Bitcoin Distribution Process Was ‘Fairest’ Possible System, Study Claims


Dan Held, co-founder of Interchange, published a summary on Thursday about the perceived fairness of Satoshi Nakamoto’s initial distribution of bitcoins. The director of the institutional-grade cryptocurrency portfolio management service argues that the Bitcoin protocol’s earliest cryptocurrency distribution processes remain the most honest and equitable to date, particularly in comparison with the methods favored by many of the premined altcoins that exist today. Also read: Bitpay Phases Out Crypto-Debit Cards for European Cardholders Constant Stream of Crypto Complaints Dan Held People are always loudly complaining about Satoshi’s early cryptocurrency distribution processes, with many individuals claiming that other blockchains can offer better methods. But this week Held published a paper firmly asserting that “Bitcoin’s distribution was fair.” Held says that the Bitcoin network “continues to challenge mainstream thought” as it soars in popularity. Yet he also acknowledges that the protocol is still struggling to shake off gripes about specific aspects of its existence. As the Interchange co-founder explains: One of those is that the distribution of Bitcoin wasn’t ‘fair,’ particularly in the earlier stages of network development… (but) Satoshi set out to design the fairest system possible. Satoshi’s Hashrate Reduction Held dives into the earliest days of the Bitcoin protocol, before the concepts of ‘premining’ or ‘insta-mining’ even existed. Premining is the practice of mining lots of coins privately; usually in such cases, the developers end up keeping the largest stash of the currency. But Held claims that the message in the genesis block about the chancellor bailing out the banks is…
Source: Bitcoin Distribution Process Was ‘Fairest’ Possible System, Study Claims

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