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

[Nullu]

Give PMC time. I keep saying this, but the price right now is meaningless. It needs to be in more hands, and be on more exchanges.

I've pumped another 100 PMC into new blocks on the network today. I'll pump another 100 overnight.

Now is the time to mine PMC.

Eventually it's going to sink in with people that there are less 500,000 coins in existence, and that is all there will ever be. I've never come across a coin like this before, and I will continue to distribute it via my Block Rewarder until the wallet update is released.

There will come a time where a single PMC will be valuable. We are still in the early days of distribution. Imagine where Premine could be in just a few short months. Don't miss out.

+1 , fully agreed it is a matter of time like in most investments, People will come back and whine "If ever I could come back by that time the coins were freely distributed !!!!"

Yes, it will be too late by then. You can get a good amount right now just by mining it. It's basic economics. If you want currency to move, it needs to be in enough hands. Currency would be worthless if it was only held by a couple of hundred people. This is anti-hoarding.  

Premine challenges normal cryptocurrency conventions, and that will be the reason that makes it a success. We want people to use Premine. Well, here's your chance to get some while it lasts, because it's going to be pretty damn expensive to get hold of in the near future.

how much are people averaging mining per MH/s?

That I couldn't possibly say. Do you mean how much PMC they are getting? It varies depending on the network transaction fees, and what my block rewarder pays out.

[Zzzack]

Thanks to generous donations, as well as my own PMC put aside, I have enough to distribute for some time. I believe this is the best method at my disposal to distribute PMC. Once the value goes up, or I start running low, I can change the payout settings.

The network imposed transaction fees have pushed up the rewards significantly. Average is around 0.25 PMC. I may have to slow it down if this 100 PMC runs out in the next few hours.

I would definitely lower mining rewards to like .1 PMC just to make it last a while

[Nullu]

Thanks to generous donations, as well as my own PMC put aside, I have enough to distribute for some time. I believe this is the best method at my disposal to distribute PMC. Once the value goes up, or I start running low, I can change the payout settings.

The network imposed transaction fees have pushed up the rewards significantly. Average is around 0.25 PMC. I may have to slow it down if this 100 PMC runs out in the next few hours.

I would definitely lower mining rewards to like .1 PMC just to make it last a while

I can't lower the reward, only delay the time between rewards. The vast majority of that reward is actually being imposed by the network. Since I started the rewarder a couple of hours ago, I have less than 60 PMC left. I'll have to increase the time between rewards. At least until the network imposed tx fees decrease.

On the plus side, the network is generating decent tx fees without my block rewarder.

The network is imposing a transaction fee of around 0.43 PMC right now. Which is quite high.

[ctenc001]

Give PMC time. I keep saying this, but the price right now is meaningless. It needs to be in more hands, and be on more exchanges.

I've pumped another 100 PMC into new blocks on the network today. I'll pump another 100 overnight.

Now is the time to mine PMC.

Eventually it's going to sink in with people that there are less 500,000 coins in existence, and that is all there will ever be. I've never come across a coin like this before, and I will continue to distribute it via my Block Rewarder until the wallet update is released.

There will come a time where a single PMC will be valuable. We are still in the early days of distribution. Imagine where Premine could be in just a few short months. Don't miss out.

+1 , fully agreed it is a matter of time like in most investments, People will come back and whine "If ever I could come back by that time the coins were freely distributed !!!!"

Yes, it will be too late by then. You can get a good amount right now just by mining it. It's basic economics. If you want currency to move, it needs to be in enough hands. Currency would be worthless if it was only held by a couple of hundred people. This is anti-hoarding.  

Premine challenges normal cryptocurrency conventions, and that will be the reason that makes it a success. We want people to use Premine. Well, here's your chance to get some while it lasts, because it's going to be pretty damn expensive to get hold of in the near future.

how much are people averaging mining per MH/s?

That I couldn't possibly say. Do you mean how much PMC they are getting? It varies depending on the network transaction fees, and what my block rewarder pays out.

yes, I mean PMC per day per MH/s. are they averaging like in the 1s, 10s or 100s mined per day? I was mining before your and creditcoin set up there things, and am just trying to get a feel for what to expect when I jump back in to be sure everything is in line with what other miners are getting=)

[Nullu]

Give PMC time. I keep saying this, but the price right now is meaningless. It needs to be in more hands, and be on more exchanges.

I've pumped another 100 PMC into new blocks on the network today. I'll pump another 100 overnight.

Now is the time to mine PMC.

Eventually it's going to sink in with people that there are less 500,000 coins in existence, and that is all there will ever be. I've never come across a coin like this before, and I will continue to distribute it via my Block Rewarder until the wallet update is released.

There will come a time where a single PMC will be valuable. We are still in the early days of distribution. Imagine where Premine could be in just a few short months. Don't miss out.

+1 , fully agreed it is a matter of time like in most investments, People will come back and whine "If ever I could come back by that time the coins were freely distributed !!!!"

Yes, it will be too late by then. You can get a good amount right now just by mining it. It's basic economics. If you want currency to move, it needs to be in enough hands. Currency would be worthless if it was only held by a couple of hundred people. This is anti-hoarding.  

Premine challenges normal cryptocurrency conventions, and that will be the reason that makes it a success. We want people to use Premine. Well, here's your chance to get some while it lasts, because it's going to be pretty damn expensive to get hold of in the near future.

how much are people averaging mining per MH/s?

That I couldn't possibly say. Do you mean how much PMC they are getting? It varies depending on the network transaction fees, and what my block rewarder pays out.

yes, I mean PMC per day per MH/s. are they averaging like in the 1s, 10s or 100s mined per day? I was mining before your and creditcoin set up there things, and am just trying to get a feel for what to expect when I jump back in to be sure everything is in line with what other miners are getting=)

Quite difficult to say. I have 1.2mhash pointed at the network, and I think it makes around 5 PMC a day. Again it's going to vary. Right now the mining rewards should be higher due to the high transaction fees.

Just work out how many blocks you expect to mine a day, and average the tx fees in the last 20 or 30 blocks on the network. Then times that by how many blocks you expect to mine in a day. That will give a rough estimate.

[Chris180Z]

. I urge everyone with over, say, 200 to give the rest away. Do a giveaway for people who have none. You can do that on something like reddit or cryptorun.com and link here.

As I said previously, I am keeping 80 for myself and gave the rest away. I think that number is about right for now. The coin wont work and your coins will be worthless if they are not spread around to as many people as possible.

[Nullu]

. I urge everyone with over, say, 200 to give the rest away. Do a giveaway for people who have none. You can do that on something like reddit or cryptorun.com and link here.

As I said previously, I am keeping 80 for myself and gave the rest away. I think that number is about right for now. The coin wont work and your coins will be worthless if they are not spread around to as many people as possible.

Giving away PMC is what makes it valuable. Not like the person trying to dump 5k on Poloniex for half a BTC.  

I think perhaps I've been generating a bit more in block rewards than I realised;

http://cryptexplorer.com/block/00000000006fe83f35178f691ddee9048a3298fbdf58caa3bf3cae6151899401

Those multiple transactions are me sending my coins back to myself. Not quite sure how many have ended up in one block, as the process does not happen very frequently. Can anyone explain that?

Over 1 PMC in a 1 block. Not bad.

I've slowed down the script. At this rate it should put 100 PMC a day into Miners pockets. Obviously I can't keep this up indefinitely, but for now it will increase distribution.

Edit: Difficulty just went up.

[fenghush]

Not sure if a pool would be a good idea or not. If there's demand for it I could set it up.

[Nullu]

Not sure if a pool would be a good idea or not. If there's demand for it I could set it up.

It would mean steadier payouts for Miners, certainly. I'm not against the idea. Miners like consistancy. I know I do. The tx rewards vary from block to block, but a pool would average those out nicely.

[vlight]

. I urge everyone with over, say, 200 to give the rest away. Do a giveaway for people who have none. You can do that on something like reddit or cryptorun.com and link here.

As I said previously, I am keeping 80 for myself and gave the rest away. I think that number is about right for now. The coin wont work and your coins will be worthless if they are not spread around to as many people as possible.

lol, you're assuming that everyone got their PMC for free  

[vlight]

Not sure if a pool would be a good idea or not. If there's demand for it I could set it up.

It would mean steadier payouts for Miners, certainly. I'm not against the idea. Miners like consistancy. I know I do. The tx rewards vary from block to block, but a pool would average those out nicely.

What about possible 51% attack with a pool? Or it does not matter? For instance, PTS is mined 70% by one pool and nothing bad has happened yet.

[creditcoin_CRD]

Not sure if a pool would be a good idea or not. If there's demand for it I could set it up.

It would mean steadier payouts for Miners, certainly. I'm not against the idea. Miners like consistancy. I know I do. The tx rewards vary from block to block, but a pool would average those out nicely.

What about possible 51% attack with a pool? Or it does not matter? For instance, PTS is mined 70% by one pool and nothing bad has happened yet.

Yes, it absolutely matters. PMC has some hashpower ready to roll out if it becomes a problem. Until the difficulty is higher, a pool isn't necessary. I foresee a time in the future when it will be though.

[fenghush]

The 51% attack would work only if the pool admin is dishonest. PTS is mined mostly on ypool with more than 51% at all times sometimes even higher yet no double spending incidents have been reported, although technically nothing stops the ypool admins to create a chain longer than the "real" one and no amount of confirmations can stop them from pushing any transaction they want.

[Nullu]

If Premine were valued equal to Bitcoin:

500,000 VS 21,000,000 coins

1 Premine = 42 BTC
10 Premine = 420 BTC
50 Premine = 2100 BTC
100 Premine = 4200 BTC
1000 Premine = 42000 BTC

If 1 BTC = $927

1 Premine = $38,934
5 Premine = $194,670
10 Premine = $389,340
100 Premine = $3,893,400
1000 Premine = $38,934,000

Percentage of total coins

50 = 0.01%
500 = 0.1%
5000 = 1%
50000 = 10%
500000 = 100%

In an alternate reality where everyone was using Premine as well as BTC. I wanted to use a relative example to show how a coin with a low total number could potentially be valued. This is purely theoretical. Numbers based on Premine being 500,000, but it's actually a bit less than that. Closer to 499,000. Not an example to in any way hype up the coin. Just as a relative example. If Premine had the exact market cap of BTC, then 1 Premine is, for all intents as purposes, equal to 42 BTC.

1 BTC would then be equal to 0.047 PMC. Or there abouts.

[Benezivas]

If Premine were valued equal to Bitcoin:

500,000 VS 21,000,000 coins

1 Premine = 42 BTC
10 Premine = 420 BTC
50 Premine = 2100 BTC
100 Premine = 4200 BTC
1000 Premine = 42000 BTC

If 1 BTC = $927

1 Premine = $38,934
5 Premine = $194,670
10 Premine = $389,340
100 Premine = $3,893,400
1000 Premine = $38,934,000

Percentage of total coins

50 = 0.01%
500 = 0.1%
5000 = 1%
50000 = 10%
500000 = 100%

In an alternate reality where everyone was using Premine as well as BTC. I wanted to use a relative example to show how a coin with a low total number could potentially be valued. This is purely theoretical. Numbers based on Premine being 500,000, but it's actually a bit less than that. Closer to 499,000. Not an example to in any way hype up the coin. Just as a relative example. If Premine had the exact market cap of BTC, then 1 Premine is, for all intents as purposes, equal to 42 BTC.

1 BTC would then be equal to 0.047 PMC. Or there abouts.

This - as you said it - are only dream figures, of course. I would be more interested to see this equation for a coin with a marketcap in the common, upper field (~5 mil market cap), as this would be more realistic dreaming for now.

I think one of the core issues that PMC has to tackle and that no one seems to dare to mention is that we are creating value out of thin air here. PMC currently struggles to find a basic price as no one is really able to tell what the bottom value of this coin actually is. Usually, you can create a rough equasion based on power consumption of an average GPU/CPU/ASIC and put it into a relation with the number of coinsed mined per hour/per day and so on. PMC lacks this feature as the rewards are heavily volatile, ranging from 0-5 as I read it right now (of course, the 0 reward issue is currently not existent).

Related to this is the idea of wealth linked to the creation of this coin: There was no IPO (which is good in my opinion), but at the same time no one paid a penny during the distribution phase, so we have no natural value for this coin, it was created out of thin air. I can understand the views of new users that visit this thread and think by themselves "why should I invest in a coin of which I don't even know how well it is distributed (a lot of possible heavy dumps), when I can't even be sure that these coins will ever be worth something?".

We have to address these issues and make clear and transparent statements about the state of the coin and what to expect of it, what is planned for the future and why more people should get involved into this experiment. The market won't wait for us and every day that passes on which we don't actively engage in spreading this coin and the word is fuel for FUD addressing hoarders, sharks and greed.

I want to start right now with a little experiment: Sit back for a minute and think about how we can solve these challenges and contribute to the conversation (and I don't mean one-liners here, I am expecting some thought-through statements that actually push the conversation forward). I am willing to pay 5 PMC to each good contribution (judged by myself) to the conversation, while I am expecting you to spread 2.5 PMC of this to other or new users, you may do with the rest as you please. I will only pay out 5 PMC per person once, but if you continue to contribute in a productive way, I am willing to pay further portions of 1 PMC to you (again: quality is judged by myself, and I am only willing to pay for real contributions).

[creditcoin_CRD]

If Premine were valued equal to Bitcoin:

500,000 VS 21,000,000 coins

1 Premine = 42 BTC
10 Premine = 420 BTC
50 Premine = 2100 BTC
100 Premine = 4200 BTC
1000 Premine = 42000 BTC

If 1 BTC = $927

1 Premine = $38,934
5 Premine = $194,670
10 Premine = $389,340
100 Premine = $3,893,400
1000 Premine = $38,934,000

Percentage of total coins

50 = 0.01%
500 = 0.1%
5000 = 1%
50000 = 10%
500000 = 100%

In an alternate reality where everyone was using Premine as well as BTC. I wanted to use a relative example to show how a coin with a low total number could potentially be valued. This is purely theoretical. Numbers based on Premine being 500,000, but it's actually a bit less than that. Closer to 499,000. Not an example to in any way hype up the coin. Just as a relative example. If Premine had the exact market cap of BTC, then 1 Premine is, for all intents as purposes, equal to 42 BTC.

1 BTC would then be equal to 0.047 PMC. Or there abouts.

This - as you said it - are only dream figures, of course. I would be more interested to see this equation for a coin with a marketcap in the common, upper field (~5 mil market cap), as this would be more realistic dreaming for now.

I think one of the core issues that PMC has to tackle and that no one seems to dare to mention is that we are creating value out of thin air here. PMC currently struggles to find a basic price as no one is really able to tell what the bottom value of this coin actually is. Usually, you can create a rough equasion based on power consumption of an average GPU/CPU/ASIC and put it into a relation with the number of coinsed mined per hour/per day and so on. PMC lacks this feature as the rewards are heavily volatile, ranging from 0-5 as I read it right now (of course, the 0 reward issue is currently not existent).

Related to this is the idea of wealth linked to the creation of this coin: There was no IPO (which is good in my opinion), but at the same time no one paid a penny during the distribution phase, so we have no natural value for this coin, it was created out of thin air. I can understand the views of new users that visit this thread and think by themselves "why should I invest in a coin of which I don't even know how well it is distributed (a lot of possible heavy dumps), when I can't even be sure that these coins will ever be worth something?".

We have to address these issues and make clear and transparent statements about the state of the coin and what to expect of it, what is planned for the future and why more people should get involved into this experiment. The market won't wait for us and every day that passes on which we don't actively engage in spreading this coin and the word is fuel for FUD addressing hoarders, sharks and greed.

I want to start right now with a little experiment: Sit back for a minute and think about how we can solve these challenges and contribute to the conversation (and I don't mean one-liners here, I am expecting some thought-through statements that actually push the conversation forward). I am willing to pay 5 PMC to each good contribution (judged by myself) to the conversation, while I am expecting you to spread 2.5 PMC of this to other or new users, you may do with the rest as you please. I will only pay out 5 PMC per person once, but if you continue to contribute in a productive way, I am willing to pay further portions of 1 PMC to you (again: quality is judged by myself, and I am only willing to pay for real contributions).

These are really good insights, and I encourage anybody interested to get involved in this conversation. I'll add to perspective by including some future plans. From my perspective, I am not interested in exchanges nearly as much as I am interested in services that drive transaction volume. This drives transaction fees, which in turn gives miners a reason to mine. Mining secures the network. Some things I am doing include investing in equipment to help secure the network, and working on building up a strong DEV team. The quality of DEV team, is (IMO) the backbone of the project, so building a good team is essential. We have a good community, and a lot of helpful people so we are well on our way. Future improvements to the coin will be steered by the community, but will always consist what is best for the coin itself. This is just a short summary of the current priorities from my point of view.

[Bergmannx]

accidently hit the post button

[MsCollec]

What's making PMC valuable is, that there is no inflation AND it's kind of safe from asics.
Let's face that Vertcoin is going through the roof now, one reason is that

What reason because it's rare, it's all hype give it some days.

[Bergmannx]

What's making PMC valuable is, that there is no inflation AND it's kind of safe from asics.
Let's face that Vertcoin [holding 2 blocks myself] is going through the roof now, because it's probably safe from incomming scrypt asics.
PMC is a step further and imo massivly undervalued. What we need to sort out is how to reward the miners.
I'm still in favour of setting a percental txfee in the next wallet. I guess OP is able to implemnet this, since he did well at the last bug.
So let's discuss it, the time is now.

[wenwen]

I think Preminecoin  and vertcoin will take the place of btc and ltc.