Do you see the issue with the devs having mined hundreds of thousands of dollars worth of coin before it has any difficulty? Basically it seems like they just want to make up a magic currency, get all of it or a majority to themselves and then let the users pay for it from them. It's a monopoly essentially.
that is right, but if you have followed the whole discussion I want to highlight another issues that damage the fairness of the cryptocurrencies, that isn't the premine itself but unfair distribution that there is for both premined and not-premined cryptocurrencies if aren't adopted others policies
As I have said there are tons of way to prevent same people claims coins more times using the blockchain, way more ways than you have to avoid few powerfull rich people grab the biggest slice of monetary base with unruled mining.
You really are new here. Make some research. There were all kinds of distribution mechanisms, i have really seen a lot. I watched at least 600 or more coins launch. I do know.
Read my lips: you. can. not. prevent. multi-claim.
And sure as hell, you're a socialist.
Also there is no such thing as "unruled mining" as all mining is ruled by code.
You are proposing a centralized trustbased method instead of using a decentralized trustless method just because you envy the miner for his rig that you don't have. lol
Rent your hash then.
further edit: also if you would launch a coin why would you waste moneysupply on air? Coins are the reward for securing the chain. A premine does not produce any security. By creating moneysupply out of thin air you take away future security of the chain but that's probably too much for you to wrap the head around.
If mining is fair for all the miners and the competition amongst them is real, then pow-distribution is superior to all other methods and i'm happy to buy from the miners in these circumstances all day.
You think fairness means you get something for nothing.
I think fairness is equal opportunity and when someone gets something for nothing someone else gets nothing for something.
I have already said why leave the mining capability enterely dependent on hashpower without additional rule to prevent unfair distribution cannot grant any fairness.
Cryptocurrencies should be a more fair alternative to bank controlled money.... if all the money are controlled by few big guys the cryptocurrencies became same shit as other regular currencies and also worst.
The only thing that give value to cryptocurrencies is the trust, more fair is its their distribution higher will be their value.
And just to be clear I'm not a socialist I'm an anarc-darwinist. Everyone must be set in the same position at the start and gain wealth and power with his own abilities not because of inherited wealth and initial benefits of his position.
