2000 people own 75% of all the Bitcoins in the world. That’s a dramatic statistic.
I personally am bullish in crypto-currencies and the role they will play in verifying ownership in the future. Crypto-currency = “Internet of money” is a very compelling thesis.
But this chart is the 2nd most compelling reason to be *bearish* on Bitcoin specifically as a sole crypto-currency winner.
The 1st most compelling reason is the still crippling difficulty of use. (Only an engineer could have thought to use hash keys as names !?).
(Hattip to martinvarsavsky’s twitter acct for helping be find this chart from Coindesk)
Disturbing, but I am not as concerned as Andrew on the concentration issue. Bitcoin is still a novelty as opposed to a commodity, so the scarcity provides no economic advantage. What we have here is the first land rush, so this chart is not so surprising. If I look back on historical commodities cycles, there will be waves in which concentration dilutes because it has to if the novelty is to have any permanence and economic value. If it does not, then those 2000 people will be the proud owners of a bunch of 1’s and 0’s and not much else.
18 Notes/ Hide
- jitle liked this
- erickd liked this
- seanammirati-blog reblogged this from thegongshow
- telnexus reblogged this from marksbirch
- daualset liked this
- fred-wilson liked this
- marksbirch reblogged this from thegongshow and added:
Disturbing, but I am not as concerned as Andrew on the concentration issue. Bitcoin is still a novelty as opposed to a...
- thegongshow posted this