Bitcoin Forum

Can people please stop mining pre-mined coins? You are ruining the reputation for all the fair cryptocurrencies out there. When the public start hearing about newbs complaining they invested a lot of money into a coin and it died over the period of a few weeks/months because of a mass dump/sell then this will really damage cryptocurrency reputations.

I do my best to voice my disapproval in any coin launch thread that has a pre-mine, and I notice a few others do too, but i'm surprised by the amount of people saying things like "this is going to be the next big thing! I am going to be rich, is anyone selling? Take my BTC!!", they then snap at people saying it's most likely a scam coin, and then even when the coin dies and they loose all their money they still say "yeah, I got unlucky" and do it all over again. You might be thinking that I should mind my own business, and I guess it is up to people what they do with their own money, but I feel there is a bigger issue at hand, and that issue is that these particular coins tarnish the reputation of all cryptocurrencies.

Agree? Disagree? Have your say here :).

agree

I could not agree more.

Absolutely agree. 1% premine mostly means 10 to 14 days of mining network hashrate. In the rare case such coins hit an exchange after 1 or 2 weeks dev has half of total coins.

I don't mine premined coins any more, maybe 0.25% with very good explanation what will happen with the coins and a track record of the spendings.

If you are looking for a promising zero premined coin, you may like Klondike coin.

We need a boycott on any coin that doesn't have something new.

Clone coins are flooding the market and are a waste of time.

Heartily agree.

Exactly. If it's a new scrypt or sha256 coin, it's a shitcoin, period.

>>damage cryptocurrency reputations

Not only does it damage the cryptocurrency reputations it brings the value of the coins down since most people that are given the coin as give-aways will just dump them at first chance. It's not like the put in their time and effort to mine them.

I absolutely disagree.

I know a coin dev who got hell for his pre-mine and he's already spent all of it fixing the things that broke with the coin and promoting and the whole works.

If a Dev doesn't have coin to give out to pay for faucets and forums and websites, and CODERS if it breaks, which cost a lot of real money, then what is backing the coin while it is young? All the miners want to do is swoop in and dump them on the market and all the speculators hold and wont donate! Anybody truly supporting a coin left that doesn't fit in the miner or speculator category probably have $10 to their name and a 20kh laptop. Where is your support now!?

What makes or breaks a coin is the DEV...NOT the pre-mine or lack thereof. We have a lot of coins that literally have no Dev to speak of because it was generated on a website, then pre-mined. Of course its a crap coin! Not because of the pre-mine, but because there is no dev!

Then you have a Dev who may have had somebody HANDCODE a coin from scratch...or done it himself, who pre-mines it to raise some much needed funds to back the coin and get it noticed and on the market, and everyone starts crying about how IT's the crapcoin.

So disagree...110%

I agree with this, a reasonable premine should be acceptable

How about we boycott all but a few of the proper alts - that would be the best idea  ;)

I boycott them already. I don't bother with premine. If the dev wants to get rich then he will have to buy GPUs like I did.

Rich.. hahaha.. I hope.

MemoryCoin (MMC) solve this problem by paying the dev and other officer from the blockchain, based on election from the share holders (coin holders).

This way the dev is paid only if he continue supporting the coin.
And if not, another dev can take his place, and be hired from the blockchain.

This work quite well and there is already a lot of tools and support in a record time.
https://bitcointalk.org/index.php?topic=370806.0 (https://bitcointalk.org/index.php?topic=370806.0)

There is also 5 other paid position for marketing support network etc...

The problem is that there are no reasonable pre-mines. All of them have been for the benefit of the dev. 1% is way too much. They give away a few thousand, use a few more for pools etc. They are normally left with hundreds of thousands. Then when the coin finally gets moving they dump and crash the coin. Leaving all the miners with nothing for their efforts.

You don' t need to take my word for it, just look at how great DOGE is doing. That one was not premine. Fair launch, miners are on it because it has a COMMUNITY around it. That is what a coin needs.

A coin needs a good community around it to be successful. Nothing else will make it good. No amount of giveaways or pools or faucets.

So lets list some coins with good communities and then everyone will know what to mine.

WDC
TAG
XPM
PPC
LTC

to name a few.

I'm pretty sure DOGE wasn't a fair launch. Yes it had no premine, but it just sort of appeared of thin air; nobody was alerted prior to it's release.

In my personally opinion premines aren't too bad as long as they're smaller. In fact they could probably work as encouragement to the dev so they continue working on their coin.