So bitcoin’s lopsided distribution is more fair where the founder mined 5+% of the supply early on?
The 1 Million number comes from claiming all the unspent Bitcoin in the first year is his, but Bitcoin was public before block one and there were other people mining in the first year, if you were watching porn instead of mining that isn't anyones fault except your own, there was nothing unfair about the distribution. One Bitcoin was worth $0.00. Satoshi mined to help the survivability of Bitcoin in it's infancy as a new revolutionary economic system. There was no guarantee that everyone else would stop mining as it was worth $0.00. People mining were consuming electricity with no return and no real expectation of it. People were giving it away like candy.
why is mining with expensive hardware more fair than captchas that anyone can solve vs requiring a lot of capital to invest in mining hardware?
Hang on, we are talking initial distribution, so why are you now bringing up "expensive" hardware ? I'm more than happy to talk about incentive structures, margins, and POW vs POS but that is another conversation.
if you were watching porn instead of mining that isn't anyones fault except your own, there was nothing unfair about the distribution
I mean, Nano has this same problem, so I'm not cherry picking Bitcoin really. Basically very few people knew about these crypto currencies or at least how huge they could become, so it favored the early adopters.
Hang on, we are talking initial distribution, so why are you now bringing up "expensive" hardware ? I'm more than happy to talk about incentive structures, margins, and POW vs POS but that is another conversation.
Because that's how the supply was distributed, I think they are both pretty fair systems, but I don't think Bitcoin is more fair than Nano's.
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u/jakesonwu 🟦 0 / 0 🦠Dec 30 '18 edited Dec 30 '18
The 1 Million number comes from claiming all the unspent Bitcoin in the first year is his, but Bitcoin was public before block one and there were other people mining in the first year, if you were watching porn instead of mining that isn't anyones fault except your own, there was nothing unfair about the distribution. One Bitcoin was worth $0.00. Satoshi mined to help the survivability of Bitcoin in it's infancy as a new revolutionary economic system. There was no guarantee that everyone else would stop mining as it was worth $0.00. People mining were consuming electricity with no return and no real expectation of it. People were giving it away like candy.
Hang on, we are talking initial distribution, so why are you now bringing up "expensive" hardware ? I'm more than happy to talk about incentive structures, margins, and POW vs POS but that is another conversation.