from Hacker News

From Circle-of-Gold to Mega$Nets to Bitcoin

by nz on 11/16/21, 12:33 PM with 1 comments

• by tromp on 11/16/21, 8:53 PM

  > The novelty with bitcoin is that all the spots in the list are created at inception.* New players can only join by purchasing a pre-existing position in the chain.*

  Wrong; at genesis, there were no Bitcoins (unlike premined coins such as Ethereum). All bitcoins in existence come from mining which is a fair competition at any point in time (though admittedly less so across time as the block subsidy halves every 4 years).