Fair Profit for Coin Founders

[Vlad2Vlad]

People are automatically so offended when a coin Founder tries to make a profit off the coin they worked so hard to launch.  

Like ixCoin, the guy only pre-mined 560K coins, out of 21 Million, hardly a large amount, and for that ixCoin was killed dead in its tracks.  Well, it's still around but it's in zombie land.

So what's a fair way for founders to make some money. It should be a way which forces them to promote the coin instead of pumping and dumping which means no premining as those coins can be dumped anytime.

I suggest no premine, and instead, founders, would instead get a preset % from the mined coins.  For example 25%, which would go toward everything from profits to admin, overhead and marketing costs. This way the coins are coming gradually and the founders are forced to do anything necessary to get the Coin's price up over the long term.

So then what about a coin where 25% goes to charity, 25% to founders for profit and overhead, and 50% to miners?  Considering some coins are only giving miners 10%-20%, I think this is the most fair way to do a distribution - where everyone comes out a winner.

[Vlad2Vlad]

I can't believe this poll.

Everyone is voting for no special payout to founders.  That's like saying: yeah, we want nice Nike shoes but the founder who does all the work and ensures high quality, well, you better work on the assembly line if you want a nice pair of shoes like the rest of us.

That's called Communism.

What is wrong for getting paid a reasonable fee or % for starting and Maintainjng a good crypto coin which in turn can make you, the miner a lot of money?  Why is that bad?

Why is everyone against coin founders making some decent coin to provide you all with more and better coins to mine and essentially make free cash from home while you're off at school or work?  Better coins means more good coins to mine which means more cash to go around as more better stringer miners come online. 

We need each other, you guys need more good coins to come out as the existing coins get too hard to mine.  Why not pay a fair distribution to those founders and if their work sucks then they won't get much since there's no premine.

[iGotSpots]

I can't believe this poll.

Everyone is voting for no special payout to founders.  That's like saying: yeah, we want nice Nike shoes but the founder who does all the work and ensures high quality, well, you better work on the assembly line if you want a nice pair of shoes like the rest of us.

That's called Communism.

What is wrong for getting paid a reasonable fee or % for starting and Maintainjng a good crypto coin which in turn can make you, the miner a lot of money?  Why is that bad?

Why is everyone against coin founders making some decent coin to provide you all with more and better coins to mine and essentially make free cash from home while you're off at school or work?  Better coins means more good coins to mine which means more cash to go around as more better stringer miners come online.  

We need each other, you guys need more good coins to come out as the existing coins get too hard to mine.  Why not pay a fair distribution to those founders and if their work sucks then they won't get much since there's no premine.

Except if this was communism, you would be told you are going to make a coin, you wouldn't choose to do it

BTW, Nikes are made in China. Bad analogy

[DeathAndTaxes]

Bitcoin, Litecoin, PPC had no developer fee, or premine.  Any new coin is competing against that.

Don't worry though premine if you want or do something as asinine as give developer 25% of all mined coins into perpetuity.  It doesn't really matter, there is always someone willing to mine the next coin nobody how limited or short of a lifespan it has.

[Vivisector999]

I would have to say it would all be dependant on the coin, and what changes it brings to the table.  If the coin is like 99% of the other alt coins announced here, where the developer copies a coin, and maybe changes 1-2 parameters, then launches it, they don't deserve any more then the people mining the coin.  No additional bonuses.

If they truly bring something new and innovative to the table, then yes they probably deserve some sort of additional payout.  Only 4-5 coins in my mind stand out as truly innovative.  Bitcoin, Litecoin (To popularize Scrypt, I know it wasn't the first to use it), PPCoin (PoS), Novacoin??? Maybe  (LiteCoin/PPCoin hybrid).  Others that I am leaning towards are PrimeCoin (first to use hash power for scientific research) and eMunie (only because I don't quite understand what it is/how it works yet.)

I personally don't mind premined coins, when the coins are destined for things such as a coin mixing service, or as bonuses or prizes to get people onboard.  If a coin is truly successful, it would probably get a lot of donations.  Heck even this forum has enough donations/ads that they need people to hold funds.  I have seen a lot of development donation funds from some of the big and small coin developers.  

Lastly, the idea of giving a percentage of coins back to the developer.  For the most part, I will not mine a coin with that philosophy.  But for the most part it has to do with the developer, what they are doing, and what the donation is.  When I look at a coin like Zenith Coin, I shake my head.  Developer wants 50% of all coins mined, doesn't really seem to be doing much developing, and from what I could tell seemed like a troll of the forums.  Although I admit, it was confusing because for the longest time it seemed like 2 people both claimed to be the head developer of the coin.  Not sure if someone that was a dick tried to take it over by force or what was going on, but those 3 factors insured I would never mine that one.  If on the other hand someone had a 5% donation to developer, and they were actively developing/pushing to get businesses to use their coin, I would be all for it.  I would even consider a 25% donation if the developer really showed he was trying to get the coin to take off.  

I still maintain, the biggest easiest market for a coin to get some real value behind it would be to work out a deal with a Free to play (Microtransactions) payment option.  When I look at the games I play, there are usually 15+ ways you can pay for micro transactions.  If Cryptocurrency can't even push the idea into a business where they sell virtual merchandise with no risk to the vendor, then we should all give up on the idea a cryptocurrency would ever be used as a regular form of payment.  If a developer was seen to really be pushing/rallying some of the companies to accept their coin (in a billion dollar virtual industry), it would help the coin, and give value to paying them a % or good donation.  99% of the alt coins developers seem content with small gambling places, 1-2 sextoy stores and possibly a store or 2 selling Steam codes.  That's not the innovation I am looking for when I want to go all out for a currency.

[Online24o0n]

I would have to say it would all be dependant on the coin, and what changes it brings to the table.  If the coin is like 99% of the other alt coins announced here, where the developer copies a coin, and maybe changes 1-2 parameters, then launches it, they don't deserve any more then the people mining the coin.  No additional bonuses.

If they truly bring something new and innovative to the table, then yes they probably deserve some sort of additional payout.  Only 4-5 coins in my mind stand out as truly innovative.  Bitcoin, Litecoin (To popularize Scrypt, I know it wasn't the first to use it), PPCoin (PoS), Novacoin??? Maybe  (LiteCoin/PPCoin hybrid).  Others that I am leaning towards are PrimeCoin (first to use hash power for scientific research) and eMunie (only because I don't quite understand what it is/how it works yet.)

I personally don't mind premined coins, when the coins are destined for things such as a coin mixing service, or as bonuses or prizes to get people onboard.  If a coin is truly successful, it would probably get a lot of donations.  Heck even this forum has enough donations/ads that they need people to hold funds.  I have seen a lot of development donation funds from some of the big and small coin developers.  

Lastly, the idea of giving a percentage of coins back to the developer.  For the most part, I will not mine a coin with that philosophy.  But for the most part it has to do with the developer, what they are doing, and what the donation is.  When I look at a coin like Zenith Coin, I shake my head.  Developer wants 50% of all coins mined, doesn't really seem to be doing much developing, and from what I could tell seemed like a troll of the forums.  Although I admit, it was confusing because for the longest time it seemed like 2 people both claimed to be the head developer of the coin.  Not sure if someone that was a dick tried to take it over by force or what was going on, but those 3 factors insured I would never mine that one.  If on the other hand someone had a 5% donation to developer, and they were actively developing/pushing to get businesses to use their coin, I would be all for it.  I would even consider a 25% donation if the developer really showed he was trying to get the coin to take off.  

I still maintain, the biggest easiest market for a coin to get some real value behind it would be to work out a deal with a Free to play (Microtransactions) payment option.  When I look at the games I play, there are usually 15+ ways you can pay for micro transactions.  If Cryptocurrency can't even push the idea into a business where they sell virtual merchandise with no risk to the vendor, then we should all give up on the idea a cryptocurrency would ever be used as a regular form of payment.  If a developer was seen to really be pushing/rallying some of the companies to accept their coin (in a billion dollar virtual industry), it would help the coin, and give value to paying them a % or good donation.  99% of the alt coins developers seem content with small gambling places, 1-2 sextoy stores and possibly a store or 2 selling Steam codes.  That's not the innovation I am looking for when I want to go all out for a currency.

Wow, got a lot to say about it hu...... Personally I could care less about premine, I just dont care, as long as network and devs show they are truly behind its success, plain and simple.

[freedomno1]

Follow Satoshi and let the coin speak for itself

[truelitecoin]

When I see premine, I immediately think scamcoin.

[Online24o0n]

When I see premine, I immediately think scamcoin.

So, you think BTC and LTC are scamcoins?

[Vlad2Vlad]

I can't believe this poll.

Everyone is voting for no special payout to founders.  That's like saying: yeah, we want nice Nike shoes but the founder who does all the work and ensures high quality, well, you better work on the assembly line if you want a nice pair of shoes like the rest of us.

That's called Communism.

What is wrong for getting paid a reasonable fee or % for starting and Maintainjng a good crypto coin which in turn can make you, the miner a lot of money?  Why is that bad?

Why is everyone against coin founders making some decent coin to provide you all with more and better coins to mine and essentially make free cash from home while you're off at school or work?  Better coins means more good coins to mine which means more cash to go around as more better stringer miners come online.  

We need each other, you guys need more good coins to come out as the existing coins get too hard to mine.  Why not pay a fair distribution to those founders and if their work sucks then they won't get much since there's no premine.

Except if this was communism, you would be told you are going to make a coin, you wouldn't choose to do it

BTW, Nikes are made in China. Bad analogy

Made in china doesn't mean much. Phil Knight got lots of shares for taking a risk, working hard and making a great product.  He's worst $10 Billion and I've actually been at his house and played tennis there.

According to these responses, he had no right to make that money and should be worth as much as his assembly line employees.  And there's assembly lines in the US, mainly the air-sole division so lets not split hairs.

That's just not right.

So what's a fair cut?  I don't like premine cause it can be used as a pump and dump so the best would be a preset % given out everyday or every month from the mining.

[Online24o0n]

China is the worlds largest economy, greatest power. They can crush the U.S. like a roach at any time.

[Vivisector999]

Wow, got a lot to say about it hu...... Personally I could care less about premine, I just dont care, as long as network and devs show they are truly behind its success, plain and simple.

I was just trying to show the OP (Who in the last 2-3 days has decided he was coming out with Catholic coin, Charity coin, Santa Coin, "please name me a popular sounding"coin) that he seems more worried about what the name is then the programming behind the coin.  Which to me looks like a huge sign that he is going to change 1-2 parameters from Litecoin, if that.  He might even be one of the latest developers that forgot to even change the name in the read me files to not say Litecoin.  Then he seems like he is ticked we don't want to pay him for all the hard work and developing.  

If he came showing innovation or some fresh ideas, I would be glad to give him the thumbs up on getting something for his troubles.

And nope we don't really "Need" more coins to come out just because.  We already seem to get 10 new ones a day, most will fail within a few weeks, and as miners keep getting more and more spread out, it will make it a lot easier for someone to come 51% piles of coins out of existence.  Already looking at Coinchoose, I see a few network hashrates that could be 51% attacked by someone with dual GPU's.  That's not good, it's scary.

[Vlad2Vlad]

Follow Satoshi and let the coin speak for itself

You mean the Feds?

I don't wanna follow Satoshi.  He gets no credit, no money and no fame.  Zero reward.  I'll stick to my 9 to 5 at the bank and keep my life simple instead of neglecting my family pulling 16 hour shifts trying to launch a coin with no guarantees or success.

I don't want a quick buck.  I don't want a pump and dump.  I want to launch a coin which will be around for a long time.

[Online24o0n]

When I see premine, I immediately think scamcoin.

So, you think BTC and LTC are scamcoins?

BTC and LTC weren't premined, you moron.

They were, LTC states that in their launch thread, look it up... And we all agree Satoshi was a genius, why the hell wouldnt he have pre-mined any?

[Vlad2Vlad]

When I see premine, I immediately think scamcoin.

I agree but it doesn't have to be that way.  A premine can be ok, but I have to say that's the easiest way to do a pump and dump.

[Online24o0n]

When I see premine, I immediately think scamcoin.

So, you think BTC and LTC are scamcoins?

BTC and LTC weren't premined, you moron.

https://bitcointalk.org/index.php?topic=47417.0  - "Litecoin will come with 150 premined coins:"
 -that we know of.

 Again, do some reading before calling people "morons".

[Vivisector999]

Pretty sure I read that Satoshi pre-mined 800,000 Bitcoins.  They are still sitting in the same wallet.  I know a few people are watching that wallet to see if any ever get spent so they can try to figure out who he really is.  

[Vlad2Vlad]

Wow, got a lot to say about it hu...... Personally I could care less about premine, I just dont care, as long as network and devs show they are truly behind its success, plain and simple.

I was just trying to show the OP (Who in the last 2-3 days has decided he was coming out with Catholic coin, Charity coin, Santa Coin, "please name me a popular sounding"coin) that he seems more worried about what the name is then the programming behind the coin.  Which to me looks like a huge sign that he is going to change 1-2 parameters from Litecoin, if that.  He might even be one of the latest developers that forgot to even change the name in the read me files to not say Litecoin.  Then he seems like he is ticked we don't want to pay him for all the hard work and developing.  

If he came showing innovation or some fresh ideas, I would be glad to give him the thumbs up on getting something for his troubles.

And nope we don't really "Need" more coins to come out just because.  We already seem to get 10 new ones a day, most will fail within a few weeks, and as miners keep getting more and more spread out, it will make it a lot easier for someone to come 51% piles of coins out of existence.  Already looking at Coinchoose, I see a few network hashrates that could be 51% attacked by someone with dual GPU's.  That's not good, it's scary.

You got me wrong.  My main focus was a polular coin because i saw if as a good way to bring good value long term.  Lets face it, all this innovation you speak of, Bitcoin and none of it and nobody cares cause its worth $70 per coin. So my main focus wasn't just a name but the long term value as a function of popularity.  But I do want innovation - I want it all for a coin Cause I'm thinking long term.

No, I've never been part of launching any coins.  Can't you tell?

What's OP?

[Online24o0n]

Pretty sure I read that Satoshi pre-mined 800,000 Bitcoins.  They are still sitting in the same wallet.  I know a few people are watching that wallet to see if any ever get spent so they can try to figure out who he really is.  

Nice*

[Vlad2Vlad]

Pretty sure I read that Satoshi pre-mined 800,000 Bitcoins.  They are still sitting in the same wallet.  I know a few people are watching that wallet to see if any ever get spent so they can try to figure out who he really is.  

He's not gonna spend it cause he's now a tied up loose end.