The Truth About Cryptocurrencies: A Clearheaded Guide to the Crypto World
(www.expensivity.com)
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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.
How are we going to make sure there is a currency that is mainly held by normal everyday people? How do you envision that process? Are we going to hand out the same amount of money to all 7 billion people worldwide?
Bitcoin distribution might not be perfect but we can still make a case that it was a fair distribution. The people that did their research were rewarded since they got in early.
I understood Bitcoin and its implications immediately when I first learned about it, because I learned so much from the 2008 financial crisis. I did my homework after this crisis, where the majority of people just shrugged their shoulders and went on with their lives which is an abomination since the 2008 crisis was the biggest financial fraud ever perpetrated.
Believe me, I have tried to convince the normies for many years to buy Bitcoin but you know as well that too many people have been sleepwalking through life. It's their own fault that they did not get in early.
And there definitely is a mechanism that will make Bitcoin more value-stable and it's the number of users joining the network. Bitcoin volatility has been decreasing year after year. When there's enough people in the market, the large players will have more trouble moving the price substantially.
It just takes time for the Bitcoin price to become less volatile.
I have PM without a doubt, but also am keeping a very close eye (and some money) in this project which is focused on 100% decentralized, asset-backed, value-stable crypto. It also simultaneously pulls hosting power away from Google/FB which could literally help save the world. Not saying you need to agree, but think watching these two videos is worth your time.
https://www.youtube.com/watch?v=hn7aWuerBB8
https://www.youtube.com/watch?v=TPVo0pOB2yQ