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Topic: Who got first Bitcoins? - page 3. (Read 1900 times)

hero member
Activity: 574
Merit: 523
November 03, 2013, 05:43:57 AM
#10
Yeah, I read wiki. It doesn't really say much details about the start. The idea of Bitcoin is great, but it looks like a huge scam. The question is still open. Why did the founders and first users get a substantial share of the total Bitcoins? Would look much more real if they set difficulty at the start to today's level for example. Would be much harder to make huge profits for a relatively small group of people at the beginning.

No. Satoshi did not make his invention a secret. He made it public beforehand. At the moment of its establishment the bitcoin had been worth nothing. There were no proof it would worth something in the future. There were some people who believed it will worth and they started mining. Why do you think that the risk they took should not be covered now?

About the difficulty at the beginning: the first miners were very slow. It was just straight implementation of double sha256 in pure C code without any optimizations using mmx, sse, GPU or whatever. Still the mining had been producing 50 coins a block regardless of GPU mining introduction, FPGA or whatever. Yes, a year ago the bonus had been halved - just as per design.
sr. member
Activity: 429
Merit: 250
Pythagoras and Plato are my brothers.
November 03, 2013, 05:40:20 AM
#9
No really fair to say the least Smiley Especially when many believe BTC will be the world's most widely used electronic currency.


Wouldnt it be fair if we all knew about BTC late 2009 when Bitcoin started Cheesy
hero member
Activity: 541
Merit: 500
Garbochock
November 03, 2013, 05:35:54 AM
#8
Would look much more real if they set difficulty at the start to today's level for example. Would be much harder to make huge profits for a relatively small group of people at the beginning.
It would have been (close to) impossible to mine more than a few satoshis back then if they would have had the same difficulty as we have now!
full member
Activity: 122
Merit: 100
November 03, 2013, 05:32:23 AM
#7
Yeah, I read wiki. It doesn't really say much details about the start. The idea of Bitcoin is great, but it looks like a huge scam. The question is still open. Why did the founders and first users get a substantial share of the total Bitcoins? Would look much more real if they set difficulty at the start to today's level for example. Would be much harder to make huge profits for a relatively small group of people at the beginning.


Transactions are included everytime a block is found, so every 10 minutes.

It woul be crap if you had to wait years for a transaction to be included
newbie
Activity: 4
Merit: 0
November 03, 2013, 05:31:28 AM
#6
Remember Bitcoins weren't worth anything when they were first released. So mining thousands a day still equated to very little or nothing in monetry value.

And why would you want to discourage new-comers to mining by setting the difficulty so high from the start. Satoshi and other developers wanted to encourage people to adopt BTC, not scare them away. It's not unfair that they go there first.
sr. member
Activity: 364
Merit: 250
November 03, 2013, 05:31:07 AM
#5
Would look much more real if they set difficulty at the start to today's level for example. Would be much harder to make huge profits for a relatively small group of people at the beginning.

It wouldn't be possible, because blocks have to be mined in order to do transactions.
He could have lowered the reward for early mining, but that would have lowered the incentive to get on the Bitcoin train.

At least we know that Satoshi wasn't in for fast profit, otherwise he would have spent a lot of Bitcoins already.
(Or maybe all those early coins are lost?)
newbie
Activity: 10
Merit: 0
November 03, 2013, 05:25:33 AM
#4
Yeah, I read wiki. It doesn't really say much details about the start. The idea of Bitcoin is great, but it looks like a huge scam. The question is still open. Why did the founders and first users get a substantial share of the total Bitcoins? Would look much more real if they set difficulty at the start to today's level for example. Would be much harder to make huge profits for a relatively small group of people at the beginning.
legendary
Activity: 2198
Merit: 1989
฿uy ฿itcoin
November 03, 2013, 04:26:49 AM
#4
No really fair to say the least Smiley Especially when many believe BTC will be the world's most widely used electronic currency. Wouldn't it be more fair to start rewarding BTC for mining at the point when the difficulty is high enough or make high enough difficulty on the first day of system?  Undecided

I suggest you take a look at: http://en.wikipedia.org/wiki/Bitcoin

It'll explain a bit more about the start of bitcoin.
newbie
Activity: 10
Merit: 0
November 03, 2013, 04:24:13 AM
#3
No really fair to say the least Smiley Especially when many believe BTC will be the world's most widely used electronic currency. Wouldn't it be more fair to start rewarding BTC for mining at the point when the difficulty is high enough or make high enough difficulty on the first day of system?  Undecided
full member
Activity: 139
Merit: 100
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November 03, 2013, 03:47:18 AM
#2
Satoshi himself is a very good bet although the first coins are dormant.
newbie
Activity: 10
Merit: 0
November 03, 2013, 03:45:23 AM
#1
Who was mining the very first Bitcoins? Anyone knows about how large was that group of people? When Bitcoin was not widely and mining difficulty wasn't high, then a small group of people could get a huge percentage (12.5% or 25%, who knows) of the total Bitcoins possible without investing a lot in resources and withing short period of time.

https://en.bitcoin.it/wiki/Controlled_Currency_Supply

Who were those people? Founders?
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