Bitcoin Forum

This thread is to act as a consolidated record of the premine of each launch, scraping from as many sources as possible. Please add any info you have as reply's I will collect to the top

To define pre mine

The 1st derivative (slope) of the curve of production over time in the first few days divided by total money supply proposed.

This will normalize for money creation over period x and allow meaningful comparison. Finally I will give as a percentage and as inverted ratio to give a feel for how long it would take to create the whole money supply at that rate.

Eg 1 Million in 1 day would have half the slope of  1 million in 2 days.

Edit i did not "pick" FTC first it was just available to scrape easily from another thread.

So FTC over the first 24 hours would be
=2,898,850/336000000  
=0.8%
=116  DTMS (days at this rate for total money supply)

XRP
approaches 1/0 (took some time somewhere)
=100%
=1

the larger the day number the less of an effective pre-mine rate.

This definition is neutral as to who did what, but just looks at money supply/creation in the 1st 24 - 48 or whatever time period, and let's you decide with an easy metric.




Collected So far

Several coins launched that exact same way:
  * Feathercoin launched with difficulty 0
  * Terracoin launched with difficulty 1 (just as low as 0 in effect)
  * Chinacoin launched with difficulty 0
  * Novacoin launched with difficulty 0

FTC
  * Exactly 24 hours after launch (2013-04-17 21:48:40) 2,898,850 Feathercoins had been mined
  * There are currently 6,415,200 Feathercoins as of 5/5/13 at 3:20PM EST. This means that around 50% of the total Feathercoin supply as of 5/5/13 was mined in the first 24 hours.
  * 20,000 Feathercoins were mined in the first 8 minutes.
  * Feathercoin also started with difficulty of 0, just like BitBar.

Adding Junkcoin, the same start diff (0), and after it was started it was taken over by the big guys with huge computing power, I was lucky to get two blocks before they jumped in. After about 2 days, I believe some 1.5 mil coins mined, not including the 1 mil reserved bounty. Not as bad as other coins. The junkcoin receives some hash criticisms, now I see the previous existing ones are even worse.

I love how you decided to pick on FTC first :P

Don't forget BBQcoin! It was mined for months and months and months, maybe a year or more, by sneaky CPU miners before announcing it was going to be launched onto some exchanges someday maybe so that GPU miners became attracted to it!

;) :D :D

-MarkM-

EDIT: Pre-mining means mining before launching it on an exchange, right? :D :P

Just to not cross any lines, can the OP define what is a "pre-mine" to him/her first before we ride certain coins to hell?

I ask as some others would view it as early adoption.

For example, I would consider a "pre-mine" to be people mining the coin before the public has a chance to try it out. However, I wouldn't consider FTC pre-mined because everyone had an equal opportunity right from the start.

I'm not sure about ChinaCoin but I'm assuming they launched it fair too albeit a bit later for us as the developer probably announced it on a chinese forum first.

novacoin also

"pre mine" previously to what?  I'm pretty sure everyone had access to mine it all they wanted during the launches.

jubalix

When you speak about NovaCoin, you shouldn't forget about this:

http://novacoin.su/tx/9ffcf4b7c8a2e17a2776f7e8aaa0852ed2a7f80386bfc0d63991aac21dbdfe1e

4K7Q8XHw6vb8v25jBMQJvBYDJ71jJybzhG address created from zero pubkey:


I.e. this coins doesn't exist anymore. So, you should remove NVC from this list, or place it into separate category.

I kind of maybe agree with you.

I'm just mainly posting to say you have the sexiest Coin address list in your signature I've ever seen, I may steal it. Muhaahaha.  :)

Except.. I don't have any novacoins..

Ripple: 100%

CoinHoarder
Giveaway thread is still active. ;)

FreiCoin should be added to the whitelist!

All the feathercoin cockroaches are gonna come crawling out of the woodwork any minute now to defend it ;D ;D ;D ;D ;D ;D

Since OP hasn't replied, kooke what is your definition of a pre-mine?

Just an FYI on Chinacoin.

I was one of the first miners along with a buddy of mine.  He managed to see it posted in another location first so we jumped on it.  I mined 400k of it fairly AFTER LAUNCH.  Does this mean I pre-mined?  NO, it means my buddy is bloody resourceful and found it at the perfect time!

I don't agree that chinacoin was premined.  Hate on me if you like.. but it is what it is!

What kind of hash rate do you have?  :o

in my view any coin that is not pre-announced before mining starts is essentially a pre-mine.

I only had 6x 7950 hitting it.

yes but the metric does give an indication of distributed, ie you have 400,000 of it.

can you post the data it the form above, eg need to JKC money supply

I did have 400k of it.  I am now under 200k after selling off to seed the market the first 1-2 days. 

I wonder where is BitBar? As that's one of the largest altcoin scams just by definition..
At least from the information (including pretty graphs and lawsuits ;D) i've read here.

Still waiting for an answer by thread starter what is his definition of a pre-mine....

read the edit!!!

True Pre-mine - Mining began before it was announced. I think this is ok to a certain extent as long as it goes to the developers and they use it to pay for server costs, giveaways, paying scripters, and maybe a little for them (like shares in an IPO). As long as this doesn't amount to too much of a pre-mine and they were up front about it, then I wouldn't be against it.

Insta-Mine - Friends of Dev's were sitting waiting to press the button as soon as it was announced thus getting super easy blocks before people have the chance to get their miners prepared. This has probably been done by every single coin in existence. It's not super ethical and I think this pisses people off. Setting the difficulty higher upon release would solve some of this issue (New Devs please take note).

Insta-Mine with Large blocks - This is the one where the first blocks are set to pay out several hundred coins then drop as the "days" go on. This is probably the worst of all especially if the Dev's friends are ready to mine the instant it is announced and even worse when the difficulty is so low that after 20 minutes the first 3 days of blocks are already eaten up my these miners. This is the only one that actually upsets me because it is set up to look like it is fair and great for early adopters but in reality it is the most unfair way to launch a coin.

It's a Pre-Mine because I didn't know about it - This is probably the real reason people call a coin "pre-mined" or "scam". It's because they are butthurt that they weren't online when it was announced, the difficulty went up to high before they could get in on it and now the want to make the coin look bad so that they can get people to lose faith in it and therefore lower the hash rate (or prices). Or, they prefer another coin and think that by bashing another coin their coin will look better. This actually has the opposite affect bringing more awareness to the coin.

and the proposed metric at the begining allows them all to be compared!!!!

I'm on-board with these definitions.

This.

Early adoption doesn't mean pre-mine.

Can we sticky this!! :D

no solidcoin?

you forgot the one where the developer creates a GPU miner before he releases the coin. then when he releases the coin he says the coin is only able to be mined by CPUs and the only mining software he releases to the public is a CPU miner. how great the pre-mine is determined by how many times faster the developer created mining to be on a GPU compared to a CPU. and how long it takes someone to realize this coin can be mined by a GPU and creates a GPU miner that he releases to the public. sadly enough this was litecoin.  :(

and the one where nobody knows how to mine it after it's released because the blocks are created in less than a second and most people don't know the setting to change in cgminer in order to actually find a block. so all the blocks go to the developer and the few people who noticed the coin was released within the first 15 minutes of its release and knew the setting to change. the developer gets nearly all the blocks in the beginning when 90% of all coins that will ever be created are created.

so , ah, pretty much every "Alt" currency then.

i just followed the list an saw pretty much all of them added.

wouldn't it be easier to list the ones that you define as "not Pre- mined"

shorter list?

by the way wack the ultimate Pre -mined currency in there !

BITCOIN !

my vote goes to ad BITCOIN to the pre-mine list its the ultimate in pre-mined coin technology !

as it was the first, less information , now a days every man and his GPU farm are waiting for a new currency.

anyone got any solid info on how few of hands the first say ....oh,  1/2 million Bitcoins went into ?

Bitcoin Ultimate Pre-mined currency.

Pre-mine it works !

(said in the Pre-crime way)

Junk Coin - 1 million pre-mine
YaC Coin - 500k pre-mine
Power Coin - 56k pre-mine

I cast my vote for these definitions aswell. Spot on.