The economic incentive for new users to invest in this coin is close to nothing with 83% premined by unknown individuals. Those preminers also know that. Now that Bytecoin has come to fame the only way to ever increase their holdings again is by either putting new useful code up OR deleting their huge premine in a provable way to restore confidence and drive up price through scarcity. The latter seems the more important because new code would just be copied sooner or later by its competitors.
The only question is: HOW WOULD THEY PROVEABLY DELETE THEIR PREMINE?
In Bitcoin the standard procedure would be to send their coins to some terminator address (with unspendable outputs like 1BitcoinEaterAddressDontSendf59kuE).
The proof would be in the blockchain. But with CryptoNote there is no proof that funds have been sent to such an address. So how would it be possible?
I don't know how often I have to state this, but just because you didn't know of the coin when it launched doesn't make it a pre-mine.The only question is: HOW WOULD THEY PROVEABLY DELETE THEIR PREMINE?
In Bitcoin the standard procedure would be to send their coins to some terminator address (with unspendable outputs like 1BitcoinEaterAddressDontSendf59kuE).
The proof would be in the blockchain. But with CryptoNote there is no proof that funds have been sent to such an address. So how would it be possible?
Although whoever mined BCN used the same hashpower for two years. It wasn't a growing underground phenomenon.
