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Replying to Avatar waxwing

One thing about this new Trump thing, I'm watching shocked commentators say "OMG 80% of the supply is owned by the insiders!" because they see a single wallet with that amount. But, no, wrong: 100% of the supply is owned by the originators/insiders in all of these coins (*). Pepperidge farm remembers how we were shocked and outraged that 80% of Ethereum actually was given to insiders, with only 20% mineable (more or less), or when zcash reserved 10-20% for insiders. Now it's always just 100%. Because muh "proof of work is bad" ... sure, sure.

(*) Well, airdrops are a thing, but it's a dubious concept that in some cases is better than nothing.

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aj 11mo ago

100% premine is just an IPO. Of shares with no voting rights, and no claim on assets or profits. But even the latter isn't that far off what tech stocks do.

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