Recently I wonder if wealth concentration might be a risk for BTC. I know that BTC is distributed much more fairly than any altcoin, but I wonder how it compares to USD?
Michael Saylor owns about 1% of all BTC out there. I read that there's about 20 trillion USD in circulation, so owning 1% of that would amount to having about 200 billion, which wouldn't put Saylor much ahead of current top billionaires. So maybe that's not too bad.
But what about this risk: let's say Coinbase gets hacked. They custody about 5% of all BTC. (see: https://blockworks.co/news/bitcoin-coinbase-satoshi-nakamoto) Would BTC lose legitimacy if 5% of it belonged to a criminal organisation? Or would we need to fork the chain to reverse the transaction? That also doesn't seem right.
Does anyone else worry about this?
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments