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The part I’ve never liked is that Satoshi Nakamoto only mined for 10 days and got ~1M bitcoins. Today, if I mine for 10 days I’ll probably get 0.001 bitcoins. E
by biot 9y ago
The part I’ve never liked is that Satoshi Nakamoto only mined for 10 days and got ~1M bitcoins. Today, if I mine for 10 days I’ll probably get 0.001 bitcoins. Even if you adjust for increased computing power, why are my hash calculations valued a billion times less than his? Why can’t I get 1M bitcoins for a similar effort? From a market value standpoint, his computing effort is worth $18B. If, today, I put the same computing effort in as he did, I only get enough for a nice lunch.
I understand the technical reasons why due to the 21M bitcoin limit, hashrate difficulty increasing, etc. It just seems like a rigged system with the people “on top” getting huge rewards for very little work whereas the people lower down who do many orders of magnitude more work are getting very little reward. From that perspective, it has the scent of MLM, if you will.
- zodiac 9y agoCould you design a secure PoW scheme that doesn't suffer form this flaw? I don't think you can
- tromp 9y agoHe would have had to mine for 139 days to get ~1M bitcoins (50BTC every 10 min). More if other people are mining too.
- biot 9y agoWikipedia says he mined “at genesis and for 10 days afterwards”. Regardless of 10 or 139 (perhaps “genesis” includes several years of development), it doesn’t change the point.
- sumedh 9y ago> The part I’ve never liked is that Satoshi Nakamoto only mined for 10 days He took the risk initially so he gets to enjoy the spoils.
- biot 9y agoCreation of bitcoin aside, what risk is involved in an early adopter letting their computer crunch numbers for a few weeks? If you were the third person ever to mine bitcoin, about the only risk I can think of is a bit of time & effort plus a slightly higher electric bill.
- sumedh 9y agoThe risk of being starting the whole thing. If you think starting your own coin is easy, go ahead and start mining, the hard part is convincing others to adopt your coin.