Comments on: Bitcoin Q&A: Wealth distribution statistics

By: pleasemorefunny

pleasemorefunny — Sun, 25 Aug 2019 05:32:28 +0000

It's called the Pareto distribution, a naturally occuring law that exists in nature through any means of production or value. It's essentiall what Marx got wrong about Capitalism. Recently popularized by psychologist Jordan B. Peterson (video and wiki links below).

https://en.wikipedia.org/wiki/Pareto_distribution
https://youtu.be/TcEWRykSgwE

By: Devanand T ദേവാനന്ദ്

Devanand T ദേവാനന്ദ് — Sun, 25 Aug 2019 05:32:28 +0000

Ok agreed addresses are not people. What about steem blockchain exhibiting the wealth disparity where accounts represent people( rarely communities).

By: FutureTomorrow

FutureTomorrow — Sun, 25 Aug 2019 05:32:28 +0000

You used yourself as a use case for the number of addresses a user may use within a set period. Do you have any quantitative data to look at that shows how many individuals experience a user journey similar to yours?

By: Kyle Hoorn

Kyle Hoorn — Sun, 25 Aug 2019 05:32:28 +0000

Awesome to hear you explain this fallacy about bitcoin

By: Sandy

Sandy — Sun, 25 Aug 2019 05:32:28 +0000

which are best colleges to learn Block chain ?

By: Edinso Gallardo

Edinso Gallardo — Sun, 25 Aug 2019 05:32:28 +0000

greetings I am an enthusiast of the cryptocurrencies I have been following since 2010 I am from Venezuela when the president evenincio the oil I felt a lot of emotion and because I felt that one way and another our country would join the network of the chain of blocks. WOULD YOU LIKE TO CONCER YOUR OPINION OF THE VENEZUELAN PETRO? as a solution to the twoday pain attack and the economic crisis in which we live? and your suggestions about it

By: Man In The Sky

Man In The Sky — Sun, 25 Aug 2019 05:32:28 +0000

I think at the end he forgot to stress that he's taking about hacks on these exchanges that concentrate wallet addresses not on the bitcoin network itself which is only at threat of the very improbable 51% attack. these exchanges that concentrate wallets in custodial accounts are not miners validating the network. So when he's saying when at attack will happen he means on the exchange that relies on conventional encryption and not on the blockchain consensus security.

By: Robert Lefebvre

Robert Lefebvre — Sun, 25 Aug 2019 05:32:28 +0000

There is a problem when the addresses hold small amounts of Bitcoin because transaction fees are determined by the amount of data the transaction sends. A transaction combining, say, ten addresses with small amounts to send a larger amount will have a much larger transaction fee, correct? With these high transaction fees on Bitcoin core, they effectively have frozen the addresses with small amounts in them because the transaction fee to send them is such a high percentage of the value.

By: pepelapiu2004

pepelapiu2004 — Sun, 25 Aug 2019 05:32:28 +0000

Here is how I see the scalability problem.

Every transaction will eventually need to be processed on the blockchain. You can try to find ways to do things off chain. But you will eventually need to enter those transactions on the chain.

If bitcoin is to become a widely used currency, that means millions and millions of transactions every hour of every day.

And so each and every node on the chain will need to be able to process those millions and millions of transactions every hour. If you think they will one day have decentralized laptops and decentralized home miners, I think you are delusional. Bitcoin is pretty much unsustainable as a widely accepted currency.