Hi Noob,
Thanks for your questions. All very valid and I will try to address them in order of your post
Here is my questions there will only be 50 coins per block and you are taking 3 million coins as the premine off the hop? So what is to say that people won't put their mining power into this coin and then you guys get on an exchange before the mining is done and dump the premine?
Yes, there will be 50 coins per block and we are taking a pre-allocation of 10%. The reason for this is that the future work regarding QUIT includes some monumental tasks such as setting up a global marketplace that will cost a fair bit to implement. We have already and are willing to invest more of our own funds into the project without cashing in all of our allocation. If any QUIT is needed from the premine, say for bounties and rewards, we will be allocating this in small amounts to keep the coin as stable as possible. We have invested a year of work, lots of money and time into this project. The last thing we want is for it to fail. As long standing business owners in the electronic cigarette industry, our passion is to collaborate crypto with electronic cigarettes and take it to the world, hence, QUIT.
Our Dev, (Abtaim) is passionate about the concept and has agreed to be paid over instalments in QUIT, which will also keep the coin stable and guarantees one of the brightest Dev’s for this project long term.
How are we supposed to know that you guys won't do that? You are all a bunch of newbie accounts claiming to be these people when anyone can claim to be someone on the internet. If you are going to be transparent about who you guys are then I suggest you maybe make a video introducing all yourselves with your I.D's showing you are whom you claim you are (Just a thought) if you want to earn the trust of people you are asking to help you make your coin a success.
It is definitely not something we intend to do, with the time we have put into this project, we are hoping that will provide enough reason for people to be confident to mine our coin and establish trust in the community.
Both Matt & I would be happy to put up videos introducing who we are, but for security reasons we will not be putting up our ID’s, mainly due to identity theft. My account is Newbie, mainly because I wanted a clean account for introducing QUIT. Before I get a chance to upload an introduction video, you can check out an example of me presenting e-cigs for our company, Evape, here:
https://www.youtube.com/watch?v=yZT1MB2eeRs (copy & paste into browser due to restrictions)
Also why don't you make the block reward 300 coins per block or even 150 per block because at 50 coins per block if you are in a pool and you have not nearly as much hash as the top guy then you are wasting your time and energy because your reward would be like 0.5 coins per block at a 50 coin reward.
Thanks for your suggestion. The coin block reward of 50 is set to that to increase the difficulty as this is a product backed coin, meaning that real products can be purchased with QUIT on a world-wide market place. We want to coin to hold value so that when the coin is being used for purchasing e-cigs it is considered a real commodity and buyers & sellers can utilise QUIT as a real currency contender to purchase real products.
I am sure Matt will hop on and answer your questions too. Thanks for your feedback.