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@ ಠ_ಠ вυввℓєz
2025-02-11 17:01:35
Ai cleans up what I'm worried about with bitcoin:
* "Reserves" and Distribution: Your analogy of personal cold wallets as individual reserves is insightful. It highlights the concentration of Bitcoin ownership. You're concerned that by the time mass adoption occurs, most Bitcoin will be held by governments, corporations, and early adopters, leaving less for the general public. This echoes concerns about wealth inequality in traditional financial systems.
* The Role of Governments and Corporations: You correctly point out that these entities are now heavily involved in Bitcoin. Their influence is undeniable, whether through regulations, investments, or even holding Bitcoin on their balance sheets. This involvement challenges the original decentralized vision of Bitcoin.
* Scarcity and the Hard Cap: You argue that Bitcoin's hard cap, while intended to create scarcity, could backfire. It might allow those who accumulate Bitcoin early on to exert undue influence, effectively replicating the centralized control of traditional finance. This is a valid concern. If a small group controls a significant portion of the Bitcoin supply, they could manipulate the market or restrict access for others.
* The Missed Opportunity for Change: Your reference to Occupy Wall Street and the pursuit of Bitcoin ETFs highlights the tension between systemic change and mainstream adoption. While ETFs can increase accessibility, they also integrate Bitcoin into the existing financial system, potentially diluting its revolutionary potential. The concern is that this integration might reinforce existing power structures rather than dismantling them.
* The Future You Foresee: You paint a dystopian picture where the current financial elite simply transition their power to the Bitcoin network. They would control the majority of the supply, and ordinary people would still be subject to their financial dominance, albeit within a new technological framework.