Topic: ANN - LEOcoin - Official LEOcoin thread (moderated by LEOcoin Foundation) - page 13. (Read 90464 times)

Will coin migrate to ethereum in upcoming upgrade?

Price going up and up! great time to be trading LEOcoin.

But there is a lot of coins with a huge premined. What is a main reasons?

LF: LEOcoin has a premine of 50 million LEOcoins. Many people, like cryptominers, journalists and investors fear that LEO will dump all of them once the price goes up. Is this worry justified?

DA: No, not at all. Actually, a 5% premine is not that much and we had several good reasons for it.
Firstly, from the start we have been keen on establishing a foundation to support LEOcoin and we wanted to reserve a considerable amount for that. This summer we have donated 10 million LEOcoins to the LEOcoin Foundation. As a social enterprise, registered as a Community Interest Company, the LEOcoin Foundation is not allowed to make a profit and must invest its resources in pursuing its objectives. It is barred from activities that would undermine those objectives to support and expand understanding and interest in digital currencies.
Secondly, we, in this case LEO Ltd., used most of the remaining LEOcoins to promote the LEOcoin and let our members benefit from future developments; both for use as a payment mechanism and for capital building. The overwhelming majority of LEOcoin are in member wallets and with the mining community, not with LEO Ltd. or LEO employees.
The amount of LEOcoins still owned by LEO Ltd only forms a very small part of the total supply. We will of course always support LEOcoin. We will never ‘dump’ any LEOcoins or disturb the price – which is set by the market supply and demand mechanism. I should mention, here, that the UK direct selling regulations that we subscribe to prohibit us from participating in professional currency trading activities. The core business of LEO is education and skills development. We want to unleash human potential through delivering knowledge and give everyone who wants it, the means to become an entrepreneur. LEOcoin perfectly fits in this mission.


LF: Some miners complain that so many LEOcoins were allegedly sold to members and that the mining world was not informed from the start and thus missed the good mining opportunities that arise at the start of a new coin.

DA: Let me first make clear that LEO Ltd. has not sold any LEOcoins for cash to anyone. We did however use LEOcoin as an extra reward for our members and enabled our members to trade LEOcoin amongst themselves. This is part of introducing new audiences to digital currency.
Also quite a few miners got involved from the early stages, but greed and financial gain overrides sharing news with your potential competitors, so yes, it took a couple of weeks before the first mining pools did arise and even longer before it was generally known in the mining community.
Aside from that, we took great care that LEOcoin could be publically mined from the start, just like many other digital currencies. We never made any restrictions or demands in this regard, as we do understand that in order for LEOcoin to be accepted by the crypto world and beyond, you cannot work with a closed system. And up to today, we encourage people to keep on mining and staking.