The use or words like "fairly" and "public sale" and "entity" are the problem here.

Whats "fair" to someone on the inside may not be fair to someone on the outside.

If the insiders is a group of maybe 50 entities of which 99% are not active - it is unfair to those continuously active now.

Was bitcoin early distribution fair ? As only those on the mailing list knew about it.

It was definitely public though.

Desos first 6m were definitely not public.

A "public" sale isnt really public when it relies on word of mouth and a password protected website.

An "entity" is not really the same as an address. It is correct that no single address holds
more then 5% - but there is no way to know if anyone person or organisation holds
multiple addresses.