The slow start was a good way to avoid unfair distribution in the beginning phase when miner implementations were still being written, deployed, tested, debugged, ported and optimized.
In fact I would advocate for a zero-day start, where the first few hundred blocks following genesis have exactly 0 reward, coupled with an overestimated initial difficulty, so people have some less stress-full time to get set up and sort out technical problems.
The crazy initial prices are abusive to no-one except the fools who pay them.
We will have to agree to disagree. Inflation is a trade-off - it hurts people holding the coin but it increases distribution.
I generally hold the opinion that you should not create traps for speculators, that's exactly what slow start mining is.
I think there are better ways to prevent unfair early distribution, such as a more responsive difficulty adjustment algorithm (per the work of maaku), or even just a longer inflation taper. Instead of mining half the entire supply in just 4 years pick something a bit slower.
Or do something like let Bitcoin holders as of X date collect a proportionate amount of coins in a premine. Then you get to borrow from some of the distribution that Bitcoin has already achieved.
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And you are right as far as traders only hurting themselves. Nobody aware of the inflation schedule bought above $1k per coin, I'm almost certain of that. But I think what happened is akin to throwing a bunch of black belts into an arena with people who have never been in a fight before. Sure, they might have chosen to be in the arena, but are you free of responsibility when they get hurt? Especially if they did not realize they would be fighting champions?
Perhaps a weak metaphor. But I think disingenuous to call someone a fool simply because you had more information than they did. It doesn't seem right to me to use that to justify predatory behavior.
Thinking further, you could have achieved something similar by refusing to allow coins to be traded for X weeks. E.g. no coins at all can be sold until the first 2 weeks of mining become available all at once.
It's fair-ish distribution, without the absurd trading game that followed the Zcash release.
In fact I would advocate for a zero-day start, where the first few hundred blocks following genesis have exactly 0 reward, coupled with an overestimated initial difficulty, so people have some less stress-full time to get set up and sort out technical problems.
The crazy initial prices are abusive to no-one except the fools who pay them.