So yes it can be done. Is it good for "Bitcoin"?
It may be. There's an awful lot of bitcoins owned by relatively few early adopters. If Bitcoin is to succeed, a large chunk of those bitcoins need to be extracted from those early adopters and spread amongst the general population.
It seems these early adopters have had a pretty good understanding of where the future is going. I for one would be happy to see these kinds of people get incredibly, filthy rich, so they can invest in awesome new businesses and technologies. Now that would make a change away from the current status quo, where the financial system only benefits parasites and sociopaths.
IMO most Bitcoiners are the most sociopathic people there are.
It takes a *special* attitude to strive after a system where economic status is derived only by a unchangeable, unchallengeable, non-physical ledger.
What is most troubling is the widespread belief that human nature is malleable; that somehow once people who have adopted bitcoin get to run the show that it will be any different. I am the first person to complain about the excesses of the current establishment and the widespread systemic problems in nearly every aspect of western (global?) society. However, putting a different group of humans in charge will not drastically change the outcome. History is not linear and despite popular belief, human nature does not progress. 'Science and Technology are cumulative, ethics and politics are recurring dilemmas' (John Gray). This type of thinking isn't exclusive to users of bitcoin, but, unsurprisingly, there seems to be a particularly large contingent of believers in the impending utopia, borne from technological progress.
Bit off topic, but I typically get carried away once I get on my soapbox.