Bitcoin Forum

A lot of new coins often have 1% or 2% premine. Pretty small, right? Well, no, not really. Altcoin scams only last for around weeks to a month, lets use EAC as an example. EAC has 775,000,000 coins mined so far from 13,500,000,000. This is just 5% of the total coins! Ok, now, Earthcoin has a 2% premine, therefore, they have a 40% premine right now.

Please do some maths and don't be fooled.

Thanks.

your post gave me a cancer

So what do we learn from that?

Buy non premined ones like netcoins.

Seriously is NETCOIN the only legitimate coin out there? Im really looking to diversify my coins but the more I look the more I gravitate back to NETCOIN. Tons and tons of scammers out there. Even 1 coin premined is a scam to me. I dont care how good the coin is. Actually there IS NOT good coin, the only difference is the premine.

VTC https://bitcointalk.org/index.php?topic=404364 (https://bitcointalk.org/index.php?topic=404364) is not only completely non-premined (the dev mined 3 _normal sized_ blocks for testing before release), but is also not a scrypt clone. It's multipool and ASIC resistant. I've been banging the drum for it even though I'm nothing to do with the dev, but people seem to prefer premined clone crap.

How so?

I have pre mine cancer - !

: D

op makes a good point with the latest flood remember they are likely creating these to dump them and buy something real - i'e BTC Quark or LTC .

You linked Vertcoin not Netcoin lol.

On top of it all, even without a premine the NET dev team has continued to put on excellent promos and giveaways...out of their own pockets.

http://forum.netcoinfoundation.org/

90% of all coins are made to make a quick buck. The coins which came with innovation are BTC/LTC/QRK/NMC/PPC, the rest is copy and not worth investing in for long term

Incorrect. Litecoin was a clone of tenebrix, and quark was a clone of sifcoin.

Doesn't matter, because these coins where the first to make those innovations go mainstream and that's why they deserve to get the attention.

this post is horseshit and contradicts your previous post. Hazard is right. Furthermore, QRK is the biggest scamcoin ever, even topping the legendary goldcoin which was one of the best organized pump and dump schemes ever. i'm serious, the scam was so terrible and perfectly executed, half of the altcoin enthusiasts left the scene. but that is nothing compared to Quark which is 90% mined already. talk about the pot that calls the kettle black...

also, to the posters mentioning Netcoin-- It was premined too, not that i care or think its not worthy. I premined both of the coins i made.

lol ... QRK a scamcoin?  Please explain with references.  Or is that just an opinion you have?

Anyone could have mined QRK during the initial 6 month phase, which is soon ending.  This rapid mining schedule was done for a purpose to prevent ASICs from coming in and monopolizing the supply.   

Look at Bitcoin, with about 9MM coins left to mine, those are going straight into the hands of the ASICs.  And now scrypt ASICs are coming onto the scene very soon ... QRK has leapfrogged past that stage and is now moving from miners to investors...

You can still buy some, it's relatively cheap now at $.06

Quark simply took an insanely expensive/wasteful system - the proof of work blockchain - and made it even more insanely expensive/wasteful.

It also deliberately made itself hard to secure.

Basically the whole flawed concept is that the public is better served by giving all the money in the world to postmen than by allowing delivery of letters parcels messages etc to be open to free market competition so that "postmen" will become mere commodities, a job done as cheaply as possible.

They basically are a postmen union, conspiring to make sure operating a post office is the most profitible business in the world by deliberately jacking up the price of stamps.

-MarkM-

AFAIK QRK had 0% premine at time of launch. the issue people have is that initial blocks provided large rewards. However, *anyone* could obtain these rewards. I personally mined for a couple weeks on a couple computers and accumulated a nice amount. People are pissed because they weren't around for the initial big block mining period.. Tbh, this isn't a premine this is just folks missing out ... just like early day bitcoin and litecoins.

I agree with you, at least up to some point. Doing the maths help you to realise how serious is the developer about the coin and how much power he has for pump and dumps. Not an exact information, for sure, but it helps. But I do not think that "premine" is a plague to avoid in all circumstances. If I were to develop a new alt coin, I would premine a decent amount for giveaways/deposits on exchange sites/bribes :) to sites to accept it as payment et cetera. So I think that premine/instamine is ok, as long as it is well transparent (how and where it is spent).

+1 I remember how crazy some people went making hate comments left and right and seeing QRK rising in value realising they invested in the wrong coin and QRK train is leaving without them, now some of those have bought in cheaper and their behaviour changed, soon they will ride the train and again some ill-informed people going to miss the boat. Quark is here to stay and very strong + the fact that it really brings innovation. It also eliminates the mining issues such as constant dumping by miners and asic monopoly.

I like premined coins as long as the premine is used for pumping and dumping and then pumping and dumping again. If it's just used for one big dump then yeah it's not as fun unless the premine goes to your wallet.

I was never really a big miner, just a part time GPU guy as I just do not have the rigs. I just trade mostly but I remember a time when Quark was 0.00000030 satoshi. I could have bought it as could anyone else. I wish I would have bought then but I didn't because I felt the name was silly, and in the end I had my foot in my mouth. However I still have not been able to catch the fever. On the other hand, NET (Netcoin) was cheaper once too but as it was listed on the XPM and LTC markets on Cryptsy for a while before they went on the BTC market, many people did not notice until it had already started trading heavily and joined the BTC market. Luckily as a trader I was able capitalize on NET while it was still low in its infancy, however rather than day trade it all away, I held a nice purse to the side because I believe it has long term growth. NET will see $1 soon. I am not even sure if it will take till the next reward halves, as vendors are starting to pile on board already. The future? Looking forward to it.

As for saying NET was premined, a 3 block test provides only slightly more than 3000 NET back at that reward level. Personally I received 5x's more than that in giveaways from the NET site. You can actually see them discussing it on the NET site. Promos come out of pocket, Netcoin's community is top notch.


People should read the ANNs and learn about any coin they would consider holding/trading, this automatically narrows the field to just a few promising alts. In the end though, it is your money but you should educate yourself and go with your gut.

http://forum.netcoinfoundation.org/

What a clown.

YOUR entire post is total BS and proves conclusively you know nothing about crypto.

You don't understand even the basics of distribution and mining and cannot even convincingly create a substantive argument because you dont have the facts or the brainpower to do so.

Duhhhhhhhhhhhhhhhhhhhhh....
http://www.quarkcoin.cc/2013/12/14/mythbuster-pre-mine-with-max-g-qrk-main-developer/ (http://www.quarkcoin.cc/2013/12/14/mythbuster-pre-mine-with-max-g-qrk-main-developer/)

Can you read?
http://www.quarkcoin.cc/2013/12/10/mythbuster-quark-distribution/

Or perhaps a pretty picture will be easier for your brain to hash?
http://www.quarkcoin.cc/wp-content/uploads/2013/12/quark-distribution.png

Looking forward to your totally inept response Mr. Ignorant Troll.

Agree on the premine. There does not need to be a premine. That is just a scam by the copy/paste coin maker. Network hashrate makes the coin. Marketing is just another word for pump. We all know what comes after.

I haven't checked out Vert yet but it sounds like it has promise. The non premined coins get less attention at first but do come out in the end. Keep mining...

good, i hope you die. this place needs less useless shitposts like this.

OP brings up a good point. Most altcoins never last for more than a few months. So a 2% premine may actually represent a much higher percentage of available coins during the lifespan of the coin.

2% is not a lot however considering the life of a coin it could actually show nearly or more than half the coins in circulation.

Thanks to the few who've understood my point. Gives me some hope that in the future people won't get suckered in.

A 2% pre-mine in which one block of a coin that mints 100 coins per block would be two coins pre-mined.

If all 100 of the coins in that block were pre-mined that would be a 100% pre-mine.

So for example if the code forces the first block to have 102 coins instead of the normal 100 coins, that would be a 2% pre-mine.

If the code forces 10100 coins to come into existence in the first block instead of the normal 100 coins on a 100 coins per block coin, that is a 10,000% pre-mine...

Sure after a nubmer of years that might dilute down so much it will by the time no more coins are beign minted appear in retrospect to be a smaller percent but the future doesn't exist, there is only the now...

Another way to look at it is to check how many blocks had been mined 24 hours after the launch.

We know how many blocks the coin pretends it is supposed to have per minoute or hour or day, so any more than one day's worth of blocks beign in existence at the end of 24 hours indicates how many block-days (days as measured in blocks, given the block time the coin pretends to have) of pre-mining occured by the time 24 hours had passed since launch.

Bitcoin is pre-mining a few days every two weeks right now by that method of measurement! :)

When bitcoin began it was not pre-mined, but as GPUs then FPGAs and now ASICs came along more and more retroactive pre-mining has been happening! :D

(In case you don't get it, multiply ten minutes by the block number. To get to this block number in that amount of time when would Satoshi have had to have started mining?)

-MarkM-

I hope you assholes really get cancer so you got something to complain about.