Stop supporting clone coins with % premined

[vinne81]

Give the creators of Bitcoin your coins, they deserve a premine, according to you.

So what you're saying is that the coin should be created with the intent of bribing exchanges to add the coin and paying people to create websites [of which the owners make profits from the fees]. Good ideas!

First of all read the first post correctly I said developers should not rely on donations they are not beggars. And the second thing that there are some exchanges which take bribe to add the coin. But its the choice of the developer and the community to do it or not. If they are making services for the coin the exchange will definitely add it. But in a worst case scenario if the developer needs money to do something he would be needing someplace to exchange his coins to money so that the development could be continued.

I think it is useless to talk with you because you will never accept premine. Just judging by your posts. Right now I am supporting PXC and it has the best developers at the moment in altcoins. If you want to see how premines can be used with honesty you can see them. They even help people who have lost their coins because of a service problem.

I don't want to bash you, but you are missing one very important point. Maybe you don't care about premines (of some coins), others do not like it at all. Also, they are not interested in whatever services the devs might make for their premined coins, all they see is the devs trying to up the value of their premine. And correct or not, that's how many people see it. This will definately hold back the popularity of any premined coin.

[nawazish1]

Give the creators of Bitcoin your coins, they deserve a premine, according to you.

So what you're saying is that the coin should be created with the intent of bribing exchanges to add the coin and paying people to create websites [of which the owners make profits from the fees]. Good ideas!

First of all read the first post correctly I said developers should not rely on donations they are not beggars. And the second thing that there are some exchanges which take bribe to add the coin. But its the choice of the developer and the community to do it or not. If they are making services for the coin the exchange will definitely add it. But in a worst case scenario if the developer needs money to do something he would be needing someplace to exchange his coins to money so that the development could be continued.

I think it is useless to talk with you because you will never accept premine. Just judging by your posts. Right now I am supporting PXC and it has the best developers at the moment in altcoins. If you want to see how premines can be used with honesty you can see them. They even help people who have lost their coins because of a service problem.

I don't want to bash you, but you are missing one very important point. Maybe you don't care about premines (of some coins), others do not like it at all. Also, they are not interested in whatever services the devs might make for their premined coins, all they see is the devs trying to up the value of their premine. And correct or not, that's how many people see it. This will definately hold back the popularity of any premined coin.

Yes I agree to you. Its the fault of the people who try to see with closed eyes. If the premines are donated and used properly I am sure developers wont have enough left for them and also keep in mind that developer effort just not only makes his own coins worth more but it also makes the communities coins to have more worth. But the question arises that if the developers will dump or not when the price is high. I am sure that a wise developer will never dump all the coin he own because he will want to have the wealth online and stay away from the banks. So this means that if developers are honest everything is alright. Its on you how you judge the honesty.

[Snail2]

Actually Satoshi himself pre and instamined his coin. So you can call this a tradition

[nawazish1]

Actually Satoshi himself pre and instamined his coin. So you can call this a tradition

Now people are going to deny this . But this is the fact no body works for free and to develop anything money is needed.

[nviere]

BTC-e destroyed a large amount of a premined coin, their message was quite clear

[nawazish1]

BTC-e destroyed a large amount of a premined coin, their message was quite clear

They can change their decision when they will see another coin going higher then FTC. And don't worry cryptsy is there to support those new coins. And after some time Phenix exchange will also be there to support coins with better community support.

EDIT: I also don't want more useless coins. We have enough at the moment. But any one who has a plan is welcomed.

[John Eden]

There is a scheme here which has been going on for quite a while and is hurting all altcoins.

Developer creates new altcoin, premines it for supposed bounties and services of which only a fraction gets paid to other parties, while the main is cashed in by the dev himself, and dumped when the coin hits the exchange and or earlier via other means.

The "dev" merely changes a few variables in the client, then moves on to create a new altcoin and repeats profiting on it.
This will continue until people stop supporting this kind of madness.

While it would be reasonable to premine some blocks for bounties, if the developer was honest and kept supporting his coin, as in creating services, hiring more developers etc, this option has to be thrown because of the too high risks of being abused.


I urge everyone to not participate in any more altcoins that are premined in the attempt to keep cryptocoins alive.

copy coin -> premine -> dump premined coins on exchange -> profit  needs to stop!



Do NOT dismiss every new coin, just those that are of the above kind. There certainly is space for innovation, but unfortunately it will be harder for new coin developers to establish themselves. They will have to INVEST in their new coin, and hope it will succeed, which will grand them more donations in the long run.
Premine should be a red flag "no go" area for everyone now i hope.


From my observations, it seems that hazard is the guy behind most of those dump coins. He knows how to create new coins and is always there to put down new alts he himself wasn't involved in.

I hope this means your supporting bottlecaps:)

[Explodicle]

Mods should just close these whiny threads and ban the OP's

I disagree, he has a right to voice his opinion. Mods already have a tough enough job without drawing a line between "whining" and honest criticism of a business practice which has gone poorly for consumers in the past.

Actually Satoshi himself pre and instamined his coin. So you can call this a tradition

Satoshi never claimed that those early coins were for bounties - all the BTC early adopters kept their coins to use however they see fit.

If you expect payment for creating a coin in the form of a premine, that's fine. Just don't paternalistically claim that only you can be trusted to fund further development. There's nothing stopping early adopters from organizing and funding their own bounties, and rationally they should because it increases the value of coins they still hold.

Alternatively, developers can:
1) borrow money
2) buy coins
3) release a really useful patch/service/whatever
4) watch the exchange rate go up
5) sell coins
6) repay debt from step 1
7) profit!

[flyingcat]

BTC-e destroyed a large amount of a premined coin, their message was quite clear

I laugh at BTC-e, they lost big business opportunities to cryptsy and mcxnow (in case of WDC). It's simply stupid. They took CNC, is it any better than any other alt coin?

I like much better the cryptsy approach: let market determine its value. You say it's a crap, so what? who cares about you? Like the stock market, you can choose to ignore anything you want, you just lose your chances, that's all.

You don't like premine? then don't mine those who have premined. The choice is totally yours. I have been mining every alt coins, and my return is much higher than if I mined BTC/LTC directly. This is the fact, like or not, I don't care.

[Oldminer]

BTC-e destroyed a large amount of a premined coin, their message was quite clear

I laugh at BTC-e, they lost big business opportunities to cryptsy and mcxnow (in case of WDC). It's simply stupid.

Yup. The digital world is very fast-paced and those that dont change with the times miss out. Its like gox, sure they apparently still get a lot of trade from BTC but I havent been to their site in ages. I dont trade/mine BTC anymore. BTC-e is the same - lots of missed opportunites, and even if they started listing some of these newer alts I doubt I would use their services again. I like Cryptsy and they were the first to adapt to change so I'll be sticking with them. Coins-e is now taking opportunities from Cryptsy, and likewise even if/when they start listing some of the newer alts they might find most of the volume is already on Coins-e.

[iamnotback]

There is a scheme here which has been going on for quite a while and is hurting all altcoins.

Developer creates new altcoin, premines it for supposed bounties and services of which only a fraction gets paid to other parties, while the main is cashed in by the dev himself, and dumped when the coin hits the exchange and or earlier via other means.

The "dev" merely changes a few variables in the client, then moves on to create a new altcoin and repeats profiting on it.
This will continue until people stop supporting this kind of madness.

The reason that most of the altcoins just copy an existing code base and tweak a few parameters thus really not a challenge to the established leader(s), i.e. Bitcoin:

https://download.wpsoftware.net/bitcoin/alts.pdf

It is really, really hard folks. One little detail wrong and poof ... your money is gone...

[dinofelis]

My idea is that one should stop moralizing about what people should do in crypto.

After all, most "investors" in crypto, and in the first place, in bitcoin, are here to profit from the losses of others.  Some crypto currencies (such as bitcoin) have also marginally a genuine use (as a currency, to buy stuff with), but by far most of the volume and market cap is not their use.  As such, people investing even in bitcoin, simply want to "hold" it, or to "trade" it, so that others give more value for it than they spent on acquiring it, to get out more than they put into it and hence to profit from the loss of others.

A pump and dump scheme is no different.  The devs who premine or who find other schemes to acquire coins in their system for less than they plan to sell them do no different than the guy buying bitcoin at $200, to sell it at $700.  They put in money and effort, and hope to get out much more money, at the expense of others.

Now why do people "fall" for such a scheme ?  Because they do the same, or try to do the same.  They try to profit from the "pump" phase, and hope to be early in the "dump" phase.  They hope to acquire cheaply, and sell expensive.  They hope to be sufficiently "in sync" with the dev or other "manipulator", that they can eat their part of the cake too.
In doing so, they also take the risk of being the loser who will finance all that gain, because after all it is zero-sum.  But their drive for greed is sufficient to make them blind for the losses.  But bitcoin is essentially no different.  It is just a bigger scheme AND it has some marginally present real usage too.

[Maskedman]

People that are supporting them are a very strange part of the population I don't understand. There begging for satoshis...

[Spoetnik]

OK OP we will. Don't worry your pretty little head.  Now you can go back to sleep in peace. No projects will ever need start up funding forever and ever.

Sweet dreams!

If you need it then you should not be doing it.

We came here to start a virtual currency.
This is not a task for kids working on ICO or smaller premine scam "coins" for profit on Poloniex after school.

Plenty of big projects have been started & survived with no "start up funding"
So that claim is debunked period .

You don't NEED ..fuck all.

..on the contrary you all "WANT"

You create a problem so you can claim the solution.. 2% of the currency etc.

Anyone who supports crowd funding bullshit should get a punch in the mouth.
And there is no other more inapropriate place for that scammy bullshit than HERE !

If you do not have the means.. then you leave it to those that do.
Is that a hard concept to grasp ?

PS:
There is no such thing as an investor either.. these are not stocks.

[iamnotback]

OK OP we will. Don't worry your pretty little head.  Now you can go back to sleep in peace. No projects will ever need start up funding forever and ever.

Sweet dreams!

Regarding the OP's logic, anyone can buy coins from themselves (sell to themselves on the exchange by setting ask higher than anyone else will pay), not just the devs. The effect is to make the demand and price of the coin seem higher than it really is. However that won't work if you've got many smaller players competing to sell to themselves.

So a small % sold as ICO to fund the devs, shouldn't really alter the market.

Every coin will have whales, but they gambled with their money. Issuers who get a whale % are manipulating with the everyone else's money. The issuer can buy the ICO from himself gaining his whale portion for free. Thus large % ICOs are not a free market outcome.

[JasonXG]

Scammers are brain dead. Why sell of the premine and run with small profits when you can stay and ensure longterm stability and passive income. It doesnt take rocket science to know which is best. Premises are good I would use a premine if I had a coin. How must you pay for bounties otherwise ? Selling the premine is pathetic and means you dont believe in yourself or your coin.

If I made a coin I would want to be proud of it since its mine and I dont make shitty things because I habe self confidence unlike the coward scammers who couldn't be successful if they had all this money in the world.

[myparentsdisownedme]

what are clone coins? you guys have any reading sources that i could read up on? thanks in advance