It is entirely pre-mined and since there are no miners the fees are destroyed in order to create a sort of deflation. It is a very centralized system but that is the only way we can bridge the gap from the crypto world to the banks. They need the centralization in order trust it and that is precisely why Bitcoiners worldwide distrust it.
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for the bankers controlled by the bankers...and that is why there is NO trust. Even the nodes are controlled by the bankers.