[ANN] [PMC] Premine Coin | Rare | Mining Transaction Fee Proof of Concept

[TheMightyX]

I agree....  the so called 'airdrop' of the rest of the coins will not happen right away... and TheMightyX has come up with a tiered system to drop those coins anyway with will make it a longer process... I think Nullu shoud be in charge of the Airdrop..

Phase one is simply the offering of swapping PMC for PMC2 ( or what ever it is named )

This phase should be long enough to get the word out AND we need to destroy any remaining coins NOT swapped in...
( People like public destruction of coins for whatever reason )

Then after some time ( another month perhaps ) we start the second phase... which should/can last for 6 months
Also we should put a bunch into a faucet that can be hit daily etc etc.... that would be up to Nullu...

We could map the number of coins swapped out for PMC2 to an equal number earmarked for giveaway as well.. or not... there are a lot of possibilities...

I'd be happy to keep a proportion of the coins safe until the time comes to distribute them. As long as we have a well thought out plan on how it's all going to happen.

What went wrong with the initial distribution was too many coins were given to too few people too quickly. I like the idea of phases, and a well-thought out approach to distribution.

I think you and Kbroadfoot have shown yourselves to be pretty decent community members and I don't think anyone will have trouble trusting you guys with a portion of the funds.

I'd like to get the details hammered out today. I'm on IRC now, will leave it open and check back every so often.

[1714662790]

1714662790

[Nullu]

I agree....  the so called 'airdrop' of the rest of the coins will not happen right away... and TheMightyX has come up with a tiered system to drop those coins anyway with will make it a longer process... I think Nullu shoud be in charge of the Airdrop..

Phase one is simply the offering of swapping PMC for PMC2 ( or what ever it is named )

This phase should be long enough to get the word out AND we need to destroy any remaining coins NOT swapped in...
( People like public destruction of coins for whatever reason )

Then after some time ( another month perhaps ) we start the second phase... which should/can last for 6 months
Also we should put a bunch into a faucet that can be hit daily etc etc.... that would be up to Nullu...

We could map the number of coins swapped out for PMC2 to an equal number earmarked for giveaway as well.. or not... there are a lot of possibilities...

I'd be happy to keep a proportion of the coins safe until the time comes to distribute them. As long as we have a well thought out plan on how it's all going to happen.

What went wrong with the initial distribution was too many coins were given to too few people too quickly. I like the idea of phases, and a well-thought out approach to distribution.

I think you and Kbroadfoot have shown yourselves to be pretty decent community members and I don't think anyone will have trouble trusting you guys with a portion of the funds.

I'd like to get the details hammered out today. I'm on IRC now, will leave it open and check back every so often.

I'm in IRC now. I'll be on the channel for a couple of hours.

[kbroadfoot]

On IRC now

[Ait]

Just checking in to say well done on getting PMC a reprieve on Poloniex...when they said they were delisting I thought it was all over!

I see you guys have big plans for a way forward have you settled on anything in particular?

[kbroadfoot]

Letter to 'TheMightyX':

New coin:

1 million coins + 1 million more POS rewards over 5 years..

( eventually 2 million total )

500k for swap, 500k for giveaway... ( perhaps less for bounties and such )

giveway tiered as you suggested.

Month 1: 50 percent of the coins
Month 2: 25 percent
Month 3: 12.5 percent
Month 4: 6.25 perecnt
Month 5: 3.125

etc... for 6 months maybe...

In addition some giveaways on exchanges, faucets etc... ( maardien volunteered )

PMC/Swap destroy lasts exactly 1 month. The PMC swapped in WILL be destroyed. However the PMC+ remaining unswapped will either be destroyed, OR donated to a charity fund/foundation. All we need is a name....  PMC+,  PPOS ( that would be PreminePOS ), PremiumCoin, PPOS etc...

[old fart]

The PMC/Swap destroy lasting exactly 1 month sounds like a good idea to me. If it is done that way less people will miss out on the swap. Some coins are oly giving people two weeks, which seems a bit harsh.

[kbroadfoot]

The PMC/Swap destroy lasting exactly 1 month sounds like a good idea to me. If it is done that way less people will miss out on the swap. Some coins are oly giving people two weeks, which seems a bit harsh.

Yes 1 month... exactly.... PMC left over will actually serve to continue PMC as it is...
But 1 month is plenty of time to get the word out as well

[Allepisodes]

One more thing Please get a nice looking logo for the new coin something with high detail everything else about PMC+ sounds good. Hope tx fee mining is better this time around.

[Bergmannx]

Letter to 'TheMightyX':

New coin:

1 million coins + 1 million more POS rewards over 5 years..

( eventually 2 million total )

500k for swap, 500k for giveaway... ( perhaps less for bounties and such )

giveway tiered as you suggested.

Month 1: 50 percent of the coins
Month 2: 25 percent
Month 3: 12.5 percent
Month 4: 6.25 perecnt
Month 5: 3.125

etc... for 6 months maybe...

In addition some giveaways on exchanges, faucets etc... ( maardien volunteered )

PMC/Swap destroy lasts exactly 1 month. The PMC swapped in WILL be destroyed. However the PMC+ remaining unswapped will either be destroyed, OR donated to a charity fund/foundation. All we need is a name....  PMC+,  PPOS ( that would be PreminePOS ), PremiumCoin, PPOS etc...

Don't see why someone should buy a coin with 50% giveaway. Giveaway phase was some months ago, PMC went through many many hands then, which is a massive advantage now. You are destroying this advantage and doing the same mistakes. There is no succesful coin out there based on huge giveaways. Burning coins 1 for 1 can be succesful, where total amount is lowered plus some nice features and voilà.

[kbroadfoot]

Letter to 'TheMightyX':

New coin:

1 million coins + 1 million more POS rewards over 5 years..

( eventually 2 million total )

500k for swap, 500k for giveaway... ( perhaps less for bounties and such )

giveway tiered as you suggested.

Month 1: 50 percent of the coins
Month 2: 25 percent
Month 3: 12.5 percent
Month 4: 6.25 perecnt
Month 5: 3.125

etc... for 6 months maybe...

In addition some giveaways on exchanges, faucets etc... ( maardien volunteered )

PMC/Swap destroy lasts exactly 1 month. The PMC swapped in WILL be destroyed. However the PMC+ remaining unswapped will either be destroyed, OR donated to a charity fund/foundation. All we need is a name....  PMC+,  PPOS ( that would be PreminePOS ), PremiumCoin, PPOS etc...

Don't see why someone should buy a coin with 50% giveaway. Giveaway phase was some months ago, PMC went through many many hands then, which is a massive advantage now. You are destroying this advantage and doing the same mistakes. There is no succesful coin out there based on huge giveaways. Burning coins 1 for 1 can be succesful, where total amount is lowered plus some nice features and voilà.

Well. We have work to do... I actually don't want to many people to buy at first... we need to work on various forms of adoption... what will happen is people will 'sell' the giveaway.... and allow people who believe to even get a bigger position...

The tiered giveaway is a bit like a halving block reward... it should work...

[TheMightyX]

Letter to 'TheMightyX':

New coin:

1 million coins + 1 million more POS rewards over 5 years..

( eventually 2 million total )

500k for swap, 500k for giveaway... ( perhaps less for bounties and such )

giveway tiered as you suggested.

Month 1: 50 percent of the coins
Month 2: 25 percent
Month 3: 12.5 percent
Month 4: 6.25 perecnt
Month 5: 3.125

etc... for 6 months maybe...

In addition some giveaways on exchanges, faucets etc... ( maardien volunteered )

PMC/Swap destroy lasts exactly 1 month. The PMC swapped in WILL be destroyed. However the PMC+ remaining unswapped will either be destroyed, OR donated to a charity fund/foundation. All we need is a name....  PMC+,  PPOS ( that would be PreminePOS ), PremiumCoin, PPOS etc...

Don't see why someone should buy a coin with 50% giveaway. Giveaway phase was some months ago, PMC went through many many hands then, which is a massive advantage now. You are destroying this advantage and doing the same mistakes. There is no succesful coin out there based on huge giveaways. Burning coins 1 for 1 can be succesful, where total amount is lowered plus some nice features and voilà.

Well. We have work to do... I actually don't want to many people to buy at first... we need to work on various forms of adoption... what will happen is people will 'sell' the giveaway.... and allow people who believe to even get a bigger position...

The tiered giveaway is a bit like a halving block reward... it should work...

The idea is not to give everything away all at once.
As it is released in waves, each wave will have more publicity and more people applying for a decreasing amount of PMC. In this regard it works just like the block reward with higher difficulty resulting in less coins for each person.

Yes, because PMC already has value we are going to be giving away "free money" and a majority of people will just turn around and sell it. But many wont. Those that sell will be giving their PMC to people who believe PMC will have more value in the future, which is what we want.
Even though it is just being given away, each individual person will not have a lot of PMC, this results in less dumping because there are no "whales" per say.

When its very easy for people to obtain coins (at the start of PoW mining) you get a select few people holding a large amount of coins. This is why prices tend to tank before going up.

As for a name, PMC+ or PMCP I think would appeal to everyone (we don't want to move away from the "premine" name, only add to it).

[Allepisodes]

PMC²

[maardein]

I think PMC+ looks nice. No other coin has a '+' in its ticker, which makes this one stand out on exchanges etc.

[bluedude]

The idea is not to give everything away all at once.
As it is released in waves, each wave will have more publicity and more people applying for a decreasing amount of PMC. In this regard it works just like the block reward with higher difficulty resulting in less coins for each person.

Yes, because PMC already has value we are going to be giving away "free money" and a majority of people will just turn around and sell it. But many wont. Those that sell will be giving their PMC to people who believe PMC will have more value in the future, which is what we want.
Even though it is just being given away, each individual person will not have a lot of PMC, this results in less dumping because there are no "whales" per say.

When its very easy for people to obtain coins (at the start of PoW mining) you get a select few people holding a large amount of coins. This is why prices tend to tank before going up.

As for a name, PMC+ or PMCP I think would appeal to everyone (we don't want to move away from the "premine" name, only add to it).

I dont like the idea of giving the dumpers more coins to dump, which we already has done with PMC.
Do you think the dumpers wont dump, if the amount is small? Its all with the mind-set and those who are after quick money will always dump as every little helps to achieve their short term goal.
I havent seen much interest in this coin recently, when the prices has plummetted - so dont expect lot of people to buy this coin from dumpers at cheap prices.
Even though we are planning to give small amounts to individual accounts, how do we deal with sock puppet accounts?

And for the name, 'premine' kind of has a stigma associated with the term in crypto community and I would try to move away from it, if we can.
Every newbie who comes to the crypto community, will soon find out / or given advise to avoid all premine coins as most of them are scams.
If we stick with the premine term, most of the new people will  ignore this coin, just because of the name I am afraid.
Even though we are doing justice to our coin with the name, not everyone will look into the details of every coin as there are tonnes of them out there now.

Thats my 2 patoshis.

[qgmurugan007]

The idea is not to give everything away all at once.
As it is released in waves, each wave will have more publicity and more people applying for a decreasing amount of PMC. In this regard it works just like the block reward with higher difficulty resulting in less coins for each person.

Yes, because PMC already has value we are going to be giving away "free money" and a majority of people will just turn around and sell it. But many wont. Those that sell will be giving their PMC to people who believe PMC will have more value in the future, which is what we want.
Even though it is just being given away, each individual person will not have a lot of PMC, this results in less dumping because there are no "whales" per say.

When its very easy for people to obtain coins (at the start of PoW mining) you get a select few people holding a large amount of coins. This is why prices tend to tank before going up.

As for a name, PMC+ or PMCP I think would appeal to everyone (we don't want to move away from the "premine" name, only add to it).

I dont like the idea of giving the dumpers more coins to dump, which we already has done with PMC.
Do you think the dumpers wont dump, if the amount is small? Its all with the mind-set and those who are after quick money will always dump as every little helps to achieve their short term goal.
I havent seen much interest in this coin recently, when the prices has plummetted - so dont expect lot of people to buy this coin from dumpers at cheap prices.
Even though we are planning to give small amounts to individual accounts, how do we deal with sock puppet accounts?

And for the name, 'premine' kind of has a stigma associated with it in the crypto community and I would try to move away from it, if we can.
Every newbie who comes to the crypto community, will soon find out / or given advise to avoid all premine coins as most of them are scams.
If we stick with the premine term, most of the new people will  ignore this coin, just because of the name I am afraid.
Even though we are doing justice to our coin with the name, not everyone will look into the details of every coin as there are tonnes of them out there now.

Thats my 2 patoshis.

I like free giveaways as it increases the user base and more people will know about the coin.
I missed the original PMC one, looking forward to this one now.

[yogibaer]

I dont like the idea of giving the dumpers more coins to dump, which we already has done with PMC.
Do you think the dumpers wont dump, if the amount is small? Its all with the mind-set and those who are after quick money will always dump as every little helps to achieve their short term goal.

The problem are not the dumpers the problem is to have more buyers than dumpers!

I havent seen much interest in this coin recently, when the prices has plummetted - so dont expect lot of people to buy this coin from dumpers at cheap prices.

If a portion of PMC+ is only available for PMC and PMC+ is really interesting for people, a lot of people would try to get PMC to trade them for PMC+ then. OK I know we don't want stake holders with too large amounts of the new coin. There has to be away to manage that somehow.

And for the name, 'premine' kind of has a stigma associated with the term in crypto community and I would try to move away from it, if we can.
Every newbie who comes to the crypto community, will soon find out / or given advise to avoid all premine coins as most of them are scams.
If we stick with the premine term, most of the new people will  ignore this coin, just because of the name I am afraid.
Even though we are doing justice to our coin with the name, not everyone will look into the details of every coin as there are tonnes of them out there now.

Thats my 2 patoshis.

instead of "premine" the new coin PMC+ could be "PremiumCoin+" I read a suggestion with "premium" some pages backwards.

[yogibaer]

kbroadfoot / themightyX

If also other languages for the new coin are planned I could translate the new website from english to german.

[Sharecoin11234]

I think PMC+ looks nice. No other coin has a '+' in its ticker, which makes this one stand out on exchanges etc.

Agree. But when go to big market?

[kbroadfoot]

Here is a coin that did a similar transition to POS that we are trying to do...
A little 'blustery' in language... but worth a look.

https://bitcointalk.org/index.php?topic=592220.0

[maardein]

I think PMC+ looks nice. No other coin has a '+' in its ticker, which makes this one stand out on exchanges etc.

Agree. But when go to big market?

We are at poloniex, which is quite a good exchange in my opinion already. With more exchanges we are spreading the buys even more.