Post
Topic
Board Announcements (Altcoins)
Re: [ANN][XCN] Cryptonite | 1st mini-blockchain coin | M7 PoW | No Premine
by
smooth
on 02/08/2014, 23:42:48 UTC
are you joking ? How many people were running on bitcoin at start... It is certainly the coin which has been the most intamined

Instamined can mean a lot of things to a lot of people but I tend to view it as having an unusual rate total coins mined at the beginning (usually due to bad difficulty adjustment algorithms).

If that happened with bitcoin it would have been most severe in the first two weeks  (before the first adjustment). If we look at block 1, that is January 9, 2009. Block 2016 is January 27, which is 18 days later, or somewhat slower than the 14 day target. Block 4032 was February 12, which is right on target.

This is not instamined, it is just lack of interest to mine. Which is to say that nobody thought the damn thing would be worth anything (you can also see this if you view the generally negative reaction on the cryptography mailing list). They were wrong in hindsight, but they had every opportunity to mine if they wanted to.

There was no instamine or premine on bitcoin, just misjudgment by early miners (and more importantly potential miners) as to its value.