4 ms·

huh? btc was premined by Satoshi and early contributors too. while nobody can confirm which of the early wallets are his, the value of the premined btc coins is

huh? btc was premined by Satoshi and early contributors too. while nobody can confirm which of the early wallets are his, the value of the premined btc coins is likely higher than the Ethereum premine. this is the nature of all the PoW coins. The early contributors take the most risk and the most reward (if the coin succeeds).

nope96 9y ago
> btc was premined by Satoshi No, Satoshi did not "premine" bitcoin. Premine means on day zero you have created currency for yourself already. The only block we know Satoshi did mine cannot be spent. There is also zero evidence that Satoshi mined additional blocks once the network got up and running. (It took days for the second block to be found.)
- Erlich_Bachman 9y ago
  Since no one can actually prove (or, rather, no one has been able to do that yet) who Satoshi is, your statement of whether there is evidence of him (her?them?) mining or not mining in the beginning is rather baseless.
  - celticninja 9y ago
    He would have had to mine initially to keep the network alive. In the early days people mined on their desktop CPUs, it wasn't common to mine consistently 24/7 so Satoshi likely mined for the first 6 months at a minimum. He was not the only miner but he would have been the miner of last resort. Some analysis has been done on the blockchain from the time and work done to tie some of the early addresses to known addresses of Satoshi (payments to more public early adopters). So whilst it is correct to say no one knows who he is we do know that there is a high likelihood that he mined and that he probably mined around 1m BTC. Those coins haven't moved but they are probably watched by thousands of people.
cryptodogemoon 9y ago
Early miners are exerting less energy and less work to produce more coins. The difficulty curve often further benefits early miners to be taking minimal risk when the design is reverse logarithmic.
superbrama 9y ago
Risk is defined by what can be lost. If you bought a $200 video card early on and spent $200 on electricity mining than your risk was $400. Contrarily someone right now buying a single bitcoin is going to be risking a lot more than just that.
- celticninja 9y ago
  Yes, but you could just buy $400 worth of bitcoin and the risk is the same.
  - superbrama 9y ago
    No, the previous poster said the earliest adopters take the most risk. In actuality, whoever pays the most for their btc takes the most risk. Early adopters invested almost nothing compared to the amount of money moving around now (at risk on a speculative investment). Their risk was negligible and certainly far less than folks getting into the game now, coin for coin. You’re right that if one buys 0.05 btc today for $400, it’s the same risk as someone investing $400 years ago to mine hundreds or even thousands of coins, but real investors aren’t buying 0.05 btc.

nope96 9y ago

> btc was premined by Satoshi No, Satoshi did not "premine" bitcoin. Premine means on day zero you have created currency for yourself already. The only block we know Satoshi did mine cannot be spent. There is also zero evidence that Satoshi mined additional blocks once the network got up and running. (It took days for the second block to be found.)

Erlich_Bachman 9y ago
Since no one can actually prove (or, rather, no one has been able to do that yet) who Satoshi is, your statement of whether there is evidence of him (her?them?) mining or not mining in the beginning is rather baseless.
- celticninja 9y ago
  He would have had to mine initially to keep the network alive. In the early days people mined on their desktop CPUs, it wasn't common to mine consistently 24/7 so Satoshi likely mined for the first 6 months at a minimum. He was not the only miner but he would have been the miner of last resort. Some analysis has been done on the blockchain from the time and work done to tie some of the early addresses to known addresses of Satoshi (payments to more public early adopters). So whilst it is correct to say no one knows who he is we do know that there is a high likelihood that he mined and that he probably mined around 1m BTC. Those coins haven't moved but they are probably watched by thousands of people.

cryptodogemoon 9y ago

Early miners are exerting less energy and less work to produce more coins. The difficulty curve often further benefits early miners to be taking minimal risk when the design is reverse logarithmic.

superbrama 9y ago

Risk is defined by what can be lost. If you bought a $200 video card early on and spent $200 on electricity mining than your risk was $400. Contrarily someone right now buying a single bitcoin is going to be risking a lot more than just that.

celticninja 9y ago
Yes, but you could just buy $400 worth of bitcoin and the risk is the same.
- superbrama 9y ago
  No, the previous poster said the earliest adopters take the most risk. In actuality, whoever pays the most for their btc takes the most risk. Early adopters invested almost nothing compared to the amount of money moving around now (at risk on a speculative investment). Their risk was negligible and certainly far less than folks getting into the game now, coin for coin. You’re right that if one buys 0.05 btc today for $400, it’s the same risk as someone investing $400 years ago to mine hundreds or even thousands of coins, but real investors aren’t buying 0.05 btc.