I was at launch , hardcoreminers pool and solomining , I got the equivalent of 0.5mil solomining orphaned, developer and his group were instamining the shit out of the coin. After launch , the wallet took me 20 mins to sync, it already had 8000 blocks, and it was syncing blocks from 2 hours before the launch...around 5000 blocks were blocks synced before the launch, don`t believe me check it for yourselves, that cannot be the premine alone...
I am sorry for everybody that has dedicated time and electricity
I wasn't aware of this launch so I missed the start. I begun mining a while after, and seeing that the difficulty was low and the net hashrate wasn't that big, I decided to try soloing for a while. Most of my hashes were rejected and the ones that were accepted soon became orphan. I was a bit frustrated with this, so I started looking for answers, because I believed there was something wrong with my settings (first time I mine a scrypt-jane coin). Anyway, after aprox. 1 hour of reading and seeing that this was something that happened before with other S-j coins, I realized that there was nothing I could do about it and my settings probably had nothing to do with it. Soon after, to my delight, I found my first confirmed block, height 18500.
Now, let's do some brutal math, and make the worst assumptions:
- We have a total of 5,000,000,000 coins.
- The premine was announced at 0,1%. (5,000,000 coins)
- Soon after I announced my first found block on this forum, people started confirming that they begun finding blocks too, meaning that the network was becoming stable (...or something, I'm not a pro, just your casual addicted miner)
- the reward I got for finding that block was 1030.54 coins
Now, let's assume that all blocks prior to my first found block (18500) were mischievously premined, and let's assume that the reward for each of them was 3000 coins (max reward as stated in OP). This would mean that the devs premined a total of 18500 x 3000 = 55,500,000 coins. That is a little bit over 1.1% of the total coins.
Even in this worst case scenario, the premine would not be that bad. I see you people jumping head first into all kinds of crappy IPO and high premine coins as long as you have the chance to grab as many of them as possible in the first 5 minutes after the lunch and dump them quickly on the first exchange that gets paid to accept that crap of a coin.
So, now I ask you, is that brutally calculated premine of 1.1% so unacceptable to make you turn your back on this coin? I say no. I am supporting this coin and would love to see it grow.
Good luck to the owners and everyone mining and investing in it!