Topic: Ethereum ICO premine + an additional premine of 12M ETH or 17% of current supply (Read 9086 times)

What was the first pre-mine of Eth?

So which is the total number of maximum eth when all eths will be mined?  

Wow, isn't it amazing to see the type of conversations that went on three years ago?
Crypto has changed so much.
Back then people dived into real tangible discussions and provided evidence.
Nowadays, it's just spam spam spam.

You have people posting mindless things just to reach their posting quota.
You have people making wild claims without any evidence.
And, you have noobies asking the same, "How do I get really rich?" questions over and over.

Another revealing thing is, everybody thought Eth was a joke.
In a lot of ways, it was.
but the idea was revolutionary and game changing and now it is the 2nd most valuable crypto in the world.

How fun is to read such a comments in future what was the price of Eth that days?

Isn't selling an item with an expectation of profit from the work of a centralized mechanism's developers (Ethereum foundation) to the benefit of 3rd party investors to raise the value of said investment considered a SECURITY CONTRACT?

Oh why yes...yes it is.

In fact...Seems like a hand full of people control 72% of the network at this point; which would appear analogous to 'Preferred Stock' in a corporation. The idiom itself alludes to little to no decentralization...does it?

and.. sounds like they'll be playing cat & mouse with SEC for bit longer this year. Good lucky.

2018, gonna be fun - watch watch fun fun KABOOM

no one cares anymore and likely the pre-mine would be helping the eth community since most people doesnt want to work for free.

If the funds would run out the development of the tech would slow down.

No-one cares about this huge premine anymore? Nor that they may be going 'Proof of Stake' giving the pre-mine holders total control over the network?

For the time being, it is a good money to invest into.

Ether is not issued by any specific single manner – a compromise between funding to get the project off the ground and future mining to secure the network has been taken. If you were lucky enough to have bought into the crowd funding of Ethereum you would have helped fund the project as well as got yourself some currency on one of the most exciting financial/technological advances ever.

The fundraising was taken in mid 2014, and roughly 60 million (60,102,216 ETH) Ether units were issued at a rate of between 1000-2000 Ether per Bitcoin or BTC.

Of the total amount sold another 9.9% were released to allocated to the Ethereum Foundation to compensate early contributors and pay for ETH denominated expenses prior to the genesis block on the 30th July 2015.

Another 9.9% was maintained as a long term reserve for Ethereum meaning the total number of coins released prior to the launch was 72 million.

The Ether currency units to be released per year after the Genesis block will be 26% of the initial 60 million raised in the funding phase. The amount of coins released per year will stay constant at 15.6 million Ether Units. In year five, or July 2020, over 50% of the coins will have been mined by miners.

Ether is issued at a rate of 5 ETH per block on a block time target of 12 seconds.
In this way the inflation takes precedence in the first few years and deflation further down the path – very similar to Bitcoin. The difference being that Bitcoin rewards stop after the year 2140 – with Ethereum there will still be 15.6 million Ether units issued – a marginal increase in the money supply.

No problem. I like transparency when it comes to ICOs. Ethereum was not transparent with the ICO. The devs could easily sneak away with way more coins than just this massive premine through their lack of transparency.

Thanks for going to the effort of proving the premine even though you didn't really prove it. I think it's safe to say that there is definitely a 12 million Ether premine.

Wait wait wait. Did Vitalik say something on slack about 60 + 15 mil to mine? Why would he do that? Is he under threat by mafia? Maybe we should help him.

I don't want to be mean but @Fuserleer is ignorant and likes to talk without knowledge of things.

I was looking for a way to check coin totals and to look at blocks with geth but couldn't figure out how. I decided to run a script to tally up the numbers on https://www.etherchain.org/block/0. The total amount came out to 72008990.49947993 ether coins in the ethereum genesis block.

It is not unlimited: https://blog.ethereum.org/2014/04/10/the-issuance-model-in-ethereum/

Well with unlimited supply bottom will be very low.

My brain is just fine thanks!  Perhaps its yours, spending too much time using it trying to sound like a smart ass than actually putting it to good use to prevent yourself looking stupid.

The 12M you question was included in the genesis, and the total ether in the genesis adds up to 60M, then this 12M you are ranting about is part of that 60M, so it cant be an additional pre-mine can it.

No its a premined scam

You want free coins? Cause that's where price is heading

waiting to see the price bottom out before i buy

It's up to you to decide what you think about the massive Ethereum premine.

Positives: Current ETH devs are motivated to get rich. They can sell ETH to get new devs.

Negatives: No one new will join for free. Poor community support. Increases chances of a clone doing better than ETH.


Since ETH already has a bad reputation from the ICO I guess they should keep going with these "company" style moves. Vitalik is already talking about making "private blockchains that can be modified" so that governments can continue to hold power with financial abuse. I say screw Vitalik Buterin and his greedy "corporate" ways.


Let me know what you think. Is this massive 12 million Ether premine good or bad?



I believe ETH is good technology and worth purchasing. I find it hard to support them any further than that though. I was hoping for some world changing thing but instead we ended up with another greedy company.