FeatherCoin launch fair or "Pre-mined" ? discussion, no tech support request.

[Transisto]

... The joys of a Litecoin fork, are that we get to use Scrypt and follow a release designed for specifically for it.  There are a lot of Bitcoin forks but with the advent of ASIC miners we are starting to see how much havoc they can cause. To give us GPU miners shelter we need Scrypt based coins, as, in my opinion, Litecoin is currently the only valid one. Litecoin being as mature as it is makes it hard to join in the fun so let’s start with a new coin that follows Litecoin’s tradition.

FeatherCoin has a block reward of 200 and will have a total of 336 million coins. This makes it four times that of LiteCoin, this is the same position that LiteCoin was set against BitCoin. There is no private preming of this coin.

This coin is in beta like all cryptocoins.

https://bitcointalk.org/index.php?topic=178286.0

Do you consider gearing up for launch and announcing the coin as the same time as it start pre-mining ?

Discuss...

[r3animation]

Nope I don't consider it a pre-mine as there was no pre-mining.

I would just say there was just a really short notice.

[bushstar]

I started a discussion about premining today which I believe is relevant to this thread as this has been something I have been thinking about.

What is premining?

As the use of the word premine has become loose I wondered if we might need to use it more specifically.

[Transisto]

Just a quick point to note. The sentence you said was removed is still there and was never edited away.

Oh sorry, fixed.

[wmikrut]

Nope I don't consider it a pre-mine as there was no pre-mining.

I would just say there was just a really short notice.

+1

[Transisto]

Let's say many people visit the forum once a week, and it take at minimum 20 min to start mining this new coin.

I would not have considered this completely unfair if there had been less than a 20 minute delay between launch and announcement.

But I would still have found it unfair for anything less than a week of notice.

My conclusion : unethical / unfair. and BTW I think you'd have made much more money from your pump and dump if there had been, lets say, a 1 day notice.

[bushstar]

Mincoin did an interesting thing. It set the initial block reward to 500, then 100, then 50 before dropping to 2. The developer did this I'm sure to reward the first few people to the coin for adopting and using it. I imagine the idea is that the first to mine with decent hash power, were the exact sort of people who can build services for a coin. It is often those that first start mining a coin are the ones who will help build it into something useful.

I've plagiarized myself from the thread I linked in my post above.

[nesic1]

well i was here when mincoin was presented and couldnt get it to work at all, so they can anounce it for a month upfront, if you cant mine it what is the point, now when block=2 i can mine it. yea thanks but no thanks,
well life is a bitch, there is no easy money if you want something dont expect to get it on plate, browse the forum on daily basis