2.5 mill premined. So at 3.72 per block, doesn't that take 672043.011 blocks to reach 2.5 million? Add to the fact that it takes 120 sec per block, looks like it'll take 2.55 years of mining to reach that 2.5 mill premined. No thanks.
Look closer at the block reward statistics, the early version of the wallet has a flat reward, later versions have a dynamic reward based on exchange rate data. The premine is used as an investment pool to be able to buy back and raise the price of the currency. 2,500,000 premine allows us enough volume that, in these markets, we can make reasonable, reliable 5% gains every week. We pay ourselves on gains we make over our quotas, and lose on losses. Those gains are put back into the market to buy back AIR and raise the equilibrium "regulated" price that the premine is used to maintain.
The way we manage the currency's critical numbers explains why the starting values were chosen for what they are. It's similar to an investing pool, though a bit abstract since it is cryptocurrency after all.
Well, that dynamic reward block better be alot higher than 3.72. A lot higher if you want the coin to be FAIRLY distributed. At the current rate, you will control 50 % of the marketcap for the next 2 years. We, the people mining and investing in this coin, will be at the mercy of you guys.
As much as you can manipulate the market to increase, you can easily crash the market and bail with the money. Please explain that clearly to your investor. It is not so easy because we've seen it end badly way too many times. It hardly ends well. I'm all for devs to get their cut of share BC of their work. I don't think controling 50% of the shares for anything longer than a month is healthy for the market. To me, this is my biggest concern.
http://www.teamaircoin.org/whitepaper.pdf
That is the whitepaper associated with this coin, linked to in the first post. It explains the purpose and intentions of the coin quite clearly, if anything will convince you of the thought put behind this coin, it should.
Altcoins have had over a year to develop trustworthy, respectable services that can be used to develop the technology and adopted in the financial world. If a large reserve controlled by ambitious, intelligent, careful developers is what it takes to build faith in this technology, then we are willing to attempt it. The amount of money to be gained by dumping this coin is nothing compared to the amount of money in building a new, competitive financial instrument that can see serious adoption, something that 5 years of Bitcoin "development" hasn't achieved. Or, as quoted in the white Paper, Thomas Paine once said:
Quote
The reflection is awful, and in this point of view, how trifling, how ridiculous, do the little paltry cavilings of a few weak or interested men appear, when weighed against the business of a world.
If you are not satisfied, then just wait. We aren't demanding people get behind this currency and rally for it blindly, we are asking that they respect it and look to it as an example to improve the technology. Blindly supporting a coin without reason is the exact type of unsustainable mania that put the Cryptocoin community into this bubbling spiral that its currently in. - Alexander
