Intro: This article is about bitcoin, NOT cryptocurrencies in general.
I have been reading some fellow crypto-enthusiasts and I am truly shocked how they get over-hyped on little information. I saw blogs, comments, forums filled with statements like how bitcoin is a revolution that is going to teach those bankers a lesson, that there will be less wars because governments won't be able to use our taxes to fund wars.
Friends, don't kid yourselves.
We can discuss what benefits and harms bitcoin is bringing; but please don't argue that bitcoin will punish greedy bankers. Take a look at this chart:
Source: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
0.76% of all bitcoin wallets own 89% of all bitcoins
3.17% of all bitcoin wallets own 97% of all bitcoins
If that isn't inequality, I don't know what else is. If that isn't greed, I don't know what else is.
I know some will say that "ah, that just shows the intelligence of those initial investors who held on to their bitcoins". Well, firstly, same can be said about the bankers. Secondly, the value increase is valid only because of the logic bitcoin is based on. Let me stress that; not the technology (blockchain), but the logic. Bitcoin inherently rewards hoarding; i.e. investing, not utilising the money.
Bitcoin is just another investment tool, a good one if you're greedy. But it definitely isn't a revolution that will teach the greedy people a lesson. So take a step back before you get angry with JP Morgan (which, by no means is innocent) and try to be different than those greedy bankers. Maybe do a little research and see the possibilities the concept of crypto-currencies can bring; instead of being stuck to bitcoin.
PS: I realised I didn't address the "government-wars" argument in the first paragraph. I'm just assuming that people are educated enough to know that most of the wars in the last 40-50 years are not instigated by governments but by corporations.
