people open your eyes.
the premine is not 1%, it seems it's 10% according with this https://github.com/Sterlingcoin/Sterlingcoin-Linux-Source/blob/master/src/main.cpp#L980.
In pow/pos coins the premine must be calculated on PoW.. total supply is PoW only, not PoW+PoS..
according to the link provided above, Sterlingcoin devs premine is 639,000 SLGs (like posted in OP), which is the 1% of 63,900,000..
but 63,900,000 is the MAX_MONEY that wallets can generate in all Sterlingcoin's life (check this), not the PoW supply.. REAL PoW supply is 6,390,000, so the premine is in truth something like the 10%.
Be careful.
the premine is not 1%, it seems it's 10% according with this https://github.com/Sterlingcoin/Sterlingcoin-Linux-Source/blob/master/src/main.cpp#L980.
In pow/pos coins the premine must be calculated on PoW.. total supply is PoW only, not PoW+PoS..
according to the link provided above, Sterlingcoin devs premine is 639,000 SLGs (like posted in OP), which is the 1% of 63,900,000..
but 63,900,000 is the MAX_MONEY that wallets can generate in all Sterlingcoin's life (check this), not the PoW supply.. REAL PoW supply is 6,390,000, so the premine is in truth something like the 10%.
Be careful.
It is true that the premine was around 10% of the PoW supply.. however it is also true that 575,000 coins, which is around 90% of the full premine) was used on the spacedrop and as such has been given to the community.
So, on the dev's hands they have do have around 1% of the PoW coins.. From this part they also have to pay for bounties and other stuff...
(PS: I am not defending the dev team.. just trying to make things clear)
Im not attacking devs, i just want things are clear. OP says 1% premine, this is not true.
as the OP states, it would seems that the total premine is 1% and the 4% of total premine is actually in the hands of devs.. this mean, in other words, the 0,04% of total supply (4% of the 1%).. this is not true.. the truth is: 0.4% of total supply is actually in hands of devs.. "only" 10 times more than what OP states..
There was a 1% Instamine of the 63,900,000 Sterlingcoin Coin Amount which was 639,000 Sterlingcoin.
575,000 Sterlingcoin (90% of Instamine) for the Spacedrop.
39,000 Sterlingcoin (6% of Instamine) will be used for giveaways and bounties.
25,000 Sterlingcoin (4% of Instamine) will be used for development, support and server costs.
This is all outlaid in the OP, what's and where is the confusion?
The actual Sterlingcoin held by the devs now is at 32402.0324659:
22402.0324659 at address SiEnzF5WQ6WpbwymCrE1RGdxTR9mZB9gNK and 10,000SLG with LiteBit to act as a buffer for people buying Sterlingcoin.
Block 0 - Genesis Block (coins are lost to the ether)
Block 1 - 50 Coins (we took these coins)
Block 2 - 638950 (the instamine minus 50 coins which with the Block 1 amount equals the entire instamine)
We then stopped mining and released the wallets and people mined from block 3 onwards.
In terms of placement on the richlist we are around 30th and that total amount is split between Spencer, Matthew and Steven, so in actuality we are not even on the richlist :p
THE ENTIRE SPACEDROP WAS RELEASED TO THE PUBLIC - http://goo.gl/zyOsZq (11499 Transactions)
man you arent hitting the point.. your calcs of 1% premine was on MAX_MONEY, while ALL know that premine must be calculated on PoW supply only, not on PoW+PoS.. this mean your premine is not 1%, but rather 10%.. this is all, im not interested on where you spent the premine, im only talking about real numbers
Well your calculations are off anyway as we won't even hit 6,390,000 during the PoW/PoS phase as we have about 18% of the PoW/PoS period left and have 3,356,743 in circulation now.
Also saying we have that much of a percentage of the total supply is also wrong as we distributed 575,000 Sterlingcoin to 14,999 individuals via the Spacedrop.
The person at the top of the rich list of Sterlingcoin has 200000+ SLG which is 10 times more than what we hold, so in terms of dumping on the market we are not the ones to worry about.
