullshit

there is know way to know these things about bitcoin as the address are anonymous unless someone choose to make them public.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

Oh my god, 927 people own

Oh my god, 927 people own half the Bitcoins! My standard of living is dropping just from hearing this!

What if everyone owned .001 bitcoins? Would that make everything just grand?

Sew Buttons

So what if those who took the risk, saw the vision and adopted early, hold 50% of the BitCoins; bravo to their foresight. Maybe instead of complaining about their vision for a way out of the federal debt system. Find what impassions you and pursue it until you are exhausted. Then pursue it some more.

The more time you spend complaining about how unfair a certain distribution of "A" is, is one less minute, hour, day, year, decade you have on this Earth to find YOUR BitCoin. {read: passion}

You can do it, so get started, and when you arrive, it will feel like a lot of things, but hell on Earth is not one of them.

WGRR DB - rEVOLutionary talk for revolutionary times. Listen LIVE!

Individual freedom:

the cause of all human suffering.

If only we could all be told what to do by the loving agents of THE STATE.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

How many people own half the world of warcraft coins

How many people own half the chuckie cheese tokens?

Please subscribe to smaulgld.com

First of all, it is difficult

First of all, it is difficult to determine how many individuals hold bitcoins. The determination can only accurately be made in the number of wallets (actually not even wallets but unique addresses) holding 50%+ of bitcoins and to convert this number of wallets to number of individuals would be a very shaky heuristic. Also the article uses emotion words like libertarian paradise. As most of you know no libertarian believes in an utopia or paradise, but they just believe in individual liberty and private property.

Second, it is more likely that large exchanges like btc-china or mt-gox can manipulate the USD/fiat value of bitcoins more easily than any single individual can. But remember these exchanges are not govt. regulated and compete with each-other for trust and stability.

Third, remember that bitcoin was controlled by only one individual in 2009 - Mr.Nakamoto owned all bitcoins - yet now the 50% ownership user-base has grown by nearly 200,000% in 4 years to ~1000 (if the article's number is to be believed). Imagine the growth potential of owner base To contrast this with gold - a majority is controlled by central banks and the fiat value is controlled by paper-gold. Also contrast this with fiat central bank currencies - Rothchild and friends control much of western currencies for the past 300+ years.

Now to all bitcoin haters and non-believers - you guys seriously know for a fact that bitcoin will return back to its so-called 'intrinsic' value of 0. So don't worry, these 'evil' 927 individuals who own 50% of bitcoins are in for rude shock and lesson and loss in value. Remain peaceful in your knowledge.

To the remaining crowd - to those in the middle and to those who've embraced bitcoin - Eventhough early adopters can incredibly control the supply of bitcoin, it is not in their best interest to do so. For, hoarding bitcoin would ultimately deny bitcoin to reach its full potential as a currency.
And remember they can control the fiat value of bitcoin by restricting/liberating the supply but still they cannot counterfeit them and that property alone ensures that those early adopters of bitcoin cannot control it forever unlike Rothschild & friends can control fiat forever.
To give a decent analogy, it is like complaining that less than 0.1% of newborn children (say those born to the 0.1% wealthiest Americans) are at great advantage over the other children and this is unfair for them compete in a free-market. It is only unfair for them to compete in a crony-capitalist market where these 0.1% already have control over a counter-feitable fiat currency. With bitcoin the competition and rules are fair and immutable whether someone is an early-adopter or a late-comer.

And HOW does the value increase? By more people buying them

and bidding the price up for speculation (not spending).

And what does ever increasing price require? More people and more money to keep the price going higher.

And what happens when we run out of people interested in bidding the price even higher still? The most recent buyers don't get to see any increase. In fact all buyers race to cash out before the price drops too far.

And what is the common word for that? Bubble.

You wrote

"In fact all buyers race to cash out before the price drops too far." Some buyers may race to cash out, but all buyers don't.

How many race out vs how many stay put determines if their is

a bubble.

Things that expand in price rapidly are also likely to deflate rapidly.

BitCoin went from 9 cents in 2009 to around $1,000.00 today. That's pretty rapid expansion.

We can not know for sure what will happen. So lets watch.

So what? In a free market,

So what?

In a free market, sellers always try to limit supply for their own profit but they have to do this in-light of other competitors and long-term trust.

Happy with tptb controlled fiat-currency comfort zone and afraid of the wild-west are you?

In a free market...

you are free to lose as much money as you want on a bubble. Far be it from me to stop you.

I'm not into a fiat comfort zone. I own gold.

O.O!

All I can say is I wish it was 928 :D

"You only live free if your willing to die free."

Hmm..

Don't world banks own most of the worlds gold?

Republicae's picture

No, most of the gold in the

No, most of the gold in the world is owned by private individuals in the form of jewelry, coin at around 52%, investors own about 16%. Industrial and medical use amounts to approximately 12%. Somewhere around 18% of the world's gold is held by central banks/governments. 2% is unaccounted. Now, that was based on 2008 figures, it is estimated that the central banks of the world still remain at the same percentages because most of the gold is simply bought and sold from one central bank to another. China, of course, has been buying and hoarding gold like no other country.

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

so the banks are able to manipulate the price of gold (& silver)

with only 18% of the supply? scary.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

hmm

given the various logical fails in the article, I would seriously want to see a source to back that up. Also, this is a blatant example of a troll article. Guy writes article slamming something popular, uses poor arguments. Enrages enthusiastic supporters of said thing, who post it on their blogs and forums. People flock to the article to write angry comments, giving the story comments and hits. Remember when people would do the same thing with Ron Paul? Write weak articles with no real news just to get loads of RP people to comment?

Fortune Favors the Bold

Exactly! You nailed it

The article claims libertarians believe in a paradise.
The article claims that bitcoins are bad since criminals use it.
The article claims that drug transactors are criminals.
The article claims that people who lost their wallets are noble victims and are noble and worthy of our sympathy rather than calling them out for what they were - careless and irresponsible.
The article claims that some-how hackers stealing bitcoins is a very feature of the crypto-currency but the publishing house never carries articles about 'legal' theft by taxation or deficit-spending or cyprus-style confiscation.

The article is a pro-government pro-fiat slander against bitcoin and whose entire claim that 927 people own bitcoin is very very dubious. Note that the article also claims that there are only 1 million BTC in circulation which is wrong and should be 12 million.

Depends on the intentions of

Depends on the intentions of this new group of elites and if their intentions are preferrable to the current elites (I like to think so, but I'm biased).

There are many more crypto

There are many more crypto currencies than Bitcoin. You're trolling.

No! I just thought it was

No! I just thought it was interesting the number of people that owned bitcoin.

Here's a better article on

Here's a better article on bitcoin Ownership

Ownership of Bitcoin appears to be highly lopsided.

This has long been a source of consternation in the Bitcoin community, and people like the FT's Izabella Kaminska have written extensively about the implications of this apparent cartel on prices — basically, they get to dictate them, and the rest of us are just price takers.

Now Finnish entrepreneur Risto Pietilä, an active member of on Bitcointalk.org, has offered an estimate of just how severe this ownership imbalance could be.

Read more: http://www.businessinsider.com/927-people-own-half-of-the-bi...

First of all, be cautious

First of all, be cautious about referring to Troll Kings BusinessInsider (or Huffington Post, etc.) for stories. They pump out crap faster than a goose.

Second, early adopters and insiders are a reality when it comes to any unproven or nascent "thing". This applies to start-ups (founders and angel investors get the lions share of underpriced stock), IPOs, any kind of new, difficult or highly technical thing will seemingly "exclude" most people. It's the perspective of those late to the party. Bitterness and jealousy.

^ this

LOLZ "goose reference" :D

"You only live free if your willing to die free."

It's hard to know for sure

mining Pools and exchanges can hold bitcoins for 100's and 1000's of people. But I definitely agree the bitcoin wealth is concentrated. They could sure help pop bubbles..

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”