Re:Chia surpasses 1 exabyte of hard drive space
by greyface- on Thursday April 29, 2021 @01:13AM
(#26977696)
> simply provide all the storage space first and get the exact same "insta-mine" result while advertising it to people like you that actually care about no premines. A dozen ways to get the same result, its all marketing.
You only get the same result if you completely monopolize mining for the first twenty-one years. If you control 50% of mining, it would take 119 years to achieve the equivalent. My issue is not that there is a premine. It's the scale of it.
Re:Chia surpasses 1 exabyte of hard drive space
by vmception on Thursday April 29, 2021 @05:36AM
(#26979066)
Fair point, founder rewards are pretty common too.
Square Inc creates new shares for Jack Dorsey to sell like every week or so. Continual dilution that the market tolerated. Although fairly unique for the equities space, these are the case studies we are growing up with now.
Re:Chia surpasses 1 exabyte of hard drive space
by celticninja on Sunday May 02, 2021 @05:05AM
(#27013553)
Do you have a source for that? Doesn't seem like a legit practice on an ongoing basis.
Re:Chia surpasses 1 exabyte of hard drive space
by stickac on Thursday April 29, 2021 @06:03AM
(#26979255)
Bitcoin did not have a premine
Re:Chia surpasses 1 exabyte of hard drive space
by ohgodplsno on Thursday April 29, 2021 @08:02AM
(#26980068)
Right, it just had Satoshi and friends as basically the only members on the network and mined millions of coins when difficulty was basically non existent.
Re:Chia surpasses 1 exabyte of hard drive space
by pablovidal85 on Thursday April 29, 2021 @08:29AM
(#26980284)
Early adoption is not premining.
Re:Chia surpasses 1 exabyte of hard drive space
by Yizahi on Friday April 30, 2021 @08:09AM
(#26992375)
In law - not. In spirit - yes. Same like Apple and Google aren't monopolists on mobile because the definition requires a single corp to be a monopoly. But essentially they are monopoly.
Definition sometimes are lagging behind ever changing reality, same with "premine".
Re:Chia surpasses 1 exabyte of hard drive space
by celticninja on Sunday May 02, 2021 @05:03AM
(#27013546)
Bitcoin had no premine.
It's nice to see the crypto market maturing and ignoring these people so segregated from every other financial market because they never traded anything else. Low float, "pre-mined" assets are in vogue and represent a more compatible funding model for continued development and personal riches than whatever was happening just a few years ago, let alone through the last decade in crypto.
You should ignore the "egalitarian ideology", or completely take advantage of it by launching a Chia-clone without a premine while you simply provide all the storage space first and get the exact same "insta-mine" result while advertising it to people like you that actually care about no premines. A dozen ways to get the same result, its all marketing.