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Well, I will keep distributing my Premine for as long as possible, and if we did hit a big exchange like Cryptsy, then rather than give it away with my Block Rewarder script, I would probably put it towards development bounties and other projects instead, where my PMC would be better spent should PMC's value rise significantly. But yes, giving it away for free would effectively end for me at that stage, but the funds would still be used towards expanding PMC in one form or another.
I don't think you can realistically expect people to give away PMC if the value goes through the roof. Why should they? The people who deserved PMC are here now supporting the coin. Not the people who only come along once the price has rocketed. If you want PMC, you need to be here now. If you join when we hit a big exchange and expect free PMC, then I'm afraid you should have believed in the coin before it went big, not afterwards.
That's just the way it is. You can't expect something for nothing. It's the people who get free PMC now who are supporting the coin. PMC has no time for hoarders or people wanting handouts only after PMC goes through the roof.
When it does happen, then you'd have to earn PMC, rather than expect it to be given to you.
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What's the current network diff?
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What did you mean with this comment? It's BitJohn indicating that Cryptsy finds Premine interesting. I thought that's what he said. I like the "there may be a pool" line. Exciting news in the world of Premine.  Block Rewarder has been topped up again. Payout rate has been slowed down to min 30 seconds to allow for an approx rate of 100 PMC in block bonuses a day. I think Benezivas makes some fantastic points. Not just about Premine, but what is at the core of every Cryptocurrency; our concept of value. In most coins this comes from mining, and while this still can be the case with Premine, the mining rewards are inherently linked to the movement of the coin. I believe it is this link which, when the coin does gain more exchange volume, will create a system that feeds on itself. Miners get more rewards, so move more coins, more coin movement will mean more miner rewards, and so on. As all the coins have been minted you can't put a cost on that minting process in same way like with other coins. The cost is in re-obtaining Premine, or recovering it from the network. As that is linked so directly to coin activity, then any idea of coin value is likely to come out of that process, as that is how Premine is essentially distributed at its core. I think the biggest advantage to Premine is this link. There's no potential huge influx in coins on the network due to a drop in a difficulty, something that plagues Cryptocurrencies. This I believe is one strength that hasn't been highlighted enough. The amount you mine is linked to the amount of transactions per block, as well as the difficulty. That makes for a very different type of coin. The only way there would be a huge influx is if there is huge activity, and the two essentially balance each other out, because if there is more activity, there would likely be a better price on the exchanges, and so more miners to distribute the tx fees to. Yeah, I can't tell exactly what he says his video feed is too crappy. The "somebody may have a pool" line is what makes me think you might be right. Yeah, that's what gave it away for me. I could just about hear him say Premine. Someone was offering to set up a pool a few pages ago, so it all adds up. I'm pretty confident he was talking about Premine. So, unless told otherwise, I think it's a strong bet that BitJohn has taken an interest in Premine. I'd love to hear it from him personally though. If he is interested, then just declaring here it would raise PMC's profile a great deal. Either way, we'll continue to work hard to get Premine where it needs to be. I agree with shanent that we need to start thinking ahead. Everything seems to be slightly on hold as we watch the network and see how it develops with the transaction fees. However, the only way to see how well it does when there is more traffic is to increase traffic. |
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If Premine were valued equal to Bitcoin:
500,000 VS 21,000,000 coins
1 Premine = 42 BTC
10 Premine = 420 BTC
50 Premine = 2100 BTC
100 Premine = 4200 BTC
1000 Premine = 42000 BTC
If 1 BTC = $927
1 Premine = $38,934
5 Premine = $194,670
10 Premine = $389,340
100 Premine = $3,893,400
1000 Premine = $38,934,000
Percentage of total coins
50 = 0.01%
500 = 0.1%
5000 = 1%
50000 = 10%
500000 = 100%
In an alternate reality where everyone was using Premine as well as BTC. I wanted to use a relative example to show how a coin with a low total number could potentially be valued. This is purely theoretical. Numbers based on Premine being 500,000, but it's actually a bit less than that. Closer to 499,000. Not an example to in any way hype up the coin. Just as a relative example. If Premine had the exact market cap of BTC, then 1 Premine is, for all intents as purposes, equal to 42 BTC.
1 BTC would then be equal to 0.047 PMC. Or there abouts.
This a theory, ok, but a BTC market cap is unthinkable(for now). If we look at market cap of coins more comparable I think that RPC or eTok would be right. In this moment RPC have a market cap of $ 173,715 with 20,327 RPC out and a value of $8.55. When all the 2,100,000 coins out, with current price, hypothetical market cap would be about 19 million USD. This hypotetical market cap isn't far from reality if we think that a comparable market cap now is the same for coins like quark,protoshares... On the other hand eTok have a smaller market cap with $ 103,597 with 240,034 ETOK(but for me are less) out and a value of about $0.40. When all 800,000 coins out, hyp. market cap of 320,000 USD that is pretty low instead of a limited amount of coins. RPC and eTok are on two different side but if PMC would be beetween them, then we think that a value of $3-$4 isn't too difficult to reach(market cap beetween 1,5-2 millions USD) But we don't have any term of comparison with these because PMC are already all out and for me a pool would be nice. Many coins' value depends on the difficulty to mine and not only on the scarcity. Set up a pool could be a great way to understand how much is difficult to mine this coin and the value is going to skyrocket. Yes that is a good assessment. My example was only for use as a relative comparison, but your assessment seems entirely possible in the short-term for Premine. Pools will come. Because of the way this coin works, any drop in difficulty doesn't necessarily mean miners will get more coins, as once the network readjusts and the transactions per block decrease there would be less tx fees on average in newly generated blocks, so we do not have the problem that other cryptocurrencies have of coin flooding when the difficulty goes down, which I think is a huge advantage. Movement of coins and mining rewards are very closely linked with Premine, and that I think is what makes it very special. |
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What did you mean with this comment? It's BitJohn indicating that Cryptsy finds Premine interesting. I thought that's what he said. I like the "there may be a pool" line. Exciting news in the world of Premine. Block Rewarder has been topped up again. Payout rate has been slowed down to min 30 seconds to allow for an approx rate of 100 PMC in block bonuses a day. I think Benezivas makes some fantastic points. Not just about Premine, but what is at the core of every Cryptocurrency; our concept of value. In most coins this comes from mining, and while this still can be the case with Premine, the mining rewards are inherently linked to the movement of the coin. I believe it is this link which, when the coin does gain more exchange volume, will create a system that feeds on itself. Miners get more rewards, so move more coins, more coin movement will mean more miner rewards, and so on. As all the coins have been minted you can't put a cost on that minting process in same way like with other coins. The cost is in re-obtaining Premine, or recovering it from the network. As that is linked so directly to coin activity, then any idea of coin value is likely to come out of that process, as that is how Premine is essentially distributed at its core. I think the biggest advantage to Premine is this link. There's no potential huge influx in coins on the network due to a drop in a difficulty, something that plagues Cryptocurrencies. This I believe is one strength that hasn't been highlighted enough. The amount you mine is linked to the amount of transactions per block, as well as the difficulty. That makes for a very different type of coin. The only way there would be a huge influx is if there is huge activity, and the two essentially balance each other out, because if there is more activity, there would likely be a better price on the exchanges, and so more miners to distribute the tx fees to. |
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A lot of people is buying PRC, i'm trying to buy but the exchange simply don't have enough coin, it's look like my BTC can't buy PRC at all
Yeah, this is what happens when a big coin sits on a smaller exchange. Even when people are desperate to buy, there aren't enough coins on the exchange. It's a really good exchange, but the coin needs more trade volume, as its actual price isn't going to be well known until then. |
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no way i'm selling beneath 0.0019 at least man  0.0019? Pfft. You think too small. 0.003.  |
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If Premine were valued equal to Bitcoin:
500,000 VS 21,000,000 coins
1 Premine = 42 BTC
10 Premine = 420 BTC
50 Premine = 2100 BTC
100 Premine = 4200 BTC
1000 Premine = 42000 BTC
If 1 BTC = $927
1 Premine = $38,934
5 Premine = $194,670
10 Premine = $389,340
100 Premine = $3,893,400
1000 Premine = $38,934,000
Percentage of total coins
50 = 0.01%
500 = 0.1%
5000 = 1%
50000 = 10%
500000 = 100%
In an alternate reality where everyone was using Premine as well as BTC. I wanted to use a relative example to show how a coin with a low total number could potentially be valued. This is purely theoretical. Numbers based on Premine being 500,000, but it's actually a bit less than that. Closer to 499,000. Not an example to in any way hype up the coin. Just as a relative example. If Premine had the exact market cap of BTC, then 1 Premine is, for all intents as purposes, equal to 42 BTC.
1 BTC would then be equal to 0.047 PMC. Or there abouts.
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ProsperCoin's time will come soon enough. Once the new pump and dump coins have been abandoned, they will see the way. agreed there has to come a time when people say enough of these scammy pump and dump coins. I think people need to start seeing getting into coins like prospercoin now is good as it will have value asics for scrypt are coming and small miners are going to struggle against such big machines.. Me included my 1mh wont go anywhere lol Still 100mhash more than I have. But yes, I completely agree. Prospercoin has a good balance. Lower block rewards, but bonuses on special days. I like it. Kimoto Gravity well, and just an extremely smooth launch and active developer. I'm exclusively mining Prospercoin right now. |
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ProsperCoin's time will come soon enough. Once the new pump and dump coins have been abandoned, they will see the way. |
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I've gone back to Solo mining. Seems a bit more profitable at this difficulty.  |
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Anyone wants to wager OP will not log on again?
You mean as E-Gold, or another second-gen shill account? |
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Why E-Gold over bitcoin?
E-Gold Is a revolutionary second generation scam. Tell me more. Oh really I'm interested i want to become e-millionaire  All you need to do is hand over your hard earned money to that shifty looking stranger lurking in that alley over there. Perfectly legit. |
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I somewhat feel bad for the op lawl. Got bashed on by almost every poster here aha. I think thats a first in IPO scams.
I wouldn't. He doesn't feel bad for the people he's taking BTC from. Pity is the last thing he deserves. I can think of a few things he does deserve, however. |
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Why E-Gold over bitcoin?
E-Gold Is a revolutionary second generation scam. Tell me more. |
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Not sure if a pool would be a good idea or not. If there's demand for it I could set it up.
It would mean steadier payouts for Miners, certainly. I'm not against the idea. Miners like consistancy. I know I do. The tx rewards vary from block to block, but a pool would average those out nicely. |
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. I urge everyone with over, say, 200 to give the rest away. Do a giveaway for people who have none. You can do that on something like reddit or cryptorun.com and link here. As I said previously, I am keeping 80 for myself and gave the rest away. I think that number is about right for now. The coin wont work and your coins will be worthless if they are not spread around to as many people as possible. Giving away PMC is what makes it valuable. Not like the person trying to dump 5k on Poloniex for half a BTC. I think perhaps I've been generating a bit more in block rewards than I realised; http://cryptexplorer.com/block/00000000006fe83f35178f691ddee9048a3298fbdf58caa3bf3cae6151899401Those multiple transactions are me sending my coins back to myself. Not quite sure how many have ended up in one block, as the process does not happen very frequently. Can anyone explain that? Over 1 PMC in a 1 block. Not bad. I've slowed down the script. At this rate it should put 100 PMC a day into Miners pockets. Obviously I can't keep this up indefinitely, but for now it will increase distribution. Edit: Difficulty just went up. |
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It's quite ironic that Premine is one of the few coins where people are just as happy to give it away as they are to hoard it.
I think cryptocurrency naturally imbues greed. The only way to change the way coins are distributed is to change the game.
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Can people please balance the hash. about 75% is on dsync, and that is not ideal. Please switch over to argakiig to even out the hash
+1 |
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Give PMC time. I keep saying this, but the price right now is meaningless. It needs to be in more hands, and be on more exchanges.
I've pumped another 100 PMC into new blocks on the network today. I'll pump another 100 overnight.
Now is the time to mine PMC.
Eventually it's going to sink in with people that there are less 500,000 coins in existence, and that is all there will ever be. I've never come across a coin like this before, and I will continue to distribute it via my Block Rewarder until the wallet update is released.
There will come a time where a single PMC will be valuable. We are still in the early days of distribution. Imagine where Premine could be in just a few short months. Don't miss out.
+1 , fully agreed it is a matter of time like in most investments, People will come back and whine "If ever I could come back by that time the coins were freely distributed !!!!" Yes, it will be too late by then. You can get a good amount right now just by mining it. It's basic economics. If you want currency to move, it needs to be in enough hands. Currency would be worthless if it was only held by a couple of hundred people. This is anti-hoarding. Premine challenges normal cryptocurrency conventions, and that will be the reason that makes it a success. We want people to use Premine. Well, here's your chance to get some while it lasts, because it's going to be pretty damn expensive to get hold of in the near future. how much are people averaging mining per MH/s? That I couldn't possibly say. Do you mean how much PMC they are getting? It varies depending on the network transaction fees, and what my block rewarder pays out. yes, I mean PMC per day per MH/s. are they averaging like in the 1s, 10s or 100s mined per day? I was mining before your and creditcoin set up there things, and am just trying to get a feel for what to expect when I jump back in to be sure everything is in line with what other miners are getting=) Quite difficult to say. I have 1.2mhash pointed at the network, and I think it makes around 5 PMC a day. Again it's going to vary. Right now the mining rewards should be higher due to the high transaction fees. Just work out how many blocks you expect to mine a day, and average the tx fees in the last 20 or 30 blocks on the network. Then times that by how many blocks you expect to mine in a day. That will give a rough estimate. |
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