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> Bitcoin’s success was about more than creating a new money; it was about creating a system to distribute value in a way that couldn’t be gamed and that didn’t
by tromp 3y ago
> Bitcoin’s success was about more than creating a new money; it was about creating a system to distribute value in a way that couldn’t be gamed and that didn’t unfairly advantage any user. Even Satoshi mined all the Bitcoin he received, just like everyone else.
Bitcoin hugely advantages early miners/adopters by the exponential reward reduction over time. Every successive generation gets to mine 32x less of the supply than the previous one.
A truly fair distribution would have an unchanging block reward. It would still be disinflationary [1], crucially setting it apart from fiat currency.
[1] https://john-tromp.medium.com/a-case-for-using-soft-total-supply-1169a188d153 https://john-tromp.medium.com/a-case-for-using-soft-total-su...
- npoc 3y agoWhy shouldn't it advantage early adopters? Back when bitcoin was $100, $1000, even $10000, it was far, far riskier than it is now. Those people buying it then were coming onto boards like this, only to be ridiculed and dismissed as scammers. There was no Blackrock ETF, there was no Michael Saylor. There was Mt Gox, the block wars etc. You buy bitcoin at the price you deserve.