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

[Nullu]

Is there an ETA on when the exchange of PMC to PMP will happen?

Do we also have concrete terms of the exchange rate?

1 for 1...

500k for exchange + 500k more for more givaway.... AND, Nullu, we need YOUR help with the giveaway...
Also all PMC will not be exchanged, I am sure of it. So after the exchange period is over ( there will be plenty of time )
We all will decide what to do with the remaining PMP in the exchange batch.... destroy? Foundation? Charity? Or even give those away as well...

I'll do what I can. I'm probably going to keep some of my original PMC, say 25%, and convert the rest.

Only destroy the PMP if it can be provably destroyed (like sent to an address black hole, which I know is feasible). Charity would be a good PR move, if we can get a charity on board to sing our praises about it.

[1714683319]

1714683319

[EcuaMobi]

Hey everyone.

Got a chance to play with the new wallet, even mined some empty blocks... it works great.

But the addressing space is still wrong, so TMX is getting it recompiled and restarted so all the addresses will start with a 'P'

( It was A or 9 )...   then the ball starts to roll...

WE ARE ALMOST THERE!

Did you run this by Ecuamobi? He'll have to recode the mobile wallet to adjust for the new starting letter.

He should leave the PMC wallet the way it is... PMC won't actually be gone... PMP is a new coin...
Not everyone will trade all their PMC in I am expecting...

Sure, but my guess is he'll want to release a wallet for PMP too, which will need more effort (and particularly testing) if the first letter of addresses is different from BitCoin / PMC.

Unfortunately, the difference is far deeper than the address formatting, particularly PoS.

So at least at the beginning, I won't be able to create a mobile wallet for PMP.

If somebody can help me creating PreminePlusJ, let me know.

But, of course, the original PMC Android Wallet will be kept unchanged.

[Benezivas]

Is there an ETA on when the exchange of PMC to PMP will happen?

Do we also have concrete terms of the exchange rate?

1 for 1...

500k for exchange + 500k more for more givaway.... AND, Nullu, we need YOUR help with the giveaway...
Also all PMC will not be exchanged, I am sure of it. So after the exchange period is over ( there will be plenty of time )
We all will decide what to do with the remaining PMP in the exchange batch.... destroy? Foundation? Charity? Or even give those away as well...

There are some points that I am interested right now: How many PMP will users get? How do you plan to prevent excessive Multiaccounting? While giving the coins out remember that you shouldn't flood the market and give the people too many coins, or else the market will be dumped to death. Also, on the note of publicity: How do we get attention? You need to get the attention of the masses to the coin, or else it will be another "meh, it's free, I'll dump it"-coin. Remember to promote that PMC was the first in its field and that it is just getting to the next level.

Just my two cents.

[kbroadfoot]

Is there an ETA on when the exchange of PMC to PMP will happen?

Do we also have concrete terms of the exchange rate?

1 for 1...

500k for exchange + 500k more for more givaway.... AND, Nullu, we need YOUR help with the giveaway...
Also all PMC will not be exchanged, I am sure of it. So after the exchange period is over ( there will be plenty of time )
We all will decide what to do with the remaining PMP in the exchange batch.... destroy? Foundation? Charity? Or even give those away as well...

There are some points that I am interested right now: How many PMP will users get? How do you plan to prevent excessive Multiaccounting? While giving the coins out remember that you shouldn't flood the market and give the people too many coins, or else the market will be dumped to death. Also, on the note of publicity: How do we get attention? You need to get the attention of the masses to the coin, or else it will be another "meh, it's free, I'll dump it"-coin. Remember to promote that PMC was the first in its field and that it is just getting to the next level.

Just my two cents.

The best idea for the PMP 'Airdrop' as it were, was to give it away in 1 month rounds... Round 1 starts July1st and gives out 250,000 coins ( 50 percent of the giveaway coins ) After that is completed, round two would be 125,000 coins... round three 62,500 coins etc etc... lasting until the year 2015.. each round is a clean slate and people can re-apply for the coins... the number of coins given out will taper down, much like a POW coin tapers...

Obviously the usual double dipping and such could still happen... but all we can do is the best we can... we can't do any better than that. We could also utilize the exchanges for some coin giveaways as well....

I will be involved with the swapping of PMC for PMP and I thought it very important that the 'DEV' in charge of the giveaway NOT be me... and Vs Vrs...

[TheMightyX]

It seems most of the questions have been answered by you guys already!

In regards to destroying PMC yes, I will be creating a burn address.
An address that is unattainable.
I've spoken with the counterparty devs on how to go about generating it. Might as well let the cat out of the bag:

1PMCxxxSWAPxxxToxxxPMPxxxXXXUfNchW


I've already sent 1.0001 PMC there as a test.

As kbroadfoot mentioned we have a swap plan in place. The details will be released in the swap ANN which will be a new thread.

PMP will be unique in that it will be the first (and as far as I know of) only PoS coin to run on transaction fees instead of stake %.

When you stake and you are selected to generate the next block, you will receive all the fees from the transactions that were included in that block.
Just like the original experiment, mining for tx fees.
Except we will be staking for tx fees.

This makes PMP unique.

Due to the distribution strategy PMP will also be scarce. No one person will have too much.
Regarding double dipping, this will be kept to a minimum by only allowing accounts with 20+ activity.
We may end up modifying the giveaway plan before we ANN though as I have some concerns.

Please do NOT send anything to the burn address yet as we are not ready to start swapping.

[TheMightyX]

The best idea for the PMP 'Airdrop' as it were,

ugh, please no one use the "airdrop" word in relation to the PMP giveaway.
Lets try to distance ourselves from that ridiculous marketing gimmick.

[kbroadfoot]

The best idea for the PMP 'Airdrop' as it were,

ugh, please no one use the "airdrop" word in relation to the PMP giveaway.
Lets try to distance ourselves from that ridiculous marketing gimmick.

Heh, thats why I put it in single quotes...

[Benezivas]

There are some points that I am interested right now: How many PMP will users get? How do you plan to prevent excessive Multiaccounting? While giving the coins out remember that you shouldn't flood the market and give the people too many coins, or else the market will be dumped to death. Also, on the note of publicity: How do we get attention? You need to get the attention of the masses to the coin, or else it will be another "meh, it's free, I'll dump it"-coin. Remember to promote that PMC was the first in its field and that it is just getting to the next level.

Just my two cents.

The best idea for the PMP 'Airdrop' as it were, was to give it away in 1 month rounds... Round 1 starts July1st and gives out 250,000 coins ( 50 percent of the giveaway coins ) After that is completed, round two would be 125,000 coins... round three 62,500 coins etc etc... lasting until the year 2015.. each round is a clean slate and people can re-apply for the coins... the number of coins given out will taper down, much like a POW coin tapers...

Obviously the usual double dipping and such could still happen... but all we can do is the best we can... we can't do any better than that. We could also utilize the exchanges for some coin giveaways as well....

I will be involved with the swapping of PMC for PMP and I thought it very important that the 'DEV' in charge of the giveaway NOT be me... and Vs Vrs...

I don't want to sound like a greedy hoarder that is fearing for the wealth of his coins, but I am a little concerned about giving away 250k coins in a short amount of time. You have to take into account that without enough people claiming these coins, this might result in few people getting a lot of coins, thus automatically lowering the base value of the coin.

Don't get me wrong, I am all for giving away all the coins in a reasonable amount of time, but this time we should ensure a wider spread of the coins and especially aim at growing the community.

[maardein]

There are some points that I am interested right now: How many PMP will users get? How do you plan to prevent excessive Multiaccounting? While giving the coins out remember that you shouldn't flood the market and give the people too many coins, or else the market will be dumped to death. Also, on the note of publicity: How do we get attention? You need to get the attention of the masses to the coin, or else it will be another "meh, it's free, I'll dump it"-coin. Remember to promote that PMC was the first in its field and that it is just getting to the next level.

Just my two cents.

The best idea for the PMP 'Airdrop' as it were, was to give it away in 1 month rounds... Round 1 starts July1st and gives out 250,000 coins ( 50 percent of the giveaway coins ) After that is completed, round two would be 125,000 coins... round three 62,500 coins etc etc... lasting until the year 2015.. each round is a clean slate and people can re-apply for the coins... the number of coins given out will taper down, much like a POW coin tapers...

Obviously the usual double dipping and such could still happen... but all we can do is the best we can... we can't do any better than that. We could also utilize the exchanges for some coin giveaways as well....

I will be involved with the swapping of PMC for PMP and I thought it very important that the 'DEV' in charge of the giveaway NOT be me... and Vs Vrs...

I don't want to sound like a greedy hoarder that is fearing for the wealth of his coins, but I am a little concerned about giving away 250k coins in a short amount of time. You have to take into account that without enough people claiming these coins, this might result in few people getting a lot of coins, thus automatically lowering the base value of the coin.

Don't get me wrong, I am all for giving away all the coins in a reasonable amount of time, but this time we should ensure a wider spread of the coins and especially aim at growing the community.

I think 1 month isn't that short, at least not in crypto. And we should indeed be careful about the giveaway. We need to make a system that limits the amount of 'double dippers', but still make sure it is easy to join. We could also limit the amount of coins per person on forehand, to make sure that if there aren't enough legit applicants they won't get huge amount of coins (say 1000 coins p.p. max, so at least 250 people in first giveaway). We could then move 'left over' coins to the next giveaway round.

[Bergmannx]

I still don't get why there has to be a huge giveaway or a giveaway at all. From an investor's point of view this is pure poison.
Coin's supply would had been dramatically shortend, if there was only a swap. In Your scenario there will be even more coins.

[maardein]

I still don't get why there has to be a huge giveaway or a giveaway at all. From an investor's point of view this is pure poison.
Coin's supply would had been dramatically shortend, if there was only a swap. In Your scenario there will be even more coins.

Well the idea is to attract new people and new interest to PMP. It became clear that with the current amount of users we aren't able to keep the coin alive. Rarity in itself does not mean value. Rarity combined with many users (demand) does. The new PMP still has only a few coins compared to most other coins out there.

[kbroadfoot]

I still don't get why there has to be a huge giveaway or a giveaway at all. From an investor's point of view this is pure poison.
Coin's supply would had been dramatically shortend, if there was only a swap. In Your scenario there will be even more coins.

PremineCoin was born of the idea you 'premine em all and give them all away'. At the time 'premine' was a dirty word. Bringing on scammer accusations etc etc...

This is PreminePlus...  we carry on that original idea.. we GIVE away em all.. just like before... with the slight exception of previous PMC holders have a sort of IPO stake in this new coin ( if they desire ) with the swap.

[Bergmannx]

I still don't get why there has to be a huge giveaway or a giveaway at all. From an investor's point of view this is pure poison.
Coin's supply would had been dramatically shortend, if there was only a swap. In Your scenario there will be even more coins.

Well the idea is to attract new people and new interest to PMP. It became clear that with the current amount of users we aren't able to keep the coin alive. Rarity in itself does not mean value. Rarity combined with many users (demand) does. The new PMP still has only a few coins compared to most other coins out there.

Other coins tried this, PMC included, it never worked out.

[bluedude]

I still don't get why there has to be a huge giveaway or a giveaway at all. From an investor's point of view this is pure poison.
Coin's supply would had been dramatically shortend, if there was only a swap. In Your scenario there will be even more coins.

PremineCoin was born of the idea you 'premine em all and give them all away'. At the time 'premine' was a dirty word. Bringing on scammer accusations etc etc...

This is PreminePlus...  we carry on that original idea.. we GIVE away em all.. just like before... with the slight exception of previous PMC holders have a sort of IPO stake in this new coin ( if they desire ) with the swap.

Just like the word "premine" was a dirty word during the PMC distribution,
the words "free giveaway" is having the same effect at present.

There are so many of them around, most of them gets manipulated by sock puppet accounts and none of them has succeeded yet.
Only time will tell, if we are making the same mistake twice.

[EcuaMobi]

I don't know if it's too late to change plans. But what if we change to a "proof-of-donation" for PMP distribution?

For example, we could ask Sean's Outpost to create special PMC and BTC addresses for us (or use current addresses).

Then we can continue with the 1-to-1 swap from PMC, sending to that address instead of 1PMCxxxSWAP... And we can set a price for BTC-to-PMP, probably something around PMC price at Poloniex.

Sean's Outpost would publish something in their site. He'll be able to help with the donations, and we'll get some media coverage.

[yogibaer]

I still don't get why there has to be a huge giveaway or a giveaway at all. From an investor's point of view this is pure poison.
Coin's supply would had been dramatically shortend, if there was only a swap. In Your scenario there will be even more coins.

Well the idea is to attract new people and new interest to PMP. It became clear that with the current amount of users we aren't able to keep the coin alive. Rarity in itself does not mean value. Rarity combined with many users (demand) does. The new PMP still has only a few coins compared to most other coins out there.

I ask myself why PMP should be more attractive. What does PMP have what other coins don't - Except the free giveaway? Rarity alone doesn't mean anything any more. What is the difference between PMC and PMP? What is the innovation that should make PMP more valueable than PMC? And more users doesn't necessarily lead to more transactions or buying interest. Most if not all coins are backed by nothing but hot air (from mining ;-), and pump&dump).

[kbroadfoot]

I still don't get why there has to be a huge giveaway or a giveaway at all. From an investor's point of view this is pure poison.
Coin's supply would had been dramatically shortend, if there was only a swap. In Your scenario there will be even more coins.

Well the idea is to attract new people and new interest to PMP. It became clear that with the current amount of users we aren't able to keep the coin alive. Rarity in itself does not mean value. Rarity combined with many users (demand) does. The new PMP still has only a few coins compared to most other coins out there.

I ask myself why PMP should be more attractive. What does PMP have what other coins don't - Except the free giveaway? Rarity alone doesn't mean anything any more. What is the difference between PMC and PMP? What is the innovation that should make PMP more valueable than PMC? And more users doesn't necessarily lead to more transactions or buying interest. Most if not all coins are backed by nothing but hot air (from mining ;-), and pump&dump).

PMP is pure POS.... the PMC is a bitcoin clone ( POW )  with 2 week difficulty retargeting...  people might stop mining it and the blockchain would freeze..

AND it is PMP... ( a slightly funny acronym )

[kbroadfoot]

I don't know if it's too late to change plans. But what if we change to a "proof-of-donation" for PMP distribution?

For example, we could ask Sean's Outpost to create special PMC and BTC addresses for us (or use current addresses).

Then we can continue with the 1-to-1 swap from PMC, sending to that address instead of 1PMCxxxSWAP... And we can set a price for BTC-to-PMP, probably something around PMC price at Poloniex.

Sean's Outpost would publish something in their site. He'll be able to help with the donations, and we'll get some media coverage.

People like proof of burn... ( for whatever reason )
I also think reducing the number of PMC out there may make the original PMC work more as well...

[yogibaer]

PMP is pure POS.... the PMC is a bitcoin clone ( POW )  with 2 week difficulty retargeting...  people might stop mining it and the blockchain would freeze..

AND it is PMP... ( a slightly funny acronym )

Yes I know that PMP is pure POS. But this is not my question. In the value peak 1 PMC equaled 1.22$ after that it fell to 0.01 - 0.05 $.
I don't think that pure POS will give a coin a stable value of 1 - 2 $, which would be a market cap of about 1-2 Mill. for PMP.

Of course PMP will not have this value from the first day on but what does PMP have so it could reach this value within 1/2 or a year for example?

[bluedude]

I also think reducing the number of PMC out there may make the original PMC work more as well...

Not sure about that.
Less PMC means less people mining and eventually the block chain will freeze, as you said before.

PMC might also get delisted from all the exchanges, if there is not enough volume to keep it alive.
So I dont see the point in holding any PMC once PMP goes live.