I mean it is that simple. It will be deliberately unfair in every possible way to ensure only the devs and handful of others can mine it. Then the profit goes to them and only them and the creators.
That is not the only possible outcome of Daniel Larimer's astute logic. That is one possible way to do it, which I agree is not going to result in a viable ecosystem.
Do you mean the profiting part?
But he says that only those whom mine pariah coins and the devs will profit? that is what he is saying? is it or is he just pretending to be super unfair to put everyone off even more and you are seeing something there that I am not seeing?
They won't be pariah coins if everyone can mine and if they were not considered grossly unfair and unacceptable?
This idea is only mildly acceptable to the majority if
1. you can 100% trust the devs
2. they actually do give a very reasonable amount away like for social media activity
3. they do not create a handful of whales (pals tipped off early and given easy guide to mining) who are just used to protect and enable. I mean these few whales that are in on it too will be getting a ton of vests too to keep them going. So somehow they have to make it so so unfair that only they the devs can grab the coins. There should be no other mining whales. But somehow there be some tiny possibility others can mine if they are super talents in this field and happen upon the coin before it's all mined away.
there is no harm in creating a dev fund and a pot to pay out of for social media tipping but the number should be set out before. Which I guess is hard to do because you don't know the market value of your tokens at the start.
Also hoping to turn everyone off from the idea
1, by making it impossible to mine by the majority
2. by making it look grossly unfair in every single way
Is only going to make for a bad start and lots of hostility from miners so they better be able to market very well outside of the mining community.
Also who wants to be first to buy these tokens on exchange when you know that you were deliberately held off mining them for next to nothing like the devs and a few pals. You would want a very good chance them increasing in value and not dropping else you have been totally suckered,
I am not refuting his other logical points regarding remaining compliant with regulations. Although they appear like work arounds and loopholes rather than clearly staying within the intended guidelines. I would not be suprised even after doing it like this they could later come back and spank you with huge fines if it suited them and there was enough money involved to make it worth it for them.
I know laws don't abide essentially by logic but
premine is illegal but captive instamine (which somehow isnt instamine) is okay? I mean even if you deliberately make it so the vast vast majority are unable to mine at all?
I just think if anyone should accept this new alternative mining method so many things need to be set in stone and no way to wriggle out. Also it is open to abuse until you find a way to captive instamine after release with only the dev wallet/s getting 95% of the non instamine instamine tokens. Who knows what select few pals could be getting the special mining/compiling instructions.
So i see it open to abuse and will start with negative vibes.
I'm may be missing something very important here that is going to change my entire opinion on it but as yet I have not located it. I see this alternative distribution method being open to huge abuse though if they can ever convince the board not to brand it as a very bad idea.
