Topic: A proposed fair premine idea - page 2. (Read 2442 times)

And again, the point is? Because, no i didn't look at the blockchain to see what is doing X, i don't care, i have more important things to do.

 But again, what is the point that is leaving milions untouched? You say that he not changing his bitcoins to dollars? Good for him, i will do the same, it his idea and he believe he can go a long run, and it will go, probably also because now satoshi can found on his one the project and not be dependent on a 3rd party entity.

But where will bitcoin be now if from the first minute 1000 people would have had thousands of Gh/s pointed at him?

I have a feeling you have not looked through the blockchain.

Satoshi is leaving millions untouched.

And the point is? If it had a message embed what is the point, since only a handful of people knew, and they mined like crazy, and made thousands of coins? What is point if i generate the genesis block now, i make the announcement and i throw with my friend some Gh at the network so everybody will get only orphans?


Yes i learned about bitcoin a month ago, and really i was surprised by the elitist attitude of some older members that had made a big profit with the bitcoin. Is like the religion where the priest are preaching poverty while dressed in golden clothes.

errr... Which one of the 100 coins that were created in the last few weeks has another purpose apart from getting quick profit?

I don't like resorting to personal results, but check the genesis block. It was not premined, because it had a message embed in it showing the date and a news article.

Learn what you're fucking talking about

The way I see it the longer we take to actually introduce a crypto currency that was fairly implemented the more chance we have of one of the BIG governments making their own successful and unfair crypto currency and destroying everything we have done.

I do wish people would stop releasing junk and start actually listening to and working with the community on here.

Yes 4000 is a good idea, and so only people with big and powerful rigs can mine the coin, the same people that had made a fortune from bitcoin and they bought this rigs, the same people who are against of anybody making a profit except them. I don't believe for a second that the guy or guys who have designed bitcoin didn't think: "Hmm, let's do this and if is working we will make some money!"

And yes, again, bitcoin was premined the same way the others coins have been premined. I can make a coin, and then send a mail to some of my friends and then make a public announcement here after a while, and say: "Hey, is not premined, there where this guys that knew"

My feeling is that the whole premine and crypto currency in general is full of hypocrisy. And this is the true. People had made small fortunes with the crypto coins and now are telling how unethical it is to use the crypto coins for profit.

And is not about to value only profit, but I for one, if i make something out of passion and some guys are getting rich using what i done, and i get nothing, i will not be happy. Look at Tesla, he worked out of passion, but because he didn't care about the profit, he lost all his money and didn't have founds to finish his projects. Is fun to preach that other people should donate their time and other should profit when you are the one profiting and not the one "donating" the time

I'm talking about a temporary locking.  A specific time before the first set of coins can be sold.  Like stock share structures.  Private investors are locked in for a period of time just after the IPO. 

Um you put it into the client code that the first block has to come from the seed nodes and is checksum so it can't be faked. And 51% of the miners wont have the invalid block from people that try to solo mine,  so it will be rejected, thee will have the real first block from the seed nodes.

because people could still mine during that time?

The best way to do this would be a high starting difficulty - say 4000, and announce the coin launch at least a couple of days in advance.

Why not simply disable the seed server until 24hr after people have had a chance to download the client software ans set up?

The fuck?

Let me ask you this.. is the only thing you value in life making a profit?

Not everything is motivated by profit.

The early programmers and hackers were not motivated by profit, but rather it was something they were passionate and excited about.

What happens when people start caring about profit and jumping in without any passion? Dot com bubble, hmm. Profit isn't bad or evil, it's required for a society and economy to function. It is NOT required for someone to code something that may change the world.

I, like every human, do many things in life not motivated by profit. Bitcoin was a creation that wasn't motivated by profit, and that's part of the reason for it's success.

There was no premine. Sure, only a small group of people heard about it, but it was announced to the public in a mailing list. It wasn't a premine. Please also use paragraphs next time.

This cryptocoin movement is no ordinary opensource movement. Yes, they donate their time to contribute to OpenOffice, but if the OpenOffice will sold and the guys that are selling the OpenOffice will make millions and the developers that have donated their time will have to rely on the generosity of that guys, and possibly getting nothing, i don't think that it wil donate their time anymore.
Until now every coin had some sort of premine. Bitcoin had his premine, because at the start was only a handful of people knowing about it. The guys that are mining are making a quick buck, but the same guys want the developers to "donate" their time so they can make the money. Is this fair? Is this fair to donate your time and others to get rich using your work? Because if this is the fairness of the cryptocois, that some guys to "donate" their time and work hard while others will sit on their asses and make a quick profit, it will fail just like the communism.
And just for fun, who is here just to make a better world and they don't want any profit, please rise your hands and donate all your cryptocoins (bitcoin, litecoin etc.) to charity. Then I will believe it. But this is not the case, because even you are here to make a profit, but you are upset if some else is doing. Is normal, because this is the human nature.

Why do that instead of with code? For example, Bitcoin has had zero premine. The 50 BTC generated could not be spent at all, on purpose.

true.  the coin developers recently have been creating coins with no real purpose.  they only go as far as getting onto an exchange so they can immediately cash out.  there is no long term plan in the coin.

what should happen is a venture capital funding into a coin.  developers and VC adopters that are funding the coin should be provided some stake for their efforts but those coins need to be "locked in" in some way do they are not allowed to be spend for a period of time "1 year"

maybe someone could build a website that monitors the first 5000 blocks of any new coins for transactions and if any are spend the coin is labelled insta-mined and dubbed worthless by the community.  only those coins that have sound long term investors would qualify as good investments.

There's millions and millions of people out there that are mentally capable and ethically entitled of taking part in the crypto movement. Will it ever be fair that just us the bunch of nerds around here is aware of a crypto launch?

If you want a fair launch first thing first, get it on the front page of the New York Times, so to speak.

Did you even read what I fucking wrote?

The problem with fiat currency these days are because they're controlled by people who want to make money.

A good alt coin exactly needs someone who donates their time to an open source project. They may be rewarded, but they need to play by the same rules as others.

Why do people contribute to OpenOffice?

Why do people submit patches to Linux?

Because they want to make a quick buck? No!

But that doesn't mean you can't make money off something like bitcoin. Think of it as offering support contracts for Linux.

Thanks for the pointer.

The problem with all premining is that it can be gamed.  Even if it is hard or impossible to game, you will give a potentially bad impression.

I'm very interested to look at mining strategies.

Firstly, devcoin only gave 10% to miners.  That's not enough of an incentive.  I propose to give 90% to miners.

Secondly, I strongly feel that all this electricity should be at least in part used for some kind of common good, we should optimize the good, not the devs pockets

Thirdly, the big problem in the world today is distribution of money.  This is *always* gamed ... you need a water tight system (think Satoshi strength) to reduce or eliminate gaming.  Even charities themselves spend too much on admin costs.  We need accountability, not random awards and bounties.  We need league tables with transparency.  Tracking in realtime.  Amiller used the term 'competative giving'  -- this is what I think would be an effective mining strategy ..

Just my 2 satoshis

Yes, maybe the bitcoin was not created with the purpose of making a quick buck, but let's be fair, a lot of people got rich with the bitcoin. A lot of people that are shouting that all premine is bad got rich by just pointing some hardware to the network on the early stage and sit on their asses. Yes, everybody want to make a quick buck, to think that someone will do something only for the good of the humanity is just plain silly. If this is the case, then why everybody is buying ASICS? To see a better world? And is only fair that the developer will benefit in some way from his work.

When bitcoin was launched, almost nobody knew about it, and the core team was mining a fair share, and this is fair. Now, when a new coin is launched everybody with launch at it massive computing power, and so the dev, to make something out of it it will use some tricks to have a fair share. Again, if you think that someone will spend countless hours of work just so some guy with a powerful rig to make a quick buck you need to think again. What if the guy that developed the coin has just a normal GPU and is generating maybe 400 kh\s on scrypt, you think that he will work just for someone else to get rich? No, he will use tricks to have his fair share, and everybody will scream on the forum about orphans and other problems