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> Premined coins are centralized by desgin--the founders may hold an undisclosed amount of coins that were acquired at no cost. This seems like a deep thought,
by splintercell 8y ago
> Premined coins are centralized by desgin--the founders may hold an undisclosed amount of coins that were acquired at no cost.
This seems like a deep thought, but it isn't. All this is, a shot fired in coin v coin wars (and this one against Ethereum).
Bitcoin used to be easily minable from a CPU, and was under a dollar for a large point. Any entity could be holding undisclosed amount of coins that were acquired at no cost either.
- throwawaylolx 8y agoNo, Bitcoin has always been mineable at the same cost for everyone willing to mine while also enforcing a slow supply release. Premines offer free supply capture only for the central party that sells the premine, and oftentimes provides infinite liquidity allowing any wealthy party to capture the entire supply in a short timeframe. Satoshi understood the importance of fair distribution, while all ICOs compromised their security in their futile greedy attempts to create "a better Bitcoin." You can't expect to improve a system for which you don't even understand the design rationale.
- coralreef 8y agoI suppose its a matter of semantics, but 'easily minable' is not the same as 'guaranteed free'. Bitcoin's mining cost was always a function of hash power, hardware and electricity cost (and competition). If it was cheap, it was because you were early. Satoshi mined from day 1, which is how he amassed coins. Some forks however played in a developed crypto space and wanted to guarantee themselves a chunk of coins that would not require them to openly compete for them. Does the difference matter? I dunno.