It's one thing to have a person distributing all the coins to himself and then trying to convince you that the 70M+ marketcap you see in coinmarketcap is "fair" and it's slighlty different if he tries to make a distribution to 73 people sound fair (he has slightly more chances to convince you that the 70M+ marketcap is "fair")
Yes, from
moral point of view here indeed is some difference. But economy doesn't care about intentions of its participants. And traders don't care about history of an asset they trade.