New altcoin questions.....

[DarkClam]

There are many alt coins that have been premined to death. But what's everyones opinion on sligh premining to creator/devs?

[bathrobehero]

My main problem with premine is that it gives devs too much control because they own the majority (or close to it) of coins in the beginning.
And of course once they sell it in the beginning they are not motivated to keep improving the coin which is why so many premined coins were dumped and abandoned.

I think a dev fee is the best, where a small percentage of every block (~0.5%) automatically goes to a dev address.

[tiggytomb]

If it is a small portion of the total amount of coins then it shouldn't really be an issue, but if it gets to a crazy percentage then what is the point in others joining in.

[Spoetnik]

They are bad.
You have to hold their feet to the fire over it and no on ever does.

But in comparison to an IPO or ICO coin then ya they are better..
All an IPO/ICO is ..is a 100% premined Coin.

[kelsey]

There are many alt coins that have been premined to death. But what's everyones opinion on sligh premining to creator/devs?

the issue that seems to be lost on so many here, is premine defeats one main purposes of the push for a p2p currency in the first place i.e. taking the money changes out of the equation.

[arbitrage]

They are bad.
You have to hold their feet to the fire over it and no on ever does.

But in comparison to an IPO or ICO coin then ya they are better..
All an IPO/ICO is ..is a 100% premined Coin.

Sometime i missing good old days when premined coins were 1% and everybody was happy. And if you think this is bad but we can accept this risk, but ICO is PURE EVIL and we must fight against it.

[The Sceptical Chymist]

There are many alt coins that have been premined to death. But what's everyones opinion on sligh premining to creator/devs?

the issue that seems to be lost on so many here, is premine defeats one main purposes of the push for a p2p currency in the first place i.e. taking the money changes out of the equation.

Yes that's a good point.  Most of the shitcoins are not trying to live up to any crypto ideal, I'm sure.  Most exist to enrich the devs and that's it.  But I still like Dash in spite of the premine.

[DarkClam]

Thanks for all the input. I have talked with the other dev and we have came up with a way to fairly distribute the coins. We will be working similiar to CLAM. As soon as the project gets further along, ill make an announcement in the alt coin section.


Along with exchanges *hopefully, we will be making a dice site of course, but also, setting up a store where you can buy tshirts with the coin.

[zeitman007]

If the dev holds the coins in a publicly known address and provided tx ids for every transaction and what it was for, involving known members of BTCtalk, then thats about as legit as you can get when it comes to a premine.  At least then you know that most likely everything has gone to legit development purposes.

[unusualfacts30]

I think it's fair for dev to premine small amount, lets says 5% of total coins but anything over it is risky. Dev is doing all the work so he does deserve to premine some of it so he can reap the benefits if his coin succeeds.

[Ayers]

it's not only about premine, it's about the block reward ratio with the premine, if you have  acoin with 3 coin per block and the premine is 100k, let's say only 1% prmeine, this is still huge and not acceptable

[jamesbo]

go and get some cann, it is the right time of the year. thank me later

[Red-Apple]

my personal experience with all the premines that i have seen so far is that they are all going to come back and bite the investors in the a$$ because those premine coins are giving a small group too much control over the coin that they can swing the price around as they wish.

[arbitrage]

it's not only about premine, it's about the block reward ratio with the premine, if you have  acoin with 3 coin per block and the premine is 100k, let's say only 1% prmeine, this is still huge and not acceptable

You're maybe right but this system is probably best if premine coins are hold by escrow service and they can be released partially after conducting some work or similar. But over 1% is very huge and i'm against it! But when you think on ICO without escrow you only can imagine how this is bad and they will be prosecuted all involved in those scams, one day.