PREMINE - What's happening

[igl00]

i didnt mien many cins due to premien and lost...

this days premien is normal and we have to stick with it.

[KlondikeCoin]

We didn't pre mine and we're proud of that fact

We're also working to ensure the future of the coin and will be forking in the next few days reducing the number of coins being mined every day by ~80%. Strong coin, strong community, no pre mine

I feel you need a balance of everything

[usahero]

I don't like premines. Most premined coins are shit.

Please let me know how a coin developer can pay for a business, lawyer, accountant, updates, development etc for a coin if there is no premine?

If you take out the lawyer, accountant, developer and just wing it...how can you just keep updating the coin and do all the things necessary to advertise and support the coin in the future with no money?

I am not coming at you.  I just have a legitimate question for you.

He doesn't have to pay for this stuff with premine. He can simply pay them with the coins he mines legitimately. Coin creator knows exactly when the coin will be released and could take advantage of that. I don't know exactly why a coin creator would have to pay for "bussiness", "lawyer", "accountant". I don't know why he would have to pay these with premined coins, when he could simply pay with his money.

If you start a bussiness, you have some expenses in the beggining too. Most of people with brain already made a lot of money with bitcoin, so there is no need for premine.

A coin creator doesn't have to pay for updates, because he makes the updates in his spare time. Advertising coin on reddit and bitcointalk cost 0. Most coins don't get advertissed beyond reddit and bitcointalk.


Coin creation is pretty much free. And if you can't compile the code yourself, you can pay 0.1 btc or less to somoene who can compile it for you. If you need a premine for 0.1btc, that only show that you are poor and you shouldn't be making a coin.


If your question is legit, you are either noob in crypto (nothing wrong with that) or **** ** ****.

[usahero]

In my opinion, It looks like the arguments for a minute premine is much more favorable than the arguments, or lack of, against premining.

Interesting.

Do those who think premining have a  constructive answer to show how a coin will work with a true 0 premine/instamine?

What I gather from these posts against premining is that those who don't premine can have a successful coin only if the developer is also a designer, security expert, hacker, accountant, marketer, advertiser, web developer, attorney and bank all in one.  AND he has no other job and money in his bank to just throw at an alt coin.  Now that is a good plan. 

And then I too agree 0 premine can be successful with that guy.

There is always an exception to the rule of course.

Rofl & facepalm.

[mgburks77]

Coins needs to be mined, the work and cost involved in mining creates value in the coin.

This idea has it's basis in an outdated 18th century economic philosophy labor theory of value. Modern analysis has concluded that value is completely subjective and arrived at by consensus.

This is one of the core concepts behind cryptocurrencies. You guys just want coins you can join in on the pump and dump like a feeding frenzy. You don't care about creating real value for a currency, which is derived from it's utility to a community and the consensus agreement about that utility that makes exchange possible.

Totally full of shit theorizing IMHO.  

[KlondikeCoin]

In my opinion, It looks like the arguments for a minute premine is much more favorable than the arguments, or lack of, against premining.

Interesting.

Do those who think premining have a  constructive answer to show how a coin will work with a true 0 premine/instamine?

What I gather from these posts against premining is that those who don't premine can have a successful coin only if the developer is also a designer, security expert, hacker, accountant, marketer, advertiser, web developer, attorney and bank all in one.  AND he has no other job and money in his bank to just throw at an alt coin.  Now that is a good plan. 

And then I too agree 0 premine can be successful with that guy.

There is always an exception to the rule of course.

We had a team of several people, C++ dev, web/gfx designer, someone with some marketing knowledge. We all work in the I.T industry. We needed to invest very little (just some money for servers to kick things off). No pre mine required, pre mines are just needed to make a quick buck, we mined some and used this for a couple of bountys but we pretty much did everything ourselves so there wasn't a need to pay third partys, now we have the backing of a great community who are all interested in seeing the coin succeed.

[chris112]

Thank you KlondikeCoin.  A legitimate point.

[minerman1234]

Honestly, I don't see anything wrong with a premine, at least in cases where devs took the time to develop a coin and obviously care to see it progress.  I see it as having a stake in a product, legitimate businesses do it.  Founders, CEOs, a lot of big wigs have large stakes in their companies, why should cryptocurrency be any different?  Because it has low/no startup costs?  I don't buy that argument, after all, isn't a person's time worth something?  Besides, it's not like it changes anything inherent within the currency itself.  A currency with a purpose will continue to have a purpose as long as people give it one.

I've said it once before, I don't mind if someone profits with an idea that can change the world for the better, and I sure as heck don't mind if someone profits in the process of helping me see profit.  Everyone who makes the premine argument seems so focused on what they're putting in other people's pockets, and what's more, they seem so hurt by it.  Why?  Granted, I can see why getting burned by a dev who used you as a platform to make some quick cash can be frustrating, but should that really condemn the other creators who are actually trying to do something with a crypto?  Is it really that bad to see someone get paid for their efforts?

[chris112]

Honestly, I don't see anything wrong with a premine, at least in cases where devs took the time to develop a coin and obviously care to see it progress.  I see it as having a stake in a product, legitimate businesses do it.  Founders, CEOs, a lot of big wigs have large stakes in their companies, why should cryptocurrency be any different?  Because it has low/no startup costs?  I don't buy that argument, after all, isn't a person's time worth something?  Besides, it's not like it changes anything inherent within the currency itself.  A currency with a purpose will continue to have a purpose as long as people give it one.

I've said it once before, I don't mind if someone profits with an idea that can change the world for the better, and I sure as heck don't mind if someone profits in the process of helping me see profit.  Everyone who makes the premine argument seems so focused on what they're putting in other people's pockets, and what's more, they seem so hurt by it.  Why?  Granted, I can see why getting burned by a dev who used you as a platform to make some quick cash can be frustrating, but should that really condemn the other creators who are actually trying to do something with a crypto?  Is it really that bad to see someone get paid for their efforts?

+1

[yashin]

Honestly, I don't see anything wrong with a premine, at least in cases where devs took the time to develop a coin and obviously care to see it progress.  I see it as having a stake in a product, legitimate businesses do it.  Founders, CEOs, a lot of big wigs have large stakes in their companies, why should cryptocurrency be any different?  Because it has low/no startup costs?  I don't buy that argument, after all, isn't a person's time worth something?  Besides, it's not like it changes anything inherent within the currency itself.  A currency with a purpose will continue to have a purpose as long as people give it one.

I've said it once before, I don't mind if someone profits with an idea that can change the world for the better, and I sure as heck don't mind if someone profits in the process of helping me see profit.  Everyone who makes the premine argument seems so focused on what they're putting in other people's pockets, and what's more, they seem so hurt by it.  Why?  Granted, I can see why getting burned by a dev who used you as a platform to make some quick cash can be frustrating, but should that really condemn the other creators who are actually trying to do something with a crypto?  Is it really that bad to see someone get paid for their efforts?

Most coins are "developed" through cut and pasting, doesn't take much for a dev to start his own alt coin.

IMO anything above 0.5% premine is rubbish. Most of those coins don't go to "marketing and promotion" anyway.

[wasamata]

I Don't see many CEO's working for 'pride'.
Am fully supportive of 1% so as it's used wisely and that builders premine is held in escrow.
The price should reach goal points to release parts of his premine.
This incentivises a team to work smartly, inflates a coin over time instead of a day, and does away with P n D's.

[jayman]

I don't mind an upfront premine as long as the release is fair for everyone. It's better than stating 0% premine and then instamining all the low diff blocks by withholding the wallet or not having any pools setup where everyone can start mining at the same time. There's more than one way to skin a cat

Yes this basically what is happening now, devs say no premine then have broken wallet links and no pools working for many hours giving them the premine.

Small premines are ok if done in a honorable way problem is too many greedy people spoil it for everyone else by dumping their huge premine before the coin even has a chance

[chris112]

I don't mind an upfront premine as long as the release is fair for everyone. It's better than stating 0% premine and then instamining all the low diff blocks by withholding the wallet or not having any pools setup where everyone can start mining at the same time. There's more than one way to skin a cat

Yes this basically what is happening now, devs say no premine then have broken wallet links and no pools working for many hours giving them the premine.

Small premines are ok if done in a honorable way problem is too many greedy people spoil it for everyone else by dumping their huge premine before the coin even has a chance

jayman
You hit the nail on the head!!!!!  I wish everyone in the crypto community could wake up see this.  Premining or broken pools is just the way it has to be done.    I would never have broken pools, I would just let people know there is a premine and all the stakeholders would sign an public legally enforceable agreement to not pump and dump.  I wont name the coins that say they did not premine, but this is exactly what 99 percent of all coins have done.  They are doing a "fair launch," but its just premining.  

[hostmaster]

You could have bought 50000 premines using one bitcoin. Now you can't.

agreed.

[TheBeardedMann]

Honestly, you guys put no faith in the market.  Premine or no premine, it doesn't matter.  It's not like you premine and instantly get 120 BTC.  If no one buys, no one gets paid.  So who cares, let people premine or not premine.  The market (you), will decide.  Honestly, the number of coins out there, you have no reason to care. 

But......now everyone wants some 0 day action.  That's the only reason people care about "premine."  They want as much of the 0 day mining as possible.  It's not like before all the Alts when you would just try to get the most out of your miner.  Now everyone just wants the most out of that [ANN].

And on another note, PMC is a great coin.  I personally like the idea of it. 

[lasciv]

In my opinion, It looks like the arguments for a minute premine is much more favorable than the arguments, or lack of, against premining.

Interesting.

Do those who think premining have a  constructive answer to show how a coin will work with a true 0 premine/instamine?

What I gather from these posts against premining is that those who don't premine can have a successful coin only if the developer is also a designer, security expert, hacker, accountant, marketer, advertiser, web developer, attorney and bank all in one.  AND he has no other job and money in his bank to just throw at an alt coin.  Now that is a good plan. 

And then I too agree 0 premine can be successful with that guy.

There is always an exception to the rule of course.

We had a team of several people, C++ dev, web/gfx designer, someone with some marketing knowledge. We all work in the I.T industry. We needed to invest very little (just some money for servers to kick things off). No pre mine required, pre mines are just needed to make a quick buck, we mined some and used this for a couple of bountys but we pretty much did everything ourselves so there wasn't a need to pay third partys, now we have the backing of a great community who are all interested in seeing the coin succeed.

This!