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This isn't true. The genesis block references a Times headline published on Jan 3rd 2009, so that block was created no earlier than that. The source code was
by rssoconnor 5y ago
This isn't true. The genesis block references a Times headline published on Jan 3rd 2009, so that block was created no earlier than that. The source code was published and publicly available on Jan 9th 2009, which is 6 days later. Blocks were mined much slower than the target of every 10 minutes in the beginning. Block number 17 was mined on Jan 10th 2009. At 50 bitcoins per block we are talking at most 850 bitcoin or so mined "in private" before launching bitcoin.
- dpedu 5y agohttps://whale-alert.medium.com/the-satoshi-fortune-e49cf73f9a9b https://whale-alert.medium.com/the-satoshi-fortune-e49cf73f9...
- rssoconnor 5y agoEven if that analysis were accurate, that isn't mining "in private" before "publicly launching" as you claimed.
- dpedu 5y agoThat's fair, my memory was incorrect. However, I don't think that makes a difference w.r.t. calling the coin premined.
- tluyben2 5y agoI do not think the term should be used in this case because anyone could've mined at that point; others that actually did pre mine did so when only a few insiders could as well, like a pre IPO.