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Author Topic: What do you think about PMC coin ?  (Read 3646 times)
bungholio
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February 21, 2014, 02:06:16 PM
 #21

From the first page on the ANNC page:


"Premine, also known as PMC, is an alternate cryptocurrency that is defying normal convention in its method of mining and distribution. While some coins are mined, or earn you interest, Premine is exclusively redistributed by its users, and block rewards are generated only by network transaction fees.

The word "premine" refers to the terminology of mining before a coin is officially launched. Although the word has had both positive and negative connotations, it simply refers to coins that have been mined before launch. Since all of Premine was mined before launch for distribution, the name symbolizes its unique method of distribution.  Proof of Distribution, if you will. So even though technically all of the coins are “premined”, they are all in the hands of the community.

Premine is setting out to prove that cryptographic currency can continue long after the minting process has ended, making it not only a fascinating glimpse into the future of Bitcoin, but also a viable and stable alternative that thanks to its low total supply of less than 500,000 coins, allows each coin to store a great amount of wealth. This makes PMC an excellent alternative store of money. To say Premine is the future of Bitcoin isn’t far from the truth.

Will Bitcoin be able to survive once the minting of new coins has ended? Nobody knows. PMC started with a market cap of zero. Bitcoin currently has a market cap in excess of $8 Billion USD. Already suffering from volatile pricing, we may discover that Bitcoin might not survive this transition, and that no coin with such a high market cap ever could. In this sense Premine is also future-proof, having avoided this hazardous transition phase altogether.

We have not only side-stepped this potentially hazardous event, we have embraced it and made it the very essence of PMC. No inflation.  Just distribution.

Premine is a SHA-256 coin, just like Bitcoin. When you mine Premine, you are mining the transaction fees generated by all the people who buy, sell and trade it. In this sense, you can only mine PMC as fast as it is bought and sold, making it exceptionally stable. It does not suffer the major flaw of most cryptocurrencies, which is market flooding caused by a large drop in mining difficulty. This inevitably leads to downward pressure on market pricing causing the altcoins you hold to devalue at any given moment. PMC is not based on this model and, therefore cannot flood the market in this manner.

In PMC, The market affects the block rewards, and the block rewards affect the market. The two coexist and always seek to balance one another. PMC is built on this symmetry, and that makes it an exciting investment as well as a powerful means of exchanging goods and services.

All of the coins that ever exist have already been created and have been entirely distributed amongst the community. This distribution has continued ever since on all levels, not just by the developer, but by community members and even the exchanges.

Premine is more than just an experiment. It's a concept that is proving to work."


Hope that helps...

PMC - 15HQy3xkmZacctxXZp2hrAj6YxKYqNbU9D  PMP - PR6KSyvmRP8GkvopsCbqrzQ68FCv3yEC9L
PreMineCoin # 100% Distribution # 0% Inflation  --  PMP # The next step!
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February 21, 2014, 02:11:19 PM
 #22

Let's just even pretend for a second the Dev DID have a few thousand in cold storage (he does't), honestly this whole premise controversy offends me a lot less than the multi pool miners who swoop in and dump tens of thousands of coins just to make a quick buck and leave everyone else a bag holder. I'd much rather see the developer of a great coin profit from his creation than the fly-by-night snakes who crash coins on a daily basis.
After all, Satoshi holds hundreds of thousands of coins himself, where is the hate or scam accusations hurled at him?

Anyway I think PMC is a great concept, it could serve as a virtual "bank" for Bitcoin for holders to secure their wealth from market volatility, it will only climb in value like UNO due to its scarcity, and best of all, Wolong and his minions can't manipulate it so easily!

I also think it has a great logo and it really stands out among all the bad photoshop faux coins you see on the exchange and coin lists. It also has a great community and I suspect it requires a more educated holder to appreciate it because most trolls don't bother to read about it and just run out at the word "Premined".

Nullu
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February 21, 2014, 02:24:29 PM
 #23

Let's just even pretend for a second the Dev DID have a few thousand in cold storage (he does't), honestly this whole premise controversy offends me a lot less than the multi pool miners who swoop in and dump tens of thousands of coins just to make a quick buck and leave everyone else a bag holder. I'd much rather see the developer of a great coin profit from his creation than the fly-by-night snakes who crash coins on a daily basis.
After all, Satoshi holds hundreds of thousands of coins himself, where is the hate or scam accusations hurled at him?

Anyway I think PMC is a great concept, it could serve as a virtual "bank" for Bitcoin for holders to secure their wealth from market volatility, it will only climb in value like UNO due to its scarcity, and best of all, Wolong and his minions can't manipulate it so easily!

I also think it has a great logo and it really stands out among all the bad photoshop faux coins you see on the exchange and coin lists. It also has a great community and I suspect it requires a more educated holder to appreciate it because most trolls don't bother to read about it and just run out at the word "Premined".



The dev went one better. He gave all the coins away, and then bought his own coins back on the exchanges.

PMC had the fairest launch of a distributed coin I've ever seen.

BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF
bungholio
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February 21, 2014, 02:43:20 PM
 #24

During the recent dumps on the exchanges, it wouldn't have cost much at all to amass 10k PMC.  If Dev was in this solely for the money wouldn't it make more sense to distribute all the coin to get the ball rolling then knowing that the market is going to be shaky initially buy hard during price drops and hold that?  I mean with BTC prices being low now, PMC is stupid cheap during the price drops.  We all know that this coin is going places and buying now is a good investment. 

But I mean do what you think is right...

If PMC is worthless to you, my address is in my sig line...

PMC - 15HQy3xkmZacctxXZp2hrAj6YxKYqNbU9D  PMP - PR6KSyvmRP8GkvopsCbqrzQ68FCv3yEC9L
PreMineCoin # 100% Distribution # 0% Inflation  --  PMP # The next step!
annpaol
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February 21, 2014, 03:45:14 PM
 #25

The problem here is that all the replies come from users involved in PMC. Not unbiased.I look constanly poloniex and today, after my post, many people are dumping.
If I was useful to someone please tip me.

BTC address 14biFENcmrG9xW7yaHyDFMcjnokrWuHwst

LTC address Lga7nqNYMcWYGpKzLFW6GVhGipkZeU7D3t
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February 21, 2014, 03:51:30 PM
 #26

I don't think people get the main fact about pre-mine... The cost to maintain the price of the coin is ZERO.
Lets take Bitcoin for a moment and assume a price of 500 USD each....

25 new Bitcoins are produced ever 10 minutes... that is 3600 BTC a day... @ 500 USD we need to inject 1.8 MILLION dollars into the system just to maintain the price of 500 USD each.... or 657 million dollars a year.... Bitcoin has been doing this easily, admittedly and as the block rewards go down this will decrease. Eventually the bitcoin network will be supported only by transaction fees... and the price won't need the injection of capital to stay up... that is in the year 2160 or so.... OR

That day is NOW. Premine coin IS BTC in everyway, address space, sha256, 10 minute blocks etc..everything EXCEPT PMC has zero block awards.
And strangely it actually s distributed more evenly amongst it's users than Bitcoin itself... ( Think Winklevoss Twins etc )

Because no new coins are injected into the system there is ZERO price maintanence costs. We have skipped that entire era and do not even have the blockchain bloat the BTC has...

The PMC community was born with a pay it forward/giving mentality and even to this day someone will probably send you some free ones... This era will end eventually, but you certainly can get some on the cheap at the echanges....

This coin is similar to Unobtanium in it's rarity, improves on Unobtanium with a good community
( I give kudos to UNO though, very exciting stuff now )
I think PMC will find a niche in charity, wealth storage, and hopefully a steadier hedge against the wild fluctuations of more hyped coins ( Doge )

It is BTC, like BTC will be in the future...  If PMC does well, that means BTC will continue to do well for the foreseable future...


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February 21, 2014, 04:19:30 PM
 #27

On the early days on PMC, i was one of the people who posted interested. I think there was only 10 - 20 people interested. Although i received 5k initially, The value of PMC 5k is less than $10 or worthless. For those who was not lucky enough to be there at that time could have bought it for a cheaper price. The dev have given away almost all of the 500k.  

Don't you wonder what will happen to BTC in the future? 100 years from now? You can see it in PMC.

You think in the future people will say BTC is a scam because they are not able to mine it or they did not get giveaway?

Seriously, i think in 100 years only 500k will be left of BTC the rest will be lost forever.

Msg me if you want me to put anything here.
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February 21, 2014, 04:28:36 PM
 #28

The problem here is that all the replies come from users involved in PMC. Not unbiased.I look constanly poloniex and today, after my post, many people are dumping.
If I was useful to someone please tip me.

BTC address 14biFENcmrG9xW7yaHyDFMcjnokrWuHwst

LTC address Lga7nqNYMcWYGpKzLFW6GVhGipkZeU7D3t

All this mess for a donation. Very bad dude Sad

Print yOur PreMineCoin CaLenDar  PMC(φ) 16z7TSgoXRTepHFT1CEBXA3j5jWVQ2uADL  BTC 1AeMvtC9nhboL7fSMkyNykW864rEQWUjQC
TheBeardedMann
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February 21, 2014, 04:36:15 PM
 #29

Everyone is thinking about PMC wrong.  It's not a coin to mine (yes you can-ish), it's a coin to buy/sell/trade/giveaway.  It's not for new-comers per se, in the fact that you can't mine it like a brand new coin.  With no new coins or inflation or deflation, use PMC as insurance when coins take a dip.  The fact that the number of coins does not change, protects the value stronger than anything else.  It might not look like it now, but it will be that coin that has a solid base.

Think about it this way.  What if every exchange switched over to PMC as their base currency?  No change in the number of coins, so you don't have to worry about new coins diluting the value.  BTC changes based on miners/government policies/etc.  PMC is a solid foundation with nothing to interfere.  Keeping PMC in the cryptocurrency world as base will secure a foundation for all coins.  And it's based on BTC so securing the network with a strong hashrate is very easy.

I get it.  It's just seems hard to have others get it too.  And if you weren't in on the beginning, you might not understand that the coins were distributed everywhere, even though no one could mine them.
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February 21, 2014, 04:50:44 PM
 #30

Everyone is thinking about PMC wrong.  It's not a coin to mine (yes you can-ish), it's a coin to buy/sell/trade/giveaway.  It's not for new-comers per se, in the fact that you can't mine it like a brand new coin.  With no new coins or inflation or deflation, use PMC as insurance when coins take a dip.  The fact that the number of coins does not change, protects the value stronger than anything else.  It might not look like it now, but it will be that coin that has a solid base.

Think about it this way.  What if every exchange switched over to PMC as their base currency?  No change in the number of coins, so you don't have to worry about new coins diluting the value.  BTC changes based on miners/government policies/etc.  PMC is a solid foundation with nothing to interfere.  Keeping PMC in the cryptocurrency world as base will secure a foundation for all coins.  And it's based on BTC so securing the network with a strong hashrate is very easy.

I get it.  It's just seems hard to have others get it too.  And if you weren't in on the beginning, you might not understand that the coins were distributed everywhere, even though no one could mine them.

Agreed. I could see PMC as a standard. BTC has a lot of inflation every day (dropping the price) and PMC would remain stable unless demand dramatically outpaced supply.

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Nullu
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February 21, 2014, 04:51:27 PM
 #31

The problem here is that all the replies come from users involved in PMC. Not unbiased.I look constanly poloniex and today, after my post, many people are dumping.
If I was useful to someone please tip me.

BTC address 14biFENcmrG9xW7yaHyDFMcjnokrWuHwst

LTC address Lga7nqNYMcWYGpKzLFW6GVhGipkZeU7D3t

You don't deserve a donation. You did zero research and made no effort in explaining what it is about PMC you don't like. So people should tip you for spreading FUD? I don't think so.

People dump. Welcome to Alternate cryptocurrencies. You've had zero impact on the price of PMC, I assure you. It's dropped one tiny fraction. Back down to where it was earlier today. If anything you've just exposed more people to PMC. Unintentionally of course. You don't get tipped for that either.

BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF
solid12345
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February 21, 2014, 04:56:05 PM
 #32

Agreed. I could see PMC as a standard. BTC has a lot of inflation every day (dropping the price) and PMC would remain stable unless demand dramatically outpaced supply.

This is the problem with alts now, none can truly rise up on their own and are so pegged heavily to the price of Bitcoin, it begs the question of why even have alts in the first place. If all alts exist just to win some money to buy bitcoin, yet the alts continuously fall in price WITH bitcoin, then what is the purpose of ming for or buying alts? Any gains you made just keep getting nullified by the extreme volatility.

I think instead of so much people thinking of bitcoin as the gold standard of crypto, PMC should be the gold and leave Bitcoin as what it was INTENDED to be, the de facto currency of the internet, not a storer of wealth. And beyond bitcoin you have many alts that will serve their purpose, others will die off, but PMC can be the base upon which all the wealth concentrates.
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February 21, 2014, 05:15:21 PM
 #33

I don't think people get the main fact about pre-mine... The cost to maintain the price of the coin is ZERO.
Lets take Bitcoin for a moment and assume a price of 500 USD each....

25 new Bitcoins are produced ever 10 minutes... that is 3600 BTC a day... @ 500 USD we need to inject 1.8 MILLION dollars into the system just to maintain the price of 500 USD each.... or 657 million dollars a year.... Bitcoin has been doing this easily, admittedly and as the block rewards go down this will decrease. Eventually the bitcoin network will be supported only by transaction fees... and the price won't need the injection of capital to stay up... that is in the year 2160 or so.... OR

That day is NOW. Premine coin IS BTC in everyway, address space, sha256, 10 minute blocks etc..everything EXCEPT MNC has zero block awards.
And strangely it actually s distributed more evenly amongst it's users than Bitcoin itself... ( Think Winklevoss Twins etc )

Because no new coins are injected into the system there is ZERO price maintanence costs. We have skipped that entire era and do not even have the blockchain bloat the BTC has...

The PMC community was born with a pay it forward/giving mentality and even to this day someone will probably send you some free ones... This era will end eventually, but you certainly can get some on the cheap at the echanges....

This coin is similar to Unobtanium in it's rarity, improves on Unobtanium with a good community
( I give kudos to UNO though, very exciting stuff now )
I think PMC will find a niche in charity, wealth storage, and hopefully a steadier hedge against the wild fluctuations of more hyped coins ( Doge )

It is BTC, like BTC will be in the future...  If PMC does well, that means BTC will continue to do well for the foreseable future...



facepalm
Nullu
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February 21, 2014, 05:21:50 PM
 #34

I don't think people get the main fact about pre-mine... The cost to maintain the price of the coin is ZERO.
Lets take Bitcoin for a moment and assume a price of 500 USD each....

25 new Bitcoins are produced ever 10 minutes... that is 3600 BTC a day... @ 500 USD we need to inject 1.8 MILLION dollars into the system just to maintain the price of 500 USD each.... or 657 million dollars a year.... Bitcoin has been doing this easily, admittedly and as the block rewards go down this will decrease. Eventually the bitcoin network will be supported only by transaction fees... and the price won't need the injection of capital to stay up... that is in the year 2160 or so.... OR

That day is NOW. Premine coin IS BTC in everyway, address space, sha256, 10 minute blocks etc..everything EXCEPT MNC has zero block awards.
And strangely it actually s distributed more evenly amongst it's users than Bitcoin itself... ( Think Winklevoss Twins etc )

Because no new coins are injected into the system there is ZERO price maintanence costs. We have skipped that entire era and do not even have the blockchain bloat the BTC has...

The PMC community was born with a pay it forward/giving mentality and even to this day someone will probably send you some free ones... This era will end eventually, but you certainly can get some on the cheap at the echanges....

This coin is similar to Unobtanium in it's rarity, improves on Unobtanium with a good community
( I give kudos to UNO though, very exciting stuff now )
I think PMC will find a niche in charity, wealth storage, and hopefully a steadier hedge against the wild fluctuations of more hyped coins ( Doge )

It is BTC, like BTC will be in the future...  If PMC does well, that means BTC will continue to do well for the foreseable future...



facepalm

There'll be a lot of facepalming once Bitcoin stops minting, I agree.  Wink

PMC is in every sense BTC fastforwarded 10 years.

Most Bitcoins have been seized, lost, stolen or otherwise mishandled. The total amount in circulation in ten years time will be a mere fraction of 21 million. Also take into account that all you'll be mining is the transaction fees, and there you have it. PMC is a proof of concept of something that will eventually happen to Bitcoin.

The only thing Premine can't determine is whether or not BTC will survive the transition between minting and being able to mine transaction fees when the coin has an $8 billion+ market cap. PMC never had this issue as its market cap effectively began at 0.

Additionally, another major problem for Bitcoin is actually if it draws too much success. What if the price were 100-fold? What then? Could people even afford to send transactions to one another? What would be the lowest possible denomination to 1 cent or 1 penny?

At least PMC asks questions. Nobody is saying PMC will be as big as Bitcoin. We're not into hype. We're just saying it is Bitcoin's future. Unless Bitcoin changes its future, this is the model it will have. Like it or not.

BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF
Philll90
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February 21, 2014, 05:39:25 PM
 #35

I don't think people get the main fact about pre-mine... The cost to maintain the price of the coin is ZERO.
Lets take Bitcoin for a moment and assume a price of 500 USD each....

25 new Bitcoins are produced ever 10 minutes... that is 3600 BTC a day... @ 500 USD we need to inject 1.8 MILLION dollars into the system just to maintain the price of 500 USD each.... or 657 million dollars a year.... Bitcoin has been doing this easily, admittedly and as the block rewards go down this will decrease. Eventually the bitcoin network will be supported only by transaction fees... and the price won't need the injection of capital to stay up... that is in the year 2160 or so.... OR

That day is NOW. Premine coin IS BTC in everyway, address space, sha256, 10 minute blocks etc..everything EXCEPT MNC has zero block awards.
And strangely it actually s distributed more evenly amongst it's users than Bitcoin itself... ( Think Winklevoss Twins etc )

Because no new coins are injected into the system there is ZERO price maintanence costs. We have skipped that entire era and do not even have the blockchain bloat the BTC has...

The PMC community was born with a pay it forward/giving mentality and even to this day someone will probably send you some free ones... This era will end eventually, but you certainly can get some on the cheap at the echanges....

This coin is similar to Unobtanium in it's rarity, improves on Unobtanium with a good community
( I give kudos to UNO though, very exciting stuff now )
I think PMC will find a niche in charity, wealth storage, and hopefully a steadier hedge against the wild fluctuations of more hyped coins ( Doge )

It is BTC, like BTC will be in the future...  If PMC does well, that means BTC will continue to do well for the foreseable future...



facepalm

There'll be a lot of facepalming once Bitcoin stops minting, I agree.  Wink

PMC is in every sense BTC fastforwarded 10 years.

Most Bitcoins have been seized, lost, stolen or otherwise mishandled. The total amount in circulation in ten years time will be a mere fraction of 21 million. Also take into account that all you'll be mining is the transaction fees, and there you have it. PMC is a proof of concept of something that will eventually happen to Bitcoin.

The only thing Premine can't determine is whether or not BTC will survive the transition between minting and being able to mine transaction fees when the coin has an $8 billion+ market cap. PMC never had this issue as its market cap effectively began at 0.

Additionally, another major problem for Bitcoin is actually if it draws too much success. What if the price were 100-fold? What then? Could people even afford to send transactions to one another? What would be the lowest possible denomination to 1 cent or 1 penny?

At least PMC asks questions. Nobody is saying PMC will be as big as Bitcoin. We're not into hype. We're just saying it is Bitcoin's future. Unless Bitcoin changes its future, this is the model it will have. Like it or not.

+1
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February 21, 2014, 05:41:40 PM
 #36

i think pmc is a great experiment! i truelly think this is how alot of coins will be made from now on. its a good way to go imo, i love pmc and i think they are gonna be worth quite abit, im not selling and probly wont for awhile!
thats what i think

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February 21, 2014, 05:55:50 PM
 #37

I invested over 4 BTC in Premine for the following reasons:
- I was sick of the altcoin pump & dump scene
- simplicity by proven concept (BTC)
- I was intriged by the idea of running a Tx fee only coin
- Low to no risk for farm mining monopoly
- ASIC abuse would only speed up transactions, diff bombs would boost block rewards until retarget (who minds that)
- network could in theory run on a few CPUs, the most environmental coin there is!

100% of the coins are mined, if I own 1% today I will own that same piece of the pie in a year from now.
All the elements are here to create a stable alternative for storing BTC.

I was too late for the giveaway at the start, I received 35 PMC and donated that to the block rewarder.
Every day I burn up to 25 PMC per block rewarder script I run to keep the blocks filled in this startup phase, I'm not just hoarding but participating.

I really have to give you props. You saw the value of PMC and weren't afraid to invest. I hope you are one of the first in line to reap the benefits when PMC reaches its potential. That fact you're even giving away PMC back to the network shows goes to show what makes PMC such a great coin. It has a community that really cares about its future.

Both me and JohnnyVicious run "Block Rewarder" scripts to inject extra rewards into newly minded blocks for miners. These come out of our own pockets, and I've also had generous donations from the community to keep my Block Rewarder up and running. I've never known such a valuable coin to give back so much. This is PMC's big plan. If you give the coin to enough people, eventually it will gain critical mass. If enough people hold a worthwhile amount of PMC, we can begin to create real wealth distribution. Not faux wealth like other coins that claim to be fair where the majority of the coins are in the hands of a handful of big investors.

When those coins crash and burn, Premine will still be here.

BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF
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February 21, 2014, 06:15:52 PM
 #38

"Not faux wealth like other coins that claim to be fair where the majority of the coins are in the hands of a handful of big investors."

This statement above is the true beauty of all decentralized currencies... There is not central bank/government forcing you to participate when wealth inequality goes completely hyperbolic... the 'little guys' will simply stop participating and it will all collapse ( as it should )

The PMC community was born by giving ALL of it away to as many people as possible and we still are giving it away ( albeit in smaller doses now )
This bodes well for the longevity of the project... i.e. initially less wealth inequality.

To maintain this I propose that besides the transaction fees for the miners, we also have a "PMC Community Approved" moniker for businesses who in addition to creating transaction fees, also donate a portion of their proceeds to the faucets AND/OR to charities....

Bitciontalk.org will keep people honest....






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February 21, 2014, 06:31:20 PM
 #39

To maintain this I propose that besides the transaction fees for the miners, we also have a "PMC Community Approved" moniker for businesses who in addition to creating transaction fees, also donate a portion of their proceeds to the faucets AND/OR to charities....

Bitciontalk.org will keep people honest....

The idea of an investor group for Premine has been discussed a few times, and I think it's under consideration for Premine's new website.

BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF
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February 21, 2014, 08:22:27 PM
 #40


You don't deserve a donation.



In fact someone donated me some LTC, thanks Smiley
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