Oddbean

It certainly does, and it’s possible that they don’t. Although many of those who are public seem to be strongly principled. But compared with BlackRock and JP Morgan execs? I’ll take my chances with the bitcoiners!

“Seem to be” is what keeps my eyes open. But I agree with your sentiment, which, if I am interpreting it correctly, is that if the incentives are right and if we demand more from those with power, or from those who run our institutions, then we would be better off. And I think you’re equating being early to bitcoin as being in line with those incentives.

What could they do if they are really malicious? Sell it for zero? Or just long-term downward pressure on price? -> I'd love that Sell it for (trillions) to the central bank? -> I'm ok with this; it recognizes its value Buy an army/resources and fight the virtuous Bitcoin users in the meatspace or via regulation? -> I'd argue that the current States & Central Bankers govern much more coercive powers in their hands. So what... The size of your stack does not matter.

It’s one reason that I hope hyperbitcoinization happens very slowly. It would mean that “whales” can spend that Bitcoin on goods and services, and donate it to meaningful causes, creating opportunities for others to build wealth in a gradual, grassroots way, (lol no, I don’t mean trickle-down economics), rather than a fiat-driven siphoning of wealth out of the economic system. This theory only works, I think, with a perfectly scarce money that cannot be printed.

Curious as to what makes you believe whales would be inherently prone to do this? Why wouldn’t they buy yachts, Bugattis, and fly themselves to the moon? Many of them, after years of being told their crazy, that they were nuts, may seek their “revenge” by rubbing their new found “wealth” in the face of all their naysayers?

I *think* the earliest ones have already amassed quite a bit of wealth, and - anecdotally speaking - it seems that bitcoiners are generous and well-intentioned, by and large. (Although maybe I’m conflating bitcoiners with nostriches 😉) I think it’s the fiat-minded “crypto” folks who have and will continue to live a conspicuous consumption lifestyle. People like that will always exist. But I know that if my stack someday (long into the future) gives me the means to try and make the world a better place, on a large scale, that I am going to do exactly that. And I believe in human goodness, so I think I’m not the only one who would do so. And as a last resort, humans are self-interested. If Bitcoin becomes so valuable in fiat terms that corporations or governments try to control it, then it’s in the self interest of every bitcoiner out there to push back. And unlike in the cantillon-effect-fiat-world, it would actually be possible to do so.