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by sleavey
1693 days ago
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Bitcoin aligns incentives. It's in the interest of those with lots of bitcoin to have everyone else use the same fork, so their coins have value. This discourages bad behaviour from whales. Let's not forget that bitcoin's monetary policy is fixed. Everyone earns coins the same way as everyone else: by mining or buying. No printing of new money for example. Central banks are far bigger whales than bitcoin's given their ability to print new money on a whim. |
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No, not really. It is in the interests of those with lots of bitcoins to sell high and buy low. This means whales stand to profit by pumping BTC's value to leave everyone else holding the bag when it's value tanks. Rinse and repeat, and fat whales get fatter. But for this scheme to work, first you need unwitting users to fall for the promise of quick and easy fortunes at arm's reach. A tale as old as time.