His motives are pretty clear.
Why are you telling them our altcoin design?
You agreed to keep it secret until release, or did you forget!
That is exactly the plan.
If you want efficient distribution of money in an altcoin, do the following:
1. Use a mining algorithm that doesn't reward specialized equipment, because that makes mining a specialized business that only rich people will do.
2. Abandon the idea of a fixed finite amount of eventual coin. Instead, increase mining rewards by 5% every year. In the very long run, you can build a very healthy economy with 5% inflation. Value will fluctuate wildly in the adoption phase, but eventually you get 5% inflation.
3. Fix it so mining rewards are not so concentrated. Every block should reward hundreds, maybe even thousands, of people with small awards. Not by making "pools" but directly. Make mining reward "near misses."
4. 5% inflation, when finally achieved, progressively devalues any money that is just hoarded. That includes the highly disproportionate rewards held by the very early adopters. There's a motive to spend it, possibly to capitalize new businesses.
Now, if you do this, you will *still* get a wealthy elite. But it'll be a wealthy elite who have to get that way by managing their money and investing wisely, rather than just buying in early.
1. Use a mining algorithm that doesn't reward specialized equipment, because that makes mining a specialized business that only rich people will do.
2. Abandon the idea of a fixed finite amount of eventual coin. Instead, increase mining rewards by 5% every year. In the very long run, you can build a very healthy economy with 5% inflation. Value will fluctuate wildly in the adoption phase, but eventually you get 5% inflation.
3. Fix it so mining rewards are not so concentrated. Every block should reward hundreds, maybe even thousands, of people with small awards. Not by making "pools" but directly. Make mining reward "near misses."
4. 5% inflation, when finally achieved, progressively devalues any money that is just hoarded. That includes the highly disproportionate rewards held by the very early adopters. There's a motive to spend it, possibly to capitalize new businesses.
Now, if you do this, you will *still* get a wealthy elite. But it'll be a wealthy elite who have to get that way by managing their money and investing wisely, rather than just buying in early.
Why are you telling them our altcoin design?
You agreed to keep it secret until release, or did you forget!Alt coin users could transfer the value in their bitcoins to a more secure alt coin. The price of bitcoin would plummet but the price of the new coin would rise and we would continue using crypto coins just like we are doing with bitcoin.
That is exactly the plan.