Stop supporting clone coins with % premined

[Jeronimus]

There is a scheme here which has been going on for quite a while and is hurting all altcoins.

Developer creates new altcoin, premines it for supposed bounties and services of which only a fraction gets paid to other parties, while the main is cashed in by the dev himself, and dumped when the coin hits the exchange and or earlier via other means.

The "dev" merely changes a few variables in the client, then moves on to create a new altcoin and repeats profiting on it.
This will continue until people stop supporting this kind of madness.

While it would be reasonable to premine some blocks for bounties, if the developer was honest and kept supporting his coin, as in creating services, hiring more developers etc, this option has to be thrown because of the too high risks of being abused.


I urge everyone to not participate in any more altcoins that are premined in the attempt to keep cryptocoins alive.

copy coin -> premine -> dump premined coins on exchange -> profit  needs to stop!



Do NOT dismiss every new coin, just those that are of the above kind. There certainly is space for innovation, but unfortunately it will be harder for new coin developers to establish themselves. They will have to INVEST in their new coin, and hope it will succeed, which will grand them more donations in the long run.
Premine should be a red flag "no go" area for everyone now i hope.


From my observations, it seems that hazard is the guy behind most of those dump coins. He knows how to create new coins and is always there to put down new alts he himself wasn't involved in.

[nawazish1]

Not all premined coins are pump and dump.  Working example PXC. Innovation is always not important some times better service is more important then innovation.

[thekidcoin]

There is a scheme here which has been going on for quite a while and is hurting all altcoins.

Developer creates new altcoin, premines it for supposed bounties and services of which only a fraction gets paid to other parties, while the main is cashed in by the dev himself, and dumped when the coin hits the exchange and or earlier via other means.

The "dev" merely changes a few variables in the client, then moves on to create a new altcoin and repeats profiting on it.
This will continue until people stop supporting this kind of madness.

While it would be reasonable to premine some blocks for bounties, if the developer was honest and kept supporting his coin, as in creating services, hiring more developers etc, this option has to be thrown because of the too high risks of being abused.


I urge everyone to not participate in any more altcoins that are premined in the attempt to keep cryptocoins alive.

copy coin -> premine -> dump premined coins on exchange -> profit  needs to stop!



Do NOT dismiss every new coin, just those that are of the above kind. There certainly is space for innovation, but unfortunately it will be harder for new coin developers to establish themselves. They will have to INVEST in their new coin, and hope it will succeed, which will grand them more donations in the long run.
Premine should be a red flag "no go" area for everyone now i hope.


From my observations, it seems that hazard is the guy behind most of those dump coins. He knows how to create new coins and is always there to put down new alts he himself wasn't involved in.

So someone who releases a coin deserves nothing? your a fool  Quit whining. 

[peonminer]

 

[Vod]

So someone who releases a coin deserves nothing? your a fool  Quit whining. 

  Love it

[MaGNeT]

Sometimes, when a coin has real potential and devs are working on places to spend, increasing value of my and their coins, I don't mind when they hold a 5-10% pre-mine.
It gives me the assurance they also want maximum value for the coin, just like me.

But for "launch today, die tomorrow" pump & dump coins a pre-mine has only one goal...

[ictin]

There is a scheme here which has been going on for quite a while and is hurting all altcoins.

Developer creates new altcoin, premines it for supposed bounties and services of which only a fraction gets paid to other parties, while the main is cashed in by the dev himself, and dumped when the coin hits the exchange and or earlier via other means.

The "dev" merely changes a few variables in the client, then moves on to create a new altcoin and repeats profiting on it.
This will continue until people stop supporting this kind of madness.

While it would be reasonable to premine some blocks for bounties, if the developer was honest and kept supporting his coin, as in creating services, hiring more developers etc, this option has to be thrown because of the too high risks of being abused.


I urge everyone to not participate in any more altcoins that are premined in the attempt to keep cryptocoins alive.

copy coin -> premine -> dump premined coins on exchange -> profit  needs to stop!



Do NOT dismiss every new coin, just those that are of the above kind. There certainly is space for innovation, but unfortunately it will be harder for new coin developers to establish themselves. They will have to INVEST in their new coin, and hope it will succeed, which will grand them more donations in the long run.
Premine should be a red flag "no go" area for everyone now i hope.


From my observations, it seems that hazard is the guy behind most of those dump coins. He knows how to create new coins and is always there to put down new alts he himself wasn't involved in.

F Y. If the coin si something innovative I DON'T CARE about premine. Nobody is working for free while some lazy ass  is making money from is work!

[nawazish1]

So someone who releases a coin deserves nothing? your a fool  Quit whining. 

  Love it

LOL YEah He almost called himself a fool.

[Jeronimus]

I want to say thanks for bumping my thread, to make this situation aware to more new players on the market. There are a lot of hyenas involved in this market, and it strikes me to no surprise they are the most vocal on here.

My goal was to make this situation clear to those who are new and or have not realized yet what is going on.

[aa]

There is a scheme here which has been going on for quite a while and is hurting all altcoins.

Developer creates new altcoin, premines it for supposed bounties and services of which only a fraction gets paid to other parties, while the main is cashed in by the dev himself, and dumped when the coin hits the exchange and or earlier via other means.

The "dev" merely changes a few variables in the client, then moves on to create a new altcoin and repeats profiting on it.
This will continue until people stop supporting this kind of madness.

While it would be reasonable to premine some blocks for bounties, if the developer was honest and kept supporting his coin, as in creating services, hiring more developers etc, this option has to be thrown because of the too high risks of being abused.


I urge everyone to not participate in any more altcoins that are premined in the attempt to keep cryptocoins alive.

copy coin -> premine -> dump premined coins on exchange -> profit  needs to stop!



Do NOT dismiss every new coin, just those that are of the above kind. There certainly is space for innovation, but unfortunately it will be harder for new coin developers to establish themselves. They will have to INVEST in their new coin, and hope it will succeed, which will grand them more donations in the long run.
Premine should be a red flag "no go" area for everyone now i hope.


From my observations, it seems that hazard is the guy behind most of those dump coins. He knows how to create new coins and is always there to put down new alts he himself wasn't involved in.

So someone who releases a coin deserves nothing? your a fool  Quit whining. 

The person who releases it can't mine it himself after it's been released? You're a fool.

[nawazish1]

 The person who releases it can't mine it himself after it's been released? You're a fool.

But if the person is doing hard work to make the coin successful then what. By your point of view I think he should rely on donations like beggars. Wake up Bro every body needs money to do something. Now consider if you are mining for months and you don't get even a single coin. Will you still keep mining the coin. I am sure even though you won't have to work hard like the developers but you still will work only for money. I have no problem with premine if the developers are really doing something other then pump and dump.

[Oldminer]

Mods should just close these whiny threads and ban the OP's

[aa]

 The person who releases it can't mine it himself after it's been released? You're a fool.

But if the person is doing hard work to make the coin successful then what. By your point of view I think he should rely on donations like beggars. Wake up Bro every body needs money to do something. Now consider if you are mining for months and you don't get even a single coin. Will you still keep mining the coin. I am sure even though you won't have to work hard like the developers but you still will work only for money. I have no problem with premine if the developers are really doing something other then pump and dump.

Why should he instantly get paid at all? Is he not mining like everyone else? What extra work is he doing that it's so important for him to get paid millions of premined coins in order to copy/paste code?

If a developer actually gives a shit about his coin, he'll code it without his million coin premine.

The only thing a premine does is give shit heads a reason to release clonecoins and sit back and wait to sell them off on some shitty exchange that adds every new shitcoin.

[nawazish1]

 The person who releases it can't mine it himself after it's been released? You're a fool.

But if the person is doing hard work to make the coin successful then what. By your point of view I think he should rely on donations like beggars. Wake up Bro every body needs money to do something. Now consider if you are mining for months and you don't get even a single coin. Will you still keep mining the coin. I am sure even though you won't have to work hard like the developers but you still will work only for money. I have no problem with premine if the developers are really doing something other then pump and dump.

Why should he instantly get paid at all? Is he not mining like everyone else? What extra work is he doing that it's so important for him to get paid millions of premined coins in order to copy/paste code?

If a developer actually gives a shit about his coin, he'll code it without his million coin premine.

The only thing a premine does is give shit heads a reason to release clonecoins and sit back and wait to sell them off on some shitty exchange that adds every new shitcoin.

Only copy and pasting a coin can't be called work at all. By saying work i meant the developing the services for it where coin can be used. If BTC is bought by people it is not because it was developed as a currency but it is because it is used as a currency in lots of places. Or else BTC is also not worth anything at all. And premined is needed to promote the coin and to offer them to exchanges like BTC-E to add it to there exchanges and also for paying of for expenses of developing the services.

[gnode]

Mods should just close these whiny threads and ban the OP's

+1^

[aa]

 The person who releases it can't mine it himself after it's been released? You're a fool.

But if the person is doing hard work to make the coin successful then what. By your point of view I think he should rely on donations like beggars. Wake up Bro every body needs money to do something. Now consider if you are mining for months and you don't get even a single coin. Will you still keep mining the coin. I am sure even though you won't have to work hard like the developers but you still will work only for money. I have no problem with premine if the developers are really doing something other then pump and dump.

Why should he instantly get paid at all? Is he not mining like everyone else? What extra work is he doing that it's so important for him to get paid millions of premined coins in order to copy/paste code?

If a developer actually gives a shit about his coin, he'll code it without his million coin premine.

The only thing a premine does is give shit heads a reason to release clonecoins and sit back and wait to sell them off on some shitty exchange that adds every new shitcoin.

Only copy and pasting a coin can't be called work at all. By saying work i meant the developing the services for it where coin can be used. If BTC is bought by people it is not because it was developed as a currency but it is because it is used as a currency in lots of places. Or else BTC is also not worth anything at all. And premined is needed to promote the coin and to offer them to exchanges like BTC-E to add it to there exchanges and also for paying of for expenses of developing the services.

Give the creators of Bitcoin your coins, they deserve a premine, according to you.

So what you're saying is that the coin should be created with the intent of bribing exchanges to add the coin and paying people to create websites [of which the owners make profits from the fees]. Good ideas!

[Jeronimus]

 The person who releases it can't mine it himself after it's been released? You're a fool.

But if the person is doing hard work to make the coin successful then what. By your point of view I think he should rely on donations like beggars. Wake up Bro every body needs money to do something. Now consider if you are mining for months and you don't get even a single coin. Will you still keep mining the coin. I am sure even though you won't have to work hard like the developers but you still will work only for money. I have no problem with premine if the developers are really doing something other then pump and dump.

Why should he instantly get paid at all? Is he not mining like everyone else? What extra work is he doing that it's so important for him to get paid millions of premined coins in order to copy/paste code?

If a developer actually gives a shit about his coin, he'll code it without his million coin premine.

The only thing a premine does is give shit heads a reason to release clonecoins and sit back and wait to sell them off on some shitty exchange that adds every new shitcoin.

Exactly... the developer IF he trusts in his coin, can mine himself, and if he REALLY puts a lot of work into it, the price will skyrocket and will pay for itself. That, along with donations of those who got rich on his coin.

If he has to premine it for profiting on it, he probably already has planned to release the next shitcoin.

Or are there really that many naive people around here that think there are no scum developers in the cryptoworld which would abuse this scheme to infinity as long as it works?

[nawazish1]

Give the creators of Bitcoin your coins, they deserve a premine, according to you.

So what you're saying is that the coin should be created with the intent of bribing exchanges to add the coin and paying people to create websites [of which the owners make profits from the fees]. Good ideas!

First of all read the first post correctly I said developers should not rely on donations they are not beggars. And the second thing that there are some exchanges which take bribe to add the coin. But its the choice of the developer and the community to do it or not. If they are making services for the coin the exchange will definitely add it. But in a worst case scenario if the developer needs money to do something he would be needing someplace to exchange his coins to money so that the development could be continued.

I think it is useless to talk with you because you will never accept premine. Just judging by your posts. Right now I am supporting PXC and it has the best developers at the moment in altcoins. If you want to see how premines can be used with honesty you can see them. They even help people who have lost their coins because of a service problem.

[nullbitspectre1848]

 The person who releases it can't mine it himself after it's been released? You're a fool.

But if the person is doing hard work to make the coin successful then what. By your point of view I think he should rely on donations like beggars. Wake up Bro every body needs money to do something. Now consider if you are mining for months and you don't get even a single coin. Will you still keep mining the coin. I am sure even though you won't have to work hard like the developers but you still will work only for money. I have no problem with premine if the developers are really doing something other then pump and dump.

Why should he instantly get paid at all? Is he not mining like everyone else? What extra work is he doing that it's so important for him to get paid millions of premined coins in order to copy/paste code?

If a developer actually gives a shit about his coin, he'll code it without his million coin premine.

The only thing a premine does is give shit heads a reason to release clonecoins and sit back and wait to sell them off on some shitty exchange that adds every new shitcoin.

Nawazish1, The above bolded is exactly the point.  We aren't talking a few thousand coins, or a reasonable number of coins based on the amount of time the "dev" spent "creating" the coin and the "dev's" expected value of the coin.  We are talking hundreds of thousands or millions of coins.  You must realize that a large part of investing and business is emotion driven.  Instantly taking millions of coins for yourself is nothing short of corrupt.  It does not show good faith, it doesn't show a real value in the product or service.  

The point shouldn't be to let greasy business practices continue and further pollute crypto the way fiat is, hoping that you will be able to pick up some of the paltry crumbs from every pump and dump.  We should be striving to be better, not rejoicing when we've managed to use our intellectual potential to prey on others' fears, uncertainties, doubts and ignorance.  We should be facilitating the creation of a system that benefits all of us instead of continuing the same paradigm of apathy and greed.  Civilization and progress are about moving away from animal instinct and impulses and toward cohesion, safety and mutual benefit.  It is a sad fact that we are starting to justify and normalize corruption instead of stamping it out once and for all.

 5-10% pre-mine is reasonable?  lol...

[nawazish1]

 The person who releases it can't mine it himself after it's been released? You're a fool.

But if the person is doing hard work to make the coin successful then what. By your point of view I think he should rely on donations like beggars. Wake up Bro every body needs money to do something. Now consider if you are mining for months and you don't get even a single coin. Will you still keep mining the coin. I am sure even though you won't have to work hard like the developers but you still will work only for money. I have no problem with premine if the developers are really doing something other then pump and dump.

Why should he instantly get paid at all? Is he not mining like everyone else? What extra work is he doing that it's so important for him to get paid millions of premined coins in order to copy/paste code?

If a developer actually gives a shit about his coin, he'll code it without his million coin premine.

The only thing a premine does is give shit heads a reason to release clonecoins and sit back and wait to sell them off on some shitty exchange that adds every new shitcoin.

Nawazish1, The above bolded is exactly the point.  We aren't talking a few thousand coins, or a reasonable number of coins based on the amount of time the "dev" spent "creating" the coin and the "dev's" expected value of the coin.  We are talking hundreds of thousands or millions of coins.  You must realize that a large part of investing and business is emotion driven.  Instantly taking millions of coins for yourself is nothing short of corrupt.  It does not show good faith, it doesn't show a real value in the product or service.  

The point shouldn't be to let greasy business practices continue and further pollute crypto the way fiat is, hoping that you will be able to pick up some of the paltry crumbs from every pump and dump.  We should be striving to be better, not rejoicing when we've managed to use our intellectual potential to prey on others' fears, uncertainties, doubts and ignorance.  We should be facilitating the creation of a system that benefits all of us instead of continuing the same paradigm of apathy and greed.  Civilization and progress are about moving away from animal instinct and impulses and toward cohesion, safety and mutual benefit.  It is a sad fact that we are starting to justify and normalize corruption instead of stamping it out once and for all.

 5-10% pre-mine is reasonable?  lol...

I agree that premining for profit is not good but if that premined is used correctly then it is OK. You can see PXC as an example. If developers wanted to dump the coin they would have done it so far but they are working honestly. And I am OK with that. And I think every one just follows each other in this forum. Now every one has problem with premines. But when the coin come to the market all of them rush towards it. If you don't like the concept then don't use it. And let others to think about themselves guide only if they ask.

And the reason why every one went against premine is FTC. FTC ruined the concept.