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by ehrtt
2801 days ago
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Gini coefficient of 1.0 means that a single person controls 100% of a country’s income/wealth, North Korea scores 0.86, the rather unequal United States scores 0.41 and bitcoin scores an astonishing 0.88. This was a bizarre section, and I wanted to make some points about it: 1) The distribution of bitcoins among individuals is not known, any claim to the contrary is false. If you want to make estimates, include the massive uncertainties. 2) Assets do not have Gini coefficients, groups of people do. The distributions of helicopters or Google stock are also very unequal. If you care about wealth inequality among crypto hodlers you should measure that. Conflating the distribution of an asset with the distribution of wealth seems meant to confuse. 3) When bitcoins had 0 value they were much more unequally distributed than now. People starting to value them is the mechanism by which they get distributed. The process is gradual. The more people value them, the more value they accrue. |
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How can this be true? Bitcoin is a public ledger and you see every accounts balance. If anything the publicly available account balances seem like a lower bound for the Gini coefficient as it is very likely people have multiple wallets (especially with large balances) where it's unlikely any group of people shares the same wallet (creating and distributing funds among multiple wallets is more secure and trivial).