Premine 1% was stated from the very beginning. This is to support dev, giveaways, bounties etc. And this compares to many other coins which have 5% or 20% premines. You can choose a non-premine coin to mine, the problem is, these coins often have no supports from dev.
Premine 1% was made public from the very beginning, nothing is wrong with it, you choose whatever coins you want to mine and support.
Except that this is bullshit, as are pretty much all copy-cat coin premines. "1%" premines are far more than 1% when you consider that fact that the vast majority of those 50 billion coins will be made years down the road when nobody cares any more. The giveaways and bounties total barely more than 11 million right now. That means that you're holding on to the other 489,000,000 coins.
To put that into perspective roughly 600,000,000 coins will be mined in the first six months. That's long after the point when this coin will either be on an exchange and be getting pump & dumped like the other 100 identical scrypt coins, or will have failed and everyone will have moved on. At that point your "1%" premine will represent nearly HALF of all the coins in circulation. Even a year down the road it will still be well over a third of all coins. People aren't as stupid as you think, please don't pretend like you need the majority of all the coins we're likely to see for "the good of all the coinholders" or some other such garbage.
Thank you Galimore!
bosian, just because you say "nothing is wrong with it" does not mean nothing is wrong with it.
Bounties, giveaways, whatever... You've outlined these rewards and they total to to less than 0.25% of the premine. People with real talent will support projects/coins with unique features and real innovation. You don't have to bribe them with bounties.
You need a bounty for a website? If you're serious about launching a currency, wouldn't you have a website before release? (Unless you didn't want people to hear about it until after you're done instamining.)
Support the dev? You copied someone else's work. How much of that premine is going to the real developers? What about the first few hundred blocks you mined before releasing? That's not enough?
You can have your 10k GRA giveaway back. I'll send it back to your address...the one with 500mil in it.
And yes, we can choose what coins to support and what scam coins to make people/exchanges aware of. I choose to warn people before they waste their time on a scam coin intended to make the developer rich.