Re: Why the bitmonero/monero Ninjalaunched Cripplemined Fastmine matters
[DISCLAIMER: see disclaimer of conflict of interest at the bottom]
Quote: "If you see fraud and don't shout fraud, you are a fraud"
-- Nassim Taleb (credit to Icebreaker for the quote).
...
Monero Cripplemine: 6-7%+ of the total supply
~1.5 million monero mined with optimized miners while dev team pushed a crippled miner on everyone else.
Monero Fastmine / Instamine:
The monero cripplemine was bad but the fastmine is where the most unfair distribution took place.
Monero has a highly inflationary emission curve where around half the coins were mined in the first year and will have "Roughly 86% mined in 4 years".
By comparison, Bitcoin is almost 7 years old and only has 75% mined. It will take them another 4+ years to get to monero's 86%.
So it will take BTC & LTC ~11+ years to get to ~86% and monero only 4 years. It will take DASH ~ another 20 years to get to 86%.
...
DISCLAIMER: I am a DASH fan boy and I do not deny a conflict of interest. Nevertheless I endeavor to be factual and I suggest that readers consider the facts, check the facts, reach your own conclusions about what happened and how it matters today, and finally to avoid the temptation to attack the person stating the facts or the coin(s) with which he might be associated]
Quote: "If you see fraud and don't shout fraud, you are a fraud"
-- Nassim Taleb (credit to Icebreaker for the quote).
...
Monero Cripplemine: 6-7%+ of the total supply
~1.5 million monero mined with optimized miners while dev team pushed a crippled miner on everyone else.
Monero Fastmine / Instamine:
The monero cripplemine was bad but the fastmine is where the most unfair distribution took place.
Monero has a highly inflationary emission curve where around half the coins were mined in the first year and will have "Roughly 86% mined in 4 years".
By comparison, Bitcoin is almost 7 years old and only has 75% mined. It will take them another 4+ years to get to monero's 86%.
So it will take BTC & LTC ~11+ years to get to ~86% and monero only 4 years. It will take DASH ~ another 20 years to get to 86%.
...
DISCLAIMER: I am a DASH fan boy and I do not deny a conflict of interest. Nevertheless I endeavor to be factual and I suggest that readers consider the facts, check the facts, reach your own conclusions about what happened and how it matters today, and finally to avoid the temptation to attack the person stating the facts or the coin(s) with which he might be associated]
These figures are all wrong because they ignore the fact that Monero has a minimum tail emission equal 0.6 XMR per 2min block. This has been part of the social covenant in Monero since the start indicated first as a tail emission of less than 1% and then finalized at 0.6 XMR per 2min block. The comparison with Bitcoin and Litecoin fails simply because both Bitcoin and Litecoin have a fixed maximum number of coins while Monero does not. The comparison with Dash is even worse because not only does Dash have a fixed money supply but the Dash maximum money supply was drastically reduced after launch.
There was considerable debate over the changing of the emission curve in the Monero community and the presence of a tail emission was a factor in that debate, and the final decision to leave the emission curve alone.