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Author Topic: Who got first Bitcoins?  (Read 1700 times)
Georgy
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November 03, 2013, 08:45:23 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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ruru
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November 03, 2013, 08:47:18 AM
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Satoshi himself is a very good bet although the first coins are dormant.

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Georgy
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November 03, 2013, 09:24:13 AM
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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
TheNewAnon135246
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November 03, 2013, 09:26:49 AM
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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.
Georgy
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November 03, 2013, 10:25:33 AM
 #5

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.
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November 03, 2013, 10:31:07 AM
 #6

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?)
Proxxy
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November 03, 2013, 10:31:28 AM
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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.
hellfrozenow
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November 03, 2013, 10:32:23 AM
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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
lepirate
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November 03, 2013, 10:35:54 AM
 #9

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!
freakying99
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November 03, 2013, 10:40:20 AM
 #10

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
bee7
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November 03, 2013, 10:43:57 AM
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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.
ilovemyslick
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November 03, 2013, 11:01:39 AM
 #12

Satoshi himself is a very good bet although the first coins are dormant.


What number would you say we are talking here?
TheNewAnon135246
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November 03, 2013, 11:31:08 AM
 #13

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.

This is a pretty good explanation.
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November 03, 2013, 12:45:06 PM
 #14

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.

exactly.  There would be no incentive for people to start mining and attracting people.  No one would be talking about BTCs today if it were as diffcult back then as it is now.

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November 03, 2013, 02:25:19 PM
 #15

If those people keep their bitcoin until now, they turned billionaire... But I wonder how many people really did that...

JoelKatz
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November 03, 2013, 02:30:03 PM
 #16

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
You believe it's unfair for the people who develop a new technology that will improve the world to profit from it? You'd prefer Bitcoin enrich ASIC manufacturers and electric companies rather than people who devoted years to developing Bitcoin?

When people got Bitcoins nearly for free in the early days, that was because they were nearly worthless then. They invested resources, at super high risk, to bootstrap the currency.

A Bitcoin is worth $200 or so today. Long after the early adopter phase was over, Bitcoins were under $2 apiece. So 99% of the profit early adopters made, anyone who wanted to could have made by buying Bitcoins at $2 each. You know why people didn't? Because they didn't think it was worth the risk. Now think about contributing hardware and electricity when Bitcoins were a hundred to the dollar.

Now is your chance to be an early adopter. If Bitcoin takes over the world, it's still early.

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mattessow
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November 03, 2013, 02:54:30 PM
 #17

I think that Satoshi Nakamoto has the most bitcoins and was the first owner.

monbux
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November 03, 2013, 02:56:43 PM
 #18

From what I've heard, satoshi started mining since day one, and he has almost 1,000,000(unconfirmed however) bitcoin holdings.

agent007
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November 03, 2013, 05:12:04 PM
 #19

Satoshi mined the first 1 million bitcoins but he never used them.
May be he is already dead and the coins are lost with the private keys or may be he is waiting until one BTC is one tousand USD worth.
tondaS
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November 03, 2013, 05:17:45 PM
 #20

after the early adopter phase was over, Bitcoins were under $2 apiece. So 99% of the profit early adopters made, anyone who wanted to could have made by buying Bitcoins at $2 each. You know why people didn't? Because they didn't think it was worth the risk.


I agree, but what about those who didnt know about Bitcoin  Tongue
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