Curious - To people defending Pre-mined coins created now, in 2013:
- Is it as hard to start an Alt-Chain now?
- Is it worth the same as starting the first cryptocurrency in 2009?
Maybe this is the problem - People view Satoshi's origination of Bitcoin as equvilent to forking the code... Except that's not what happened, he concieved, designed, documented, and implemented the code from basically scratch.
Do the alt-chains coming out now work like that?
Nope, they piggy back taking good bits and changing others
So... I see you have GLDcoin for your avatar, want to explain why pre-mining in GLDcoin is the same as Satoshi mining alone before anybody figured out Cryptocurrencies were worth their time?
Also, what good bits did GLDcoin take, and which parts did it change?
I've never Had any comment on pre-mining or how alt-coins get pre-mind and how they relate to Satoshi mining alone. In my opinion Satoshi didn't technically pre-mine as we know refer to it today. He simple created bitcoin from scratch and mined it to begin it's origin, in my opinion it's different.
As for the GLD, I've gone with them for a simple reason, community in the alt-coin market. They are an excellent community, they have given out to the public and have re-invested in their coin. I personally have not sold any coins and am now looking to buy more as I believe in the community and without community bitcoin would not be where it is today.
Now for what GLD has taken out of bitcoin that is good and what has it changed, I think the majority of alt-coins including GLD lend them self more to LTC due to it's resilience to ASIC which bitcoin will be subjected to soon, however when the difficulty rises due to the high influx of hash rate this will hopefully be negated, but for easier adoption with consumer hardware most coins have opted for a scrypt based algorithm coin. This is one thing LTC has going for it as the premier alt-coin and most if not all recently release arts have used. Things they have changed are transactions times, difficulty retargets and block rewards, however a price is paid for all of these whether they be good or bad, whether it be too big a reward for each block of to fast a transaction leading to less security.
It's a market that's using the shotgun approach and seeing what sticks and in my opinion I think it's a lot of noise but in a way allows the market to find something it likes and stick to it, much like it did to LTC.