Bitcoin is 88% premine to kids born today 100% to kids born in 2142

[Pizzalover420]

Bitcoin is 88% premine to kids born today
It might as well be ETH.

To kids born in 2142, it is 100% premine.
It might as well be FIAT

Do you think the future of humanity is going to accept it?
I don`t.


Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

You can have fiat, where a few create the supply out of thin air
You can have bitcoin, where people with fiat create the supply
I`ll have a coin everyone mints fairly.
I will pay people to vote
I will pay people to watch account signups on a livestream to the blockchain
I will have pools of network fee`s that the voters vote on where the funds are spent, a bittime society for roads and space exploration.


Your coin is backed by fiat, nothing.
My coin will be backed by duration, waiting, time.

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[fiulpro]

-It is more acceptable by everyone, well known
- regulated by the government , protected by the laws at many places
- You can also buy stuff with Bitcoins, gamble , organize charities etc.
- more and more people are now getting engaged with Bitcoins and it's nothing related to mining, even though more than 80% are mined people can still buy and we can still see many buying opportunities when the price is low. In the future even if the price will be high due to limited supply, people would still be able to buy and sell in smaller fractions. It won't stop suddenly. Their importance doesn't just stop when they are all mined.
It's more about usage and practicality rather than mining.

[Pizzalover420]

even though more than 80% are mined people can still buy and we can still see many buying opportunities when the price is low. In the future even if the price will be high due to limited supply, people would still be able to buy and sell in smaller fractions.

So the Rothschild central bankers still win and enslave us at any price for free?

Cool.

Know, It will be a central banker with the biggest bitcoin farm in the end, and they will collect all the coins from network fee`s AKA enforced tax and still enslave us.

[ChiBitCTy]

Interesting very first post.  My gut feeling is you are a big supporter of a certain Alt cryptocurrency that you just haven't revealed yet ( or you're proposing to make one right here..not really sure). No I do not see why this is necessary.  The whole point of having a set amount of coins produced is to fight inflation just like fiat currency. Also will humanity accept it? We already have!


I had to look up the term "premine" to be honest, and for those unaware of what it means "Premine is a condition of some new cryptocurrencies, where the max supply has already been created before being made publicly available. This means, no new coins will be creating during the mining process. Mining is a computer process of recording and verifying information on the digital record known as the blockchain. Each computer that fulfills this process can earn a reward in digital money and with cryptocurrencyes that have not been premined, a reward of brand new coins". - https://decryptionary.com/dictionary/premine/

[Pizzalover420]

Interesting very first post.  My gut feeling is you are a big supporter of a certain Alt cryptocurrency that you just haven't revealed yet ( or you're proposing to make one right here..not really sure). No I do not see why this is necessary.  The whole point of having a set amount of coins produced is to fight inflation just like fiat currency. Also will humanity accept it? We already have!

Interesting first post for a interesting idea

I support the idea of a fair cash system, the coin is not made yet, it will be called "common sense for common cents or bittime or durationcoin", but it will be and it will replace fiat and bitcoin. I am not here to promote a ponzi scheme like the other alts or btc, just a idea of fair freedom.

"will humanity accept it?"
I was talking about kids born when mining is complete. Not stupid investors who only get into btc to make more fiat today.

I don`t get it, why would you not want a cash everyone generates at the same rate over slaving for another mans fiat that he creates out of thin air in unlimited amounts.  Bitcoin only benefits the already rich, the fiat creators if we had a coin everyone creates, everyone would benefit.

[Pizzalover420]

Enjoy being enslaved to Rothschild`s with your bitcoin and $hitty altcoins.

I hope you are not born with ALS and no family to support you. Let`s see you make it by
Spoiler: 50% of the world already lives on a BIP (basic income). It`s called welfare and disability
When AI and Robots take all of the jobs, you will see why we need one.
3% of the workforce is about to go extinct because of self driving cars
there will be a self flipping burger machine that replaces all the grill guys at mcdonalds, wendys, burgerking and other food joints.
My farm used to be a 100 man operation, now its a 5 man due to tech.

My goal is simple, replace fiat, not make some of it.
Free my people from the chains of central bankers.
Make everyone a central banker.

[cr1776]

1. Fiat is not a "premine" - they are inflating it away (e.g. printing more) every year.
2. Bitcoin has a fixed total number, fiat does not.
3. "I will...".  Who put you in charge?  With bitcoin, unlike your "I will" coin and fiat, the math is in charge.
4. While I think space exploration is important, who made you god to decide that everyone else should pay for your (or my) choices?  Other people may make different choices.

Bitcoin is 88% premine to kids born today
It might as well be ETH.

To kids born in 2142, it is 100% premine.
It might as well be FIAT

Do you think the future of humanity is going to accept it?
I don`t.


Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

You can have fiat, where a few create the supply out of thin air
You can have bitcoin, where people with fiat create the supply
I`ll have a coin everyone mints fairly.
I will pay people to vote
I will pay people to watch account signups on a livestream to the blockchain
I will have pools of network fee`s that the voters vote on where the funds are spent, a bittime society for roads and space exploration.


Your coin is backed by fiat, nothing.
My coin will be backed by duration, waiting, time.

[Pizzalover420]

1. Fiat is not a "premine" - they are inflating it away (e.g. printing more) every year.
2. Bitcoin has a fixed total number, fiat does not.
3. "I will...".  Who put you in charge?  With bitcoin, unlike your "I will" coin and fiat, the math is in charge.
4. While I think space exploration is important, who made you god to decide that everyone else should pay for your (or my) choices?  Other people may make different choices.

1. It is 100% premine, it is not distributed to all participants of the nation upon creation.
2. So?
3. I would have 1 vote in the system, I will create it, math will be in charge.
4. The voters vote on where the pooled network fee`s are spent, I`m 1 vote.

[bitmover]

Bitcoin is 88% premine to kids born today
It might as well be ETH.

To kids born in 2142, it is 100% premine.
It might as well be FIAT

Do you think the future of humanity is going to accept it?
I don`t.

Premine is a concept created basically to accuse altcoins that falsely mined most of their coins before releasing it to the public. This is a dishonest attitude, and most coins that made that were scams.

There was no premine in bitcoin. Whoever want (or wanted) to mine just need to turn on a computer with a decent hash rate and contribute to the network.

All coins being already mined by 2142 makes basically no difference for regular users. Who wants bitcoin in 2142 will have to pay for it, or work for it to earn. Just like any currency.

The only difference is that there is no central authority, like the FED, creating new coins out of the thin air.

Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses. For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

You can have fiat, where a few create the supply out of thin air
You can have bitcoin, where people with fiat create the supply
I`ll have a coin everyone mints fairly.
I will pay people to vote
I will pay people to watch account signups on a livestream to the blockchain
I will have pools of network fee`s that the voters vote on where the funds are spent, a bittime society for roads and space exploration.


Your coin is backed by fiat, nothing.
My coin will be backed by duration, waiting, time.

You will pay with your new created coins? I will tell you this: You cannot create money out of thin air, unless if you are a government (which you are not). so your coin will be worthless, probably.

[HabBear]

I`ll have a coin everyone mints fairly.

SO your coin benefits the people that are able to get in early and acquire, earn before others? That sounds like the free market we have today.

I will pay people to vote

Historically, this is referred to as bribery and bribes create corrupt decision-making and power grabs.

I will pay people to watch account signups on a livestream to the blockchain

So you own the market? The coin or the process is owned you?

Your coin is backed by fiat, nothing.
My coin will be backed by duration, waiting, time.

Sounds like a bread line...

----

Don't take my comments personally, if you're going to propose bold new ideas you need to get used to those ideas being criticisized. Hopefully my questions have you thinking more about your idea and/or furthering how you explain your vision.

The fact that bitcoin is 100% mined by some unknown person from the past is a beautiful thing It keeps the currency/asset pure and free from potential corruption. It allows demand to truly drive price. It's equitable because 100 years from now the only way for people to hoard it is to buy it up. Rather than today where people can mine large quantities if they have a big enough operation.

[pixie85]

It doesn't work like that OP. Premine is when a coin is mined by developers and this makes them wealthy in coin before the launch.

Bitcoin was distributed among users, so it was more like it became airdropped to investors along the way, but even this is a bad way to compare it to a premined coin. There's no common ground here.

[DooMAD]

1. Fiat is not a "premine" - they are inflating it away (e.g. printing more) every year.
2. Bitcoin has a fixed total number, fiat does not.
3. "I will...".  Who put you in charge?  With bitcoin, unlike your "I will" coin and fiat, the math is in charge.

1. It is 100% premine, it is not distributed to all participants of the nation upon creation.
2. So?
3. I would have 1 vote in the system, I will create it, math will be in charge.

1.  That's not what "premine" means.  That's just ordinary, regular mining.  Ironically, many of the altcoins that have tried to emulate your "equal distribution" ideals actually employed a developer premine so that they could allocate funds as they saw fit.

2.  So, your coin wouldn't be able to have a fixed supply if you want equal distribution.  You would have to create more coins forever to take into account every new person that is born.  The supply would expand forever, diminishing the value of every coin that existed before.  Many consider a limited supply advantageous.  Scarcity helps value, etc.

3.  Good luck with that.  I'd recommend learning about the alignment of incentives before you get started, though.  Mining isn't just the method by which emission occurs, it's also what secures the system.  If everyone is equal in your system, there will be no advantage to being a miner.  With no incentive to secure the chain, this will likely result in a weak and centralised system, prone to attack.

[20kevin20]

I wouldn't say Bitcoin is "premined". If that's the case, then imagine how much gold has been "premined" already. Premine means being mined before (pre) its public launch.

Why not make a currency that everyone mines at the same rate upon creation of supply?
1 hour coin an hour or 1 second coin a second distributed to unique addresses.

So if a million people used your coin, there would be an inflation of 1 million coins per second or do I not get it right?

For the addresses you use a HMID, human id, fingerprint, iris, dna or heartbeat. You don`t even have to give up your name or address.

This would be more concerning imo than giving up my name/address. The address and name are information you can change if you ever really need to. Fingerprints, the IRIS and the DNA are completely unique and would pose a big risk from a privacy perspective.

I`ll have a coin everyone mints fairly.
I will pay people to vote
I will pay people to watch account signups on a livestream to the blockchain
I will have pools of network fee`s that the voters vote on where the funds are spent, a bittime society for roads and space exploration.

Good luck creating complete fairness, because achieving it seems quite impossible tbh. If you can do that, props to you. But so far, it's all just fairy tales. Try bringing up a real project and see how that works out.

Your coin is backed by fiat, nothing.

I wouldn't say so. Bitcoin is not "backed" by fiat. If you launched your own coin, it'd be simply impossible for it not to have a value in fiat. You could officially make it so that one coin of yours is worth 1 carrot all the time - but a carrot has a USD price as well. Get it? Like, almost anything out there can be valued in USD at this point. It's inevitable. Bitcoin had no USD value back in 2008-2009. It's just that the community wanted to have it worth something because it does provide some amazing features never seen before.

[Pizzalover420]

Yes the gold that is already mined is premined to kids not born yet. I would say it is premined because it is owned by someone else and you have to buy it from them.

What do over 60% of the people already live off of, welfare and disability. Imagine a global time faucet if you will. Instead of governments giving handouts a system does. Why let a few create the supply over everyone?

You can`t stop your heart from beating. You give it out already for free bud.

It`s not impossible, I`ll show you. It will be fair and legit to all.

I know bitcoin is backed by nothing, at least time, waiting, elapsed duration would back a universal time distributed coin. You know how it takes time to grow my crops, and time to harvest gold and time to mine bitcoin.

[mindrust]

Interesting take on bitcoin.

What you are trying to say is,

Just like how today's zoomers dislike any boomer assets (gold, FIAT, stocks etc) and buying crypto;

Tomorrow's zoomers will dislike today's hot investments (crypto) and will find something else to invest.

Makes sense.

But if nobody buys somebody else's bags and everybody tries to sell their bags to somebody else...

What then?

[gmaxwell]

You misunderstand what a premine is... hard to blame you because the choice of words is confusing.

In a premine coins are created in a way that doesn't give access to the public but instead reserves it to the exclusive benefit of the creator(s) of the system.

Bitcoin was public from the very first block (which was created hours after the software was released), the genesis block output is not spendable.  So *every* Bitcoin that exists was available for anyone interested to come get it-- bitcoin was announced long before the software and publicized in many applicable places.

Compare that to ethereum where 72 million coins were mined out of thin air and given to the creators of ethereum which they then kept or sold for their own personal profit, as they saw fit. No matter how informed or interested you were you could not obtain these coins except by shoving your valuable money into the private pockets of the ethereum creators (and in their initial sale they even forbid US residents from buying from them because they knew what they were doing was illegal and didn't want US authorities going after them, they even relocated to Switzerland). Moreover, after the fact they continued to mislead people or outright lie about the fact of their premine.

If you can't see the difference between someone keeping something for themselves to profit from it  vs  you not being around (or interested) personally to participate then I don't think anyone can help you.

[DooMAD]

What do over 60% of the people already live off of, welfare and disability. Imagine a global time faucet if you will. Instead of governments giving handouts a system does. Why let a few create the supply over everyone?

You can`t stop your heart from beating. You give it out already for free bud.

It`s not impossible, I`ll show you. It will be fair and legit to all.

Then first show us how you're going to secure it without mining.  It all sounds very noble, but it's also a fantasy.  If it was as easy as you make it sound, someone smart would have done it already.  There are some extraordinary intellects in the crypto community, who after more than a decade still haven't found a way to make a rival cryptocurrency which people desire more than Bitcoin.  There are obstacles you haven't recognised yet that are barriers to your success.  Those of us who have been around a while have seen it all before.  Everyone wants to believe they can do better, but they don't understand how it even works yet.  I can't help but say what you're proposing sounds a little naive.

[Pizzalover420]

Then first show us how you're going to secure it without mining.  It all sounds very noble, but it's also a fantasy.  If it was as easy as you make it sound, someone smart would have done it already.  There are some extraordinary intellects in the crypto community, who after more than a decade still haven't found a way to make a rival cryptocurrency which people desire more than Bitcoin.  There are obstacles you haven't recognised yet that are barriers to your success.  Those of us who have been around a while have seen it all before.  Everyone wants to believe they can do better, but they don't understand how it even works yet.  I can't help but say what you're proposing sounds a little naive.

It is naive to accept a supply you don`t mine at the same rate as the one you are trading with.  Nah, it`s just plain stupid.

[bbc.reporter]

I have been arguing about this, however, it only falls on deaf ears. Many of us are certainly in denial or do not understand, I reckon.

This might be the moment for everyone to begin to read on cryptocoins and monetary policies. This one by Grin has certainly opened my mind that there might be other solutions.

https://github.com/mimblewimble/docs/wiki/Monetary-Policy

[Pizzalover420]

I have been arguing about this, however, it only falls on deaf ears. Many of us are certainly in denial or do not understand, I reckon.

This might be the moment for everyone to begin to read on cryptocoins and monetary policies. This one by Grin has certainly opened my mind that there might be other solutions.

https://github.com/mimblewimble/docs/wiki/Monetary-Policy

I been going on about this for 12 years, they always make up some bullshit of how it wont work, people are so used to this bull$hit we got going on they don`t know what freedom is.

This is bitcoin. https://www.youtube.com/watch?v=x7PAMgNEtSY
People are released from 1 cage to another and think they are free.

Wake up you stupid fucks. The central bankers are still wining, they all should of been hung in 1971. I have a way to beat them without bloodshed although they should be gutted. We should find the central banking gene sequence and launch that shit into the sun, all of their offspring need to go.

Also I see your point about using the word premine, the eth thing was a joke, but the truth is, it is a 100% premine to our great, great, great, great offspring, they are going to think we were not so great.