Bankers from Europe and the US have recently criticized Bitcoin. One criticism was that early adopters of Bitcoin will enjoy significant (fiat denominated) gains relative to later adopters. The bankers framed this as unfair at the same time as claiming Bitcoin does not contribute any value to the economy. The disingenuous nature of these assertions is easily exposed. Firstly, yes, early adopters have enjoyed more fiat denominated gains that later adopters might reasonably expect- but this is simply and purely the normal free market capital allocation mechanism at work. There is nothing unfair about, no matter how no coiners may feel. People who acquired Bitcoin way back were doing so with huge apparent risk. Most people believed it would never grow or survive- it has and so those high risk taking early adopters have been rewarded by pure, simple and honest market forces. Central bankers and no coiners can cry about it but tough shit. And lets explore this further- why did early adopters invest- what was their motivation- we can guess that many were mainly interested in the technology- experimenting with a fascinating new online decentralised censorship resistant payments protocol. Others may have been motivated by the opportunity to hold their savings in a form free of debasement and censorship from bankers and governments. Others may have had other reasons and speculative gain was surely one of them- but they all were investing in a new radical and what appeared to be high risk asset. They had invested in an alternative to the biggest most powerful market mechanism on the planet- the state sponsored fiat debt based monetary system. Some investors, probably many will have invested because they saw the obvious flaws and inequities that are inherent in the fiat monetary system.

Secondly the bankers have claimed Bitcoin protocol adds no value- they characterise it as purely a Ponzi like scheme where early adopters profit only from the investment of later investors. The disingenuous hypocrisy of this is hilarious- the fiat bankers are operating a global state backed monopoly over MoE. They hold huge power and market leverage via the fiat monetary system. The fiat monetary system does add huge value to economies- it enables relatively easy and secure MoE for the vast number of trades in goods and services occurring every minute of every day. It also provision vast volumes of fiat debt sourced investment capital- this has huge potential value to all economies. But Bitcoin provides an alternative MoE and SoV capital allocation model- yes it competes with the fiat monopolists- it provisions MoE and Sov to anyone who chooses to use it as opposed to imposing it based upon geographical state imposed mandate. In the case of Bitcoins use as a MoE it has been severely obstructed by bankers and governments - nearly all developed nations who have allowed Bitcoin to be traded have designated it a speculative commodity and demanded tax must be paid on any gains made relative to fiat- this results in making Bitcoins use as a MoE extremely difficult to utilise lawfully by citizens and businesses and so has greatly reduced its use as a MoE.

In terms of capital allocation Bitcoin is quite different to fiat money. With Bitcoin savers accumulate capital and it is free from debasement. In fiat savers accumulated fiat is leveraged off by bankers and governments, debasing savers capital while empowering bankers and governments to issue new fiat debt leveraged capital to those chosen few they direct it to. IE Fiat money is a rigged capital issuance and allocation model- Bitcoin is a free market in capital accumulation and allocation. Fiat money gives power to bankers in a highly biased and hierarchical manner...with holders of fiat savings having their accumulated liquid capital debased in order to allow privileged capital issuance to bankers and governments.
Bitcoin gives power to all users on an equal basis without fear or favour. No wonder the fiat debt monopolist bankers are crying 'its not fair' 'it must be taxed more' as Bitcoin increasingly appeals to a growing number of citizens who choose its superior monetary features.