Ridiculously premined alt coins

[sam53]

I remember when Elephantcoin (ELP) was launched, people bashed it for having premined 0.4%. But now I found the recent launched coins become ridiculous in premining, often hiding it under some obscure and nice names, such as donations, bounty or even tax. And strangely enough, I don't see a lot bashing or trolling on these coins, which I think would go to trash can, what leads me to believe is that many of the trolling in this forum are controlled by certain people.

Let me give two examples:

1. ADT, Androids Tokens:
https://bitcointalk.org/index.php?topic=276884.0

in the thread it is said that 2% premine, which is already huge, but if you look at the blockexplorer, Block 1 has 3.6 billion coins, a whopping 5% (3.6/66) premine!
http://androidstokens.kicks-ass.net/block_crawler.php?transaction=f43c8979d3052ffd43d79f4634786cf370e4537dad26c499e8ef2369bf479327


2. GLB, Globe - the recent launched one
https://bitcointalk.org/index.php?topic=360255.0

takes 20% "tax", lmao, tax... really makes me laugh...

all I can say is that the dev of alt coins become desperate, they just try to get max possible out of the coins they made, and try to fool people under a nice name.

Same thing was seen before, for coins like Stablecoin, Argentum etc, with nice writings, nice websites etc, under which if you look carefully you find huge premines. What surprise is that this now becomes public, and there's no problem to declare 2% or 20%.

This is sad. I am ok for a little premine (ie less than 1%), anyway we should not expect free work from dev. But 5%? 20%?? this really gets me, anyway I never mine coins like this. The world is big, haha.

[1715013958]

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[dfox101]

wow, incredible

there are also many zero-premined coins there, such as ZEU. I'd not mine heavily premined ones, which simply give donations to the dev.

[billym2k]

I have no idea why AndroidTokens caught on. That coin is such a disaster. Every post by the Dev in the main thread makes it sound like the guy is 12 years old.

[number37]

I remember when Elephantcoin (ELP) was launched, people bashed it for having premined 0.4%. But now I found the recent launched coins become ridiculous in premining, often hiding it under some obscure and nice names, such as donations, bounty or even tax. And strangely enough, I don't see a lot bashing or trolling on these coins, which I think would go to trash can, what leads me to believe is that many of the trolling in this forum are controlled by certain people.

Let me give two examples:

1. ADT, Androids Tokens:
https://bitcointalk.org/index.php?topic=276884.0

in the thread it is said that 2% premine, which is already huge, but if you look at the blockexplorer, Block 1 has 3.6 billion coins, a whopping 5% (3.6/66) premine!
http://androidstokens.kicks-ass.net/block_crawler.php?transaction=f43c8979d3052ffd43d79f4634786cf370e4537dad26c499e8ef2369bf479327


2. GLB, Globe - the recent launched one
https://bitcointalk.org/index.php?topic=360255.0

takes 20% "tax", lmao, tax... really makes me laugh...

all I can say is that the dev of alt coins become desperate, they just try to get max possible out of the coins they made, and try to fool people under a nice name.

Same thing was seen before, for coins like Stablecoin, Argentum etc, with nice writings, nice websites etc, under which if you look carefully you find huge premines. What surprise is that this now becomes public, and there's no problem to declare 2% or 20%.

This is sad. I am ok for a little premine (ie less than 1%), anyway we should not expect free work from dev. But 5%? 20%?? this really gets me, anyway I never mine coins like this. The world is big, haha.

Yes this makes sense. This shows how greedy some devs are.

[tiptopgemdotcom]

QUARK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[tokyoghetto]

ORB is the king of all premines.

[cryptohunter]

I have no idea why AndroidTokens caught on. That coin is such a disaster. Every post by the Dev in the main thread makes it sound like the guy is 12 years old.

Possibly true, however the coin code seems quite good now it has had a LOT of work put into it.  I've got to say they have shown dedication to the project and have come back time and time again. They have a ledger and only about 1bill of the premine remains which is not worth a lot in real terms.

[Beoga]

NXT - 100% premine.
And no problem - everybody want to buy that coins ))

[billym2k]

I have no idea why AndroidTokens caught on. That coin is such a disaster. Every post by the Dev in the main thread makes it sound like the guy is 12 years old.

Possibly true, however the coin code seems quite good now it has had a LOT of work put into it.  I've got to say they have shown dedication to the project and have come back time and time again. They have a ledger and only about 1bill of the premine remains which is not worth a lot in real terms.

Hm okay. I suppose I just stopped paying attention after following it for the first few days, when it was still in disaster mode.

Looks like I still have 1.3 million of them, which is...Half a litecoin worth. Hey, not bad!

[Amph]

QUARK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

best premined for sure lol

[cryptohunter]

I have no idea why AndroidTokens caught on. That coin is such a disaster. Every post by the Dev in the main thread makes it sound like the guy is 12 years old.

Possibly true, however the coin code seems quite good now it has had a LOT of work put into it.  I've got to say they have shown dedication to the project and have come back time and time again. They have a ledger and only about 1bill of the premine remains which is not worth a lot in real terms.

Hm okay. I suppose I just stopped paying attention after following it for the first few days, when it was still in disaster mode.

Looks like I still have 1.3 million of them, which is...Half a litecoin worth. Hey, not bad!

Yeah, not worth much but the coin is not a scam.

Orb is the worst for premine.

[cryptohunter]

QUARK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

best premined for sure lol

Incorrect You can accuse it of instamine but not premine....then again you can accuse 90% of coins as instamine.

Anyone crying specifically about qrk missed the qrk rocket simple as that. Great coin big future. I sold then grabbed some back. Worst mistake was selling it out low.
when it hits dollar parity then people will cry more like with btc and ltc.

[valley365]

shitcoins, glad someone expose them

[Amph]

QUARK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

best premined for sure lol

Incorrect You can accuse it of instamine but not premine....then again you can accuse 90% of coins as instamine.

Anyone crying specifically about qrk missed the qrk rocket simple as that. Great coin big future. I sold then grabbed some back. Worst mistake was selling it out low.
when it hits dollar parity then people will cry more like with btc and ltc.

stupid concept anyway, you can't make a coin when almost all of them are mined in 6 months

there should be a coin that don't reward hash increase based on ip address, with proxy checker(to avoid tor or other shit)

[maxxoccupancy]

How about this:
1-2% pre-mine for the Founders (depending on how much work they do at startup, pay for marketing, etc), then
10% post-mine

That is to say, the Founders now have the strongest incentive of all to preserve and develop the long term value of their own currency. If a limit of 20 million altcoins can be generated over five years, the last 2 million will only be minted at the end of this process, split evenly amongst the Founders' wallets.

They will then have a small reserve of their own that they want to use to prevent rapid spikes and selloffs.

[Chris180Z]

I think it's because people are desperate to get in early 'just in case'. If we ignored such coins then the trend would die. Devs have a chance to make something great, bitcoin wont be the only e-currency in the future and some of the altcoins will do quite well, and who knows, one, or some may overtake BTC in the future. It's looking bright for PPC in my opinion, but who the hell knows...

[PinkPotatos]

QUARK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Lets be fair. it wasnt premined, it was instamined with galactic blox.

[cryptohunter]

QUARK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

best premined for sure lol

Incorrect You can accuse it of instamine but not premine....then again you can accuse 90% of coins as instamine.

Anyone crying specifically about qrk missed the qrk rocket simple as that. Great coin big future. I sold then grabbed some back. Worst mistake was selling it out low.
when it hits dollar parity then people will cry more like with btc and ltc.

stupid concept anyway, you can't make a coin when almost all of them are mined in 6 months

there should be a coin that don't reward hash increase based on ip address, with proxy checker(to avoid tor or other shit)

You can though, cgb has done it successfully as have qrk and others. IFC and more. The market acts as the distribution and is far more fair than those grabbing it all with big rigs.

These coins especially qrk were dumped for nothing for months on exchanges. You could have bought enough quark with a few LTC to make you rich now.  That is the power of the free market, anyone could  have had those coins.

Mining rewards only those either early or with enough hash to grab all of the coins. QRK is i believe the last coin that will be spread so fairly because from now on people will never let coins with only a few  million minting sit there for nothing for months. Those with 10's of billions could be next since in theory these will be distributed even more equally. Although the price should never be quite as much since there are lots more coins.

Qrk is still cheap and i have liquidated more ltc for it. The people that have taken notice of it are far more influential in the free market than those that missed out buying it cheap on here.

I would say every one should have a few quarks in their portfolio. No need to go mad on it but with all they hype , controversy and the status of the people discussing it how can you risk not having some of it??

I am kind of all or nothing so i have bought back my coins and more. I won't say it will x1000 again soon but yes it will surely be here to stay. It was unknown even to people on here before now people are talking about it who have just encountered crypto.

Lets wait and see but in a year from now quark will be a main player you can be sure of that.

[cryptohunter]

QUARK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Lets be fair. it wasnt premined, it was instamined with galactic blox.

who cares  if just one person mined it all??? if they sold it for practically nothing on the exchanges for months , they sold so much the price was 37 -200  it was cheaper than mining it anyway??/?

Don't you realise, it does not matter about the mining. It cost money to mine or you can try your botnet skills which everyone talks about but nobody except bcx seems to have any evidence they control such a thing.

Those people that instamined some, they invested in amazon instances and all kinds of shit to get these quarks and then sold them all so heavily for btc they hardly had value. Their value was less than things like ifc and that has billions of coins.

More quarks poored in for sale over the coming months and were chipped away at.

Mining is less fair than the process qrks distribution went through. Sure a few whales sat on some i'm  sure but compared to most crypto quark has a wider and more fair distribution. Compare it to any coin out there and the distribution is not a good as quark. Any of the main coins i mean. Sure some of the ones still near zero value are being very widely distributed right now also.

If i could look at the portfolio of ANYONE taking time to talk rubbish and falsehood about qrk it is certain they did not bother to buy any whilst it was cheap.

Instamine will only be important from now on really, because before instaminers dumped their load until it was worth nothing, from now on they may want to keep a bit so they dont destroy the market and the coin could actually turn out to have value...


Look at BTC you can still mine it now year later ...oh great it is so fair.......wait it costs as much to mine it now as just buy it??? that's right mining means nothing.

I develop a coin, i instamine or even premine it all and put it on the market for 1 satoshi , people buy and over time it becomes worth 100 dollar each??? is it a scam coin now becaue there is no more mining and it was instamined by one person. ...wait that person lost out massively like the people who mined qrk early of whom you are jealous.....they lost more than everyone else ....they had the winning lotto ticket and sold for peanuts.

If you are saying it is unfair for people to buy it cheap at the market rate early on then there is nothing i can say to you to change your mind.

[maxxoccupancy]

The actual cost to mine some of these recent "currencies" is pretty trivial.  Bitcoin's process is quite inefficient, but that high cost of production is part of the reason why there are 21 million out there now.  Because the whole process is taking ten years, early adherents had ample time to get their butts out there to promote something--whether on belief or to expand the value of their hoard. 

Altcoins need to be set up giving the buyer/miner/advocate a realistic and fair chance to get some real value for their efforts.  Our commitment to the cause of a free and better society should drive us further than it does, but the profit motive is what drives more people further, longer, setting aside free time and computer games for something that really matters.

Altcoins should be built to retain scarcity unless and until there is enough demand to justify an increase in the supply.  That is the only honorable thing to do.