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

[Nullu]

50 Sent. Let me know when you're done so I can leave some positive trust. If it's popular send me a PM and I can send more.

Thank you. I have it just made public. Hope to large resonant

Germany is known for its efficiency, I'm sure it will be popular. 

[Nullu]

Hit another block. Surprised I'm finding any at all at this difficulty with my 333mhash eruptor. That's 3 I've found so far today. Unfortunately all empty, but I hope the wallet update will resolve the spotty tx fee issue.

P.S: Thanks to whoever just sent 198.706825. It will be used for further giving away in the thread. 

[Benezivas]

Hit another block. Surprised I'm finding any at all at this difficulty with my 333mhash eruptor. That's 3 I've found so far today. Unfortunately all empty, but I hope the wallet update will resolve the spotty tx fee issue.

P.S: Thanks to whoever just sent 198.706825. It will be used for further giving away in the thread. 

Good to see that the network keeps going, these block erupters don't eat more than 5W if I recall correctly? Anyway, there needs to be further distribution done, to prevent FUD and to establish a user base. If the faucet comes up I would recommend a reward not higher than 1 PMC (0.1 or so would be ideal as people would return to it), to keep a steady distribution going and simultaneously establish a base price as these coins are in fact scarce and should be treated this way at some point after the distribution.

[Nullu]

Hit another block. Surprised I'm finding any at all at this difficulty with my 333mhash eruptor. That's 3 I've found so far today. Unfortunately all empty, but I hope the wallet update will resolve the spotty tx fee issue.

P.S: Thanks to whoever just sent 198.706825. It will be used for further giving away in the thread. 

Good to see that the network keeps going, these block erupters don't eat more than 5W if I recall correctly? Anyway, there needs to be further distribution done, to prevent FUD and to establish a user base. If the faucet comes up I would recommend a reward not higher than 1 PMC (0.1 or so would be ideal as people would return to it), to keep a steady distribution going and simultaneously establish a base price as these coins are in fact scarce and should be treated this way at some point after the distribution.

There's someone already working on a faucet, and he says he'll be putting in the 50k bounty, so it should have more than enough. I'm always open to new ways to distribute my coins, and any automated system that makes it easier is of great interest to me.

[fishbone]

1Lr8fMnpH6GPkQ7eUAGpUUckYNkkm6tGP9

tnx 

[Honeypot]

Just finished compiling the list of addresses listed on all 86 pages of this thread, sent it in to Benezivas for review.

Me poor fingers....

I also am running a give away here:

https://bitcointalk.org/index.php?topic=432050.0;all

I will also run another give away if nullu or the dev can offer the funds. 500 sounds just enough.

I would love some donations

12We2hNanAV88pRtsStLt11y4YvspThXQt

Let me know when you want me to run that next give away- I will post here when the current one is finished.

[Benezivas]

Just finished compiling the list of addresses listed on all 86 pages of this thread, sent it in to Benezivas for review.

Me poor fingers....

I also am running a give away here:

https://bitcointalk.org/index.php?topic=432050.0;all

I will also run another give away if nullu or the dev can offer the funds. 500 sounds just enough.

I would love some donations

12We2hNanAV88pRtsStLt11y4YvspThXQt

Let me know when you want me to run that next give away- I will post here when the current one is finished.

Ty for your effort, I've awarded you with 75 PMC.

[Honeypot]

Just finished compiling the list of addresses listed on all 86 pages of this thread, sent it in to Benezivas for review.

Me poor fingers....

I also am running a give away here:

https://bitcointalk.org/index.php?topic=432050.0;all

I will also run another give away if nullu or the dev can offer the funds. 500 sounds just enough.

I would love some donations

12We2hNanAV88pRtsStLt11y4YvspThXQt

Let me know when you want me to run that next give away- I will post here when the current one is finished.

Ty for your effort, I've awarded you with 75 PMC.

I appreciate your donations

I wonder what the coin market prices will look like, now that we took mining prices more or less out of the equation. What would we base the bottom price line on? The value of lite coin to start with?

There isn't anything else this coin can be pegged to, unelss you ignore the fact that it's scrypt due to the knowledge that there is no more mining to be done.

If that's the case, should we peg it to BTC?

So each coin will be worth....(21 million / 500k) * 851 USD = $35,742?!

LOL we can dream. Even if the coin is 1 = 1 for btc, that's still quite a bit of money.

[creditcoin_CRD]

Just finished compiling the list of addresses listed on all 86 pages of this thread, sent it in to Benezivas for review.

Me poor fingers....

I also am running a give away here:

https://bitcointalk.org/index.php?topic=432050.0;all

I will also run another give away if nullu or the dev can offer the funds. 500 sounds just enough.

I would love some donations

12We2hNanAV88pRtsStLt11y4YvspThXQt

Let me know when you want me to run that next give away- I will post here when the current one is finished.

Ty for your effort, I've awarded you with 75 PMC.

I appreciate your donations

I wonder what the coin market prices will look like, now that we took mining prices more or less out of the equation. What would we base the bottom price line on? The value of lite coin to start with?

There isn't anything else this coin can be pegged to, unelss you ignore the fact that it's scrypt due to the knowledge that there is no more mining to be done.

If that's the case, should we peg it to BTC?

So each coin will be worth....(21 million / 500k) * 851 USD = $35,742?!

LOL we can dream. Even if the coin is 1 = 1 for btc, that's still quite a bit of money.

Also send a donation. Thanks for your work.

[Benezivas]

Just finished compiling the list of addresses listed on all 86 pages of this thread, sent it in to Benezivas for review.

Me poor fingers....

I also am running a give away here:

https://bitcointalk.org/index.php?topic=432050.0;all

I will also run another give away if nullu or the dev can offer the funds. 500 sounds just enough.

I would love some donations

12We2hNanAV88pRtsStLt11y4YvspThXQt

Let me know when you want me to run that next give away- I will post here when the current one is finished.

Ty for your effort, I've awarded you with 75 PMC.

I appreciate your donations

I wonder what the coin market prices will look like, now that we took mining prices more or less out of the equation. What would we base the bottom price line on? The value of lite coin to start with?

There isn't anything else this coin can be pegged to, unelss you ignore the fact that it's scrypt due to the knowledge that there is no more mining to be done.

If that's the case, should we peg it to BTC?

So each coin will be worth....(21 million / 500k) * 851 USD = $35,742?!

LOL we can dream. Even if the coin is 1 = 1 for btc, that's still quite a bit of money.

For now, the coin isn't worth more than people are willing to pay, the figures you are naming are more than optimistic, but I think a target of 2-5$ per coin might be realistic for the shortterm, but this is completly my own speculation. The important thing right now isn't the price, but rather the distribution. This coin started as an experiment, to handle a coin that is 100% premined and freely distributed, we don't want a scenario that is like NXT with individuals that hold 5% of the coin. The big issue that is before us is the greed of the individual, as everyones instinct is to hoard as many coins as possible, even if this goes along with stopping any spread of the coin and thus killing the idea this coin was built on and in consequence attracting the FUD.

[djr3535]

Please include me if I am not too late
15CjP1rP4bxmp5jDt9g2mWQ4cr2NVgJrTx

I am mining now ...

[Nullu]

Just finished compiling the list of addresses listed on all 86 pages of this thread, sent it in to Benezivas for review.

Me poor fingers....

I also am running a give away here:

https://bitcointalk.org/index.php?topic=432050.0;all

I will also run another give away if nullu or the dev can offer the funds. 500 sounds just enough.

I would love some donations

12We2hNanAV88pRtsStLt11y4YvspThXQt

Let me know when you want me to run that next give away- I will post here when the current one is finished.

Ty for your effort, I've awarded you with 75 PMC.

I appreciate your donations

I wonder what the coin market prices will look like, now that we took mining prices more or less out of the equation. What would we base the bottom price line on? The value of lite coin to start with?

There isn't anything else this coin can be pegged to, unelss you ignore the fact that it's scrypt due to the knowledge that there is no more mining to be done.

If that's the case, should we peg it to BTC?

So each coin will be worth....(21 million / 500k) * 851 USD = $35,742?!

LOL we can dream. Even if the coin is 1 = 1 for btc, that's still quite a bit of money.

Well, for one 1 PMC to = 1 BTC, there has to be as much market capital in PMC as there is in BTC, which realistically isn't going to happen any time soon. Not saying the coins couldn't be worth a lot. Could fetch 0.01 realistically, but it depends on market adoption. 42 was worth an insane amount per coin, but nobody was buying whole 42 coins.

Even with a modest market cap, Premine would be worth quite a lot. It's whether or not the market wants it, uses it, or thinks it is valuable. If enough people believe it to be valuable, then it will be.

[Honeypot]

Please include me if I am not too late
15CjP1rP4bxmp5jDt9g2mWQ4cr2NVgJrTx

I am mining now ...

This is 100% premine, but mine for transaction fees if that feeds your hunger for coins....

Also, thanks again for donations

[brycec420]

131ywAD4doJkkG2K6BuyF7s25mjFSYBJgU
thanks

[Honeypot]

Just finished compiling the list of addresses listed on all 86 pages of this thread, sent it in to Benezivas for review.

Me poor fingers....

I also am running a give away here:

https://bitcointalk.org/index.php?topic=432050.0;all

I will also run another give away if nullu or the dev can offer the funds. 500 sounds just enough.

I would love some donations

12We2hNanAV88pRtsStLt11y4YvspThXQt

Let me know when you want me to run that next give away- I will post here when the current one is finished.

Ty for your effort, I've awarded you with 75 PMC.

I appreciate your donations

I wonder what the coin market prices will look like, now that we took mining prices more or less out of the equation. What would we base the bottom price line on? The value of lite coin to start with?

There isn't anything else this coin can be pegged to, unelss you ignore the fact that it's scrypt due to the knowledge that there is no more mining to be done.

If that's the case, should we peg it to BTC?

So each coin will be worth....(21 million / 500k) * 851 USD = $35,742?!

LOL we can dream. Even if the coin is 1 = 1 for btc, that's still quite a bit of money.

Well, for one 1 PMC to = 1 BTC, there has to be as much market capital in PMC as there is in BTC, which realistically isn't going to happen any time soon. Not saying the coins couldn't be worth a lot. Could fetch 0.01 realistically, but it depends on market adoption. 42 was worth an insane amount per coin, but nobody was buying whole 42 coins.

Even with a modest market cap, Premine would be worth quite a lot. It's whether or not the market wants it, uses it, or thinks it is valuable. If enough people believe it to be valuable, then it will be.

Correct. I was just giving away mathematical, theoretic amounts

Possible, THEORETICALLY. Oh but to just dream....



The key point here is that mining is taken out of the equation. Other coins, most of them are established in their prices by hashrate/USD rates and difficulty that comes with mining, with most being pegged to LTC profitability. That gives them the baseline from which to set prices.

Similar but more so than nxt, PMC is completely distributed freely and has no mining factor to set its prices.

What, then, would you expect for this coin, and more importantly HOW?

Since mining variable is taken out, that changes the whole ball game. If there are any economic and business types who are proficient with market situations in cases such as these (removal of an entire variable which prices were pegged to), than feel free to enlighten us. Personally, it seems the price will be however much it will be worth by having it engaged in as many places as possible - a coin without mining fluctuations could serve as an intermediary exchange coin for various different currencies.

I'd say we set the base line price @ 0.01 btc per coin, but the most imporant factor is getting this coin connected to others with the knowledge that this coin is much more stable in supply.

500k has already been mined, 100%! That's something we can turn into an advantage.

[Benezivas]

Correct. I was just giving away mathematical, theoretic amounts

Possible, THEORETICALLY. Oh but to just dream....



The key point here is that mining is taken out of the equation. Other coins, most of them are established in their prices by hashrate/USD rates and difficulty that comes with mining, with most being pegged to LTC profitability. That gives them the baseline from which to set prices.

Similar but more so than nxt, PMC is completely distributed freely and has no mining factor to set its prices.

What, then, would you expect for this coin, and more importantly HOW?

Since mining variable is taken out, that changes the whole ball game. If there are any economic and business types who are proficient with market situations in cases such as these (removal of an entire variable which prices were pegged to), than feel free to enlighten us. Personally, it seems the price will be however much it will be worth by having it engaged in as many places as possible - a coin without mining fluctuations could serve as an intermediary exchange coin for various different currencies.

I'd say we set the base line price @ 0.01 btc per coin, but the most imporant factor is getting this coin connected to others with the knowledge that this coin is much more stable in supply.

500k has already been mined, 100%! That's something we can turn into an advantage.

Personally I think we shouldn't focus on the value of the coin for now. For me, this coin is still a fun experiment and the coins still seem like monopoly money for me. We are having the opportunity to test out a unique and new kind of distribution, to see if this concept is able to work out in the long run. Surely, a value needs to be found at some point as there wouldn't be a motivation without it, but for now I am very fine with a low market cap as I am really not interested in dumping this coin. I hope that the other holders can agree and focus more on distribution (even in very small amounts such as in 0.1 per person), to have this coin gain some popularity.

[Nullu]

Well, mining is still an integral part of the coin. It will still need to be mined to support the network, and if the coin becomes valuable, which provided this level of activity is sustained, seems likely, then miners will get a worthwhile return on mining tx fees.

All it requires is for enough people to be using PMC for this to happen. That's why it has to be distributed. It simply does not work if it doesn't.

However, it doesn't have to be given away for free. It's already becoming more scarce.

I still have a good amount to give away though, so provided the majority of big holders do the same, then the coin will be valuable. However, it would only take a couple of hoarders to make it worthless, so you have to ask yourself how many who got an initial stake have vanished and are just sitting on their coins letting everyone else do the work.

Like I've said previously though, people of that mindset just dump coins the first chance they get. They aren't interested in potential value or speculation. They, ironically, will be the biggest losers of all. The winners will be the ones who work hard to promote PMC, and have faith that it will gain value.

As Benezivas rightly says though, it's too early to be thinking about prices and value, but we should start thinking of novel ways to give away PMC, rather than just hand it out.

[hilgi]

I believe this is a pretty a fair coin already now.
Please send some PMC to my wallet, I am not a stackeholder (have 55 PMC so far, nearly nothing).
From all I get I will re-distribute 75% - I hope thats fair enough!? Thank you!

1Ey1Lz9aasCpxGYnk6J3vnTWrMpLvwNVY1

Sent 100, spread the word!

[Honeypot]

Well, mining is still an integral part of the coin. It will still need to be mined to support the network, and if the coin becomes valuable, which provided this level of activity is sustained, seems likely, then miners will get a worthwhile return on mining tx fees.

All it requires is for enough people to be using PMC for this to happen. That's why it has to be distributed. It simply does not work if it doesn't.

However, it doesn't have to be given away for free. It's already becoming more scarce.

I still have a good amount to give away though, so provided the majority of big holders do the same, then the coin will be valuable. However, it would only take a couple of hoarders to make it worthless, so you have to ask yourself how many who got an initial stake have vanished and are just sitting on their coins letting everyone else do the work.

Like I've said previously though, people of that mindset just dump coins the first chance they get. They aren't interested in potential value or speculation. They, ironically, will be the biggest losers of all. The winners will be the ones who work hard to promote PMC, and have faith that it will gain value.

As Benezivas rightly says though, it's too early to be thinking about prices and value, but we should start thinking of novel ways to give away PMC, rather than just hand it out.

True.

Right now I am sitting on about 238 pmc. I believe those hoarding 5000 + coins (which is about 1% of the supply) would be wise to limit themselves to a certain degree if they want this coin to take off at all since distribution is key.

However, as you said we can't just give things out without promotional ideas. How about a few big holders get together and announce a HUGE twitter/facebook/reddit/blog promotion campaign with about 10,000 PMC in stock for people who make efforts to promote this coin?

It could even bring in people from outside the forums.

[hilgi]

Well, mining is still an integral part of the coin. It will still need to be mined to support the network, and if the coin becomes valuable, which provided this level of activity is sustained, seems likely, then miners will get a worthwhile return on mining tx fees.

All it requires is for enough people to be using PMC for this to happen. That's why it has to be distributed. It simply does not work if it doesn't.

However, it doesn't have to be given away for free. It's already becoming more scarce.

I still have a good amount to give away though, so provided the majority of big holders do the same, then the coin will be valuable. However, it would only take a couple of hoarders to make it worthless, so you have to ask yourself how many who got an initial stake have vanished and are just sitting on their coins letting everyone else do the work.

Like I've said previously though, people of that mindset just dump coins the first chance they get. They aren't interested in potential value or speculation. They, ironically, will be the biggest losers of all. The winners will be the ones who work hard to promote PMC, and have faith that it will gain value.

As Benezivas rightly says though, it's too early to be thinking about prices and value, but we should start thinking of novel ways to give away PMC, rather than just hand it out.

True.

Right now I am sitting on about 238 pmc. I believe those hoarding 5000 + coins (which is about 1% of the supply) would be wise to limit themselves to a certain degree if they want this coin to take off at all since distribution is key.

However, as you said we can't just give things out without promotional ideas. How about a few big holders get together and announce a HUGE twitter/facebook/reddit/blog promotion campaign with about 10,000 PMC in stock for people who make efforts to promote this coin?

It could even bring in people from outside the forums.

+1

I would like this. I am trying to find ways to spread the coins which will have a larger impact.