> Perhaps this is overly cynical
Probably not, especially not for all the coins started after bitcoin took off.
Bitcoin itself may be an exception but without a reliable genesis story it's impossible to know for sure.
Probably not, especially not for all the coins started after bitcoin took off.
Bitcoin itself may be an exception but without a reliable genesis story it's impossible to know for sure.
Edit: Some details here https://bitslog.wordpress.com/2013/04/17/the-well-deserved-f...
It's not all that hard to permanently erase some bitcoins.
If those coins are still held by some individual and they decide to unload the BTC will drop like a stone.
That would be the concern yes. So they won't make a couple of billions, but they'll make a lot, and the rest of us will be left holding worthless bits.
I'm sure you can see why that could make someone reluctant to buy into the system, since it sounds plausible, and we don't know for sure the creators are not in fact holding a ton of bitcoins.