Post
Topic
Board Bitcoin Discussion
Re: It's about time to turn off PoW mining
by
phillipsjk
on 27/09/2014, 19:03:23 UTC
Quote
Keep in mind that  large miners need to recoup large costs. As they sell newly minted coins, that increases distribution.
...but this doesn't make the distribution more flat which could be considered fair. What would be the purpose of just putting more coins out there. If there would be no new coins newcomers would just buy them from old stakeholders.

People already complain that Bitcoin unfairly enriched the early adopters. By minting new coins, you force the early adopters to transfer wealth to the new miners. These centralized miner will then sell the coin to new users.

If the miners refuse to sell coins, the price will go up, prompting other miners to mint and sell coins. Edit: If the price goes up early adopters will sell coins as well.