Re: [Ilugc] Off-topic: Bitcoin's Potential for Social Change

Hi

Replying now since the thread has been revived.

On Wed, Apr 17, 2013 at 1:37 PM, Supreet Sethi <[email protected]>wrote:

> Secondly: When bitcoin infrastructure was started Satoshi or some
> (one/people) pretending to be Satoshi, he started mining coins himself. At
> the time, the yield was much better than it is now. Which means Satoshi may
> have millions of coins which leads to asymmetry of "money".
>

Satoshi could not have been secretly mining before making the bitcoin client
public, because the protocol/network is such that you can't secretly mine
them.
The first bitcoins were generated 7 days before the client was made public;
at which point anyone could mine bitcoins.


> Thirdly:  Most transactions in bitcoin are connected to Mt. Gox someway or
> the other. Which is about 90% of transactions or more. For a transaction to
> be truly decentralized transactions should be routed through multiple
> gateways. Somehow none other exists. It would like you can develop code in
> opensource but it can only be hosted at github.
>

Afaik, MtGox is just a exchange, it doesn't have anything to do with
transactions or
mining bitcoins unless you need to convert bitcoins to/from other currency.


-- 
Regards
Tavish Naruka