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I'm getting ready to release a truly fair coin with the number one target market in mind being the miners.  They are the forgotten demography yet the most important to any coin's survival.

I developed this coin with the miner in mind and even when I badly wanted one feature like SHA256 I gave in to their wish for Scrypt.  The same was true for numerous features and issues.

Now I'm at an empasse and there's no way around it.  I didn't go cheap, I hired a good programmer with good experience and a great rep.

I made it clear that I hate premining but he told me that pre mining my 1% was the easiest way and any other way, otherwise I would require more money, time and another programmer.  

PLEASE HELP!

I want to release this coin for the people the miners but this is causing a problem.  I can't get rid of the 1% because that's my only reward and I will be working 70-80 hours per week on this and this Nuggets coin may may never be worth anything but its worth a chance cause I really enjoy it.

So far I've given in to every demand but I cannot just give up this 1%. I don't know any dev working for less and it's not right, I'm creating a new coin which will really help and benefit the small miner the most and I'm return many are angry at 1%.  I'm Quite shocked.  I'm not a bum off the street, a gold two degrees and earned nearly $10,000 at my last job at Well Fargo Bank - you get what you pay for.

My question is, is there a programmer here that can help me - can you make the 1% to be paid out gradually as it gets mined over the next 7 years? Cause the problem isn't the 1% as much as getting it all now. People are scared of pump and dumps and I can't blame them.

I even offered to put my coins In escrow or a public wallet so I can't sell them but there's so much anger towards me that nobody can think clearly.

I hope to launch this coin soon so if anyone can help I would be very grateful and I wish I could pay you a bounty but the miners also forced me to ban the 5% premine which would have gone to bounties, rewards, etc.  

I feel like my hands are tied and I wish they would just trust me only 1/10th of the trust I have showed them.

Please help me!


Edit:


   

I EMAILED THE PROGRAMMER TO REMOVE THE 1% premine.

Now there's ZERO premine.

This is not America!

Unreal!!!

Just look at how DeVCoin adds in all the payouts to the coinbase transaction.

What you want is much easier as you don't have to go read a file of who to pay what fraction of the payout, you can just hard-code an address that gets 1%.

-MarkM-

Like zenith coin, But this Idiot took 50% of the coins.

http://www.zenithcoin.com/?page_id=6

The honest answer is don't premine. The dev have advantage anyway at the launch time, he will be able to get quickly some coins before everyone else ready. Also don't pay a programmer to do the job, or don't pay too much. There are free guides how to make coins. It's pretty easy, especially just change some parameters.

All previous premine usually less than 1%, and I think all are dumped to market (except a small portion for giveaways). People don't like that, period. But in most case if < 1% people will still accept it, though you can see the trading price will be lower for those who have premines. I never heard 2% not to mention 5%, it's a complete joke ;D

I have been following nugget for a while and I must agree 1% IS a lot but it is to help the coin. People really shouldnt complain because it will help them in the long run. If you really wanted to make money you would copy and paste and then premine it without telling people. What you have done is add innovation and trying to help the coin with this.

every coin says that, and every coin most of the premine is dumped to the market by devs. So don't pretend to be "helping the coin". There's no need to do premine to help the coin. The way to help the coin is to have a great community and good supporting team.

If you really must premine it would be trivial to make the coins in the premine unspendable until after a certain block.  It should take about a half dozen lines of code.  

However I doubt it will really matter.  It is a confidence thing. Most will just see it as a pump and dump.  Those that do mine it will be mining it to dump first.  This creates a race to the bottom.  Those that hold lose, so already lacking confidence they see price fall and dump as well.  Nobody is buying and everyone is selling.  Then difficulty is too high for the negligible real returns so miners quit in droves and time between blocks skyrockets.

Welcome to the coin graveyard where coins enter and never leave.  Maybe not dead but possibly undead.

Or you could do like "if block height mod 100 equals 1 then plug in my address instead of miner's address"...

Why take 1% of every block, pissing off all the miners, when you can take the whole block 1/100th of the time, pissing off maybe only 1% of the miners initially until all except the small miners have been dinged?

This will really help the small miners as a miner who only mines one block has a 99% chance of getting paid, but a miner who mines twice as much has twice the chance of not getting paid, and a miner who mined every block all by themselves leaving none to others would lose every 100th block without fail!

-MarkM-

Just premine or take your 1% and be done with it. The fact you are making such a big deal about this just proves that you know its not the right thing to do. The whining has overstayed its welcome. You are getting ridiculous man. At this point it feels like begging and we are not going to throw you a pity parade. Take your cut or don't. I really don't think anyone cares anymore. Youre going to kill your coin before you even launch it if you keep this baby shit up

What is block height?

Its block number along main valid chain.

In other words, every 100th block everyone can go mine some other coin, knowing they wouldn't get paid if they mined this one.

But, someone could go ahead and mine it anyway, knowing they won't get paid, because they also know that will make a whole 'nother 99 blocks that pay become available.

-MarkM-

The order or index of blocks in the blockchain.  The genesis block is block zero.  For bitcoin the most recent block is 246495.  Some people say block number but block height is more accurate as blocks aren't numbered and two blocks (in competing chains) can have the same height.

Maybe forum trolls should get 1% of all coins of all chains, since they too work really hard wasting people's time doing work best left un-done...

-MarkM-

If I give you the name to the programmer can you please give him and idea cause he's not able to do it.  I'll PM you his name but he wants to remain anonymous be she's he has a a good rep and wants no part of this.  I would be so thankful.  This Mob may even go for the 5% for bounties as long as it wasn't premined.  Thank you so much, Mark.

But if it is in a public address you can see what the dev does with it. Why make a quick $$$ when you can help the coin enough to make a lot more of it?

I don't see why any coin needs a premine. Bounties for services can be done through donation if enough people believe in a coin and are not just in it for a pump and dump. Bitcoin didn't have a premine, neither did litecoin. I'd say they're doing fairly well. I personally ignore any coin that has any sort of a premine. What is so different about your Nuggets that you deserve 1% of the total coin ever to be generated? It's not hard to copy and paste a new coin with a few variable changes, that certainly doesn't take 70-80 hours per week, or require the hiring of a dedicated programmer. What significant code changes and value is added with Nuggets that benefits the users of the coin in exchange for this 1% that the users are paying to you? Until this is answered I can't help but see a premine like this as pure greed.

I'm trying to find the best solution for everyone and you're still not happy?  Sad.

Because all the coins are simply copy and paste nothings.  The "devs" know that and know in the long run the coin is going to zero.  So premine a million crapCoins dump then on an exchange for 10,000 crapCoins per BTC and walk away with 100 BTC.  The losers are the ones who mined and held and of course the suckers who traded BTC/LTC for something that a couple weeks later isn't even trading at 1,000,000 crapCoins per BTC.

It isn't one or two times that exact process has played on like clorkwork a couple dozen times with the exact same results each time.

Bullshit, you are trying to find a coin you can get 1% of, and so determined to do that that you are even willing to commission the creation of yet another crapcoin if that is what it is going to take to get you 1% of a coin.

-MarkM-

I tried that but the second these guys hear premine they go crazy.  I was even willing to put it in an escrow account and lock it up 6 months.  Nothing.  Premine shuts off all their common sense.

Any coin with a premine should be completely ignored for the reason Death & Taxes posted above.

I'm glad you're getting this response. Maybe people are starting to learn about the endless copy and paste coins going around here.

You're trying to benefit yourself. You've started the same thread multiple times hoping for different results but getting the same reaction each time. You're being greedy thats all there is to it

I really don’t see why all devs want so much to premine. Satoshi did not premine, neither did Sunny King or any other decent coin developers.

By starting a new coin anyway you have an advantage of early adoption, and even if you start mining simultaneously with others, you can get yourself a solid sum pretty quickly, isn’t it? Is it really necessary to be greedier than Satoshi?

Of course I'm trying to get paid.  Are you and unthinkingbit working for free?  Is 1% so much?  This is absurd.  Show me one dev making less than 1% including all the Insider buys and back door schemes.  Nobody does this for free.

You know, nevermind, nothing but haters and jealous people in here looking out for their own self interest.

I have to apologize for earning 1%?  Anahaaaaaa.  When hell freezes over.

I'll leave it as a premine since no matter what I do the haters come out with a new excuse.

Really - what are you doing to earn this 1%? It is very easy to make a new coin, copy and pasting most of the code. What is different about your coin - what work have you done that really justifies you taking 1% of the total coin amount?

Well, then don't be surprised if someone copy/paste your coin, remove the 1% for the dev and release the coin with no premine under a new name  :)

1% is greed, eh?  But your 99% is t greed, you earned that, right.  You didn't think about it and you just plug your computer in and go to the beach but your 99% is no greedy.  If not for guys like me thinking of new better ways for you to make money doing nothing your lazy way of making money would end quick.

Do some actual work. Work that actually needs doing. You only need about 1.1% of the shares in devcoin each cycle to be getting 1% of devcoins for as long as you continue doing the work, but instead of doing actual work you instead are being a forum troll and trying to be yet another scamcoin-artist, none of which is work any more than bank robbing is work or mugging is work or pickpocketing is work.

The only people that want your "work" done are the rest of the team of criminals who all profit from the "job", its like you wanna be a safecracker and all the other people in on the bank heist think having a safecracker would be good because they happen to be more into the shooting the guards or the driving the getaway vehicle or whatever other parts of the whole big scam.

-MarkM-

Exactly ^^^^^^^

They would do this if there was 0% premine.



Just take the premine and release it and either work on building a good infrustructure for the coin or let it die.

Claims to make a coin "for the miners". Calls all miners greedy. I'm speechless.

Right, and that guy will do it for free, right.  He won't make any money.  Abanaaaaa.

You guys lay pools 2-3% and they do noting for you. I come up with an idea to make mining more fun and reward the small guy the most and I don't deserve 1% lousy percent.  Talk about u grateful greed.

The funny thing is pretending 1% is small because it is a small number.  Lets take Bitcoin for example.  Say Satoshi had hardcoded a founder wealth system of 1% of all coins mined. 

To date 11,413,275 BTC have been mined so 1% would be 114,132.75 BTC @ $100 ea = $11.4 million.  Current blocks are worth 25 BTC so 1% is 0.25 BTC or ~$25.  6 blocks per hour means the founder wealth would be increasing by $3,600 per day.  Now imagine Bitcoin increased by a factor of 50.  Starting to see how "only 1%" sounds silly?

Now I am not saying don't premine.  Do it, or don't do it.  The market will react accordingly.  If your right and a copy and paste clone like the hundreds or so before it is worth 1% then the coin will do less.  If it isn't then it will go nowhere.  However please save everyone the "poor me, only 1%" routine.  Just do what you want to do and be done with it.

Tell me something you ungrateful jerks.

If I remove the whole 1%, how do I get paid?  You guys get paid doing nothing off a program I thought of.  You run your computer and go watch a game - not exactly work.

But I thought of it, I paid for it, I had the decency to build it to your liking which wasn't easy so where'sy payoff?

Tell me how would I get paid and if you say mine it then you're communistic jerks.  No inventor me CEO of a company has to go on the assembly line.  This is why no deb ever have a shit about making a people's coin cause you guys aren't happy with a coin to give you an edge, your jealously blinds you into hating the very person that cared enough to make you better off.

From now on, if I ever design another coin I'll be sure it will be for those with huge rigs and optimism them to take as much from the little guy as possible cause that's what you guys deserve wnen you chase away the one guy fighting for your needs.

Good night - I can't take this stupidity and hatred anymore.

Pre mined coins will destroy any chance of anyone taking your project seriously.  Lots of coins are launching making for a circus like atmosphere.  
Listen to the Sr. Members who answered you and someone who is a little newer to the scene.  Find another way.

People use bitcoin because it's decentralized and they can control who gets a cut (optional transaction fees that go to the miners). If we wanted someone to get a cut and have no choice in the matter, we'd just go use Paypal. At least Paypal has to manage servers. What value are you possibly adding by creating a new clonecoin?

What's the program you thought of? Taking bitcoin/litecoin and renaming it? How are you possibly trying to take credit for that?

I EMAILED THE PROGRAMMER TO REMOVE THE 1% premine.

Now there's ZERO premine.

This is not America!

Unreal!!!

If you take my advice in the first page of this thread then I think you could get away with it but now I'm beginning to think that you simply do not understand what you are getting into and no matter what you do now, you have burned your bridges.

That being said:

I told you that if you pre-mined 1/10th of 1 percent up to 3/10 of 1 percent of the total coins that will be minted then that may be considered fair. I take this number from other coins that have been released, that have had a pre-mine, with little to no objections from the other miners.

So, if you have a coin that will mint a maximum of 300 million coins, 1/10th of a percent would be 300,000 coins. That is PLENTY because not only will you get those coins to do with what you want, you can also MINE the coins yourself after it is released! OMG, who would have thought of that!

Does what I am saying make any sense to you or are you beyond logic at this point?

It is not unreal at all, only scammers and scummy/scammy exchanges and pump and dump artists benefit from yet another crapcoin coming along.

Your crapcoin, someone else's crapcoin, it doesn't matter, any crapcoin will do.

So your "work" is not relevant, if you didn't make yet another crapcoin someone else would, so you are not needed and nor is your crapcoin.

A simple app/script could generate thousands of new crapcoins a day, so there is actually no need for crapcoin inventors at all, they can be automatically generated if only an actual dev bothered to actually develop a simple crapcoin-generator script/app.

Actual devs though are for some reason holding back from doing that.

Does anyone even wonder why?

-MarkM-

Why dont you just mine one of the coins that are near death and then make them worth something.

It would probably release you of all the stress that releasing your own coin is causing you

It seems like you don't realize how trivial it is to clone Litecoin, just take the source code and change some parameters and logo. That's it, there are guides in the internet explaining how to do that. I have some engineering background, believe me that I would gladly do it for free!  :D

Wow I have to laugh at that because no it is not America, this is the internet and there are people here from all over the world. And this is not big business, this is anti-big business, especially big bank business. The whole nature of crypto-coins goes against almost everything you are arguing about.

Maybe because all those dead coins most likely have premine, so if you bring those coins back to life, you are benefiting the devs who primened.  :D

Apparently working on the assembly line, such as by pointing one CPU-core at Tenebrix and, if he is rich enough to have more than one core or CPU, one at Fairbrix, is beneath him, because he is an idea guy not an assembly line worker who has to actually plug in a machine and start a mining program before going to the beach letting a machine do all the work.

Heck of it is, one core on each would probably yield more than 1% of each!

People made fortunes pointing one CPU-core at BBQcoin for a year last year, some of them had more than one core so also had one each pointed at Tenebrix and Fairbrix. Some might still have a core pointed at liquidcoin fergoshsakes.

But oh no, that is beneath him, he is an "idea guy", and I expect most actual-development fields know how useful "idea guys" are...

-MarkM-

Actually, if he really has some great ideas of what to do with a pre-mine, then maybe some of those old pre-mines might not have to be thrown away like novacoin did.

Lolcust had, last I heard, pretty much decided to throw away the 7 million Tenebrix that had been put aside to make a huge 24/7 mixer to help anonymity since people apparently aren't that interested in anonymity, but hey if there really is some great use for a pre-mine maybe lolcust could be persuaded not to destroy quite all of it, instead putting some of it into some great ideas other than the apparently not such a great idea of having a huge mixer to make anonymity ubiquitous.

-MarkM-

Ive seen you say all this probably 100x in this forum.   I just dont understand why it doesnt catch on.(Im glad it doesnt.)  It blows my mind why people want to make a few cents a day instead of taking a risk and mining something that could make them a small fortune in the long run.

Sour grapes! :P

You are glad it doesn't because you still haven't gotten around to pointing a core at each, so there nyah nyah nyah, you snoozed you losed, keep on snoozing to keep on losing, fine, all the more for my cores! :P :D

-MarkM-

This would actually be awesome.  Where there are a hundred or so new coins every day then maybe people will get the idea that yet another coin doesn't really mean anything.

To me, you sound like a whiney child that mad at his parents. If your not a developer that can support the coin and help it grow. Then simply, don't do it. You'll make yourself look less stupid in the end.

The Dev's salary should get voted on each quarter by the coin holders. If the coin's making people money, you get voted a large salary. If it's sucking ass, you get nothing.

So much yammering about stupid miners being against premining and absolutely no ideas about how this new coin is going to be a BitCoin or PPCoin killer (or Litecoin killer, I am just personally prejudiced against Litecoin).

So far it’s an absolutely shallow idea — coin for the miners. That means no one will use it for business and it will never gain any real value.

So I believe it is better to consider first, what new creative principles will make the coin attractive for businesses in the future. And how much of the premine it is going to worth. So far it is worthless even with 0% premine.

Like the guy who makes eMunie for example, at least he started with an original codebase and some innovative ideas, and the community agreed to have premine.

Yeah it surprises me.  Him being the "Business" man in the group.  Yet he fails at the most basic concepts of the Business end of a Cryptocurrency.  Figure out your target audience in whatever you are doing, and build the business towards them.

He calls himself a developer, and claims he will be here 16 hours a day developing his coin.  But he has no programming skills, so what is he going to be doing with his going adding new innovation 16 hours a day??  He targets his coin towards "miners", and not the Businesses that are actually need for the coin to take off.  Then calls his "Target" a bunch of greedy idiots.  What big business is going to take a coin named SantaCoin or CatholicCoin???  None.  That why we steered him away from his really cheesy named coins.  But instead of thanking us from him jumping head first into a hole, he tells us he did it for us, and we should be grateful.  Then we save him from a very bad idea in making a SHA256 coin in this day/age.  Again instead of thanking us for at least giving his coin a chance, he again tells us to be grateful for him being willing to change his ways. 

Lastly, the average user on these forums are semi- anti alt-coin.  Against Premine and giving a developer a payment.  So instead of letting the premine/1% payout slide in with the announcement.  He asks this exact audience if they think its ok that he takes his 1% off the top.  If he didn't make a big wave about it, no one would have really noticed.  But he advertises that he is going against what everyone wants  LOL. 

If he tried this on an alt-coin forum he might have gotten a bit more sympathy.  Oh well, I hope his other business ideas are worth something, because so far, his business side isn't doing very well.

Listen Crapcoin Captain Vlad, nobody's gonna use this coin, because you're going against what everyone wants. You're not going to get anyone to accept your [turd]nuggets if you keep whining at them, calling them greedy. Also this.


This is the reason people hate most altcoins. They are nothing more than a pump and dump scheme if there is no economy behind it. If the money (coin) exists to just be printed (mined), it is worthless.

When I'm paying over $900 a month for electricity, you can bet your ass I'm going to be greedy to pay it off when I'm using my $40,000 worth of equipment

Know your market, do research, and honestly if releasing a coin do learn how to code or ut is destined to implode.