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Author Topic: Why does no one mention about the 200K BTG pre-mined?  (Read 440 times)
tscen
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October 23, 2017, 04:06:55 PM
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Saw those 200k+ pre-mined coins were supposed to sell into the ICO?

pre-mined seems like a scam to make the DEV fifty rich, and ICO? is this a double scam thing? is this even legal?

200k BTG is 20k BTC = 115,560,000 US Dollars at current market rate, for real?
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October 23, 2017, 05:15:40 PM
 #2

Saw those 200k+ pre-mined coins were supposed to sell into the ICO?

pre-mined seems like a scam to make the DEV fifty rich, and ICO? is this a double scam thing? is this even legal?

200k BTG is 20k BTC = 115,560,000 US Dollars at current market rate, for real?

The pre-mine is legal. What may be on the shady side is the developers calling it a fork. It is just an air drop with the developers having a pre-mine as interest. if the price goes to zero quickly, their coins will be worthless.

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October 23, 2017, 06:00:34 PM
 #3

If the coin is openly advertised as pre-mined or instamined it is fine as long as all cards are on the table.
In this case, investors/users simply need to evaluate if the amount of premined coins is not too high for their liking.
If you knew before buying/investing that the certain coin has been insta/premined why are you complaining?
However, if the developers manipulated the facts, called it a fork or emergency update - something is definitely fishy here.


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October 23, 2017, 06:44:46 PM
 #4

Saw those 200k+ pre-mined coins were supposed to sell into the ICO?

pre-mined seems like a scam to make the DEV fifty rich, and ICO? is this a double scam thing? is this even legal?

200k BTG is 20k BTC = 115,560,000 US Dollars at current market rate, for real?

The pre-mine is legal. What may be on the shady side is the developers calling it a fork. It is just an air drop with the developers having a pre-mine as interest. if the price goes to zero quickly, their coins will be worthless.

Well this is the case with any other project where per-mining exists. A coin with premine is a coin that will have a permanent stigma on it and will always be brought up when someone wants to attack, similar to a coin that was deployed with an ICO.

Even if the premine was used for a good cause, it's already seen as a joke by many potential investors. This is why bitcoin is unique... it was released with worthless coins and no premine, no other coin can replicate this because there will always be crypto speculators in a post-bitcoin environment.

BTG is not serious at all for me, just another fork. At least its better than S2X.

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October 23, 2017, 07:08:45 PM
 #5

Saw those 200k+ pre-mined coins were supposed to sell into the ICO?

pre-mined seems like a scam to make the DEV fifty rich, and ICO? is this a double scam thing? is this even legal?

200k BTG is 20k BTC = 115,560,000 US Dollars at current market rate, for real?

The pre-mine is legal. What may be on the shady side is the developers calling it a fork. It is just an air drop with the developers having a pre-mine as interest. if the price goes to zero quickly, their coins will be worthless.

They've called it a fork deliberately to confuse people into thinking this was the segwit2x fork. That's the reason for the timing of it.

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October 23, 2017, 07:12:54 PM
 #6

My guess is that because most people will dump this for btc as soon as possible therefore things like that are irrelevant.

People just want their free coins to trade for the Mother Coin.

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October 24, 2017, 07:00:26 AM
 #7

Saw those 200k+ pre-mined coins were supposed to sell into the ICO?

pre-mined seems like a scam to make the DEV fifty rich, and ICO? is this a double scam thing? is this even legal?

200k BTG is 20k BTC = 115,560,000 US Dollars at current market rate, for real?

Free coins are becoming a trend, especially this year. So many alts are airdropping or forking BTC.

All good at the end of the day as it elevates the significance of Bitcoin in my opinion. It is the most valuable of all the other chains so far.

Otherwise they will be forking or using the alt chains if they had value.
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November 13, 2017, 08:43:03 AM
 #8

Can somebody please point me to the code for this? 

I am looking here and it isn't obvious:

https://github.com/BTCGPU/BTCGPU/blob/master/src/validation.cpp#L1043

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November 13, 2017, 09:11:39 AM
 #9

They cannot sell if no one will buy. Not to mention the devs who did the forked does not have access to all of the coins, only their own forked ones. It is scammy, but since no one really takes it seriously, it is pretty worthless.
funkenstein
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November 13, 2017, 09:59:43 AM
 #10

To answer my own question, you can find the relevant code here
https://github.com/BTCGPU/BTCGPU/blob/master/src/chainparams.cpp#L100


looks to me like 8000 blocks or 100,000 blocks so OP was off by a factor of two, let me know if I'm wrong please Smiley 

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