Is Bitcoin Unfair To Late Adopters?

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In this video, I discuss whether Bitcoin's distribution was fair, and whether late adopters are at a disadvantage compared to early adopters.

There's never been a technological revolution that didn't disproportionately benefit early visionaries and adopters. But this isn't a reason not to use things like crude oil, cars, or airplanes, since they have actual utility and increase our standard of living.

Early adopters of Bitcoin took on tremendous risks, both financial and legal, since some of them ended up in jail for holding Bitcoin.

Bitcoin would never have succeeded if it weren't for early adopters hodling BTC and not dumping it. They are heroes. While I was telling people that Bitcoin was a scam and bubble, these early adopters were carrying the torch and preserving Satoshi's sacred fire for future generations.

Most of them never got super-rich, but many were able to pay their medical bills (Hal Finney's family), buy a house, send a kid to private school, travel around the world for 6 months, remodel the kitchen, or whatever.

Bitcoin is freedom money for everyone who uses it.

Did Bitcoin have a fair distribution?

Yes, unlike both fiat and other cryptocurrencies.

Most cryptocurrencies are issued by a small group of insiders, who set aside free coins for themselves, allowing them to dump on retail investors without needing to first register for an IPO.

Unlike Ethereum and every other crypto--

Bitcoin did not even have a price for the first 16 months of its existence.

It started off as a novelty and collectible, and its growth was beautifully slow and organic, allowing time for the Bitcoin network to grow under the radar.

Bitcoin's monetization was organic and spontaneous.

It wasn't artificially engineered by venture capitalists and marketers and paid influencers as continues to happen in the "crypto industry."

Bitcoin's path to monetization was free from unethical premines, pre-sales, and pump and dumps. Most of the early holders of Bitcoin were cypherpunks, math nerds, and people whose primary interest was not financial.

Hodling Bitcoin for the long term requires incredible self-control, a deep understanding of its value, and nerves of steel to handle the volatility.

Even if every person on earth were initially air-dropped a "fair portion" of BTC as part of the initial distribution, most people would not have valued it, and would instead have dumped it or lost it, similar to what took place with the Russian voucher program in the 1990s.

Even today, you can get more than 1,100 sats for just $1 and most people still don't care.

These are the same people who in 10 years when Bitcoin is at $2 million per coin are going to be telling you that you don't deserve your wealth and that you just got lucky and that it's just not fair and that the government should redistribute some of your wealth to them.

Unlike fiat, Bitcoin is a voluntary and opt-in system.

You are not forced to use it, but rather are free to use scammy crypto or unfair fiat instead. The choice is yours.

Bitcoin has had the most fair distribution of any money in history.

Not investment advice! Consult a financial advisor.

"Absolute mathematical scarcity achieved by consensus in a sufficiently decentralized distributed network was a discovery rather than an invention. It cannot be achieved again by a network made up of participants aware of this discovery, since the very thing discovered was resistance to replicability itself":
https://medium.com/@knut.svanholm/the-aliencoin-attack-vector-93fcf723b8b0

Fiat money is a melting ice cube:
https://www.visualcapitalist.com/wp-content/uploads/2021/03/Purchasing-Power-of-the-US-Dollar.jpg

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#crypto
#fairness

Disclaimer
Neither Matthew Kratter's Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky. Receive SMS online on sms24.me

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