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Bitcoin is decentralised and Onecoin was centralised - enabling control and in the end abuse of the whole shebang.
by Zenst 4y ago
Bitcoin is decentralised and Onecoin was centralised - enabling control and in the end abuse of the whole shebang.
- cma 4y agoA coin with a 5% premine to a single individual isn't completely decentralized.
- xorcist 4y agoThe pseudonymous creator of the Bitcoin blockchain made the effort to include a proof in the genesis block that the chain wasn't premined. That was before there was a word for it. Maybe you are thinking of Ethereum? It is currently at 60% premine, the target ratio has been changed a number of times, but the ratio should be lower in the future.
- cma 4y agoI think I was mixing up sole-participant mining with pre-mining. Early sole-participant mining is still not very decentralized.
- xorcist 4y agoWell, that lack of interest in the project in the beginning was certainly not for a lack of trying, and interest... well let's just say it picked up after a while. Still, hard to criticize the founder for mining when no one else had interest in it. That cryptographical proof against premining is quite interesting however. Someone must have thought the mere suspicion would have been enough to void any interest in the project. History suggests that wasn't the case, even if we can't know for sure. It might have been different. Anyway, for what it's worth, all evidence suggests that (almost) all of that solo mining was likely burnt. That too suggests the primary risk was thought to be people losing interest in the project.
- zik 4y agoIt wasn't even a centralised coin. There was no coin at all - it was just a scam.
- tasuki 4y agoAnother comment mentioned they had a spreadsheet. That would qualify as a centralised coin.
- ncmncm 4y ago