# Gavin Andresen
# 2011-05-03 23:12:53
# https://bitcointalk.org/index.php?topic=7166.msg105223#msg105223

Neat idea! @p{par}

I don't like the economics of it, though. @p{par}

First, it reinforces the "if you started mining early you are rich only because you were lucky enough to be early" idea.  And a lot of people already think that is unfair; give the early miners a current mining discount and you're just "helping the rich get richer." @p{par}

Second, what stops an attacker from offering early miners $$$ for their (already spent) coinbase private keys?  If they have value because they give a mining discount, then there WILL be a market for them.  A wealthy attacker could just buy up as many as they can find and then take over the network with less hashing power... @p{par}