Quote from: A-tM on May 10, 2014, 08:52:16 PM

Quote from: stevegreer on May 10, 2014, 08:34:20 PM

And there are a few people who hold a huge chunk of the Bitcoins. Does that make it a scam too? So a few people with big hash power were quick to mine a chunk of them. So what? More power to them.

No, you don't get it yet.
The principal fact is, that the minging algorithm was designed for to mine WHOLE HALF of the coins in half an hour.
It is unfair - early privileged miner or miners (the only informed), were getting coins with uncomparable easyness in comparison to hard working miners later.
This is scam.

Look at bitcoin halving algorithm - it is completely different and it is unbiased. Everybody gets coins proportional to his work.
Halving periods are much longer, and are designed to counteract increasing hashing power, for nothing else, to retain fairness even more.

And regarding "huge chunks". Do you think that just few people do own HALF of the all bitcoins, that will ever be mined?

On the other hand, it could have been a programming error that allowed the difficulty not to change sufficiently. I haven't looked at the source code, but did look at the blockchain. For a 1 minute block time, the first 2000 blocks were solved in about 48 minutes, the fastest being the 35th minute where 102 blocks were solved. Given that huge hashing power comes in, the difficulty should have gone skyhigh, but in fact was I think less than 1 during all of that period, and most of the time was something like 0.03 average. For that difficulty, even a modest rig with say 5Mh would be easily solving blocks in a few seconds.

Actually what is worse is that the fast block times, actually favor the block finder, they have a headstart on the next block and solve it before the others get onto it. Anyway, my 10c worth.

BTW - LC block rewards are 0.007 or less now per block - not much incentive for the miner.