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What is funny about premining critique for the altcoins is that Bitcoin is the most egregious example of premining, Satoshi in effect having premined 5 to 10 %

by sireat 13y ago

What is funny about premining critique for the altcoins is that Bitcoin is the most egregious example of premining, Satoshi in effect having premined 5 to 10 % of current coins. Sure, you may say at the time there was no choice but to keep hashing until others joined the party. Still the end effect is still the same - a large amount of BTC is controlled by an unknown entity. Litecoin apparently was one of few altcoins to avoid premining that is everyone (who followed BTC forums that is) got off on equal footing.

dasil003 13y ago
> What is funny about premining critique... To me the funny thing is there is enough consternation over this to have an official term for it. Satoshi, whether a group or individual, invented Bitcoin and planted the seeds for its success against all odds. Now that it's huge everyone is regretting not getting in early, but I see no reason why the creators and early adopters don't deserve their spoils. It's nice that Litecoin decided to start everyone on equal footing, but let's not fool ourselves: that's an adoption tactic not altruism. At the end of the day Litecoin is the most successful of the copycat digital currencies but it's still a copycat.