Topic: A proposed fair premine idea - page 3. (Read 2442 times)

There was Devcoin with pretty much this idea.

Im thinking about a premine strategy where 10% of all new coins (and tx fees) go to charity.  

The list of acceptable charities is agreed by consensus (but they MUST accept bitcoin) and the miners are able to influence where the funds go.

Additionally these coins should be tracked, so that you find out exactly what happened to them and who got the benefit.  Perhaps there will be some blogging/microblogging for success stories.

This is equivalent of the historical "tithe" system.

Ripple may currently have a bigger market cap, however it should be noted that most of the Ripples are not in circulation.

Plus, I'm ramping up my marketing efforts. If it takes tens of thousands of dollars to kill ripple, I will spend it. (Check who is bidding for all the available ad slots here).

The way I see it, *any* kind of premine will give you a bad PR hurdle.

At present it seems an all or nothing thing.  Either dont premine, or premine everything.  Ripple premined all and had a bigger market cap than btc now.

No premine is fair.

Bitcoin was not created by someone who wanted to make a quick buck. Bitcoin was created by someone who wanted an alternate system for digital money and transactions.

Anyone who creates an alt coin for the purpose of getting a profit has dubious motivations.

Ingeneious. The fairest way I have seen of starting a coin. May be hard to get people started since there is no reward for early adopters. But will create better stability at the exchanges because there will not be miners dumping 1000's of coins as soon as it hits the market or shortly after.

Edit: Ya I don't agree with the pre mine though. Unless its a trusted author and it all goes towards bounty's

Hi,
I see that the vast majority has a problem with the premine  when is about a new coin. But we have to consider that also the developers need to have an incentive to develop new and maybe innovative coins. If you take away the premine, the developers will find other tricks to make some money. And we all seen that with bitbar starting at low difficulty and everybody getting orphans because the devs and their friends took over the network, with the yacoin where the developer is suspected to mine with the GPU while the rest are mining with the CPU, and all other coins where everybody are jumping when the difficulty is really low and the payoff is insane only to be left frustrated that they only managed t get maybe 100 coins while some others have by the thousands in a few hours, and this is generating to sides: one side that will support the coin because they where there in the first couple of hours and the 80%-90% of all the coins and the rest that will simply be to upset because they miss the coin launch.
So i propose a fair premine schema (well, i think is fair):
1. Have a fair starting difficulty, like 1 or 5 or anything fair
2. The genesis block will contain lets say 5000 coins if the reward per block is 50 and it will mined by the developer
3. After that the reward for the first 1000 will be 0
4. After that the reward will slowly increase to 100 and when is reaching 100 will stay there for a while (to have some kind an incentive for the people to mine)
5. After that the reward will decrease until is reaching 50 and that will be the stable reward