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Author Topic: Someone define "premine" for me  (Read 634 times)
krusin (OP)
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June 13, 2013, 07:22:32 PM
 #1

I see this term thrown around a lot on this forum. There seems to be some different opinions based on what position people hold in cryptocurrencies.
Did Satoshi premine Bitcoin? 250,000 of them?
Is Stablecoin's idea of an anonymity service classified as a premine?
Is it a premine if the coins were actually "mined" or a premine if the coins were created before the first block was released and the rest of us got to mine it?

This will be a good example of who needs to be put on the ignore feature I think...keep it civil.
casascius
Mike Caldwell
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The Casascius 1oz 10BTC Silver Round (w/ Gold B)


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June 13, 2013, 07:24:05 PM
 #2

Premine means when the coin is released, some of the coins have already been issued to whomever created it.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
Hydroponica
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June 13, 2013, 07:24:43 PM
 #3

Its a premine, if the coins were mined, before the coin was released to the public.

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