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Author Topic: Should Coinmarketcap change its formula? 50% Premine coins  (Read 911 times)
Nullu
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March 12, 2014, 04:30:35 PM
Last edit: March 12, 2014, 04:46:27 PM by Nullu
 #1

Starting to see the beginning of a horrible trend of 50% premined coins coming out. It's very disingenuous as you can bet there are going to be a lot of scam coins that will just get their premine dumped.

Soon everyone and their aunt are going to doing 50% Premined coins.

Basically, it's coin value x mined supply. If a coin has a declared premine, then the question is; should it be included in the market cap? a premine isn't the same as market supply, so I'm not sure why it's treated as such.

All well and good for legitimate coins, and provided coinmarketcap avoids the obvious scam coins, it will be fine, but it's just a matter of time before the community gets hit by one of these 50% dumps, and it's going to be devastating.

I'm not including AuroraCoin or MazaCoin in this. While questionable. they're certainly more credible than the garbage that's starting to follow in their wake.

Gaelcoin; https://bitcointalk.org/index.php?topic=506076.0
Spaincoin; https://bitcointalk.org/index.php?topic=500511.0

How the hell will that work, then?

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March 12, 2014, 04:35:21 PM
 #2

premined coins must be hided as default
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March 12, 2014, 04:39:35 PM
 #3

yes also remove unmineable coins like ripple.

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March 12, 2014, 04:39:53 PM
 #4

Include an age older than option and set default for that beyond the typical first pump and dump, which I guess is usually within three months of opening.

I wonder those coins for which it is known that most coins are not available should not have that total coins as a multiplier.. Ripple being the big abuser of that idea.
If I create 99,999,996,303 of my own coin and sell only 10 of them for $10 each, do I have a market cap of $999,999,963,030?..


yes also remove unmineable coins like ripple.

No!!.. It's important that some Bitcoin2.0 Protocol coins are visible - NXT; MSC; XCP etc are valuable and that they are not available to miners doesn't suggest their marketcap is not interesting! But do remove Ripple - that's in a different category of not being a proper alt-currency that holds value; it's just the water in which Ripple shrills float.

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Nullu
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March 12, 2014, 04:44:30 PM
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Include an age older than option and set default for that as a typical first pump and dump, which I guess is usually within three months of opening.

I wonder those coins for which it is known that most coins are not available should not have that total coins as a multiplier.. Ripple being the big abuser of that idea.
If I create 99,999,996,303 of my own coin and sell only 10 of them for $10 each, do I have a market cap of $999,999,963,030?..


yes also remove unmineable coins like ripple.

No!!.. It's important that some Bitcoin2.0 Protocol coins are visible - NXT; MSC; XCP etc are valuable and that they are not available to miners doesn't suggest their marketcap is not interesting!

Yeah, clearly the idea of premine being a part of the market cap isn't a great model, and is innacurate until the coins are on the market.

I'm quite sure how ripple works in that respect.

Premine (PMC) was 100% premined, but all the coins were given away - so the premine of Premine is now 0.

What I'm saying is; should only the coins available to the market count towards the market cap? This seems like a much fairer model.

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wallstreetcoiner
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March 12, 2014, 05:25:46 PM
 #6

I think the tide is turning. People are already migrating to sane sites: http://cryptmarketcap.com/

marine4u
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March 12, 2014, 09:33:56 PM
 #7

I think they should not change their formula, if they do they will just lose their credibility. And it would not mean anything.

Just because Bitcoin is not going to be number one anymore is making alot of people nervous, I see. But the days are numbered as number 1.

Let's take a look at Marinecoin thousands of wallets downloaded by miners and traders, good hashrates upto 1GH on good days down to 100 MH on bad days depending on difficulty.
traded average 45 BTC volume in a few weeks, much more than the majority of the altocoins on the list. and its just a few weeks, that performance take into account its premine.
there are coins that no one is mining with 1 USD 24h volume many of them on the lists.
I think Marinecoin community earned it, as we operate based on a mutual trust relationship. there is no air drop no greedy loser developer here.

Premine %97 average price 1 USD 9.73 billion coins right? Currently by far the biggest market cap.

Mined coins are mined coins they are in the wallets, they can be traded exchanged in the future, now or maybe never. It does not concern anyone except the coins community. It is a private matter of the coins community.

No website can dictate as if they have not been mined, or claim they don't exist. who's to say that?
if there is double standard played to this, just like we created Marinecoin we will just create a stream of websites with marketcap lists and promote the hell out of them.

Stock Markets, national economies have been calculating market cap this way for hundreds of years there is no different way of calculating it or a special different formula, there is only one way and the right way.
Which is what it is now.

Marinecoin
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theh1982
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March 29, 2014, 11:02:01 AM
 #8

Starting to see the beginning of a horrible trend of 50% premined coins coming out. It's very disingenuous as you can bet there are going to be a lot of scam coins that will just get their premine dumped.

Soon everyone and their aunt are going to doing 50% Premined coins.

Basically, it's coin value x mined supply. If a coin has a declared premine, then the question is; should it be included in the market cap? a premine isn't the same as market supply, so I'm not sure why it's treated as such.

All well and good for legitimate coins, and provided coinmarketcap avoids the obvious scam coins, it will be fine, but it's just a matter of time before the community gets hit by one of these 50% dumps, and it's going to be devastating.

I'm not including AuroraCoin or MazaCoin in this. While questionable. they're certainly more credible than the garbage that's starting to follow in their wake.

Gaelcoin; https://bitcointalk.org/index.php?topic=506076.0
Spaincoin; https://bitcointalk.org/index.php?topic=500511.0

How the hell will that work, then?

Gaelcoin is only 1 % pre-mine (To find out why Gaelcoin is different visit http://www.gaelcoin.org/Gaelcoin-FAQ.html )

Visit Gaelcoin.org - Ireland's 1st CryptoCurrency
Hollowman338
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March 29, 2014, 11:05:34 AM
 #9

I think the tide is turning. People are already migrating to sane sites: http://cryptmarketcap.com/



Fail. AUR does not have 10,639,639 coins in circulation.  Nice site plug though.
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