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Title: Pre-Mine = Scam? Post by: Stampbit on April 22, 2013, 05:20:36 PM Here is a list of Alt-Coins with Private Pre-mines:
* Freicoin * DevCoin * Ripple Factoid: Pre-mines are when developers give themselves and their friends central banker status (and like our central bank, under the guise of democracy). Title: Re: Pre-Mine = Scam Post by: blastbob on April 22, 2013, 05:21:29 PM You can start do define what you mean with premine.
Title: Re: Pre-Mine = Scam Post by: wmikrut on April 22, 2013, 05:23:51 PM You can start do define what you mean with premine. This is already being discussed here: https://bitcointalk.org/index.php?topic=178697.0 (https://bitcointalk.org/index.php?topic=178697.0) Title: Re: Pre-Mine = Scam Post by: Cheshyr on April 22, 2013, 05:24:24 PM Not all premines have to be scams. Limited, fully disclosed premine, placed in public services for the coin like faucets and games... that would help bootstrap a new coin.
Title: Re: Pre-Mine = Scam Post by: chris200x9 on April 22, 2013, 05:24:32 PM What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?
edit: or as said above faucets. like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days. Title: Re: Pre-Mine = Scam Post by: Stampbit on April 22, 2013, 05:31:37 PM What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day? edit: or as said above faucets. like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days. So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed? Title: Re: Pre-Mine = Scam Post by: chris200x9 on April 22, 2013, 05:39:16 PM What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day? edit: or as said above faucets. like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days. So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed? Because the fed printed a few thousand dollars then backed off? ??? Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power. Title: Re: Pre-Mine = Scam Post by: Stampbit on April 22, 2013, 05:44:29 PM What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day? edit: or as said above faucets. like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days. So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed? Because the fed printed a few thousand dollars then backed off? ??? Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power. Hardcode it to start at a certain target. Title: Re: Pre-Mine = Scam Post by: Shad3dOne on April 22, 2013, 05:48:57 PM is this another pre-mine FUD thread??
just wondering cuz theres been a lot of those lately. Title: Re: Pre-Mine = Scam Post by: hdclover on April 22, 2013, 05:51:34 PM Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section :)
politic is bad for your health.. Title: Re: Pre-Mine = Scam Post by: chris200x9 on April 22, 2013, 05:52:27 PM What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day? edit: or as said above faucets. like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days. So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed? Because the fed printed a few thousand dollars then backed off? ??? Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power. Hardcode it to start at a certain target. Do you even understand how crypto currencies work? You have a block found in x amount of time worth x amount of coins and it'll adjust difficulty to keep you finding a block in x amount of time as needed according to hash rate. You can't just hardcode a high difficulty with a low hash rate or a block will never be found. The only way I can see what your suggesting working is if you had a hardcoded minimum difficulty, but then if the hash rate is low no blocks would get solved in a timely manner so no transaction confirmations. Basically you want a screwed up currency with wildly fluctuating transaction times, got it. Title: Re: Pre-Mine = Scam Post by: wmikrut on April 22, 2013, 05:53:05 PM Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section :) politic is bad for your health.. Based on what?? FC Was not pre-mined! I remember when I started it was on block 300... or high into the 200's. Title: Re: Pre-Mine = Scam Post by: xorxor on April 22, 2013, 05:54:24 PM Not all premines have to be scams. Limited, fully disclosed premine, placed in public services for the coin like faucets and games... that would help bootstrap a new coin. THIS!! +1 Cheshyr scam - hidden or admited with a delay feature giving insiders much more coins! fair - everything is transparent from the beggining. Ripple, DVC and FRC give enormous percentage of new coins inflation to the devs/foundations. but this is not scam, causte they are fair and transparent about it Title: Re: Pre-Mine = Scam Post by: hdclover on April 22, 2013, 05:54:34 PM Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section :) politic is bad for your health.. Based on what?? FC Was not pre-mined! I remember when I started it was on block 300... or high into the 200's. the truth will eventually be revealed Title: Re: Pre-Mine = Scam Post by: wmikrut on April 22, 2013, 05:57:14 PM Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section :) politic is bad for your health.. Based on what?? FC Was not pre-mined! I remember when I started it was on block 300... or high into the 200's. the truth will eventually be revealed FUD... that's all this is. Wait till a block chain explorer comes out... that will answer that question. Title: Re: Pre-Mine = Scam Post by: Stampbit on April 22, 2013, 06:13:45 PM What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day? edit: or as said above faucets. like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days. So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed? Because the fed printed a few thousand dollars then backed off? ??? Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power. Hardcode it to start at a certain target. Do you even understand how crypto currencies work? You have a block found in x amount of time worth x amount of coins and it'll adjust difficulty to keep you finding a block in x amount of time as needed according to hash rate. You can't just hardcode a high difficulty with a low hash rate or a block will never be found. The only way I can see what your suggesting working is if you had a hardcoded minimum difficulty, but then if the hash rate is low no blocks would get solved in a timely manner so no transaction confirmations. Basically you want a screwed up currency with wildly fluctuating transaction times, got it. No, you will end up with a currency that will remain inactive until there is sufficient network participation (ie no chance of unfair first mover advantage). Title: Re: Pre-Mine = Scam Post by: Walter Rothbard on April 22, 2013, 09:32:55 PM Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section :) politic is bad for your health.. Based on what?? FC Was not pre-mined! I remember when I started it was on block 300... or high into the 200's. the truth will eventually be revealed FUD... that's all this is. Wait till a block chain explorer comes out... that will answer that question. http://cryptocoinexplorer.com:5750/ Title: Re: Pre-Mine = Scam Post by: wmikrut on April 22, 2013, 09:51:32 PM Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section :) politic is bad for your health.. Based on what?? FC Was not pre-mined! I remember when I started it was on block 300... or high into the 200's. the truth will eventually be revealed FUD... that's all this is. Wait till a block chain explorer comes out... that will answer that question. http://cryptocoinexplorer.com:5750/ Problem solved! Title: Re: Pre-Mine = Scam Post by: Stampbit on April 22, 2013, 11:25:48 PM Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section :) politic is bad for your health.. Based on what?? FC Was not pre-mined! I remember when I started it was on block 300... or high into the 200's. the truth will eventually be revealed FUD... that's all this is. Wait till a block chain explorer comes out... that will answer that question. http://cryptocoinexplorer.com:5750/ Problem solved! So does that show feathercoin as a private premine? Title: Re: Pre-Mine = Scam Post by: syner on April 22, 2013, 11:54:27 PM Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section :) politic is bad for your health.. Based on what?? FC Was not pre-mined! I remember when I started it was on block 300... or high into the 200's. the truth will eventually be revealed FUD... that's all this is. Wait till a block chain explorer comes out... that will answer that question. http://cryptocoinexplorer.com:5750/ Problem solved! So does that show feathercoin as a private premine? That shows that feathercoin didn't have private premine. 2013-04-16 09:15:30 PM --> Feathercoin was released --> https://bitcointalk.org/index.php?topic=178286.0 2013-04-16 09:17:40 PM --> First block --> http://cryptocoinexplorer.com:5750/block/fdbe99b90c90bae7505796461471d89ae8388ab953997aa06a355bbda8d915cb |