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0 sats \ 8 replies \ @drdoom 29 Aug 2023 \ on: We don't need decentralization everywhere. bitcoin
Decentralize Bitcoin minting !
(note, minting not mining )
If the only people who can get new coins are large institutions & early hodlers who can afford multi-million dollar infrastructure the notion that Bitcoin is even 'decentralized' is a moot point anyway.
But yeah, I agree - you don't found a brick & mortar business for example with 'decentralization' apart of your core strategy. Sure, accept Bitcoin and stack sats but what you want is your customers and teammates to centralize around where you are and what you are building.
Bitcoin's distribution system is perfectly fair, we shouldn't change anything about it to account for the disparage in wealth that fiat has created. Nature will balance things out over time -- fiat was a stray away from natural law, bitcoin is the return
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Bitcoin is not natural, it is a new and improved game that is vastly better than the fiat version we have been playing.
we shouldn't change anything about it to account for the disparage in wealth that fiat has created
the only hypothesis for this I can come up with is that the disparage in wealth is supposed to converge as those with fiat wealth invest into Bitcoin infrastructure thus making it better and spreading newly minted coins, eventually, to the average man ? Am I correct here that is your thinking?
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no, wealth inequality is not a bad thing either.
Everyone should have access to an equal starting point, but it's up to the person to take it as far as they want to. That's fair and equal. Fiat is anything but natural, and it's created a huge gap in where people start out in life.
Bitcoin is new tech, but more as a cure to a virus. It'll converge that starting line back to center, not the $$ amounts everyone has. And stuff will become so cheap over time anyway that how much money you have won't matter nearly as much as it does today
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How does Bitcoin converge the starting line back to center when you require multimillion dollar investment to reliably mint new coins ?
The same families and corporations that have started at the top of fiat have first advantage to mint the majority of new bitcoins and even if they got a late start on this they can use their existing fiat position to acquire mining infrastructure to become among the few recipients of new coins from here on.
At what point does the starting line go back to center in this scenario? In 2140 when all the coins are minted?
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Fork it and name it Bitcorb, where you can scan eyeballs to distribute it fairly!
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Fork it if you think that's a problem!
it doesnt matter how much bitcoin anyone has
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Fork it if you think that's a problem!
I have been thinking about it:
it doesnt matter how much bitcoin anyone has
I agree, but then why do you use Bitcoin?
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well im glad you're not nodding towards pos at the least lol. Def not smart enough to know how your proposal would play out over time
I use bitcoin to secure my own financial freedom, among many reasons
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