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The problem is always greed and stupidity. Bitcoin is a medium of exchange that must be used to exchange goods and services, not to be stored as assets. Bitcoiners are SELLERS and BUYERS using Bitcoin as medium of exchange.
Non BTC-miner can earn Bitcoin by selling their goods and services with Bitcoin payment request.
Currency, no matter what type, has its value deriving from the products (goods and services) that agreeably exchanged on it. I.e The USD has its value from fossil OIL (petrol-dollar), weapons, IT technology; whereas the Zimbabwean dollar value deriving from Zimbabwean idiocy (call me a racist, be my guess) .
Bitcoin is no exception. The more goods and services people willing to sell and buy in Bitcoin, the higher purchasing power it has. And EVEN IF Bitcoin is used as an ASSET by agreement between rich asses, so be it! That’s the value Bitcoin has anyway!
Talk about fraud, bubble and instability, Just have a good look at all the fiat currencies that were dead (the German Mark, the French Franc … old currencies of all the EURO zone countries- and particularly those of countries such as Vietnam, in which currencies have been totally destroyed and replaced (doi-tien policy) by new ones several times in fraudulently and deceitfully battling against inflation)- and those are now circulating with diminishing purchasing power every day, what is the message or rather a lesson you get?
Investors holding cash have lost over 95% of their purchasing power since 1913. To derive this number, we debase the dollar’s purchasing power annually by the Consumer Price Index (CPI). It’s this gradual debasement that is supposed to encourage us to take risks, to preserve our purchasing power. Think of being put into a mouse wheel: even as you run fast, you are not advancing.
Source: Fishing for Gold (Merk Investments)
That’s the mighty US Dollar.
To give readers a perspective. I myself remember the day I fled Vietnam (1983) my salary as a small business technical assistant was 70 VNDong/Month- a pack of England 555 cigarettes in black market was around 100 VNDong! . After several currency destroy/replacement by government (đổi tiền), now in 2017 36,000.00 VNdong/ pack.
Exchange rate: 1USD # 23,000.00 VNdong (Cigarette price in Vietnam is the lowest in the world, I think!) . According to VN (stupid) Gov new policy Vietnam Minimum Wage 2016, an average wage would be VND 3,500,000.00/month
And my job as technical assistant if lucky enough landed in foreign investment firm, would be US$ 17,000.00 # VN$391,000,000.00/ Year – So it’s would be around VN$32,583,333.00 per month. Please, think of my VN$70 per month back then. What a fucking fraud!
After all Bitcoin, unlike fiat papers live and die by government decree, is man-made and live only by man-will. Whatever we create, we can destroy . And greed and stupidity always destroy good things within and without a human being.
At any rate, might I finish my ranting by tell you a fairy tale of mine:
I PQC , your mighty ruler, holds an exclusive, coercive power to print infinitely money out of thin air. YOU, all of YOU have to work your butts out (selling your goods and services whatever) to EARN my fiat papers. And I tell YOU that I need to take back 30% of the fiats I paid you – as this is called TAX, without which I Mr mighty Ruler will go broke and cannot take care of our society!!!
Or an even more interesting tale made in USA:
I PCQ, your Mighty Ruler authorize Mr FED as my central bank an exclusive, coercive power to print infinitely money out of thin air and then LEND THEM to Me Mr Mighty Ruler with INTEREST so that I, Mr mighty Ruler can run our national business. And YOU, all of YOU have to work your butts out (selling your goods and services whatever) to EARN my FED fiat papers. And I tell YOU that I need to take back 30% of the fiats I paid you – as this is called TAX, without which I, Mr mighty Ruler CANNOT REPAY with INTEREST to my own FED, and will go broke and cannot take care of our society!!! Uhmmm I have been in deep shit of debt, I cannot help YOU the people, but I still can bail-out private banks with trillions, give away billions to other friendly governments, and go to war as I wish!
I don’t blame you if you have sincerely and respectfully swallowed this fucking diarrhoeic logic in those tales of mine (in fact it defies logic, for fuck sake!), for even well educated, intelligent people such as economic professors, financial, monetary experts, commentators have wholeheartedly swallowed it and then repeatedly vomited down to millions of faithful students in universities around the world for years now!
Take care all of you!
HERE ARE THE STATS
Source: https://howmuch.net/articles/bitcoin-wealth-distribution Please use Tor to access
|#People||#Bitcoins||poeple * avg|
Total sum of last column: 11,555,000 BTC -into the last column I put the avg(“from”, “to”) * “# of people” . In below chart this avg was used for the blue bars.
Source (https://bitcointalk.org/index.php?topic=316297) Please use Tor to access