I wholeheartedly support a 2% premine as I want this coin to be successful in the real world and without compensation and capital, it is not going to happen.
Developing the apps needed to make this coin a real working coin are going to take time, effort and money, and the sooner these projects can be funded and realised the sooner SPUD will be a real and valuable currency.
One of the most successful coin launches recently was EarthCoin with 2% premine and there has been much criticism. I have been working closely with the dev team of that coin and the success of EAC has been the ability to compensate and fund apps and implementations.
Could the devs of potatocoin just be looking for pump and dump... of course... but even without a premine, the development team and admin could take the majority of the first 10% of the blocks.
I would like to see the launch of this coin delayed until there is a Windows, Linux and MAC wallet, block explorer, quality web-site with a ready made shopping cart or E-commerce system to turn SPUD's into real potatoes(that means organising suppliers and logistics) and potato products and paper wallet. Premine the coin and use the coins to employ quality people to make these apps and then launch the coin with these systems in place and the coin will be immediately of real and useful value.
Don't premine the coin, launch with only half of the systems in place, wait for the community to respond with quality systems and in that time the coin will be a pump and dump by all miners.
If selling potatoes is your goal, then do it and do it well... even if means delaying the launch of the coin by days or a week or so.
Topic: [POLL]Should PotatoCoin be premined? How much? Why/Why Not? - page 2. (Read 1599 times)
We on the PotatoCoin developer team have been weighing our options as far as premining goes. We know that it is generally regarded negatively and with the amount of recent shitcoin releases we want everything to be absolutely perfect for the PotatoCoin launch.
What would we do with a premine?
If we did premine the coin, we would use the coins to fund several projects, the main one we are interested in is as follows:
We would first develop a service like BitPay, where you trade potatoes for dollars, and then use our premine to fund a trip to Africa. Once there, we would spend several months to develop a network of vegetable growers and help them grow their businesses, perhaps globally. We will also be creating PotatoCoin applications for cellphones, as they are quite prevalent in Africa.
Why not Bitcoin?
A fair question that I anticipate will be asked, so I'm going to go ahead and answer it here.
I won't pretend that this coin's code is going to be innovative (though I don't think our block reward modification method has been used before) or solve any major issues Bitcoin has. However, this coin, unlike Bitcoin, is going to be almost solely for agriculture. This means that if it is widely adopted by farmers, they won't need to use our PotatoCoin version of BitPay because the price will remain relatively stable. It means that places in Africa that use cellphone minutes as currency can use a currency that is directly tied to their agriculture industry, rather than global speculation.
What would we do without a premine?
If we do not premine the coin, we will use our pool fees and personal mining gains to fund the trip and BitPay-like service, then attempt to crowdfund the rest of the project.
Should we premine PotatoCoin? How much?
We will end this poll ~12 hours before launch. If the votes for "Yes" (all yes votes combined) are equal to >75% of all votes, then we will premine the percentage that receives the most votes; otherwise, we will not premine any coins and it will be a completely fair launch.
If you are going to vote, please leave a comment as to why you think what you do.
What would we do with a premine?
If we did premine the coin, we would use the coins to fund several projects, the main one we are interested in is as follows:
We would first develop a service like BitPay, where you trade potatoes for dollars, and then use our premine to fund a trip to Africa. Once there, we would spend several months to develop a network of vegetable growers and help them grow their businesses, perhaps globally. We will also be creating PotatoCoin applications for cellphones, as they are quite prevalent in Africa.
Why not Bitcoin?
A fair question that I anticipate will be asked, so I'm going to go ahead and answer it here.
I won't pretend that this coin's code is going to be innovative (though I don't think our block reward modification method has been used before) or solve any major issues Bitcoin has. However, this coin, unlike Bitcoin, is going to be almost solely for agriculture. This means that if it is widely adopted by farmers, they won't need to use our PotatoCoin version of BitPay because the price will remain relatively stable. It means that places in Africa that use cellphone minutes as currency can use a currency that is directly tied to their agriculture industry, rather than global speculation.
What would we do without a premine?
If we do not premine the coin, we will use our pool fees and personal mining gains to fund the trip and BitPay-like service, then attempt to crowdfund the rest of the project.
Should we premine PotatoCoin? How much?
We will end this poll ~12 hours before launch. If the votes for "Yes" (all yes votes combined) are equal to >75% of all votes, then we will premine the percentage that receives the most votes; otherwise, we will not premine any coins and it will be a completely fair launch.
If you are going to vote, please leave a comment as to why you think what you do.
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