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SecondsOld (OP)
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July 30, 2014, 05:22:43 PM |
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Premines, while greatly frowned upon, are often a very strategic and necessary part of any new coin launch.
When used correctly, premines can greatly help aide in the development and innovation of new coins. That
said, with one scam after another cropping up in our industry, investors are scared to death to touch new
coins that contain a premine component.
The Solution?
Premine escrow!
I believe the community should demand premine escrow much in the way they demand escrow for IPO's.
If a trusted member is the only person with access to the premine, then a strict ledger can be kept and
the premine can be delivered to the necessary parties as needed. This strategy would eliminate the fear
for investors of premine dumping by anonymous devs and greatly clean up our community.
Thoughts?
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Shadow_Runner
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July 30, 2014, 05:23:49 PM |
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They will not accept this. Info 100%.
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zhongzy
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July 30, 2014, 05:24:07 PM |
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good idea .agreed
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SecondsOld (OP)
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July 30, 2014, 05:24:26 PM |
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They will not accept this. Info 100%.
If a dev does not accept these terms then they are a scammer...plain and simple. |
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jjj0923
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July 30, 2014, 05:27:54 PM |
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actually - this come at a perfect time because I'm getting ready to release a coin and was going to insist on a premine escrow.
in addition the premine escrow should be published with certain release dates for the escrowed amount. The last thing an investor wants is the coin dev undermining his/her investment.
Investors should be free to do as they please with their coins though.
thoughts?
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raizor
Full Member
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Activity: 171
Merit: 100
Some people just want to watch the world dance.
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July 30, 2014, 05:28:37 PM |
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Great idea. I can see you getting a lot of kickback, but it's still a great idea.
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bathrobehero
Legendary
Offline
Activity: 2002
Merit: 1051
ICO? Not even once.
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July 30, 2014, 05:29:57 PM |
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Good idea.
I hope that for coins which have a longer PoW period premine will be completely replaced with a percentage of each block mined, similarily how AidBit does it. So instead of the devs getting a massive amount of coins on launch, they would slowly get like 0.5% of every block mined so they would actually be motivated to follow up on the coin as they would only get the usual premine amount at the end of the PoW phase - which is why it's only preferable with long PoW coins.
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Not your keys, not your coins!
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raizor
Full Member
Offline
Activity: 171
Merit: 100
Some people just want to watch the world dance.
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July 30, 2014, 05:30:04 PM |
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actually - this come at a perfect time because I'm getting ready to release a coin and was going to insist on a premine escrow.
EscrowCoin?  |
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jjj0923
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July 30, 2014, 05:31:43 PM |
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Good idea.
I hope that for coins which have a longer PoW period premine will be completely replaced with a percentage of each block mined, similarily how AidBit does it. So instead of the devs getting a massive amount of coins on launch, they would slowly get like 0.5% of every block mined so they would actually be motivated to follow up on the coin as they would only get the usual premine amount at the end of the PoW phase - which is why it's only preferable with long PoW coins.
I really like this. I am trying to come up with a plan what will makes IPO investors and miners confident in the coin I plan on releasing. |
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SecondsOld (OP)
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July 30, 2014, 05:31:53 PM |
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actually - this come at a perfect time because I'm getting ready to release a coin and was going to insist on a premine escrow.
It makes sense, there is no reason why a dev would need unlimited access to premine funds with zero accountability. We need to clean up our community and put checks and balances in place to ensure a safe and fair future for everything crypto. The scams are ruining our community and the pools/miners/traders need to take a stand. |
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SecondsOld (OP)
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July 30, 2014, 05:34:54 PM |
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Good idea.
I hope that for coins which have a longer PoW period premine will be completely replaced with a percentage of each block mined, similarily how AidBit does it. So instead of the devs getting a massive amount of coins on launch, they would slowly get like 0.5% of every block mined so they would actually be motivated to follow up on the coin as they would only get the usual premine amount at the end of the PoW phase - which is why it's only preferable with long PoW coins.
This is another phenomenal solution. The major issue with premines is the threat that they can be dumped at any time, and in doing so, deem a coin valueless. Your solution is another excellent alternative to premines as we know them. My only critique is that developers may need more funds upfront to help with development, so your suggestion may hinder the early growth of a coin. |
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jjj0923
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July 30, 2014, 05:36:04 PM |
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actually - this come at a perfect time because I'm getting ready to release a coin and was going to insist on a premine escrow.
It makes sense, there is no reason why a dev would need unlimited access to premine funds with zero accountability. We need to clean up our community and put checks and balances is place to ensure a safe and fair future for everything crypto. The scams are ruining our community and the pools/miners/traders need to take a stand. all great stuff - I donlt think their ruining it but what it does do is to cause all of us to immediately treat any of the coin devs as criminals - of course some of them deserve it! - LOL I work for a Hedge Fund in I.T. so I am used to full transparency - it's kind of a way of life for me. What surprises me most around these parts is the amount of trust people put into coins devs who simply show up with a new username each time they release a coin and hide under a cloak of anonimity - that is just wrong and should not be tolerated. There needs to be transparency |
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testadimerlo
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July 30, 2014, 05:37:21 PM |
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Yesterday I was thinking in something like that. Today I opened this thread: https://bitcointalk.org/index.php?topic=717405.0Yeh, I m tired of these scams too. I think that a premined escrowed could be possible, but it needs a lot of investors that pretend it. I don t know if this is the right way but keeping this situation the crypto world will die soon. |
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Bitcycle
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July 30, 2014, 05:38:07 PM |
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They will not accept this. Info 100%.
If a dev does not accept these terms then they are a scammer...plain and simple. Exactly right. No reason whatsoever to not accept this requirement. |
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bathrobehero
Legendary
Offline
Activity: 2002
Merit: 1051
ICO? Not even once.
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July 30, 2014, 05:58:21 PM |
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Your solution is another excellent alternative to premines as we know them. My only critique is that developers may need more funds upfront to help with development,
so your suggestion may hinder the early growth of a coin.
I think at this point new coins don't deserve premine unless they have something unique to contribute to the crypto scene like a groundbreaking new feature. Otherwise it's obvious why people launch new coins with premine. Either way, devs would be guaranteed to have the coins which means they could pay for bounties, just not instantly. With a block explorer (which I think should be a standard like wallets at launch) people could track the devs royalty address. Considering how incredibly generous the community can be if they like what they see I'm sure it's possible to have the amount of the per block percentage which goes to the devs up to the community by voting in the wallet similarily it's possible to vote for the block reward amount for certain coins. I'm pretty sure if a dev is active, rolling out new features, etc. people will vote up the percentage and conversely if the dev is not delivering or not giving enough attention to a coin the cummunity will vote their reward accordingly to 0. |
Not your keys, not your coins!
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SecondsOld (OP)
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July 30, 2014, 06:03:39 PM |
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Your solution is another excellent alternative to premines as we know them. My only critique is that developers may need more funds upfront to help with development,
so your suggestion may hinder the early growth of a coin.
I think at this point new coins don't deserve premine unless they have something unique to contribute to the crypto scene like a groundbreaking new feature. Otherwise it's obvious why people launch new coins with premine. Either way, devs would be guaranteed to have the coins which means they could pay for bounties, just not instantly. With a block explorer (which I think should be a standard like wallets at launch) people could track the devs royalty address. Considering how incredibly generous the community can be if they like what they see I'm sure it's possible to have the amount of the per block percentage which goes to the devs up to the community by voting in the wallet similarily it's possible to vote for the block reward amount for certain coins. I'm pretty sure if a dev is active, rolling out new features, etc. people will vote up the percentage and conversely if the dev is not delivering or not giving enough attention to a coin the cummunity will vote their reward accordingly to 0. Awesome suggestion. If the community gets behind this, they could make it happen. Let's hope we are able to raise awareness and that potential investors demand a change in the way premines are implemented. |
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Pebbelzz
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July 30, 2014, 06:16:59 PM |
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I think this is an awesome idea and is greatly needed.
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testadimerlo
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July 30, 2014, 06:23:42 PM |
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for example, the premine could be given in different steps but within one/two months
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shimlbit
Legendary
Offline
Activity: 1302
Merit: 1001
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July 30, 2014, 06:26:08 PM |
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devs have to say how much they want..and after that the coin holder sold on diffrent exchanges and sent the dev the btc..limited payouts is a must!
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SecondsOld (OP)
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July 30, 2014, 06:26:36 PM |
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for example, the premine could be given in different steps but within one/two months
Right, as necessary. You could even have the community vote on what to use the premine for and how much. For example, the dev could say he wants to use 10,000 coins for a website, and the community could vote yes or no. There are so many different ways to implement the premine escrow, and they are all beneficial to investors. |
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