Bitcoin: Have Incentives Gone Wrong?

Too Long; Didn't Read

Bitcoin has proved that it has solved the double spending problem and scaled into a trillion-dollar network without having had any serious security breach. The jury is still out as to whether it will ever become a widely used currency or fulfil the decentralization potential of blockchain technology and the associated positive societal externalities. Bitcoin might have succeeded in becoming a store of value thanks to the trust, rarity, and immutability inherent to its underlying technology. However, when combined with its code and monetary supply which are fixed in stone those attributes resulted in a coin that is owned and mined by only a few.