17 Mar Bitcoin’s fair launch cannot ever be replicated by another cryptocurrency
I created this thread to point out some distinct and important differences between the launch of bitcoin compared to the launch of every other cryptocurrency. I realize that many of you already know these facts, but some of you don’t.
Bitcoin, the most secure and decentralized cryptocurrency (I’m not debating it), was created to solve the problem of trust with governments and to be a store of value that can be sent/received anywhere/anytime without permission or trust of anyone else. Bitcoin’s narrative matches the real world utility. If you want to get technical, bitcoin is really a scarce tokenized derivative of inflation and corruption that’s kept honest and secure by it’s own decentralized ledger of value that can’t be forged or hacked.
To ensure that the launch was considered fair, Satoshi took careful steps to make sure that the world would look back and observe that bitcoin was launched fairly:
- No premine (Satoshi didn’t grant himself any coins)
- Gave a 2 month heads up before launching the network (no sudden release and no mining before release)
- Coins had no value for 1.5 years so they circulated freely (this cannot even be replicated)
- Satoshi never cashed out (unlike every other founder in history and I bet it stays that way for eternity)
Putting everything else about bitcoin aside, there will never be another cryptocurrency that is launched as fairly as bitcoin, for all of eternity, because bitcoin’s fair launch cannot ever be replicated. Now that the genies out of the bottle and bitcoin is here, it’s 100% impossible to ever have a cryptocurrency where the coins are circulating in the wild freely for 18 months before having any value. I also don’t think that we’ll ever see another cryptocurrency created where the founder never cashes out.