Comment by spookthesunset | Hacker News Reader

Comment by spookthesunset | Hacker News Reader

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That is cool and all, but if bitcoin was ever even close to being "mainstream" you can bet your ass there would be a bazillion articles, FB posts, tweets, etc from people who do not like the idea of being locked out of the economy unless they buy "the future of money" from a relative handful of early adopters. Such an idea is, to be blunt, complete horseshit. The idea that every person on earth needs to first purchase Bitcoin from a handful of early adopters in order to continue to participate in the economy is flat out loony-toon nuts. No matter how Bitcoin evangelists try to frame it, it's just not gonna happen.

Don't think that the lack of discussion about this means it isn't an issue. It is a massive, massive showstopper to Bitcoin adoption. The reason you don't see more people talking about this is because Bitcoin is absolutely nowhere near becoming the default currency used by anybody. Much easier to beat up on all the other massive technical flaws in Bitcoin...

I am not sure that long term BTC will actually replace USD or another government backed currency. I think it would take a LOT for that to happen. If that does happen then that means the value of the USD and every other currency will decline at the same time as the value of BTC increases which could lead to a global financial collapse.

That said, if it were to happen, I don’t think you will have to buy bitcoin from a handful of early adopters. It is more likely that your employer would start paying you in Bitcoin when it becomes inevitable. Those same early adopters who hold a lot of the wealth will likely use their wealth to invest in startups/charities/companies/etc. the same way as entrepreneurs and rich people do today.

and from where would they get the bitcoin?

I meant that early bitcoin investors will invest in companies and put money into various organizations which will then be paid out to their employees.

For existing companies, they would need to purchase, but if a significant portion of US dollars moves into bitcoin then it is likely every company would start having to hold a portion of their cash in bitcoin as a hedge long before it actually overtakes the dollar.

Which magnifies their wealth. You don't invest in companies to distribute your wealth to the people. You invest in order to make more money.

Capital tends towards centralization, not equitable distribution.

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