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Author Topic: A message to mods: Premine % vs Premine "Time Scale"  (Read 727 times)
brooklynite
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March 01, 2014, 01:06:50 AM
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A message to mods about new coin posts. I see many coins are being posted with "only 1% premine" or similar wording. There is a big issue here that is not clarified.

What is equally (or even more) important is the "time" equal to that premine. Whats is that mean?

Ok so lets compared:

1) Coin 1. 1% Premine. Total coins X. Number of years to mine all coins 50 years.

2) Coin 2. 1% Premine. Total coins Y. Number of years to mine all coins 4 years.

Are these two coins the same?

NO

The first coin means the developer has over 50% of the coins for 182.50 days.
The second coin means the developer has over 50% of the coins for only 14.5 days.

So in case of the first coin the developers (and all those who they have bribed with the premined coins to like exchanges etc) have full control over the market for 12 times longer period of time than the first one!

This is particularly important because most coins have a life span of 2-3 months now before they completely become irrelevant.

So Mods, please enforce the Premine "TIME" in number of DAYS to be posted from now on on all [ANN] posts
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brooklynite
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March 01, 2014, 01:54:28 AM
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Any comments on this?
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March 01, 2014, 01:58:01 AM
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they don't give a FF because this a thrashcan of BTT..

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March 01, 2014, 02:40:52 AM
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A message to mods about new coin posts. I see many coins are being posted with "only 1% premine" or similar wording. There is a big issue here that is not clarified.

What is equally (or even more) important is the "time" equal to that premine. Whats is that mean?

Ok so lets compared:

1) Coin 1. 1% Premine. Total coins X. Number of years to mine all coins 50 years.

2) Coin 2. 1% Premine. Total coins Y. Number of years to mine all coins 4 years.

Are these two coins the same?

NO

The first coin means the developer has over 50% of the coins for 182.50 days.
The second coin means the developer has over 50% of the coins for only 14.5 days.

So in case of the first coin the developers (and all those who they have bribed with the premined coins to like exchanges etc) have full control over the market for 12 times longer period of time than the first one!

This is particularly important because most coins have a life span of 2-3 months now before they completely become irrelevant.

So Mods, please enforce the Premine "TIME" in number of DAYS to be posted from now on on all [ANN] posts


I been saying the exact same thing! Most of these new long term coins with 1+% premine is way to much considering the time it takes to collectively mine an amount equal to the premine. Actually the best premine beside 0% is imho 24-120 hours worth of normal reward blocks. It's not a huge amount but it is significant enough to pay dev's if the coin is successful. Although 0% is always best Wink

This will keep traders safe from massive dumps and still earn the dev's a bit of BTC if they are patient.

Even option 2 as stated in op is to much especially for a straight up clone.
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March 01, 2014, 03:23:00 AM
 #5

Rubycoin perfect example of the first.
Cryddit
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March 01, 2014, 03:35:37 AM
 #6

I think the time scale is highly relevant too.  But, if you aren't just doing a brief pump'n'dump a long time scale is actually a very important feature for a serious altcoin.   As in, one I'd like to encourage, not discourage.

Would it make you happy for an altcoin to have a 1% premine in the blockchain as a transaction in the genesis block whose outputs become spendable only at given block heights - such that the developer never controls more than 5% of outstanding coins at any time?  For example, if mining 50-coin blocks, a 50-coin output of the premine tx becomes available to the developer only at block heights divisible by 40? 

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March 01, 2014, 04:47:51 AM
 #7

The foremost thing is that mods here are under no obligation to enforce this type of requirement.

Even if they wanted to though, why should they fundamentally? Shouldn't it behoove the miners and adopters of a currency to come to this realization? What ever happened to doing your own research and personal responsibility?

brooklynite
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March 02, 2014, 04:27:02 PM
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Would it make you happy for an altcoin to have a 1% premine in the blockchain as a transaction in the genesis block whose outputs become spendable only at given block heights - such that the developer never controls more than 5% of outstanding coins at any time?  For example, if mining 50-coin blocks, a 50-coin output of the premine tx becomes available to the developer only at block heights divisible by 40?  

I think that is a great idea, but I am not sure if it will require fundamental changes to the Litecoin Scrypt source which is the basis for most of these Scrypt coins.

I think we do need altcoins coming out on a daily basis to have a large playground to find the truly successful coins. I also think premine is needed but not more than two weeks worth.

Cryddit
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March 02, 2014, 11:33:52 PM
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The only fundamental change required would be adding one scripting language instruction that loads the block height as of the time of the spend onto the stack.

brooklynite
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March 06, 2014, 05:38:08 AM
 #10

The only fundamental change required would be adding one scripting language instruction that loads the block height as of the time of the spend onto the stack.



Also what I'm trying to raise awareness is the big elephant in the room which no one seems to pay attention to and that is the TIME that developer has advantage in pre-mining NOT THE PERCENTAGE. So next time a new coin thread [ANN] is created that says 0.5% Premined then he is quickly asked HOW LONG IS THAT 0.5%? And eventually it becomes standard practice in [ANN] thread's OP.
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