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> There are cryptocurrencies that work without proof-of-work And they don't have a fair distribution mechanism. They exist primarily to make their creators ric
by tromp 6y ago
> There are cryptocurrencies that work without proof-of-work
And they don't have a fair distribution mechanism. They exist primarily to make their creators rich.
- willbudd 6y agoThose two statements capture perfectly what I think of Bitcoin too with its ridiculously deflationary block reward-halving algorithm. Anyway, yes, I agree that 99% percent of existing cryptocurrency implementations are at least partially affected by short-sighted greed. However, I think it's important to note that there is no technological constraint preventing the potential success of more egalitarian implementations. In that sense, it's at least disappointing to see technological potential for societal benefit being so categorically dismissed due to the flaws of early prototypes such as Bitcoin.
- tromp 6y agoI agree reward halving help to concentrate the wealth on early adopters. The simplest and arguably fairest emission would just fix the block subsidy. I'm aware of only one coin that has adopted such an emission.