Is Coinholder a Shareholder?

17 Feb 2023

Are users who hold bitcoin really shareholders of the bitcoin system?

If we compare bitcoin to a company, the holder does not have any power and does not have any obligations. The only option a holder can do is to buy or sell coins.

Judging from the enjoyment of rights and obligations, there is no relationship between Bitcoin and stocks. We need to think deeply to dig out the logic behind it.

What do we mean when we say rights? A shareholder holds company shares and thus has voting rights and dividends for corporate governance. Entitlement consists of two parts: equity and the method of realizing equity. (The latter is also called power).

Shareholders' equity specifically refers to the possession, use, and disposal of corresponding company property (which can be approximated as being able to sell shares at a higher price and obtain more dividends), and the method specifically refers to supporting or inhibiting by voting Certain corporate behavior.

Bitcoin holders also have corresponding rights and methods to realize their rights. Holders' rights specifically refer to the possession, use, and disposal of valuable bitcoin (which can be roughly understood as the ability to sell bitcoins at a higher price); the method specifically refers to support through voice (posting, attending meetings, publicity) Or inhibit the development of the Bitcoin system, and then affect whether Bitcoin can attract other investors to buy or sell.

The participation of shareholders in the company's decision-making is mainly the right to vote, which is guaranteed by the legal system. However, in actual operation, the rights of most retail shareholders are basically negligible, and the main decision-making power lies in the hands of major shareholders and company operators. In particular, the current structure of the company's equity is AB shares, which have different rights.

In the Bitcoin system, there is no legal system to ensure that users have the right to govern the system. During actual operation, users can participate in actual governance by posting on the Internet and participating in technical discussion meetings. The user's right to speak also has nothing to do with the number of coins held.

In the company's equity governance, retail investors can also participate in corporate governance by posting and participating in company shareholder meetings. However, the major shareholders can shut up without talking, and on the premise of not letting off their farts, directly use the voting right to veto the scheme supported by retail investors, and let the retailer's crooks be 10W +.

However, in the Bitcoin system, the method for users to realize the holding of equity does not have the resilience to seal their throats, even Satoshi Nakamoto does not have the ability to block others.

The rights of the company's shareholders are protected by law. Major shareholders can sleep on the stock right, wait for the vote to wake up, rub their eyes, and vote to realize their power. However, the power of retail investors can hardly be guaranteed in the actual operation process, and retail investors can only follow the big ones.

The power of bitcoin users needs to be fought for by themselves. If you do not speak, you will be buried. There are many activist groups in the currency circle. They take the lead in defending their rights. The fiercer they are, the more often they can be compensated. This has nothing to do with the amount of investment money. It has nothing to do with whether you are fierce.

Perhaps hard-working currency holders are major shareholders, and non-hard-working currency holders are retail shareholders. This is why there are so many "self-supporting five" and "protecting rights" in the currency circle. If you don't work hard, you are really not a shareholder.

Bitcoin has no dividends. But some coins have dividends. Not only does Bitcoin have no dividends, it is still a consumer behavior to use Bitcoin to make transactions.

PoS coins often have mining dividends, and holders of coins are required to take the initiative to lock the coins in a certain mechanism and then obtain a share of the system's over-issued coins in proportion. This is completely different from the dividends of stocks. Dividends are profits from company revenues, not additional stock issues. Correspondingly, there is a hype mechanism such as "high transfer" in the stock, which is similar to the additional coin issuance to the holders of PoS.

Most coins have no revenue. The appreciation of the currency is reflected in the increase in the price of the currency.

In general, I think the equity of the currency and the stock is similar, but there are differences in the method of realizing the equity. The rights and interests of the currency cannot be guaranteed by the law, and can only be strived for by the currency holders themselves. Stock rights and interests are guaranteed by law, but at the same time allow major shareholders to sleep on power. It is also because stocks are protected by law, so large shareholders can crush small shareholders in the way of realizing their rights. However, currency does not have the protection of law. The method of realizing rights and interests depends on the efforts of the holder and the amount of money held.

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