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RE: While looking how to mine steem stumbled upon interesting chat...
Do you mind pointing to what is that interesting? Are we supposed to read the whole thread?
Do you mind pointing to what is that interesting? Are we supposed to read the whole thread?
Only first two posts, if not get interested in first two paragraphs - skip it all and forget...
This poster is quite obviously spinning things. Look at earlier threads on Bitsharestalk, and you will see explanations that the particular format of this launch was meant to reply to legal constraints around compliance matters of selling equity-like assets. Steem was never meant to be distributed by mining. It was meant to be 90% premined, with most of the premine being used to incentivize adoption and content creation, support further developments, develop the ecosystem and of course reward the founders to some extent. Imagine if Ethereum had insta-mined all the original ETH supply instead of premining it, and then proceeded with the ICO and that will give you an idee of the approach taken here.