the double did not worked for the premine
also the first couple blocks gone to the cyberspace,
and as i said
we are giving a lot away
first dice game is probably coming soon
also the first couple blocks gone to the cyberspace,
and as i said
we are giving a lot away
first dice game is probably coming soon
That dice game should have atleast -50% house edge. If it has any house edge, you're not giving anything away, you're profiting from running the game.
So let's put this premine into perspective:
- After all the x2 blocks have been mined there's still only about 13 million non-premine coins in circulation.
- Doge is now at block 49386 and has been around for a few days. It has been one of the most mined altcoins the whole time it has existed, peaking around like 30gh/s.
- With Batcoin's block reward, after 49386 mined blocks there will only be 2,963,160,000 non-premined coins in circulation. Only slightly more than the premine. Batcoin will not be mined 30gh/s.
- The current top hasher at minersbest with 18mh/s rig is estimated to make 2 million bats a day. It would take him 500 days to mine a billion bats if the difficulty would remain at the current level. It will not.
- If the coin stays alive at all, the number of non-premined coins will beat the number of premined coins in few years.
- If the price of 1 bat was even 0.00000001 LTC, you would net $500+ if you could manage to get it all sold. If it was 1 BTC satoshi, you would make $20,000+.
By performing a ridiculously huge premine like this, you're just screwing up the coin for everyone. What do you think the exchanges will think when considering adding your coin and there's this guy with 99,9% of the coins in circulation waiting for anyone dumb enough to place a buy order. You have enough coins to clear the buy order table few times a day for a long long time. You have ruined the balance of supply/demand.
Doge has been perhaps the most successful altcoin since litecoin. The value vs btc has been really stable, a straight line since the launch. It's still profitable to mine it. Doge was not premined at all. When trying to replicate doge's success, replicate the no premine part of it.
Nothing more to add. /rant.
Edit: well I do have this to add:
Giving the premined coins away for free is pretty close to stealing money from the miners. You artificially increase the supply of coins in the market. More supply, less demand. With 99.9% of the coins in circulation, you're not just some random rich dude, you're the world bank. When you release more coins into circulation you're creating inflation.
