Guys, when almost half of the entire 1st years worth of mining is created by a couple of people in the first 24 hours and you don't fix it by relaunching or airdropping to others, THIS PRICE ACTION IS EXACTLY WHAT YOU WILL GET. All those who whined that airdropping would hurt the price of the coin..... well wake up. The 10% instamining is hurting the price of the coin! It's not rocket science people. Supply and demand. And when a few guys have 1000X the amount of Darkcoin that everyone else has, it will make it very hard for that coin to move higher and stay higher even with increased adoption. Simple Econ 101.
You are not factoring in the distribution that has already taken place and is continuing to take place.
Some people complain of dumping by early instaminers, others complain about 50% held by "instaminers" - like that percentage has remained static since day 1. But both accusations can't be true at the same time.
An additional source of irrationality is the price complain: If instaminers dump cheaply => then others can benefit by the coin distribution on the cheap. After all prices are lower than DRK mining costs (opportunity cost vs other coins). Yet the same argument is again used to say that the future price is doomed. How can all these be simultaneously true at the same time?
As I see it:
If instaminers are dumping, their percentage goes down and the overall distribution is improved.
If instaminers are holding, coin distribution remains as it is right now and price goes up due to very low inflation compared to other coins
If instaminers are suppressing the price below its fundamentals then its bad for the short-term price, good for long term price and good for fair distribution.
If instaminers are not suppressing the price then the price has great prospect for meteoric rise as demand escalates but also a questionmark for price suppression in the future if the bagholders sell.
We can't have "the coin is unfair", "instaminers have 50%", "instaminers are suppressing the price", "the price will always be low due to instaminers selling", "the coin will always be unfair because instaminers will (always) hold 10% of the coin" simultaneously. As you say, econ 101.
Decent post AlexGR. Good points made against people who are whining (legitimately) about all factors while refusing to see that the situation is a moving function and not a static one.
However, another point is that money is proportional. Unless there is an ultimate authority that binds some scarce resource to some amount of drk, it will always be.
The truth of the situation is that a lot of people who got coins the first day have likely sold, or dumped. Let's be honest and just say that they didn't give shit away, because no one did (with the exception of chaositec). But not all the big holders dumped. And the sheer magnitude of the "1st day" mistake is huge. I've been mining drk at about 50 MH/s for 2 months now for about 3k coins.
If someone were to buy into the coin, what would be a good number? I'm going to suggest 1k coins, because they're interested in the possibility of a master node. What would we need to get someone to come "buy in" to dark? About 1.5k btc at current prices. This is NOT an easy thing. This is a relatively substantial amount of drk and someone would need to believe quite a decent amount to put in this much. How many of these people could we possibly average per day? Based on everything you see here, how many buy-ins would be a "good amount" to expect or hope for?
Let's say 1. And I think that's being generous. It would be huge to have 1 person a day buy 1.5btc worth of drk. I mean really buy in, not holders day trade, etc. Someone who owns 0 drk, to come in and buy 1000 drk. This is the equivalent of someone mining drk at 1GH/s per day. And yet, even if we had this amount of buy-ins, there is|was enough instamine from the FIRST DAY to dump the same amount, for 2000 days or about 6 years.
Look at the blockchain. Look at the first N blocks from the first day. It's just 500 every other second.. 500, 500. In the 10 minutes it took me to write this post, there were more 50x more dark generated than I could mine with 50MH/s in two months.
I've been here long enough to read all the history. It was a mistake, etc. We can get past it, etc. And I believe those things, as well as in drk. But just admitting it is not the be all and end all of the situation. It's just something that everyone will have to judge when weighing the risk vs rewards. But just because YOU (not you specifically, just generally talking about those of us who have been here a while) have thought about and dismissed the problem does not make everyone else who still brings it up a troll.
Also, one last point, about the "top riches list". There's no evidence that list is close to what the true distribution is. Before there was GPU mining and pools, everyone used the miner from the wallet and so each system they ran it from likely had different wallet addresses. Any number of those large wallets from the first day could (and likely do) belong to a small group of people.