LOTTOCOIN OLD THREAD, [CLOSED]

[Oldminer]

You are amazing, just checked coinedup. i have "dumped" 17MILL LOT there in total (that includes me selling for someone else).
Dunno where you get your 15Mill/Day from. i had estimated mining earnings of 15MILL a day, which i didnt get since broken code, and that i sold on the thread exchange @.12/Mill

Im just questioning the upside/downside of having 2% premine here. No need to make this about me.

I have made alot of money on lottocoin, so theres no hard feeling there.
Sure i sold it "cheap", but then again i made 15MILL pr day, so selling at 0.12BTC pr mill still made me an awesome profit and still do.

Dunno..must have read your post wrong..

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[svennand]

WTF? - is that right, over 386 Million coins premined??    So right now equivalent of over 65 BTC premined?

If there is no public destroying of this, then I doubt Ill bother much longer with this coin, as that has pottential to destroy.  It will certainly be a concern of any major exchange, and would not surprise me if this was one of the major factors in larger exchanges not taking this on.

In fact, to play Devils advocate, perhaps the very people that we are asking not to keep dumping on coinedup are the people sat on the equivalent of around $45,000 worth of premined coins??

Just for some basic maths, at 15 million coins a day, best that svennand could have done since the launch of the coin was 225 million, and thats if the difficulty had not risen from 0.9.  Im going to assume that at best he would have 50-60m by now given the huge percentage increase in difficulty.

15m a day at 0.9 is 7.5m a day at 1.8, and its been spiking to 9 on the dificulty, which would mean 1.5 million a day tops.

Thank you. Your getting my point here.
No good have ever comed from premines before.
Sure theres some bounties and small stuff gets created. But the perception from the public on this is generally bad...
Look at phoenixcoin, feathercoin (they didnt even premine, just had ridiculouse launch diff) and so on. Still getting hammered on chats from trolls due to "premine! scamcoin blabla".

[Amberdark]

what you are not taking into account is that svennard is not the biggest fish in the pool, I've seen people on nut2pools with 30Mhs+, in fact there is one in there right now with 32,953Kh/s

[svennand]

You are amazing, just checked coinedup. i have "dumped" 17MILL LOT there in total (that includes me selling for someone else).
Dunno where you get your 15Mill/Day from. i had estimated mining earnings of 15MILL a day, which i didnt get since broken code, and that i sold on the thread exchange @.12/Mill

Im just questioning the upside/downside of having 2% premine here. No need to make this about me.

I have made alot of money on lottocoin, so theres no hard feeling there.
Sure i sold it "cheap", but then again i made 15MILL pr day, so selling at 0.12BTC pr mill still made me an awesome profit and still do.

Dunno..must have read your post wrong..

Ah, lol i bragged a bit there. i made 15Mill the first day,then i stopped mining a day or two, and the diff was different. from there on it was downhill
Still an awesome profit compared to other coins out there though.

[Oldminer]

Ah, lol i bragged a bit there. i made 15Mill the first day,then i stopped mining a day or two, and the diff was different. from there on it was downhill
Still an awesome profit compared to other coins out there though.

Bragged or lied?

regardless, I dont see why you feel the need to continually troll this thread. Go mine some other coin if you dont like LOT, or the pre-mine, or the design or whatever?

[svennand]

what you are not taking into account is that svennard is not the biggest fish in the pool, I've seen people on nut2pools with 30Mhs+, in fact there is one in there right now with 32,953Kh/s

I kinda feel like a big fish
That guy has 30+ Mhash, it would still take him 3 months to achive the amount that has been premined.
30+ Mhash rig we are talking about some seriouse investment and power consumption. How much did the premine take?

All im saying, other coins have done a public destruction of the premine value, and it served them to do so in a positiv way.
Should be something that was considered. or at least opinionated

[Amberdark]

what you are not taking into account is that svennard is not the biggest fish in the pool, I've seen people on nut2pools with 30Mhs+, in fact there is one in there right now with 32,953Kh/s

I kinda feel like a big fish
That guy has 30+ Mhash, it would still take him 3 months to achive the amount that has been premined.
30+ Mhash rig we are talking about some seriouse investment and power consumption. How much did the premine take?

All im saying, other coins have done a public destruction of the premine value, and it served them to do so in a positiv way.
Should be something that was considered. or at least opinionated

1% premine is high, 2% is greedy. but still.. there are coins out there that have well over 10% premined and have a lot of folks using them, and taking into account that mr. lotto has given out a lot of giveaways and bounties and donations (even though I personally didn't get nothing from them) I'm fine with it

the only thing I am not fine with is that the coin needs some repairs and mr. lotto doesn't really seem to work on them

[svennand]

Bragged or lied?

Would not say i lied. The calc told me all kinds of figures, but at the end of the day. those estimates were messed up due to that bug. guess confusing would be the correct answer
You that are so good at backtracking the thread can surely find that wallet link i posted to check the correct values

regardless, I dont see why you feel the need to continually troll this thread. Go mine some other coin if you dont like LOT, or the pre-mine, or the design or whatever?

I guess im just used to a community-driven coin where people could discuss openly regarding the coin, its value, and its future plans.
Im not trying to troll this thread at all.
It does however seem that every time i say something/point out something, someones there to tell me to piss off. kinda counter constructive imo.

[C3ALL]

what you are not taking into account is that svennard is not the biggest fish in the pool, I've seen people on nut2pools with 30Mhs+, in fact there is one in there right now with 32,953Kh/s

Yep - and with 30MHash, a todays difficulties, it would still take near six months to get anywhere near the premine level of coins. Thats if the difficulty doesnt increase over the next 6 months too.

Heres something to consider, even at tdays prices for hardware, lets take a 7990 card doing 1.4 Mhash, average price here in the UK would be about $900 at best.  He would need at least 22 of those cards, plus other hardware.  So around a $20,000 investment, excluding the probable $75 a day to power, and he will be getting at todays difficulty probably 3-5 million coins a day.  Im sure he would be very impressed to have mined all this time on a coin and see the value of it destroyed by a huge premine number of coins.

Its all about numbers, and the vast numbers of coins mined are vastly in excess of what has been offered for bounties, way to many, and imho a massive turn off for any exchange.

[Oldminer]

what you are not taking into account is that svennard is not the biggest fish in the pool, I've seen people on nut2pools with 30Mhs+, in fact there is one in there right now with 32,953Kh/s

I kinda feel like a big fish
That guy has 30+ Mhash, it would still take him 3 months to achive the amount that has been premined.
30+ Mhash rig we are talking about some seriouse investment and power consumption. How much did the premine take?

All im saying, other coins have done a public destruction of the premine value, and it served them to do so in a positiv way.
Should be something that was considered. or at least opinionated

1% premine is high, 2% is greedy. but still.. there are coins out there that have well over 10% premined and have a lot of folks using them, and taking into account that mr. lotto has given out a lot of giveaways and bounties and donations (even though I personally didn't get nothing from them) I'm fine with it

mr lotto is a reasonable guy. I'm sure if he feels a destruction of some of the pre-mine is in order he will do it. At the same time though people need to bear in mind if he does this there will be less coins available to develop services and games. You cant have it both ways. As a side note, mr lotto has just pledged 10m coins to Rapidballs to get LOT on there which obviously will benefit the coin.

[C3ALL]

the only thing I am not fine with is that the coin needs some repairs and mr. lotto doesn't really seem to work on them

Hence my devils advocate question of whether the person/people sat on a premined now worth on paper about $45,000 really can resist dumping it, taking the money and moving onto developing the next gold rush?

If you were sat on a $45,000 premine, would you be spending the holidays fixing bugs, or selling a sh*tload and getting drunk on the proceeds.


Not that I am saying this is happening, but would anyone be surprised if it did?

[Hampuz]

We need to take it down a notch imo. After the christmas and New years I am certain mrlotto will start work on this coin and make it in to what it will be. We just have to be patient, for me personally Im in for the long run.

What I would like is if someone would be able to setup a forum for LOT. I am sure we can get a bounty up for that! I could put some of my money in it.

[raistlinthewiz]

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[fragga]

Look what`s happening right now on earthcoin (volume around 14 bil, 2% premine) - 0.0000068 eac/btc.

[C3ALL]

At the same time though people need to bear in mind if he does this there will be less coins available to develop services and games. You cant have it both ways.

Three hundred and eighty six MILLION coins premined.  Total $45,000 worth at todays rate - exactly how many are needed to develop services and games??  They are hardly on a scale of facebook these games and services.

Im new to mining.  I invested the equivalent of $1800 on my rig, and it costs $7 a day to run it.   Ive been mining LOT on the hope I can make a return on my investment.  To find that there is a massive level of coins premined that has the ability to make my last 15 days, $105 of running time worthless is not great.  The guy spending $75 a day finding out that his last 15 day have been wasted would be more than a little upset.

[Oldminer]

Look what`s happening right now on earthcoin (volume around 14 bil, 2% premine) - 0.0000068 eac/btc.

err..correct me if I'm wrong but didnt the EAC price just jump UP from 0.00000195 to 0.00000270?

[Amberdark]

At the same time though people need to bear in mind if he does this there will be less coins available to develop services and games. You cant have it both ways.

Three hundred and eighty six MILLION coins premined.  Total $45,000 worth at todays rate - exactly how many are needed to develop services and games??  They are hardly on a scale of facebook these games and services.

Im new to mining.  I invested the equivalent of $1800 on my rig, and it costs $7 a day to run it.   Ive been mining LOT on the hope I can make a return on my investment.  To find that there is a massive level of coins premined that has the ability to make my last 15 days, $105 of running time worthless is not great.  The guy spending $75 a day finding out that his last 15 day have been wasted would be more than a little upset.

if each time someone says "troll" you jump then that's a bad start for mining.. at any rate, it's not like the owner hid this from us, since the launch of this coin he clearly stated " - Premine 2%, for dev, support, bounty, and giveaway etc" (you can check on page 1).. I am absolutely positive that others have already mined more than 1% and at any rate the price right now is abysmal at best. Worst thing that could happen, it drops from 20 to 1 satoshi.. which isn't really that much of a difference considering that there have been plenty of cases where coins have gotten 2-3 extra zeroes overnight or have dropped to under half (best example of this is bitcoin from $1300 to $500 just 2 weeks ago),  and the price is very likely to rise again as soon as the sale is made.. taking into account that the "father" of crypto currencies is so volatile you cannot seriously expect to have constant prices on altcoins

P.S. your investment in crypto currency is a gamble, one that has a decently high probability of winning, but you must remember that the roulette will NOT always turn in your favor

[C3ALL]

If the 386 million coins are going to be used for dev, support and promotion, then I for one would like to see some open book accounting on this.  As I certainly can't see where this is being spent.  Maybe 30m at best on bounties etc so far.  What about the other 350 Million?

[Hampuz]

I do not mind if a coin is 1 or 2% premined. Since I feel it will make the dev more active and more interested in seeing it succeed. But hey, what do i know :p

[KleinMatthias]

Hi,

Since not all users of this coin are as active as you are, may I ask for a feature in a future wallet version?

Please implement one of the following features:
1) an autoupdate feature which automatically keeps the QT updated without the user doing anything (or with the user just clicking an "update" button which only appears when new updates are available - but where the entire update process is done automatically)
2) a notification feature where the user can enter his eMail address into the wallet and the wallet sends him an eMail when a new version is available? That requires - of course - that the wallet has a way to check for updates. But since Microsoft/Apple/Adobe/andalltheothers can do it, so can you :-)
3) (for those who don't even run their QT all the time) a notification feature where the user can enter his eMail address into the wallet and the wallet sends that eMail address plus its own version information to a central server of yours which then sends out an eMail when a new software version is available. And which sends a warning eMail when a mantatory update has to be performed.

Naturally, as of today, the Cryptocurrency-community has been very active but with the price explosion of the Bitcoin last month, more and more "normal users" will enter the market.
They will not keep their wallet running all the time.
They will not check the forum all the time.
But they might spend hard cash on buying this coin at an exchange and then send it over to their wallet. As a community, we even need that kind of passive user - and we need their money buying this coin.
And when they find ways to spend or donate the coin, they will. And for that purpose they will open their wallets - but not in between.

Having said this, I personally prefer feature (3) because it has a few advantage over the other 2:

• It keeps even those "passive" users in the loop that do not run their wallet regularily.
• That way, if a really important change has to be made (e.g. a new blockchain), even those users won't lose their money because they get a notification. Think of the bad publicity when "normal users" start losing their money because they simply ignored their wallets for months only to find them not working anymore because weeks before, a new blockchain or equally invasive measure was introduced without them knowing.
• That feature can be extended for marketing purposes: add a checkmark "the makers of this coin are allowed to send me exciting news about this coin yaddayaddaya" - and voila you get yourself a free marketing database with tons of eMail addresses that you can use to keep engaging your users. Notify them of new shops where they can pay with this currency. Notify them of faucets. Notify them of exchanges that trade this coin. Notify them of the rise in value of that coin. And so on. Just keep engaging even the passive users - because to make a currency successful, you need every hand and every dollar you can get.

You guys and all the other professionals or those that have privacy concerns won't use that feature - and should never be required to do so. But the regular passive user will get that fuzzy feeling that he will be informed of important stuff without him spending much time checking bitcointalk or their wallets. And that will give him extra confidence when it comes to him spending the coin or buying the coin with his FIAT.

Just a few additional remarks:

• Naturally, the best possible combination would be (3) with (1) where the users gets a "move your ass and update your wallet or else..." eMail (friendly version, of course) - and then he opens the wallet and clicks on the "update" button and that's it for him.
  
• May be the required serverside portion (the thing that collects all version information and the eMail addresses and which also allows for sending out mass eMails to all users in that database) could be written in a generic way so that other virtual currencies can implement that feature, too?
• May be, future wallets should have a default setting that causes them to run in the background as a service whenever the computer starts. That way, even many passive users will contribute to the P2P network without them even knowing. But that was just a sideline remark and describes a completely different feature request. But then again, while you are at it... :-)

Don't know. What do you guys think about that feature request?
Does anyone second that request?
Does anyone have a better idea how to solve the above mentioned challenges that this new species of regular, passive users will introduce in the weeks and months to come?

Thanks
Matt
_{LOT: LziV9CKA2gTDgo4qU4qepLKyAWfd8UqYmV}


P.S. Just a full disclosure: I have posted this same feature request to the thread of some other cryptocurrencies as well.