1% is too much...
It really isn't as far as a premine goes. I think OP is transparent and he said what it will be used for anyways. Apparently this is going as "The community's coin" and frankly I like it.
Also, dat logo doe
lookin' sexy guys.
Bongsoup pretty much has it spot on, there will be a ledger of some sort on the main website with what the pre-mine has gone too (bounties, give-aways, contests, advertising etc). We believe a coins success is based on the community so we aim to involve the whole community one way or another i.e through bounties, give-aways etc.
The logo was quickly mocked up by our web/design dev while we wait for a few people who applied for the bounty to get back to us. We wanted to give the thread a bit of a shine
Personally I don't have an issue at all with small premines like this, as long as the devs are up-front about it.
If you want a successful coin, you need devs who are willing to stay active and continue improving/working on it, and the devs have no incentive to do so if they're paying for everything out of pocket while miners are the only ones reaping the benefits. I have no problem at all with
small premines that are used for bounties on coin services, even if a little bit ends up in the dev's pocket.