Crypto 360°

Monday 27 December 2021

Skeptic here - help me understand

Crypto holding are highly concentration in the wallets of the very few. Specifically, The top 0.01% of holders own 27% of all bitcoins. This is much more concentrated than the overall US wealth where the top 1% own 1/3 of all wealth.

https://www.google.com/amp/s/www.cbsnews.com/amp/news/bitcoin-cryptocurrency-wealth-one-percent/

So, moreover, 55 percent of all crypto holders bought this year alone. So, why would you buy Bitcoin today and hence, drive up pricing, when this truly helps the very few at the top. This seems like a clever scheme by the very Bitcoin rich to get other people to buy into a view of bitcoins store of value. Since the wealth is concentrated in the elite and adoption spiked this year, it implies newer buyers have very little chance of attaining same returns as before. So, the people at the top (think saylor…others) are incentivized to keep pumping Bitcoin and creating fomo because they need others to buy into their vision or they are stuck with less valuable “assets”. I would like to understand why people are buying now given this dynamic.

submitted by /u/Bye_Felicia12345
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Fast-growing crypto storage firm Anchorage raised $350 million

submitted by /u/cryptocbwworld27
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Bitcoin mass adoption versus Government control

The more time I spend learning of the benefits of a decentralised network for curency the more impressed I am with its efficiency and transparency. I can strongly visualise a future where p2p is all decentralised.

My main question is this: how will this ever be allowed by any government? Our whole WORLD is built on old school conventions of central authorities, banking systems and networks. Can bitcoin ever REALISTICALLY become a global power currency because surely as it gets more popular, governments will get concerned that they are losing control and regulate it down.

Why would a government ever want the world to go decentralised? It is not in their interest at all. The migration to decentralisation would be carnage too, given how many moving parts there are as dicussed above.

Can anyone explain how this could feasibly work? I love the idea but just don't see how it will be allowed.

submitted by /u/JoeBloggs90
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