A word from the founder after being asked about the premine:
Alright. First of all I realise that this information used to be easy to find, but nowadays it is not, so I added it to the specifications at dev.gulden.com (probably after refresh visible).
Premine in 2014: 170 million
Premine (mostly since 2016) in circulation: 110 million
Premine in my possession: 60 million
What is a premine?
When launching a cryptocurrency (coin of token) you can choose to reserve a part for yourself. This premine is actually mine from the start, so you already have possession. In 2014 the crypto looked a bit different than it does now, of course there were far fewer people working on it, but there were no tokens either. To launch a coin you needed a developer, especially if you didn't want an exact copy of bitcoin or litecoin. Yet a lot of coins were launched and those with premines often did not live very long, mostly because the founder was anonymous and as soon as the premine was worth it disappeared. So there is (often rightly) a negative label attached to the term premine. At that time the experienced crypto investors were often reason enough to stay away from such a project or to be negative about it, no substantiation was needed. Just the chance that a founder suddenly disappears with the money was enough to label everything as scam. This label was therefore also awarded the Gulden label.
Just for the sake of clarity, token and coin differ.
Coin: these are too small, where there may be a premine (this varies from 0 to 50%, I know few coins where it is more than 50%). A coin has its own blockchain and coins come on the market by mins. The starting value of a coin is determined by the market, i.e. supply and demand. What the first buyer gives for it.
Token: these are not to be disregarded, because the full 100% is already in the possession of the founder. These tokens are then sold at a value determined by the founder. Imagine you start your own token and spend a million, if you sell 1 for 1000 euros. Then your marketcap is 1000,000,000. That's also why new tokens often start high on marketcap sites. Tokens do not have their own blockchain and run on Ethereum or similar platforms.
Why a premine, then?
As some of you may have made clear, I'm not one of the 'crypto rules'. I do not have the large 'code' with do's and don'ts conceived by self-declared experts in my closet. For me, the premine meant something else: financial freedom. Financial freedom gives you the opportunity to be independent and to be able to do what you really like. To follow your vision. It is probably a dream for many for many reasons. What would you do if you had enough money? Everyone has a different answer to that. My answer is simple and I think I don't even have to give it, because I have shown it for the last 4 years.
In the first two years of Gulden, there was no question of financial freedom, because simply the value of Gulden (which started at 0) in those years was around 0.0015 cents. Also the value of Bitcoin was very different then, I don't want to talk about it further, because it's private, but I already came into contact with Bitcoin in 2011. I had a full-time job and when I noticed that this full-time job was at the expense of Gulden I stopped in mid-2017, to focus 100% on Gulden.
So what about the premine?
This is no different from previous years. This is in my possession.
Feel free to ask questions, I will try to answer them as best I can, unless they really come into the prives sphere.
The questions that have already been asked by JeanLuc: "What are the shares for then?
Shares was a way of converting Gulden into Bitcoin, without the market feeling it right away. At that time, there wasn't as much volume as there is now and I didn't want the market to feel pressure. That's why shares were more expensive than the market price and you got a reward for holding them in place. I wanted to convert this in order to be able to invest in development, for example, and paying out in Gulden was not yet desirable at that time, so it became BTC. The volumes are now high enough and almost all shares have been paid out, and it is not possible to buy shares. The way to get a reward for securing Gulden is well known: Witness.
And the follow up questions of a valued member of the community and the founders answers to it:
Okay, thank you so much. But I don't quite understand a few things yet, maybe you can explain them as well.
1. What do you mean by 110 are in circulation? Have they already been spent?
-> Yes, they have already been issued.
2. If I read the above, you pay for the development of Gulden 'out of your own pocket'. Isn't the premine part of Gulden bv, who paid for the Development, isn't it?
-> As I have indicated above, the premine is mine, from day 1. Gulden.com BV is separate from this, that is a company with a revenue model in which I invest. A working example of the revenue model are the purchase opportunities in the applications, a percentage of which goes to Gulden.com BV. In addition, there are things in the planning like paid applications, etc. The development of the network by Gulden.com BV is in the interest of Gulden.com BV, because it leads to more transactions and that in turn leads to the revenue model.
4. And for the critics among us, how can I see that the premine is not much more than it is now stated. In other words, how can an 'investor' assess the risk? The risk of you exchanging everything one day and sitting down in the Bahamas is no different from that of other listed companies, only there will you know how big the impact is. Not here.
-> Not. And indeed there is a risk for an investor.
Translated with
www.DeepL.com/TranslatorCredits go to the people who dared to ask in the slack, I just found the reaction and run it through translation to be able to read it. I think this clearifies some of the uncertainties that were issued here. Hopefully the premine investigators can confirm this one day.
