bitcoin as a global medium of exchange (was Re: Interesting take on Sanjuro's Assassination Market)

James A. Donald jamesd at echeque.com
Mon Nov 25 22:53:09 PST 2013


On 2013-11-26 11:43, David Vorick wrote:
> Andy, the problem isn't the denomination, the problem is that Satioshi
> has 5% of all the currency, and the Winklevoss twins have another 0.5%.
> If bitcoin becomes worth 100 trillion dollars, they've got a solid 500
> billion for being nobody and doing nothing. That's a problem to me.

Five hundred billion for freeing the world financial system from US 
domination without bloodshed.  Sounds mighty cheap to me.

I am, however worried that bitcoin can be dominated by a small group. 
As the total transaction volume increases, the number of people that are 
full and equal participants in recording and facilitating transactions 
must diminish.

This was my original objection, scaling failure, way back in the 
beginning, and it is now coming true.

But even if my worst fears are realized, that is still a whole lot 
better than what we have now.





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