[HN Gopher] Bitcoin's 'One Percent' Controls Lion's Share of the...
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       Bitcoin's 'One Percent' Controls Lion's Share of the
       Cryptocurrency's Wealth
        
       Author : JumpCrisscross
       Score  : 42 points
       Date   : 2021-12-20 18:06 UTC (4 hours ago)
        
 (HTM) web link (www.wsj.com)
 (TXT) w3m dump (www.wsj.com)
        
       | kderbyma wrote:
       | That is because the system response tends to gravitational
       | effecat
        
       | neilpointer wrote:
       | Bitcoin follows Conway's Law. Neat!
        
       | 1cvmask wrote:
       | The ubiquity of power laws never ceases to amaze me.
        
       | tromp wrote:
       | All cryptocurrencies that emit the majority of coins in just the
       | first few years suffer from concentration of wealth. In
       | particular ones starting with a large premine or as Proof of
       | Stake (which amounts to a 100% premine).
       | 
       | To limit wealth concentration to that of fiat (the best you can
       | hope for), an emission should be ultra slow, such as having a
       | fixed emission rate [1]. Keeping the yearly supply inflation high
       | for several decades helps deter speculators and focusses on use
       | as currency.
       | 
       | [1] https://john-tromp.medium.com/a-case-for-using-soft-total-
       | su...
        
         | rfd4sgmk8u wrote:
         | Doge it is then, for now. How long until the first countries
         | adopt the Grin standard?
        
         | williamtrask wrote:
         | But the people who start cryptocurrencies may not really care
         | about decentralization enough to not own large amounts of the
         | currencies they create. :)
        
       | LatteLazy wrote:
       | What percentage of those coins are lost? Never moved, forgotten
       | keys, long forgotten etc?
        
         | rfd4sgmk8u wrote:
         | Prob 40% ish. I think 8 million coins have moved in the last 2
         | years. There is about 1.3M on exchanges, losing <100k a month.
         | 1 more year until no more left to sell on exchanges.
        
       | erichocean wrote:
       | The 99% should get together and fork Bitcoin with a new rule: no
       | transactions allowed from wallets held by the 1%. Dark coins.
       | Useless.
       | 
       | /sarc
        
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       (page generated 2021-12-20 23:02 UTC)