Fair Profit for Coin Founders

[DeathAndTaxes]

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. 

You read wrong.  Maybe Satoshi MINED (as in post genesis block) x,000 coins but there was no premine in Bitcoin.

[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. 

You read wrong.  Maybe Satoshi MINED (as in post genesis block) x,000 coins but there was no premine in Bitcoin.

You have over 10,000 posts, the most I've ever seen on this forum.  I'm gonna say you're the expert and announce your answer the correct one.

Thanks.

[Vivisector999]

Ok, good to hear.  And yeah I doubt that wallet will ever move

[truelitecoin]

When I see premine, I immediately think scamcoin.

So, you think BTC and LTC are scamcoins?

Maybe I should say when I see a large premine, my initial thoughts are it is a scamcoin.
A large premine is an indicator of a scam coin, but doesn't automatically make it one.


"Litecoin had two blocks premined, one more than the minimum single genesis block needed to start a block chain."
Source: https://en.bitcoin.it/wiki/Litecoin#.28Slight.29_Premining

If the statement above is true, then all coins would need to be premined.

[Brunic]

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.

You have your answer to your own poll. Every alt-coin is worth crap until proven otherwise. It's nothing against the developer, it's just that premining them just lower even more their crappy value.

[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.

You have your answer to your own poll. Every alt-coin is worth crap until proven otherwise. It's nothing against the developer, it's just that premining them just lower even more their crappy value.

Agreed but that doesn't answer the poll.

What is a fair way to pay the developer of a new coin.

My idea was a preset % of all mined coins - be it 5% or 25%.  That way his pay is gradual and he will have the incentive to work to make the coin more popular and more valuable.

But it seems few agree with this protocol.  Most want no payouts of any kind and that's silly. We would have no bill gates or Steve Jobs if there was no incentive to get rich.  There has to be a fair and happy medium.

Capitalism and the promise of large profits will bring about the biggest and best coins we've ever seen.  Without those potential profits we'll keep getting the same crap coins with basically a name change.

[Vivisector999]

OP = Original Post.  IE the one you made to start this thread.  

Just wondering.  Just from your wording about certain things.  Are you a programmer?  Or do you have much programming experience?  Or are you thinking about hiring someone to create the coin for you?

Since you are looking for innovation for your coin.  What ways are you things about innovating the coin?  Are you planning on doing more then changing the name of Litecoin to your name??  If that's all your doing, how much do you believe you should get for developing the coin?  Or are you talking more from the perspective of working/developing the coin to be better accepted in the Fait/banking world as a payment option?  

The reason your getting so much negativity is until you can show your different from the 99% of other developers, your categorized in the same group as the rest of them.  Many/most don't do enough to not deserve the answer that is leading in your poll.

Since it's your coin, the ball is really in your court.  Pay yourself as much or as little as you want.  Premine it as a developer fund if you feel like.  If you prove your worth it, people will put their trust in you and mine for your coin.

[Vlad2Vlad]

OP = Original Post.  IE the one you made to start this thread.  

Just wondering.  Just from your wording about certain things.  Are you a programmer?  Or do you have much programming experience?  Or are you thinking about hiring someone to create the coin for you?

Since you are looking for innovation for your coin.  What ways are you things about innovating the coin?  Are you planning on doing more then changing the name of Litecoin to your name??  If that's all your doing, how much do you believe you should get for developing the coin?  Or are you talking more from the perspective of working/developing the coin to be better accepted in the Fait/banking world as a payment option?  

The reason your getting so much negativity is until you can show your different from the 99% of other developers, your categorized in the same group as the rest of them.  Many/most don't do enough to not deserve the answer that is leading in your poll.

Since it's your coin, the ball is really in your court.  Pay yourself as much or as little as you want.  Premine it as a developer fund if you feel like.  If you prove your worth it, people will put their trust in you and mine for your coin.

I'm an economist, so I'm different from 99% of the current developers.

I have only known about crypto-coins for 3 months now and I'm blown away.  People don't realize what they have here.

Bitcoin is just an infant and its gonna grow up faster than the dot com boom. All laugh at the Bitcoin ETF application and the pros think they'll never get approved by the US govt but I'm 100% certain they will, and that will change everything.

That will be phase 2 - alt coin hyper drive.  That will happen next year.  I want to get my own coin launched before that happens cause at that point there's gonna be over 300 coins on the market and dozens of new ones per week.  

This is the final days if you wanna get noticed but I can't program and I'm low on money since I'm not working a regular job right now.

But I want to launch a great coin, and that won't be cheap or easy.

[eCoinomist]

@Vlad2Vlad, honestly you should check out emunie, you sound like exactly what this community is all about.

I've talked to the founder Fuserleer last month just exactly what your OP was describing, and while there is no official announcement yet, I'm very sure the eMunie Foundation will work similar to how you described as a fair premine system, though it will be no where close to 25% you suggested, it will just be a tiny tiny cut from all EMU minted on a continuous basis.

That way founding members have vested interest to keep pushing things forward constantly and make the currency a success, because if it's not, they will receive little or nothing.

[freedomno1]

Well as long as one is aware that 95% of economists tend to be wrong at any one time your a little bit ahead
I also laugh at the people who think it won't succeed but with the all the BS articles spreading around the internet cannot blame those who look at the surface and it will be their loss.
Unless your a Nouriel Roubini though would not be able to say we can see the future buts that speculation

[Vlad2Vlad]

@Vlad2Vlad, honestly you should check out emunie, you sound like exactly what this community is all about.

I've talked to the founder Fuserleer last month just exactly what your OP was describing, and while there is no official announcement yet, I'm very sure the eMunie Foundation will work similar to how you described as a fair premine system, though it will be no where close to 25% you suggested, it will just be a tiny tiny cut from all EMU minted on a continuous basis.

That way founding members have vested interest to keep pushing things forward constantly and make the currency a success, because if it's not, they will receive little or nothing.

Interesting.  That's exactly want I'm saying - it's the best way to pay the founders, keep them in the game enough to care about making the coin more valuable.

What a strange name for a coin though.  A Munie is a municipal bond which is the riskiest government bond of them all.  Odd.

[TheSpiral]

But I want to launch a great coin, and that won't be cheap or easy.

On the contrary, it's completely free. The easiness depends on how much you copy and paste.
The way you deserve money is to add services/tools to your currency and earn from those, not just release it and sit back and earn money for nothing.

[Vlad2Vlad]

Well as long as one is aware that 95% of economists tend to be wrong at any one time your a little bit ahead
I also laugh at the people who think it won't succeed but with the all the BS articles spreading around the internet cannot blame those who look at the surface and it will be their loss.
Unless your a Nouriel Roubini though would not be be able to say we can see the future buts that speculation

Well, I've been saying these things for 3 months now.  Things like alt coins will soon greatly increase in number and that's already started. 3 moths ago most thought that wouldn't happen for years to come.

And I said bitcoin was going to walstreet and Main Street, and already, faster than even predicted its applied for an ETF.  I said 2014, would see an explosion in not just bitcoin value but most alt coins.  

And 3 months ago I never read anyone make such bullish remarks and yet they've all come true. I wrote a few articles stating these things for Devcoin - so at least I can back up my claims next year if I'm right and all the doubters jump out saying:  oh, we knew it all along.  

Cause most can't even imagine what's coming.  If they could they'd be holding to every coin and buy more. I'm buying most coins even the ones which are thought to have no future like ixCoin, and the ultra cheap like Devcoin.

Those who take a little risk now can make millions in the next 2 years.  The state and the banks badly want digital cash to make it - way too much power and smart money on our side for this thing to not blow up to the mother of all bubbles.

Sad thing is most here will sell way too early.  Most here will sell it all if they see $100,000 in their accounts. But that's a predetermined outcome and that's why this thing will work so well for many more people but those who get in early stand to make by far the most money.  And this, right now, is early.

And roubini, he was saying buy gold the last 2 years while I was telling everyone I know to dump it.  So at least once I was right and he was wrong.  Lol.  But gold will spike like mad, but not until late 2015.  

And in the short run gold will breach $1,000 and head to $500. And I said this 3 moths ago in one of my articles when gold was $1400.  Nobody then was taking about $1,000 and $500 was crazy talk.

[Vivisector999]

Since it sounds like your not a "developer" but wanting to make an exact clone, and wanting a premine or a % payout per coin mined, I will warn you now, your going to be looking at a very rough road for your coin, unless you can manage to do some pretty crazy things in terms of creating a lot of special services or getting a lot of big time companies onboard.  Not saying you won't make it.  But make sure you aren't easily offended, and start attacking people when you see a lot of bad comments on your Announcement post.  

I look forward to hearing what you will be doing to break away from the others.

[Vlad2Vlad]

But I want to launch a great coin, and that won't be cheap or easy.

On the contrary, it's completely free. The easiness depends on how much you copy and paste.
The way you deserve money is to add services/tools to your currency and earn from those, not just release it and sit back and earn money for nothing.

What?  What are you talking about?

I thought I needed at least $10,000 for a programmer to launch a coin for me? Free? What?

[TheSpiral]

But I want to launch a great coin, and that won't be cheap or easy.

On the contrary, it's completely free. The easiness depends on how much you copy and paste.
The way you deserve money is to add services/tools to your currency and earn from those, not just release it and sit back and earn money for nothing.

What?  What are you talking about?

I thought I needed at least $10,000 for a programmer to launch a coin for me? Free? What?

... Where do you read that? You just open up the code in a text editor, change what you want to change, compile.
Obviously, you can hire people to help expedite that process, but where do you get $10,000 from?

[barwizi]

I'm guessing most devs are sleeping or just purely ignoring this post. I released a coin with no premine, looks like a success. However, i support devs who premine for their own pockets if it is within reason. 0.5% ~ 1 % of total can is not much, you guys pay as much as 3% to pools, some coins only have one or two pools, yet you don't complain. And don't try telling me that pools provide a service...so does the dev,

[Vlad2Vlad]

Since it sounds like your not a "developer" but wanting to make an exact clone, and wanting a premine or a % payout per coin mined, I will warn you now, your going to be looking at a very rough road for your coin, unless you can manage to do some pretty crazy things in terms of creating a lot of special services or getting a lot of big time companies onboard.  Not saying you won't make it.  But make sure you aren't easily offended, and start attacking people when you see a lot of bad comments on your Announcement post.  

I look forward to hearing what you will be doing to break away from the others.

It all depends on how much it costs to do these various things cause I'm low on money.

But I don't get offended easily.  And I look for criticism in any form I can get it to make myself and anything I do better.

But of course I want to make money doing this.  You think Jobs started making computers just for fun?  All huge success stories were in large part driven by potential profits.

But that's not the only thing I want. I want to release better coin but I don't know if I have the money for it and I want to release a coin which actually give back a lot to not just the miners and contributors who help make the coin the best but also to the community, the poor, orphans, etc.

I actually took out OrphanCoin.com, just for that reason.  If I have one good launch then my plan was to launch orphanCoin and give all the profits 100% to orphans worldwide.  The first pure charity coin.

But I first have to make money cause I can't launch a pure charity coin with no money.  I wish I could.

[Vlad2Vlad]

I'm guessing most devs are sleeping or just purely ignoring this post. I released a coin with no premine, looks like a success. However, i support devs who premine for their own pockets if it is within reason. 0.5% ~ 1 % of total can is not much, you guys pay as much as 3% to pools, some coins only have one or two pools, yet you don't complain. And don't try telling me that pools provide a service...so does the dev,

Pools don't provide squat compared to devs.  People in general I think are just jealous.  You think most CEOs would make what they make if the masses were in charge of their salaries?  Even the CEOs that deserve their pay.

I think that's part of the problem here.  Most people can't stand the thought they're helping make some other guy rich.

[Vlad2Vlad]

But I want to launch a great coin, and that won't be cheap or easy.

On the contrary, it's completely free. The easiness depends on how much you copy and paste.
The way you deserve money is to add services/tools to your currency and earn from those, not just release it and sit back and earn money for nothing.

What?  What are you talking about?

I thought I needed at least $10,000 for a programmer to launch a coin for me? Free? What?

... Where do you read that? You just open up the code in a text editor, change what you want to change, compile.
Obviously, you can hire people to help expedite that process, but where do you get $10,000 from?

Well, programmers aren't cheap, right, I figure at least $30 per hour and from what I read you have to change a bit of code especially if you want to add some features so people don't call you a bum.  So $10,000 sounded about right as that only buys you a couple months work at most.

But if its that easy I'd love to at least launch OrphanCoin.  That's not for me, 100% charity so I don't care about features, since people will either buy it to help orphans worldwide or not.  My coin however, whatever it turns out to be, I need to have that done right and I don't have the money for that.

So who can help me launch OrphanCoin.  Pure charity coin.