05 Jun '13, 10am

Is Bitcoin a system designed to create bitcoin billionaires?

A summary of the inequality critique directed at Bitcoin, summarized from a very commented article at Ouishare, from Stanislas Jourdan : “Bitcoin faces two types of criticism. The first is technical: Bitcoin is an anonymous and authority-less currency, which is eventually of great help to drug dealers, weapons sellers and anyone operating on the black market. Dropis’ founder Sebastiano Scròfina also listed several others criticisms, but the most crucial one is more economic than technical: it is related to Bitcoin’s design as a currency. “Bitcoin is designed by people who believe in a certain type of economy, it is designed to be like gold, privileging hoarding” Michel Bauwens, P2P Foundation Bitcoin can be described as a deflationary currency, or even a mere (virtual) commodity. Like gold, bitcoins are valuable because of their scarcity — Bitcoin’s money supply is limited...

Full article: http://blog.p2pfoundation.net/is-bitcoin-a-system-designe...

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