Ridiculously premined alt coins

[muddafudda]

any kit to create a coin? I want create a premined one too   

Ask this guy. https://bitcointalk.org/index.php?topic=352830.0

He's really good at setting up alts with premines and likely responsible for half the junk scam coins out there.

Wonder if that name is connected to a business do we have a defamation case.

[Joe_Bauers]

There's a really simple solution to all of this called "options" with an exercise date at least one year after the coin is released. This would eliminate ALL pump n dump crap coins.

[number37]

There's a really simple solution to all of this called "options" with an exercise date at least one year after the coin is released. This would eliminate ALL pump n dump crap coins.

only if dev is less greedy and willing to do it

GLB is ingenious, 20% premine under "tax", wtf

[Joe_Bauers]

There's a really simple solution to all of this called "options" with an exercise date at least one year after the coin is released. This would eliminate ALL pump n dump crap coins.

only if dev is less greedy and willing to do it

It's up to the community to not support coins in the future that don't apply this incredibly simple concept.

What's happening now is no different than if Steve Jobs (or insert any CEO) sold all of his stock in AAPL within the first week after the company went public. Hint: Apple would no longer be trading on any exchange or even be around if that happened

[rumlazy]

It's not out yet, but 10% of all curecoins minted will go straight to the devs.  (45% miners, 45% folders, 10% devs)

[dfox101]

I found a tutorial for creating alt coins, and I will create one, premined of course... let's premine (20% + 5%)/2 = 12.5%, of course remember that this is for dev, bounty etc, and please don't get me wrong 

Don't say premine 12.5% is too high, as you know, many are higher   

[middlepath]

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

Really? Could you give me 3 reasons why I should buy NXT? Thanks.

[INSeed]

It's not out yet, but 10% of all curecoins minted will go straight to the devs.  (45% miners, 45% folders, 10% devs)

Meh why not, I like the concept.

[JonnyBravo]

There's a really simple solution to all of this called "options" with an exercise date at least one year after the coin is released. This would eliminate ALL pump n dump crap coins.

Hi Joe_Bauers, sorry for my naivety of economics but I'd love a layman's explanation of this.

[rikkejohn]

It's no problem to release whatever coins you want, but intentional hide, cheat, and mislead people on the facts of the coins are bad. Premine whatever you want, say it straight, and let people decide what to mine.

trying to hide huge premines, and fool people, will be backfired once revealed. Premine 5% and say 2%, I am not surprised by it, as ADT is released by a dishonest guy.

Whether ADT was released by a dishonest guy or not, it is clearly not backfiring. The price just passed 100, and that is against LTC @ $35.

It is supposedly getting listed on one of the big Chinese exchanges, too (or so I read).

I like ADT, I like the name, the idea of the coin, the large amount you buy. So congratulations to the Dev for creating something that I find amusing.

I made some money from it just now, only about $1000, but great for me.

The premine thing is a bit or a red herring in my eyes. Fair enough when someone does 66% (as in ORB), but is 5% really that bad? It is not as though he is passing off crap to starving babies for a profit. All the coins are effectively for speculation, with very few having any use value other than selling to another person, who sells to another person, etc. The Grand Pyramid of Albania.

But we all know this is the game, right? We speculate, and to win it must be at someone else's expense.

(no personal offence intended to OP).

[Joe_Bauers]

There's a really simple solution to all of this called "options" with an exercise date at least one year after the coin is released. This would eliminate ALL pump n dump crap coins.

Hi Joe_Bauers, sorry for my naivety of economics but I'd love a layman's explanation of this.

A dev would be able to allocate a small amount of coins upon creation, but they would't be able to spend them for a specified period of time - say 1 year. This way, the dev would have a vested interest in the coin. I suppose really this is more similar to a bond.

True (call) options also have to be above a certain value (strike price) on the exercise date to be redeemed. This could also be incorporated into a coin, though not as easily.

http://en.wikipedia.org/wiki/Option_(finance)

[dfox101]

By reading the thread, someone seem like the premined coins, that's good enough... I will create one premined and see how it goes 

[number37]

By reading the thread, someone seem like the premined coins, that's good enough... I will create one premined and see how it goes 

good luck to your coin, what's the name by the way?

[maxxoccupancy]

There's a really simple solution to all of this called "options" with an exercise date at least one year after the coin is released. This would eliminate ALL pump n dump crap coins.

Hi Joe_Bauers, sorry for my naivety of economics but I'd love a layman's explanation of this.

A dev would be able to allocate a small amount of coins upon creation, but they would't be able to spend them for a specified period of time - say 1 year. This way, the dev would have a vested interest in the coin. I suppose really this is more similar to a bond.

True (call) options also have to be above a certain value (strike price) on the exercise date to be redeemed. This could also be incorporated into a coin, though not as easily.

http://en.wikipedia.org/wiki/Option_(finance)

Better yet, have some kind of parallel mine, but no premine.  In other words, the development team would start with nothing, but share 5% of the reward coins generated.  If 500 coins are produced in a day, each of five developer, advocate will get five coins sent to their address out of 25 total.  With their benefit being based entirely on the long term value and viability of the altcoin, they would have every incentive to maintain a higher, stable value.  If the altcoin eventually builds a $10 million market cap, each one would have $100k worth of their own coins, but only after working to build that kind of value.

[zackclark70]

There's a really simple solution to all of this called "options" with an exercise date at least one year after the coin is released. This would eliminate ALL pump n dump crap coins.

Hi Joe_Bauers, sorry for my naivety of economics but I'd love a layman's explanation of this.

A dev would be able to allocate a small amount of coins upon creation, but they would't be able to spend them for a specified period of time - say 1 year. This way, the dev would have a vested interest in the coin. I suppose really this is more similar to a bond.

True (call) options also have to be above a certain value (strike price) on the exercise date to be redeemed. This could also be incorporated into a coin, though not as easily.

http://en.wikipedia.org/wiki/Option_(finance)

Better yet, have some kind of parallel mine, but no premine.  In other words, the development team would start with nothing, but share 5% of the reward coins generated.  If 500 coins are produced in a day, each of five developer, advocate will get five coins sent to their address out of 25 total.  With their benefit being based entirely on the long term value and viability of the altcoin, they would have every incentive to maintain a higher, stable value.  If the altcoin eventually builds a $10 million market cap, each one would have $100k worth of their own coins, but only after working to build that kind of value.

if the premine is used to promote / repair the coin only and not make the devs money its best to have the whole amount to hand to pay for unexpected things

[JonnyBravo]

There's a really simple solution to all of this called "options" with an exercise date at least one year after the coin is released. This would eliminate ALL pump n dump crap coins.

Hi Joe_Bauers, sorry for my naivety of economics but I'd love a layman's explanation of this.

A dev would be able to allocate a small amount of coins upon creation, but they would't be able to spend them for a specified period of time - say 1 year. This way, the dev would have a vested interest in the coin. I suppose really this is more similar to a bond.

True (call) options also have to be above a certain value (strike price) on the exercise date to be redeemed. This could also be incorporated into a coin, though not as easily.

http://en.wikipedia.org/wiki/Option_(finance)

Joe, thanks very much

[Hippie Tech]

+1 Joe_Bauers.

A growing number of these pump n dump devs are abandoning their coins. This should lessen the chances of that happening aswell.

[dreamwatcher]

Sometimes Pre-mines are used to protect the coin holders when a chain develops a serious enough issue. In certain situations a large pre-mine is used to redistribute the coins that would have been lost in a chain reboot.

For example Cubits had to be rebooted and the pre-mine went to replace the coins lost in the reboot. Cassie did do the re-distribution by hand, which was quite a bit of work in itself.

I am the developer of the Darsek reboot. Originally the coin was based on a flawed clone and at one point POS block minting brought the network to its knees.

The V2 client/daemon is cloned directly from Novacoin. This required a new block chain. Block one will be a super block of 285,000 KED (The amount minted on the old chain). After the block matures, all the coins will be distributed to the same addresses and amounts that were there on the block cutoff. I run cryptocoinexplorer and my new explorer (CCE3 - In testing), keeps track of every balance of every address on the block chain. This allowed me to extract all the balances from the database.

The new client will automatically detect an old Darsek wallet, salvage the keys and create a current version wallet(Address version is the same..everything else is unique to the new chain). All the coins one had on the old block chain will show up in the new wallet.

We are currently on the second and final block chain test before release.The release chain will be a fresh chain. I have a block explorer up so people can see how this works.

https://bitcointalk.org/index.php?topic=280114.msg3921480#msg3921480

My point is, not all pre-mining is bad and can in fact help save a coin that needs it.

[sam53]

Agree with you said, but there's a limit to the amount of the premine. 5% appears way excessive, 20% is a joke

[MisO69]

Mining is the scam;

Hey lets make a currency to avoid the evil banks and distribute it fairly (oh but you must have many thousands $$$$ in computer gear to mine and the more you have the more you get hmmmmmm).

Damn those people with money!!