Very intriguing concept, I think I might try to mine a little. But I have one big concern:
The difficulty is very high from the start, and the pre-mine is very high too. This is a worrying combination because such high difficulty means the total supply will grow very slowly. If the total supply grows slowly, the pre-mine will be a huge % of the supply.
For example, pre-mine is 7.5 million coins. We are currently on less than block 100 (
http://litecoinultra-explorer.dyndns.org/) so lets call it 100.
In 100 blocks, you expect 90 of them to have 100 coins each, and 10 of them to have 1000 coins each (OP says regular reward is 100, and there are 10x super-rewards every 10 blocks). This mean's we're at 19,000
So developer holds 7.5 million coins, and miners hold just 19,000 right now.
Blocktimes are 5 minutes and rewards halve at block 400.
So a rough estimate is that developers will still hold over 40% of total supply after one year.
Does anyone else think this is a problem? We need assurances that developer won't dump. IF we can get that kind of assurance, then having a low supply among miners could actually be a good thing.
Good morning!
Just a little confussion here.
It is maybe becouse I'm from Europe and we use "." and "," in different way !!
Superblocks are every 10000 blocks (not every 10 blocks)
Andhalving will happen at block 400000 (not at block 400)
I'll start setting up bounties today and contacting Exchanges
Abount the premining, it may look high yes, but I'm planning to use a big part of it for the yobit investbox , apart of paying bounties, airdrop, etc.
Also, exchanges fees are quite expensive now... seems everything is getting more expensive every week!!
I'm not planning any dump of course, that wont make sense. I really think and want this coin to be important and not just another shitcoin for dump.
I must say also, I wasn't expected the diff to be this high, but is not a bad thing, becouse this will make mining to be expensive and miners won't dump their coins (or they will loose money)
Anyway if Diff is getting too high (I dont think so) I can always try to make a readjustment in sources, but not planning that by now.
Will have some coffee and post bonties and other stuff later!
Thanks eveyone for interesting in this coin
I think it will be good coin!
Regards
TheMiningPool
Thank you for the response. I apologize for reading your numbers incorrectly.
I'm not saying you're going to dump, but it's still difficult to understand a premine that's such a large part of the supply for so long. A 5% premine isn't unreasonable by itself. A high difficulty isn't unreasonable by itself.
But the triple
combination of 5% premine + 5 minute blocktimes + a low reward per block = very difficult to understand the value of mining.
The combination means this coin is in a situation where it will take almost 75,000 blocks to catch up to your premine. At a 5 minute blocktime, that is 260 days just for the miners to earn the same amount as your pre-mine. After 520 days you will still hold roughly 33% of the supply, minus some bounties or what you sell to other investors.
Personally, I trust that you have good intentions for the coin, and I trust you won't dump because that will hurt you long term. At least you're not a forum newbie, and you know how pools work etc (I love launches that come with pools). Those are all plus points.
But the minus is that I don't know how you will convince others to invest when you're sitting on such a large pile of coins
relative to the supply growth over the next two years. How can this be a decentralized currency when the dev - even with the best of intentions - is essentially controlling the supply?
Edit: I want to add that I hope no one perceives this as too negative. This coin has a lot more going for it than a lot of the launches over the past few weeks. I just don't think the premine/difficulty/reward combination was well-planned, but I'm eager to be proven wrong.
