100mil coins total @ 10 coins/block = 10mil blocks
5mins/block for 10mil blocks = total of 95 years of mining, assuming reward does not half.
So the 10000 premine = 1000blocks = 0.01% total coins = all coins generated from the first 3.5 days.
There will be only about 86400 coins mined each MONTH. So the premine is about 11% of total coins available for the 1st month of the coin.
So it is a very big chunk of premine.
o.k then if all the peeps who don't want premine are prepared to DONATE to the DEV to pay for promos and everything else..they should cough up the readies.. people always scream premine premine but they are usually the first to dump the coin on an exchange and offer nothing but getting a quick buck form mining one coin then killing it and off to another.. If you all don't want premine then contribute to a fund to pay for all the promo work needed.
So his/her promos will last 95 years? People scream about premine because they don't want a liability, in this case 11% of total coins in the 1st month.
Miners dump their coins because they choose to, it is theirs to dump. But why they choose to dump? oh there are too many reasons. But all of them boil down to that people are not confident about the coin to hold it. And a big premine contributes to that, A LOT, especially when a DEV is not widely known to be trustworthy, as well as his/her competence.
In fact people just don't want a massive amount of coins being held by one or a few people when there is only so few of the coin in public circulation. Because if the DEV decides to be out, he can destroy the whole coin instantly. So who wants such possibility exists?
If you say a coin needs fund to be promoted and developed, I agree. But do you also agree what I said above?
So it is much better if DEV can do something like X amount of block rewards for each block goes to a address that will be used for Promo/development. Why many DEVs don't wanna do that? Well because it is too slow, and they lose the ability to cash out big instantly.
I see your point but we need to give the DEV benefit of the doubt..If he is sincerely paying for promos and bounties then not all the coin will be in one person's hands but it will be distributed.. I thik a 0.1% premine is small and the fact the coin is going to be quite rare for a while will add value to the Coin..
. So if all the early adopter, miners don't dump hard could be a really nice coin to hold..plus there are many things coming in the wallet..
Well you kinda said it yourself. "If he is sincerely paying for promos and bounties".
So is he? Who can guarantee that? No one can. Thats why people don't like this kind of premine.
Even assuming he is, how fast are those 10k coin get distributed as bounties & promo??
If it is fast, so a lot of coins got into the free market in a short period of time.
If it is long term and slow, it is fine, however again the question goes back to that is he really going to hold them for bounties & promo?
0.1% premine is small, BUT it is out of context! You said it yourself the coin is going to be rare for a while, but not for the DEV.
At launch, the DEV will possess 10k coin. 1 week after launch, total POW coin will be only 20.16k.
So the premine = 33% of total coin in existence after 1 week of launch, or 11% of that after 30 days of launch!
We are not at those good golden days of alt coins at more. So it is VERY BIG.
How about I create a coin that can be mined out for 1000 years. and I take 0.0001% as premine at launch? 0.0001% is small!!
Or I can do better if I make the block reward increase over time so that most of the coin only get mined at the last 10 years of the 1000 year and I take only 0.0000001% premine at launch.
I agree every DEV should get paid for his work and support, also not to bounties & promo.
But, I certainly hate the "salary" or the "bounties & promo" got taken out as a lump sum at the very beginning!
