[mikepurvis]

Isn't it fundamentally a bootstrapping problem? A state can reasonably presume to sell a new currency in exchange for older (or foreign) currency— this is similar to issuing a bond or whatever else to raise money. And there's a guarantee of value in the sense that the state will accept the currency later on as your taxes.

The Bitcoin network/ecosystem has nothing to offer in this sense— there's no plausible reason for it to be "raising" money by direct sales, and no one owes it taxes. So the initial tokens were distributed based on the fact that they were mined by early adopters before the difficulty got to be too great. There is indeed a basic unfairness in this, but it's not obvious to me how to resolve it for future projects of this kind.