i think that was where i heard this one first as well, the 'not fair' line of thinking might have even started there 

it wont be dethroning the 'no intrinsic value' argument anytime soon though i don't think

stack_harder

early adopters exactly increase their real wealth and consumption at the expense of the real wealth and consumption of those who do not hold Bitcoin or who invest in it only at a later stage

bitcoin

When did the 'bitcoin is not fair' narrative take off?

The first I heard of this was a [European Central Bank paper in October 2024](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4985877).

> early adopters exactly increase their real wealth and consumption at the expense of the real wealth and consumption of those who do not hold Bitcoin or who invest in it only at a later stage