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But that is one in the same ... it's really a turn-off for investors when you're asking money from them and then immediately diluting their shares with the premine.
The premine is used to pay current and future developers as well as serve as a long term endowment for the project after the bitcoin reserves run low. As for a turn off, silicon valley has been accepting that people who start companies have equity in the company for over 50 years. This is what built apple and google. It makes people work harder and have a vested interest in the long term growth of the market. If I just pay you a salary, then you can walk away with a clean slate.
We are not a company but we are not a traditional open sourced project. It's really something new and a test for a different way of doing VC. My hope is that our model can eventually be refined and become a permanent part of the startup landscape for projects that don't have equity in a traditional sense and are more mission oriented than profit.
Take it for what it's worth. My biggest problem with this was using Ethereum to try and fund V2, V3, V4, V5 upfront. I have no problem with the amount the founders are taking. But it seems like the massive premine is imposing a HUGE tax on the present at the expense of lowering the probability it will fly in the first year. If it doesn't fly in year one, it won't.
If it works - the ongoing tax should sustain it after year one.
My vote is lower the premine, up the recurring tax. Even if I understand why you are trying to eliminate the pump and dumpers initially ... if it doesn't fly in the first six months. It probably isn't going to. Seems to me initial premine is lowering your chances of success.
