Locking Heavily Premined Coin Threads? - page 2.

Nullu

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Quote from: MisterGuacamole on December 27, 2013, 11:57:50 AM

What's the big deal with premined currencies exactly? (N00b here).

Basically it goes like this;

Someone launches a new coin, and keeps a percentage of coins for themselves by writing a large sum of coins into the first few blocks, and mines those blocks themselves before launching the coin. They call it a premine. Sometimes a small premine is done as a way of paying devs, for giveaways, etc, but a lot of the time they're kept to do what is known as a "pump and dump".

A pump and dump means that they first build up hype for the coin so eventually it ends up on an exchange, then dump all of their coins for a big fat profit. Leaving the people who mined the coin with nothing, as after a large dump the coin is extremely devalued to the point of being worthless or even taken off an exchange.

If you look hard enough, you'll see which coins these are.

MisterGuacamole

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What's the big deal with premined currencies exactly? (N00b here).

Nullu

hero member

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Merit: 500

Quote from: Romyen on December 27, 2013, 11:28:30 AM

Quote from: Nullu on December 27, 2013, 10:50:49 AM

Quote from: Chris180Z on December 27, 2013, 10:40:37 AM

Do you think staff should lock all heavily premined coin threads in order to protect new members from being scammed?

It just seems a little unfair that you get scammers on here with heavily premined coins, and new members come along and put hard cash into buying these new coins thinking they are getting a bargain. Next thing you know the coin is dead and all their money is gone. That sort of thing will put you off ever using cryptocurrencies again (if you are new to the whole thing, which 99% of people are).

As much as I agree with your sentiment - who decides what is a scamcoin or not? I think it's a slippery slope. People, I'm afraid, should be left to make up their own mind. You start locking coin threads and all will happen is the forum's reputation will get damaged and altcoins will go elsewhere.

You've got to have losers is if you expect to have winners, so as much as I hate the premined garbage, it has its place.

Agree 100%. I would add only that there's no way the moderator would agree to do this, after I read some of his posts. (I say "he" because I don't believe he's actually a 12 year old girl as his profile claims.)

Check out the following post by him from Dec. 25:
https://bitcointalksearch.org/topic/m.4132757

Yep. Free market ethos. I don't like premined coins, but if we didn't have them, we'd be worse off.

bitdwarf

sr. member

Activity: 406

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The cryptocoin watcher

Use the ignore button. My front page only has 3 threads unignored. Noobs will wonder why certain coin creators have an orange ignore link.

MisO69

legendary

Activity: 1946

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My mule don't like people laughing

NO!

No censorship here please! That would defeat the whole idea of an open source currency. No secrets, everything out in the open. There are members who keep an eye out and are quite vocal when it comes to new coins. Pre-mined coins are usually called out in the first hour or so of launch. Insta-mined coins are pretty much all of them. The only way I can see getting around that would be low reward at the beginning with a properly working difficulty re-adjustment.

BrewCrewFan

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Quote from: nastybit on December 27, 2013, 11:35:45 AM

Quote from: Chris180Z on December 27, 2013, 10:40:37 AM

Do you think staff should lock all heavily premined coin threads in order to protect new members from being scammed?

It just seems a little unfair that you get scammers on here with heavily premined coins, and new members come along and put hard cash into buying these new coins thinking they are getting a bargain. Next thing you know the coin is dead and all their money is gone. That sort of thing will put you off ever using cryptocurrencies again (if you are new to the whole thing, which 99% of people are).

This has been discussed already so many times that it's almost as spam as premined coins.
Nobody will EVER delete any thread on this board. Period
Hopefully everybody got a brain, it's time to use it

Yep great thing about cryptos is no one gets to decide who wins or loses. We been down this road so much I just laugh when people start crying about it. Newbs gotta learn what to look for and in fact many premined coins have made it . Sure the market takes a hit right off... but if you hold you can be rewarded greatly.

serge79

full member

Activity: 154

Merit: 100

Catcoins had zero premine Wink

BrewCrewFan

hero member

Activity: 672

Merit: 501

Quote from: Chris180Z on December 27, 2013, 10:40:37 AM

Do you think staff should lock all heavily premined coin threads in order to protect new members from being scammed?

It just seems a little unfair that you get scammers on here with heavily premined coins, and new members come along and put hard cash into buying these new coins thinking they are getting a bargain. Next thing you know the coin is dead and all their money is gone. That sort of thing will put you off ever using cryptocurrencies again (if you are new to the whole thing, which 99% of people are).

LOLZ not gonna happen. Who gets to decide this? Yeah pick winners or loosers... if they did this back earlier this year the only alt coins we would have had left is WDC and DGC.

nastybit

newbie

Activity: 42

Merit: 0

Quote from: Chris180Z on December 27, 2013, 10:40:37 AM

Do you think staff should lock all heavily premined coin threads in order to protect new members from being scammed?

It just seems a little unfair that you get scammers on here with heavily premined coins, and new members come along and put hard cash into buying these new coins thinking they are getting a bargain. Next thing you know the coin is dead and all their money is gone. That sort of thing will put you off ever using cryptocurrencies again (if you are new to the whole thing, which 99% of people are).

This has been discussed already so many times that it's almost as spam as premined coins.
Nobody will EVER delete any thread on this board. Period
Hopefully everybody got a brain, it's time to use it

Romyen

member

Activity: 61

Merit: 10

Quote from: Nullu on December 27, 2013, 10:50:49 AM

Quote from: Chris180Z on December 27, 2013, 10:40:37 AM

Do you think staff should lock all heavily premined coin threads in order to protect new members from being scammed?

It just seems a little unfair that you get scammers on here with heavily premined coins, and new members come along and put hard cash into buying these new coins thinking they are getting a bargain. Next thing you know the coin is dead and all their money is gone. That sort of thing will put you off ever using cryptocurrencies again (if you are new to the whole thing, which 99% of people are).

As much as I agree with your sentiment - who decides what is a scamcoin or not? I think it's a slippery slope. People, I'm afraid, should be left to make up their own mind. You start locking coin threads and all will happen is the forum's reputation will get damaged and altcoins will go elsewhere.

You've got to have losers is if you expect to have winners, so as much as I hate the premined garbage, it has its place.

Agree 100%. I would add only that there's no way the moderator would agree to do this, after I read some of his posts. (I say "he" because I don't believe he's actually a 12 year old girl as his profile claims.)

Check out the following post by him from Dec. 25:
https://bitcointalksearch.org/topic/m.4132757

zackclark70

legendary

Activity: 868

Merit: 1000

ADT developer

90% of altcoins are premined and or instamined

most of the people pushing no premines agree with instamines

instamines are totally unfair on the users as there as nobody knows how many coins were instamined and who holds them

with a premine everyone knows howmany coins who has them and what they are boing used for ( should be some form of ledger that states whare they have gone )

I am not a big fan of premined coins but I do understand why a small premine is necessary

but my experience is that it will start with good intentions and after a while the ledger will stop and the coins get spent or sold

Nullu

hero member

Activity: 532

Merit: 500

Quote from: Chris180Z on December 27, 2013, 10:40:37 AM

Do you think staff should lock all heavily premined coin threads in order to protect new members from being scammed?

It just seems a little unfair that you get scammers on here with heavily premined coins, and new members come along and put hard cash into buying these new coins thinking they are getting a bargain. Next thing you know the coin is dead and all their money is gone. That sort of thing will put you off ever using cryptocurrencies again (if you are new to the whole thing, which 99% of people are).

As much as I agree with your sentiment - who decides what is a scamcoin or not? I think it's a slippery slope. People, I'm afraid, should be left to make up their own mind. You start locking coin threads and all will happen is the forum's reputation will get damaged and altcoins will go elsewhere.

You've got to have losers is if you expect to have winners, so as much as I hate the premined garbage, it has its place.

Bitcoins101

hero member

Activity: 938

Merit: 509

I think the community here usually does a pretty good job at policing things without moderator intervention.

miffman

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PGP ID: 78B7B84D

premined coins are a good learning curve for noobs.

AmDD

legendary

Activity: 1027

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New members should take the time to read and understand what they are getting into before throwing a ton of money at a shitcoin.

hastalavista

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+1

Chris180Z

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Activity: 238

Merit: 100

Do you think staff should lock all heavily premined coin threads in order to protect new members from being scammed?

It just seems a little unfair that you get scammers on here with heavily premined coins, and new members come along and put hard cash into buying these new coins thinking they are getting a bargain. Next thing you know the coin is dead and all their money is gone. That sort of thing will put you off ever using cryptocurrencies again (if you are new to the whole thing, which 99% of people are).

Topic: Locking Heavily Premined Coin Threads? - page 2. (Read 1926 times)