The Truth About Cryptocurrencies: A Clearheaded Guide to the Crypto World
(www.expensivity.com)
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That's a complete lie. I am a huge crypto advocate but BTC is more centralized than USD by a significant margin.
Sauce?
https://www.cbsnews.com/news/bitcoin-cryptocurrency-wealth-one-percent/
"Those top players represent a mere 0.01% of all bitcoin holders and yet they control 27% of the digital currency, the Wall Street Journal reported. That compares to the old-fashion dollar, where the top 1% controlled 30% of total U.S. household wealth, according to Federal Reserve data."
I know it's CBS, but you can confirm this for youself. Extremely centralized currency. Here is another one.
https://www.digitaltrends.com/computing/who-owns-all-the-bitcoin/
This article gives a somewhat different perspective:
No, Bitcoin Ownership is not Highly Concentrated – But Whales are Accumulating
https://insights.glassnode.com/bitcoin-supply-distribution/
slightly better but still terrible.
A true equitable currency should have the significant majority of the value held in the hands of the "shrimps".
I'm thankful for what bitcoin did for decentralization but it got quickly taken over and co-opted in the block wars and is mainly a way for whales to pump/dump and concentrate even more wealth. It has no mechanism to ever make it value-stable. It might not be wrong to hold some as the USD is true garbage and BTC is the most well-known crypto, but it really isn't doing what it was originally intended to do at all.
That's a complete lie, tell me any way I can use dollars without middleman, because with crypto I sure can tell the middleman to fuck off and still have full access to all the features you'd expect from digital money.
I am talking about in terms of how many people hold what percent of bitcoin. Fewer people hold a larger amount of BTC than USD. That is what I meant by centralization. BTC is a whale's game.
We're talking about two different things.
Still a lie, there's over 5 billion people in this world that makes less than $2/day, that's over 65% of the worlds population who practically have nothing.
The vast majority in the developed world lives paycheck to pay check and therefore also have barely any money saved.
Then there's middle class, all they have is debt.
While Bitcoin has a few whales, there's a widespread distribution all the way down, with plenty of wallets holding a reasonable amount. The rich spend generously and their spending's end up with the poor.
You'll likely never be the richest man if you get in today, but neither will you ever get the richest man holding most usd either. The world ain't fair kid, deal with it.