Why premined altcoins are considered scam-coin?

[ArticMine]

You didn't answer the question where a coin that was issued for totally free derives its value from and why anyone would ever pay money for it or why it would be fair to take money for something you received for free. Please answer that question.

Also you seem to be unable to understand that even if the coin is distributed for free it can be a scam.
Also there is no such thing as a fair central distribution.

Maybe you would want to send privatekeys in the mail to 6 billion citizens of the world for free, maybe then i'd be interested but i doubt you can raise the funds to do that.

To me you make the impression of someone who's testing the waters for their next premine-coin. Save yourself the headache. It's not gonna fly.

Yes. I got the same exact impression.

[1714699854]

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[1714699854]

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[AndreaF]

You didn't answer the question where a coin that was issued for totally free derives its value from and why anyone would ever pay money for it or why it would be fair to take money for something you received for free. Please answer that question.

Also you seem to be unable to understand that even if the coin is distributed for free it can be a scam.
Also there is no such thing as a fair central distribution.

Maybe you would want to send privatekeys in the mail to 6 billion citizens of the world for free, maybe then i'd be interested but i doubt you can raise the funds to do that.

To me you make the impression of someone who's testing the waters for their next premine-coin. Save yourself the headache. It's not gonna fly.

Yes. I got the same exact impression.

Test the water for next premine coin?? This is more ridiculous than reptilian-jew conspiracy theory.

I'm talking about the REAL concept of FAIRNESS for both premined and not-premined coins and still haven't received a valid reason why buy coin from mining mobbing of big whales should be considered "fair", because this is what happens when who has more hash power can get most of monetary supply only for speculative purpose.

[WaffleMaster]

You didn't answer the question where a coin that was issued for totally free derives its value from and why anyone would ever pay money for it or why it would be fair to take money for something you received for free. Please answer that question.

Also you seem to be unable to understand that even if the coin is distributed for free it can be a scam.
Also there is no such thing as a fair central distribution.

Maybe you would want to send privatekeys in the mail to 6 billion citizens of the world for free, maybe then i'd be interested but i doubt you can raise the funds to do that.

To me you make the impression of someone who's testing the waters for their next premine-coin. Save yourself the headache. It's not gonna fly.

Yes. I got the same exact impression.

Test the water for next premine coin?? This is more ridiculous than reptilian-jew conspiracy theory.

I'm talking about the REAL concept of FAIRNESS for both premined and not-premined coins and still haven't received a valid reason why buy coin from mining mobbing of big whales should be considered "fair", because this is what happens when who has more hash power can get most of monetary supply only for speculative purpose.

They have to buy a huge amount of hardware to be a whale...so they earned it or somebody else earned it for them. The rich always get richer, it's something you can't stop in the world. It's fair because even if they inherited money then the person who had the money had to work for it. There's a valid reason for you.

[AndreaF]

You didn't answer the question where a coin that was issued for totally free derives its value from and why anyone would ever pay money for it or why it would be fair to take money for something you received for free. Please answer that question.

Also you seem to be unable to understand that even if the coin is distributed for free it can be a scam.
Also there is no such thing as a fair central distribution.

Maybe you would want to send privatekeys in the mail to 6 billion citizens of the world for free, maybe then i'd be interested but i doubt you can raise the funds to do that.

To me you make the impression of someone who's testing the waters for their next premine-coin. Save yourself the headache. It's not gonna fly.

Yes. I got the same exact impression.

Test the water for next premine coin?? This is more ridiculous than reptilian-jew conspiracy theory.

I'm talking about the REAL concept of FAIRNESS for both premined and not-premined coins and still haven't received a valid reason why buy coin from mining mobbing of big whales should be considered "fair", because this is what happens when who has more hash power can get most of monetary supply only for speculative purpose.

They have to buy a huge amount of hardware to be a whale...so they earned it or somebody else earned it for them. The rich always get richer, it's something you can't stop in the world. It's fair because even if they inherited money then the person who had the money had to work for it. There's a valid reason for you.

This isn't a valid reason because means accepting cryptocurrency world as a simple facade for standard money ....and nothing more than this.
No revolutionary system to fight big corporations, lobbies and unfair wealthy and power allocation. Basically only a big joke to waste energy in mining and gain from scam bubbles.

Cryptocurrency potential is far more greater than this.

[NattyLiteCoin]

Decentralization homeboy. If you are true in your belief of a purely P2P exchange without an centralized institution, then a premine is against the premise as it sets up an entity that mined the tokens before anyone else could. They became the institution crypto was supposed to circumvent.

[MicroGuy]

There are innumerable ways to launch a cryptocurrency. The most vital ingredient is transparency.

When a currency is launched there are initial costs and fees associated with maintaining the network. So each evaluation must be made separately. There is no black and white.

Transparency, resilience, community, and kindness are the most vital ingredients in a sustainable currency.

~~

[AndreaF]

Decentralization homeboy. If you are true in your belief of a purely P2P exchange without an centralized institution, then a premine is against the premise as it sets up an entity that mined the tokens before anyone else could. They became the institution crypto was supposed to circumvent.

Absolutely, No. Because the premine that I'm saying implies a fixed free fair distribution. There is no centrality because in this scenario the premined coins aren't a property of developer or another entity, but a public reserve that has the only purpose to be the most decentralized possible with a proportional distribution among people, and the currency starts to work only after most of premined monetary supply is distributed. It's only a fair start mechanism to make the currency REALLY distributed, there is no centrality at all in the hypothetical premined cryptocurrency of my sample.

[chichidori]

Premine is OK as long as it serve its purpose, white paper and transparency is also a plus when it comes to this, they are considered as a scam if the premine is way too big just for the start up the program.

[NattyLiteCoin]

Decentralization homeboy. If you are true in your belief of a purely P2P exchange without an centralized institution, then a premine is against the premise as it sets up an entity that mined the tokens before anyone else could. They became the institution crypto was supposed to circumvent.

Absolutely, No. Because the premine that I'm saying implies a fixed free fair distribution. There is no centrality because in this scenario the premined coins aren't a property of developer or another entity, but a public reserve that has the only purpose to be the most decentralized possible with a proportional distribution among people, and the currency starts to work only after most of premined monetary supply is distributed. It's only a fair start mechanism to make the currency REALLY distributed, there is no centrality at all in the hypothetical premined cryptocurrency of my sample.

I think you're assertion of "absolutely" is invalid. However, I understand where your head is at.

[Spoetnik]

Premined like coins who have a 2% premine for example or
premined coins like ICO's who are 100% premined ?

Can we all do basic math ?
Which number is bigger and there for worse (scammier) ?

I love how you all try so damn hard to play dumb about that LOL

[cryptohunter]

There are innumerable ways to launch a cryptocurrency. The most vital ingredient is transparency.

When a currency is launched there are initial costs and fees associated with maintaining the network. So each evaluation must be made separately. There is no black and white.

Transparency, resilience, community, and kindness are the most vital ingredients in a sustainable currency.

~~

Couldn't agree more with that. Transparency is key. People can then make their own choice after that.

[aioc]

I want to avoid flame wars between this or that altcoin so invite everyone partecipate to this discussion to avoid any direct attack to a specific coin using only examples and argumentations.

I have noticed that the community pay much attention to the fact a coin is premined but i haven't clearly understand the reason why this is necessarly evil.


I have understood that if few people controls the largest part of the whole monetary base is very bad for all the rest of people, but I'm not sure this is directly related to premined.

-Suppose to have an altcoin A that is premined but there are tons of way to get much coins for free without mining.

-Suppose to have another altcoin B that isn't premined but is insanely hard to get some coins using mining for a common user that cannot use a cluster with huge hashrate that only few people or companies can have.

Assuming that both altcoins are limited to a fixed max amount of mineable coins.

What is the scientific reason that should lead me to consider the altcoin A scam and the altcoin B fair?

As a newbie on altcoin with no mining rig to speak of premine with give away caters to newbie like,people are more attracted to coins that are easy to get and the distribution is wide..

[WaffleMaster]

I want to avoid flame wars between this or that altcoin so invite everyone partecipate to this discussion to avoid any direct attack to a specific coin using only examples and argumentations.

I have noticed that the community pay much attention to the fact a coin is premined but i haven't clearly understand the reason why this is necessarly evil.


I have understood that if few people controls the largest part of the whole monetary base is very bad for all the rest of people, but I'm not sure this is directly related to premined.

-Suppose to have an altcoin A that is premined but there are tons of way to get much coins for free without mining.

-Suppose to have another altcoin B that isn't premined but is insanely hard to get some coins using mining for a common user that cannot use a cluster with huge hashrate that only few people or companies can have.

Assuming that both altcoins are limited to a fixed max amount of mineable coins.

What is the scientific reason that should lead me to consider the altcoin A scam and the altcoin B fair?

As a newbie on altcoin with no mining rig to speak of premine with give away caters to newbie like,people are more attracted to coins that are easy to get and the distribution is wide..

But then you have the dev which is only making money because he has the most of the coins...you will never have a chance because not only will people dump their giveaway but the dev will also sell his huge coin stash.

[Dajackal]

Premine, and ICO are the best coins ever.

[fortunecrypto]

You already noticed it: Considering a coin a scam only because it's premined is childish and serious investors should not do this.

Much more important is that the project is transparent about the use of the premine. Serious projects make clear the proportion of the premine and how it's used before an ICO or IPO is carried out. And they provide details about the development team, roadmap etc.

The proportion for the developers should not be too large. I consider it better if there is a model where the developers get continuous rewards for their works than a simple premine. There have been many cases where the "developers" sold their premined coins without writing a single line of code.

Premines that are distributed in the form of "airdrop" or "giveaway" are a good way to gain a larger user base. But if the proportion of the "airdropped coins" is too large, then there is a chance that many of the holders will sell as fast they can - the "Auroracoin effect".

These area all true there are pros and cons on premined,in my opinion premine was created for profit but it is the easiest way to generate followers of your coin because it's been used as give away and to stabilize the development of the project,but it all goes up who are the devs who are offering premined some of them are newbies..

[BitcoinNational]

Premine introduces the need to trust the developer(s) and causes centralization of funds which are two terrible things in crypto.

that's it in a nutshell ... adding to the crypto dictionary