The number does indeed add up to 10% of coins. Heres the thing though...
Those coins were both earned by the community and purchased by IPO(in essence no different than if they were purchased on an exchange). This makes those coins community coins, not premine used by the Devs anymore. Those coins will be exchange at the exact same rate the rest of us will be able to exchange at so there is no advantage gained by anyone with IPO or Bounty coins over the rest of us.
Points of note:
1. DEVS OWN ZERO PREMINE:
Devs did not use any premine for person profit in CAI. All CAI premine was released into the community as IPO or Bounties. Therefore Devs in essence have ZERO premine to date if all the remaining is indeed permanently put into escrow. All Premine coins to date are purely owned by the community.
2. DEVS RELEASE ALL CLAIM TO THE REMAINING PREMINE COINS IN CAI AND CLAIM THE THE ORIGINAL 2% FROM CAIx INSATEAD:
(32000/1800000 = 2%) This will be converted from the remaining premine before being handed off to escrow
(560000 - 160000 - 32000 = 368000) go into escrow.
3. END RESULT - DEVS OWN 2% OF PREMINE AS WAS INITIALLY INTRODUCED WHEN CAI WAS RELEASED. DEVELOPMENT CONINUES AS NORMAL.
CAIx continues as aPOS coin with 5% annual generation.
DISCREPENCY - The only odd thing I see here is that the Devs are double spending the 160000 premine that was originally spent.
560000/28000000 = 2% original Premine
160000/1600000 =.57% spent Premine
If the Devs were to be completely fair they would not double spend that .57% they already released as IPO and Bounties by reclaiming it in the new CAIx. They would only claim 1.43% from CAIx as they already spend that .57% of the Premine originally. Going from 2% to 2.57% Premine is not really a deal breaker for me and it might seem nitpicky, but nonetheless it is there and does show a discrepancy in the transition. Whether the Devs address this or not is up to them.
______________________
"Okay so assume we believe what the Devs are telling us:
There will be a total of 1,600,000 million CAIx.
68,000 (to IPO) + 92,000 (to bounties) = 160,000 premined and spent coins
Question: does the remaining 400,000 CAI form the original premine go into escrow?
If this is the case then the original 28% is correct.
If this is not the case then: 160,000 premined and spent coins / 1,600,000 total coins = 10% premine
Either way this seems terrible, please correct me if I'm wrong.
"
Those coins were both earned by the community and purchased by IPO(in essence no different than if they were purchased on an exchange). This makes those coins community coins, not premine used by the Devs anymore. Those coins will be exchange at the exact same rate the rest of us will be able to exchange at so there is no advantage gained by anyone with IPO or Bounty coins over the rest of us.
Points of note:
1. DEVS OWN ZERO PREMINE:
Devs did not use any premine for person profit in CAI. All CAI premine was released into the community as IPO or Bounties. Therefore Devs in essence have ZERO premine to date if all the remaining is indeed permanently put into escrow. All Premine coins to date are purely owned by the community.
2. DEVS RELEASE ALL CLAIM TO THE REMAINING PREMINE COINS IN CAI AND CLAIM THE THE ORIGINAL 2% FROM CAIx INSATEAD:
(32000/1800000 = 2%) This will be converted from the remaining premine before being handed off to escrow
(560000 - 160000 - 32000 = 368000) go into escrow.
3. END RESULT - DEVS OWN 2% OF PREMINE AS WAS INITIALLY INTRODUCED WHEN CAI WAS RELEASED. DEVELOPMENT CONINUES AS NORMAL.
CAIx continues as aPOS coin with 5% annual generation.
DISCREPENCY - The only odd thing I see here is that the Devs are double spending the 160000 premine that was originally spent.
560000/28000000 = 2% original Premine
160000/1600000 =.57% spent Premine
If the Devs were to be completely fair they would not double spend that .57% they already released as IPO and Bounties by reclaiming it in the new CAIx. They would only claim 1.43% from CAIx as they already spend that .57% of the Premine originally. Going from 2% to 2.57% Premine is not really a deal breaker for me and it might seem nitpicky, but nonetheless it is there and does show a discrepancy in the transition. Whether the Devs address this or not is up to them.
______________________
"Okay so assume we believe what the Devs are telling us:
There will be a total of 1,600,000 million CAIx.
68,000 (to IPO) + 92,000 (to bounties) = 160,000 premined and spent coins
Question: does the remaining 400,000 CAI form the original premine go into escrow?
If this is the case then the original 28% is correct.
If this is not the case then: 160,000 premined and spent coins / 1,600,000 total coins = 10% premine
Either way this seems terrible, please correct me if I'm wrong.
"
Most of what you said is correct. The only thing about double spending is not exactly true. We are still holding a part of the BTC we got from the original IPO. We will use it to pay the exchange that will do the exchange from CAI to CAIx so people do not get charged a fee, we will also use it for future promotions and services that require BTC for CAIx. We are moving the CAI to an escrow later today. The escrow will also have to be paid for this with BTC.
When we did the original 2% we were not anticipating a move to PoS. So we acted in good faith whether when we sold the IPO or gave away bounties or paid for services in CAI. If we continued as we had planned originally, we would still hold the 400k CAI which is worth a lot more than when we destroy it and move the entire amount of CAI into CAIx. If we decided to keep this premine post the transition it would have been a big problem, thus the destruction process is implemented. So far all the coins spent has been on the basis of 2% of 28 Million. That goes to the premine as well as coins owned by the community. The coins owned by the community when transferred to CAIx will also be a much higher percentage of the new max coin of 1.6 million. Because now 1 CAI is 1 CAI out of 28 Million, after the change That will be 1 CAIx out of 1.6 Million. So the biggest beneficiary of this transfer is not the devs who will destroy the premine, but the investors/traders/community holding CAI and exchanging to CAIx.
We also need to remember that CAIx max coins is not limited to 1.6 Million coins, that's what the PoS mining process will start with. The compounding effect will generate more Coins as the years go by so the fact that 1 CAIx is 1 of 1.6 million initially will change as more PoS coins are generated. The math can be twisted in many forms, but it is obvious that the devs gave up most of the premine in the process of moving to PoS, the reasoning behind this is that we did not want to leave a huge amount of premine available and putting a strain on traders or investors. All what the devs are getting is 4k CAI each for all the work done. If you calculate this to the percent of CAI in the market, you will find that to be a very reasonable amount considering the amount of work we have done and will continue to do with this. If you think otherwise please tell me what you think is reasonable, because in the end I can not have 8 developers working on a project for so long without any form of payment. if the community think the devs are overpaid by getting a one time payment of 4k CAI each. I would like to know what is reasonable.
Thank you for answering my questions. You came up with some seriously good bullshit to cover your asses. Getting much smarter, I see some potential in this coin now. Someone gave you some good advice. I realize 99% of alt coins are scams.
Just curious, why do you think the developers should be paid with premined currency you created? It is not the true spirit of cryptocurrency for the people. A currency should never be premined for a smaller group of people. We want to get as far away from 1% owning 99% of the wealth. I think you should mine it yourself if you believe in it. But then again I was here at launch wanting to support this coin and it was being instamined.
