Bitcoin Forum

Can there ever be an occasion when some premining is acceptable?

For instance if a developer wanted to openly hold a small quantity as a personal reward or payment to others for offering ongoing coin support.

Or does any premining taint a coin, regardless of openness and intentions?

I'd ask instead, when is it not acceptable? I think it's only unacceptable if you mislead people about it.

Another question is whether a premined alt-coin is interesting as an investment, and the answer is usually no. I think most alt-coins are created to give its creators an undeserved chance to strike it rich, but that only happens if gullible people are fooled into buying in because they have an unreasonable expectation the alt-coin will soar in value.

*Cough* Powercoin *Cough*

Phenixcoin had a literally 1 MILLION coin premine. But look at what was given away or used as poker chips. Is that acceptable?

By Phenixcoins design, which is, it is soley used, really, for online poker, the house needs to build up a stake, to be successful. And give aways make sense, so people can try out the poker, and get addicted to it. Phenixcoin, is kind of a unique senerio.

IMHO Phenixcoin is definitely a case when premining not just acceptable but a good idea.
I can also imagine some "development coins" (solely for testing applications) premined in large quantities and uploaded into faucets for developers who don't want to risk some of their precious real coins in testing some pre-alpha apps.

+1

"When is premining acceptable?"

if you dim the lights , and you have been on at least two dates .

 :D