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

[TheBeardedMann]

Right now I am wondering what will be next after the distribution will be "finished" (that is, when the whole lot of 500k coins has been spread out). What is next? Will we keep treating this coin like the monopoly money that it is right now? Will there be services like games made for it?

And what if people decide that it suddenly has a value? Giving away 20 coins per user with a total volume of 500,000 coins total seems like a whole lot to me, can we ensure a better distribution by the tx fees? And will these tx fees encourage holding even further?

I sent a PM to the Dev about this.  He liked the ideas I ran across him and maybe they'll come to life soon.  Gonna PM him again about starting something this weekend.  With my ideas, all your questions are answered.

[1715341238]

1715341238

[1715341238]

1715341238

[Burninj]

There is one thing I don't understand.

A lot of people say that initial distribution of Nxt wasn't fair. (althought you could invest 1$ and get NXT in value of 1.000$)

NXT IPO was 40 days long.

You said you wanted a fair distribution. But it looks like you gave away 99% of coins in 6 hours?

I know that people should distribute it now, but this is exactly what Nxt is doing. So why people complain then?
   

I don't think Premine has the same goal as Nxt you know.

We are trying to simulate on a small scale here what will happen when all bitcoins are mined, if mining is still worth the time and money...

[Musent]

There is one thing I don't understand.

A lot of people say that initial distribution of Nxt wasn't fair. (althought you could invest 1$ and get NXT in value of 1.000$)

NXT IPO was 40 days long.

You said you wanted a fair distribution. But it looks like you gave away 99% of coins in 6 hours?

I know that people should distribute it now, but this is exactly what Nxt is doing. So why people complain then?
   

Wrong. 99% has not been given away. He still has something like 130k left for the other side of the world to distribute.

[Musent]

There is one thing I don't understand.

A lot of people say that initial distribution of Nxt wasn't fair. (althought you could invest 1$ and get NXT in value of 1.000$)

NXT IPO was 40 days long.

You said you wanted a fair distribution. But it looks like you gave away 99% of coins in 6 hours?

I know that people should distribute it now, but this is exactly what Nxt is doing. So why people complain then?
   

I don't think Premine has the same goal as Nxt you know.

We are trying to simulate on a small scale here what will happen when all bitcoins are mined, if mining is still worth the time and money...

Yes, PMC is not the same goal as NXT. At least from what I've been reading/thinking about it.

[hilgi]

Right now I am wondering what will be next after the distribution will be "finished" (that is, when the whole lot of 500k coins has been spread out). What is next? Will we keep treating this coin like the monopoly money that it is right now? Will there be services like games made for it?

And what if people decide that it suddenly has a value? Giving away 20 coins per user with a total volume of 500,000 coins total seems like a whole lot to me, can we ensure a better distribution by the tx fees? And will these tx fees encourage holding even further?

We really need:

- Faucets
- Dice games or similar
- Maybe a specialized forum to discuss, and to trade small (digital) goods for PMC
- Tipbots
- A lot of giveaway threads here. I propose each one of us start one giveaway some day during the next month.
So everyday there's at least one active giveaway thread.
we should give only 1.1 coins (+ some significant fee) per person, to a lot of people.

Daily giveaway, good idea! I'm in!

[Nullu]

People giving out coins should look at this e.g.:
https://bitcointalk.org/index.php?action=profile;u=212786;sa=showPosts

Glad I didn't send him any :/

The green-eyed monster strikes again. Truth is; hording this coin will kill it fast.

Yep. Hoarding the coin just makes your coins worthless. I don't understand what part of this people don't get. If there aren't enough people holding the coin, then there won't be any transactions, any mining, any confirmations or any trading. DEAD.

STOP HOARDING.

Maybe, a sticky should be made on the forums about how coins work and increase in value and decrease in value as well (scenarios, etc) where people can read about it.

Yeah, a lot of people don't understand altcoin economics. I've had a personal hand in increasing some altcoins' value just by promoting it, so I know that individuals can make a difference, both positively and negatively.

I wish there was a way to give out coins proportional to the amount of honesty and effort certain members have, as those who will promote and share the coin deserve more. I will keep giving away the coin in the hopes it helps this coin, but there needs to be enough of us doing this to make a difference. The hoarders are the threat here.

Yes, I concur on this idea. Wish there was a way to keep track of such data. Would help tremendously in people learning about the economics of altcoins and actually develop the community of their choice of coins, instead of having 30,000 iterations of altcoins, most of them being pumped then dumped.

I'm going to put this into perspective. If you hold 5000 Premine, then you're holding 1% of all Premine coins. At most, there can only be 99 other people with as many coins as you. For an altcoin to be successful it has to be in the hands of thousands, if not tens of thousands of holders. There's nothing wrong with a few holders having a good stake if they were here from the start. That's just the way it goes. But enough people have to be giving away. Too many people holding that many coins, and the coin is already dead. Right now. Anyone sitting on coins is essentially sitting on nothing. It's only valuable if you give it away.

There needs to be more giving. Not just the initial holders, but also the ones who received coins, and also the ones they sent coins to.

You may send 100 to person X, and X may send 10 to person Y, and Y may only send 1 to person Z, but without that sort of model there won't be enough distribution.

Crazy idea here, but perhaps you should also be rewarding people for giving away. There should be a financial motive to giving away as well. Perhaps some sort of system that puts addresses that send coins to other high traffic wallet addresses the chance of winning more coins. A sort of network reward model for distribution.

So person X gives person Y some coins, and because person Y gives away lots of coins to lots of addresses, and so does X, both are eligible to win a small reward of Premine for their generosity and work.

Also my major concern is without the ability to force everyone to pay tx fees on transactions, i.e, make the current wallet unusable when the update is released, then the coin will die. There has to always be transaction fees, and no exception. No matter how small. Without transaction fees there are no miners, and with no miners there are no transations.

This is the most pressing and urgent concern for this coin and it must be addressed asap.

[6strings]

what what in the premined butt?
19gzeDbhVweFzNMGc22xXw6rT2x74M7ASo

Bask in the warm glow of the Premine I just sent you. Learn its ways, for it will serve you well. 

Thanks for the PMC you and others have sent my way.
Cheers!

[Musent]

People giving out coins should look at this e.g.:
https://bitcointalk.org/index.php?action=profile;u=212786;sa=showPosts

Glad I didn't send him any :/

The green-eyed monster strikes again. Truth is; hording this coin will kill it fast.

Yep. Hoarding the coin just makes your coins worthless. I don't understand what part of this people don't get. If there aren't enough people holding the coin, then there won't be any transactions, any mining, any confirmations or any trading. DEAD.

STOP HOARDING.

Maybe, a sticky should be made on the forums about how coins work and increase in value and decrease in value as well (scenarios, etc) where people can read about it.

Yeah, a lot of people don't understand altcoin economics. I've had a personal hand in increasing some altcoins' value just by promoting it, so I know that individuals can make a difference, both positively and negatively.

I wish there was a way to give out coins proportional to the amount of honesty and effort certain members have, as those who will promote and share the coin deserve more. I will keep giving away the coin in the hopes it helps this coin, but there needs to be enough of us doing this to make a difference. The hoarders are the threat here.

Yes, I concur on this idea. Wish there was a way to keep track of such data. Would help tremendously in people learning about the economics of altcoins and actually develop the community of their choice of coins, instead of having 30,000 iterations of altcoins, most of them being pumped then dumped.

I'm going to put this into perspective. If you hold 5000 Premine, then you're holding 1% of all Premine coins. At most, there can only be 99 other people with as many coins as you. For an altcoin to be successful it has to be in the hands of thousands, if not tens of thousands of holders. There's nothing wrong with a few holders having a good stake if they were here from the start. That's just the way it goes. But enough people have to be giving away. Too many people holding that many coins, and the coin is already dead. Right now. Anyone sitting on coins is essentially sitting on nothing. It's only valuable if you give it away.

There needs to be more giving. Not just the initial holders, but also the ones who received coins, and also the ones they sent coins to.

You may send 100 to person X, and X may send 10 to person Y, and Y may only send 1 to person Z, but without that sort of model there won't be enough distribution.

Crazy idea here, but perhaps you should also be rewarding people for giving away. There should be a financial motive to giving away as well. Perhaps some sort of system that puts addresses that send coins to other high traffic wallet addresses the chance of winning more coins. A sort of network reward model for distribution.

So person X gives person Y some coins, and because person Y gives away lots of coins to lots of addresses, and so does X, both are eligible to win a small reward of Premine for their generosity and work.

Love the idea and wish there was a way for this to happen. Maybe sometime in the future this could be done?

[EcuaMobi]

Crazy idea here, but perhaps you should also be rewarding people for giving away. There should be a financial motive to giving away as well. Perhaps some sort of system that puts addresses that send coins to other high traffic wallet addresses the chance of winning more coins. A sort of network reward model for distribution.

So person X gives person Y some coins, and because person Y gives away lots of coins to lots of addresses, and so does X, both are eligible to win a small reward of Premine for their generosity and work.

I like this idea.

Except, we need a way to prevent ping-pong "giveaways".

People would start sending themselves to alt-addresses.

If somebody has an idea on how to prevent this, this system would be great.

[Musent]

what what in the premined butt?
19gzeDbhVweFzNMGc22xXw6rT2x74M7ASo

Bask in the warm glow of the Premine I just sent you. Learn its ways, for it will serve you well. 

Thanks for the PMC you and others have sent my way.
Cheers!

Don't forget to send them on to more people please

[tingting]

1DiQ8pqHX59K9BVRb2JQJtnXpzFkW7t5ex
thx  good coin

[Nullu]

Crazy idea here, but perhaps you should also be rewarding people for giving away. There should be a financial motive to giving away as well. Perhaps some sort of system that puts addresses that send coins to other high traffic wallet addresses the chance of winning more coins. A sort of network reward model for distribution.

So person X gives person Y some coins, and because person Y gives away lots of coins to lots of addresses, and so does X, both are eligible to win a small reward of Premine for their generosity and work.

I like this idea.

Except, we need a way to prevent ping-pong "giveaways".

People would start sending theirselfs to alt-addresses.

If somebody has an idea on how to prevent this, this system would be great.

A split reward, randomly split  across each transaction. Say you, wallet A, sends coins to wallet B. There's a random split of say 1 Premine from the sender. So one of you gets 70%, and the other gets 30%. This would be completely random. Maybe it's 10% to one, 90% to the other. Your reward essentially would be potentially lower TX fees, or a bonus to the receiver, but it wouldn't really work as a way to reward yourself coins as they're your coins to begin with.

Statistically anyone trying to cheat the system would on average get 0 coins, as the coins you would be awarded would come out of your very own pocket.

This is just me thinking aloud. I'm no mathematical genius.

[gtac01]

please send me some PMC!

13xsJVBjg7C5HdzkY19deYKXvJRYNxhNyV

[gtac01]

ok no one is sending me anything so I will buy some for .010 btc , PM me your offer for .010 btc

[Nullu]

ok no one is sending me anything so I will buy some for .010 btc , PM me your offer for .010 btc

I just sent you some Premine.

Also; thanks to the person that just sent me some. 

All I'm being sent is getting redistributed to more people, so keep spreading the wealth. 

[xiaocong]

18GpdGaLaXsyDSbQZZoxgvFnivqSyxRYcU
thank u ，I like this coin。

[Nullu]

From now on I will be giving away coins to posters who are active members of the Bitcointalk community. I must feel like the coins I am giving away are also likely to travel. Not all sit in the wallet I sent them to.

Premine is pro-distribution currency. Keep sending it to make it valuable. 

[EcuaMobi]

Also my major concern is without the ability to force everyone to pay tx fees on transactions, i.e, make the current wallet unusable when the update is released, then the coin will die. There has to always be transaction fees, and no exception. No matter how small. Without transaction fees there are no miners, and with no miners there are no transations.

This is the most pressing and urgent concern for this coin and it must be addressed asap.

It is possible to force a fee.

Dev can update the miner logic, so tx without fees are not processed.
It doesn't depend only on the wallet.

[profitus]

100 PMC to whoever gets post #650 

[davidcc6]

I sold my 5 mBTC to ecuamobi

I think PMC its a very good experiment  

My PMC: 1JkJ6sKvAVXN1v5XYtAoMWj34rVAaHN4MN