The very high number of coins preminedhas been discussed before. Suggestions of open book accounting to show it being used for development have been proposed. The discussion of the 1200 BTC sell stockpile of cryptsy have also been had. Unfortunately anyone wishing to discuss these ideas is immediatley branded a troll and outcast from this thread.
I would agree, having around $1m in premine and not providing open book accounting to show this being spent for the good of the coin rather than held back for dumping to make the dev team a disproportionate ammount of money compared to the effort put in is harmful for the long term of the coin.
I said as much yesterday that when new people to this coin arrive, they will read the first post, the last few and look at the trades on exchanges. When they see the devs sat on a million dolars worth of premine and no open book accounting on this being shown to have been spent promoting the coin, then thise new people to this thread (who may well be very experienced in cryptocurrency) will just walk away. Thats whats driving the value downward now.
Im not worthy enough of being in the "brain team" as I dont have enough LOTTO coins. Clearly not having 10 million lotto coins makes you incapable of having the experience of business and marketing to be of any use to the community.
Anyway, lets hope lotto coin makes it back up to decent values, but Im afraid without listening to more experienced people, it just wont. This may sound negative and get me branded as a troll yet again, but its just realistic. We have a bunch of people making childish "to da moon" posts, and no public accounting for a milion dollars worth of premine. Where do people expect the coin value to go if thats all we get day in day out? There may be newbies to crypto currency (like me) that have decades worth of experience in real world business. But because they havent been into crypto long, they are simply dismissed. This is why some coins are successful and others not. You want people in the real world to start dropping hundreds of thousands of dollars/pounds/euros on this coin and drive its value up? Then they will expect to see some real world experience behind the coin and not just the toda moon posts and what appears to be a get rich quick scheme from the devs.
Take this as a troll post if you wish. I guess those who understand real world economics will agre with it, and those who dont wil be the to da moon army. Good luck. Im still mining this as long as its returning the 30-40$ a day of any other copy/paste coin - when its not, Ill be off suporting something else.
Im happy to help this coin and community as Ive put a good couple of weeks mining and trading into it, but if Im accused of being a troll for being a realist, then Im just as happy to carry on playing as a miner.
Im not sure though, as to why people still refer to the "high number" of coins premined. Its 2%, not more, not less. Its only 2% and it will always be just the 2%. I for one can witness on mrlotto giving out over 100M LOT for different causes.
Take in account that they are probably at least 3people on the team. So they should get their cut too.
If it all ends up in being around 30-40M of LOT each that is left split between these 3 guys. That is not that hole of a lot right?
I know guys right now that have close to 100M LOT. Honestly anyone willing to pay some btc can right now get that 100M from cryptsy. So stop with these stupid conversations about the premine being so high. They will lead nowhere.
If you dont like it. Nobody here is holding a gun to your head forcing you to stay.
Go and check all the coins and find me one coin that has 0% pre/instamine that is top 20 in CMC. Do it now please.
Cheerios!
