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I had an interesting conversation today with a friend who doesn’t like Bitcoin. He posed a difficult question.

How will #bitcoin solve the “Monopoly Problem”?

In the board game, one person ends up having all the money.

And it seems there is game theory to back this up… in situations like this, with enough time, someone (or thing) owns everything.

Since #bitcoin is decentralized (which I love) there is almost no way to regulate that.

What if in the future one malicious man (because people with that much ambition often have dark-tetrad qualities) or, even worse, a government owns everything?

That would eliminate competition and the free market. We’d all be living in a “Potter’s Vill” that we can’t escape from!

Has anyone thought about this and has a good solution or answer?

#asknostr

Nice and Kind Vic 7mo ago 💬 2

Requires people to demand Bitcoin for payment instead of accepting other currencies.

And Bitcoin itself can't enforce the physical world, so the same problems that exist today will exist then

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Discussion

Laban LaGreca 7mo ago

Not necessarily though, because although I hate that government have this much power, they can in some ways regulate this…. And what if, in an even worse scenario, one government comes to own all the bitcoin? And to your point all of these things actually may just get worse if Bitcoin is universally adopted as currency… because then there is no alternative.

Nice and Kind Vic 7mo ago

If an entity owns all of a thing, it is not being used as a money.

If a government does this, demands bitcoin as payment, and none is available to pay, then it's up to the people to overthrow that tyranny.