Bitcoin Forum

All of these coins were pre-mined. Bitcoin, Litecoin, and Feathercoin. Pre-Mining helps to support development and helps pay developers. It is not a bad thing.

define premining. my guess is many will disagree with your post once you offer a definition.

Depends on how much is premined. Premining all of it? Scam. Premining some for the sake of development and promotion? Sure, but in sane amounts. 50% is not sane. 1% is still a lot of premining. Guess it depends on the character of the crypto though.

His definition is: if he didn't know about it from day1, its premined :)

+1

He's trying to justify his 1 month of pre-mining on incakoin.

And no, BTC and LTC were not pre-mined. FTC was insta-mined not pre-mined.

Incakoin was definitely pre-mined.

Actually you helped me prove my point. What you quoted just shows that BTC wasn't pre-mined.

If you noticed from your own quote, BTC as a concept was discussed for months before being released. Everyone could mine a few days after the genesis block was created. What can you say about your incakoin? How many blocks were mined before introducing it to the public?

So its a few days of BTC vs 3-4 weeks of your incakoin? Why don't you put that in the topic instead?

And since you posted up the topic.

Give your definition of a pre-mine.

You want to use the current market price? Why not use the market price when it was released? That's only fair if you're going to compare that with your incakoin.

Remember this was 2009 when computers were a lot slower and no GPUs were useable as miners.

But what is your definition of pre-mine? Why don't you put incakoin in the topic too?

this is not an announcement…

and about pre-mine as long as it's reasonable i support it, premise is required to pay developers, giveaways, etc, but if someone pre mines more than 15% of the coins then it means greed is involved.

What is your definition of pre-mine? Why don't you put incakoin in the topic too?

So why don't you put incakoin in the topic too?

Nice try.

Use the market value when it was launched, not now, after 4 years.

How many coin did you pre-mine for incakoin? Why won't you include it in the title?

And 500k bitcoins weren't pre-mined. You can check in the blockchain but I doubt you have the mental capacity to do so.

Just because you are late to the party makes you bitter doesn't mean you can scam with your incakoin.

Then why don't you put your precious incakoin in the thread title? It was only pre-mined for more then 3 weeks making it one of the worst offenders in pre-mining digital currency history.

So you're still not going to put your coin, Incakoin in the thread title since it's one of the most pre-mined coins in existence?

By the way, did you ever pay out in your hack Incakoin challenge? I know your coin had to be hard-forked. Wasn't it $5k to someone here in the forums?

Nice try.

Use the market value when it was launched, not now, after 4 years.

How many coin did you pre-mine for incakoin? Why won't you include it in the title?

And 500k bitcoins weren't pre-mined. You can check in the blockchain but I doubt you have the mental capacity to do so.

Just because you are late to the party makes you bitter doesn't mean you can scam with your incakoin.

Nice try.

Use the market value when it was launched, not now, after 4 years.

How many coin did you pre-mine for incakoin? Why won't you include it in the title?

And 500k bitcoins weren't pre-mined. You can check in the blockchain but I doubt you have the mental capacity to do so.

Just because you are late to the party makes you bitter doesn't mean you can scam with your incakoin.

Sad incakoin dev/pr. You can't even get your facts right.

I wish was a bitcoin dev/pr.

Get your facts straight and then argue for them. You don't have a leg to stand on in these forums.

Pre-Mining..

Why oh Why does everyone get 'soooo' angry at the thought that someone who spent days/weeks/months working on a product(normally in a darkened room in a basement or cellar..), that he then gives to us all for free, keep back some of the WORTHLESS DIGITAL TOKENS at launch..

The TOKENS will ONLY be worth something if/when his coin starts to succeed.

This will take time/work. It will take someone to nurture the coin. Look after it. Post stuff about it.. etc etc..

The INCENTIVEs cannot be FAKED. Either the creator has a stake in the coin, and therefore cares about it at the 'oh-so-important' financial level, or he doesn't.

Would the miners be supporting the BTC network if they thought it was for the good of the World. I wish that were the case, but life just isn't like that. They do it for the money. AND MORE IMPORTANTLY - they do it well. They are committed, dedicated and organised. That is what the MONEY BRINGS..

I discuss this in my previous post... https://bitcointalk.org/index.php?topic=347611.0

Bottom line - I WANT THE CREATOR to be in on it. Not too much though. 1%, as I say, seems a fair amount to spur on development/bounties and keep the Creator unequivocally interested in his creation..

Let's cut them some slack.

No-one forces anything. You think the Coin is no good - DONT BUY INTO IT..

But bitching about imaginary tokens that may or may not be worth more than NOTHING, seems a bit tight..  ;)    

Even if we go with your idea that bitcoin was premined (it wasn't), satoshi deserves every dollar he made. Let us not forget bitcoin is not a clone, it's what sparked a revolution.

i personaly cant imagine, that satoshi would even think about changing btc for dollars, or any others of that scams, for simply getting a profit.

Satoshi put a lot of work into bitcoin, it was the first of it's kind.  Most of these shit clones with premines don't do anything except make the developer money. Even most of the very innovative ones use most of bitcoins code. There's a couple that don't now but they still copy many concepts from bitcoin. If you have an innovative idea and want to apply it somewhere, usually all you have to do is ask for donations and people will donate in the thousands if they believe in your idea.


I don't think he would either, but if he did, I don't mind.  Satoshi spent an insane amount of time on bitcoin, long before it had real value.

What developers? Everything is copied off bitcoin with some constants changed and occasionally the hashing algorithm changed.
Everything worth calling development has been done in bitcoin. Everything else was tweaking.

Dev does not deserve shit. By consensus yes, but not by any absolute moral right or any practical or technical necessity. If you have a pre-mined coin then you deserve it only by the virtue of consensus of the community around it. If you have failed to gather support for your pre-mine, then ,well, you have failed. What more is there to it?

Putting bitcoin to the same list with any other premined coin can't support a serious conversation about premining.

Dev for the altcoins?DEVS?What devs?

99% of all altcoins are 99% bitcoin clones.
There was no "developer" in the alt scene.
Bitcoin started from scratch , and it has the lowest number of coins mined every year to the total supply cap.
Altcoins grabbed the already developed code and mine 90% of the total in less than 6 months.

Don't even dare to compare!

Comparing the BitCoin launch. Arguable the first launch of a cryptocurrency to get anywhere. To any subsequent cryptocoin launch is like comparing apples and oranges.

Justifying any premine on your coin by pointing to BitCoin is ridiculous. The entire landscape was completely different in terms of value, hardware, interest, acceptance, speculation, etc etc.

That said, a modest premine is totally fine for a plethora of reasons. But as others have said, Nothing more then 1-5%

If the ratio of premined coins to total coins is too big we run into big problems.
By the original satoshi white papers , the security of the netwrok is based on miners , and the revenue must be attractive enough to keep the network safe.

Now , we have altcoins that will offer very to little incentive to mine in the next years , with almost no transactions fees to compensate this.
Who will protect the network if the electricity bill is bigger than the revenue?
Right now the bitcoin network revenue from tx alone is 30000$.
How much is for any other alt?

Litecoin was not premined , http://www.coindesk.com/litecoin-founder-charles-lee-on-the-origins-and-potential-of-the-worlds-second-largest-cryptocurrency/


good attempted to spread your FUD on the internet , you sir fail at life.

So , your ranting isn't making any sense.
You're clearly swinging from one post to another , posting totally different arguments that contradict themselves but you're still thinking you're right.
Good luck with your premined quak or hoax.