Topic: Did Satoshi make any comments about the initial 'imbalance' of Bitcoin wealth? - page 4. (Read 3925 times)

do you even know what the word entitlement means retard ? stating it's an unbalanced distribution having a "currency" produce 1/4 of the supply and held by what amounts to a handful of individuals prior to any possibility of general public awareness of said currency is not entitlement ... it's called having even a remote sense of fairness and understanding of math ... but whatever ... this world has 1% of the population (70 million people / 7 billion people) with 1/2 of the wealth , so why would it be an unfair distribution for 1000 people to have 1/4 of all the bitcoins ever produced ? ... that's only 35000X worse wealth distribution than our already "unfair" fiat system in terms of wealth disparity ...

LOLOLOLOLOLOLOLOLOLOL. So much entitlement.

This. People was free to buy bitcoins if they wanted to. The price it's a result of free market, people has decided the price is what it is. No one here is getting scammed fundamentally, the blockchain is fair, fiat systems ARENT.

if he wanted to actually create an egalitarian currency of the people and wanted it to be as widely distributed and as fairly distributed as possible ... it would have been possible to ... for example ... just using a simplified number ... make the initial blocks worth 1 btc per 10 minute block and have that double , rather than halve , every 2 years until reaching a certain cutoff point to accomplish the same number of total coins and assuring a much fairer distribution in the process ... with this example this would have allowed for 6 coins per hour , 144 coins per day , and 52,560 coins per year produced for a total of 105,120 in the first 2 years , 210,240 produced in the next 2 years , 420,480 produced in the next 2 years , etc etc ... that would have allowed for today there be less than 1 million coins in existence with the remaining 20 million still yet to be mined and at a predictable rate and with the same total number of coins (more or less , depending on the cutoff point chosen and programmed into the software) ... it would also allowed for all of the coins to be created a helluva lot sooner than 2140 or whatever it's supposed to be for all of them to come into existence as in within our lifetimes ... how it was setup was instead 300 coins per hour , 7200 coins per day , 2,628,000 coins per year at the start ... which seems like a fair distribution method allowing for public awareness and evenly distributed coins ? ... 52,560 produced at the start per year or 2,628,000 produced at the start per year ? ... he knew exactly what he was doing in terms of assuring imbalance ... and since it was supposedly an experiment and they were valued so low / at zero value , what would have been the harm doing it that fairer way ? ... initial value argument is irrelevant flawed logic in terms of distribution imbalance ...

im sure theymos s some what connected, probably gives satoshi from advertising funds

You have to remember that initially, all those bitcoins satoshi mined had NO value in fiat terms! And for quite some time after that, 1 BTC was valued in cents, not dollars.

And anyway, why would Satoshi be concerned about crypto wealth disparity when fiat wealth distribution is already this bad:

As far as i know, those bitcoins that belong to satoshi are unused, so maybe he kept them just in case something like world adoption happens, as a fail safe to what op is talking about, to stop elite from manipulating the very system created to give you freedom and protect you.
He had many chances for cashout, he obviously doesnt care about fiat money, and why would he?

cheers

Im also interested on this. Did Satoshi ever mention price predictions? I guess he never imagined 1 BTC reaching 1K 4 years later, like not even considered it.

if satoshi gave a shit about any sort of fair distribution of bitcoin he wouldn't have singlehandedly mined 1,000,000 of the existing 14,000,000 / 21,000,000 eventual supply ... or setup the payout schedule to be so utterly rapid in the early stages where millions upon millions of coins were able to be mined by a couple dozen to a few hundred individuals before public awareness would have reasonably been possible or expected to occur ... he would have set the payout schedule at a lower rate and increased it over time (reverse equation payout schedule of how it is setup) , as opposed to having it payout huge in the beginning and decreasing over time ... which , obviously , would have been more fair for everyone ... since it would allow for greater supply to be produced as more people became aware of it , rather than less and less supply available vs. the early days ... essentially bitcoin payout was designed to be as unfair as possible in terms of imbalance ...

I remember reading one of his messages saying that it's good idea to mine a lot at early stages because bitcoins may become pretty valuable in future, if I'm correct it was on crypto mailing list. I think this message + block reward schedule shows that he intended to make early adopters rich, but maybe not that rich -> without first bubble bursting btc distribution would be much more equal.

I think he didn't know that all these things would be happened and at the end the poor rest poor and the rich become more rich. Only a few person are really interested in bitcoin the other only want to convert them in dollars and after buy again , again and make again this thing.

Given that bitcoins were worthless when he started and worth about $0.20 when he left, and that the future of Bitcoin was (and still is) anything but certain, I don't see how anyone at that time could anticipate becoming super wealthy just by holding bitcoins.

Yes, one of the best thing about Bitcoin is that you can start faster and easier than getting a new bank account. 


Agreed that it is different than fiat, but being rich certainly has some huge advantages, like (for example) funding your own projects and hiring the best people, etc.

He had a lot to say about the imbalance of wealth. He said it with the bitcoin protocol. There is no imbalance of wealth in BTC. The poorest or wealthiest people in the world are free to jump in. Being rich gives you no advantage the way it does with fiat.

maybe he never thought that BTC would reach hundreds of dollars each one day in such short time period?

I don't remember any comment directly about it

Dude! he was a man like you and me , not some guy like Oracle as in movies .
He didn't knew himself that this would get this bug , am sure he surely had good expectation of Bitcoin but saying such a thing that he announced it as free pass to Richieland isn't right.
Though he did said something in a Thread



So you see it's quite the opposite of what you think

Thanks for the quick answers. I edited my OP to be more clear.

I'm not asking if Satoshi gave technical mining tips, or other related info.
Did he discuss the fact that some early users would become "elite" with large amounts of Bitcoins and the affects that could have later?

Isn't the distribution made through the mining process, isn't that the purpose of mining, or one of the purposes?

He did made many posts , starting with the very first post and thread(public) on this very forum
https://bitcointalksearch.org/topic/welcome-to-the-new-bitcoin-forum-5

continued with many which mostly discussed the bugs and more and more about bitcoin.
The shit is so technical , am not understanding anything.  
He told about Bitcoin difficulty
And some more technical thing over stealing coins


Would like to quote the words of Hal Finney here

This thread is not intended to bash (or spread fear about) the next generation of elite humans who will (probably) attain staggering wealth with their pile of Bitcoins:
Did Satoshi make public comments about the initial distribution of Bitcoins? I am curious if he addressed the subject, and I know we have some great historians and "Satoshi experts" around here. Also, If there are any quotes, please feel free to discuss the content.

Edit: To be more specific:
I'm not asking if Satoshi gave technical mining tips.
Did he discuss the fact that some early users would become "elite" with large amounts of Bitcoins and the affects that could have later?