Pre-Mine = Scam? | Bitcointalksearch.org

What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?

edit: or as said above faucets.

like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days.

So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed?

Because the fed printed a few thousand dollars then backed off? Huh

Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power.

Hardcode it to start at a certain target.

Do you even understand how crypto currencies work? You have a block found in x amount of time worth x amount of coins and it'll adjust difficulty to keep you finding a block in x amount of time as needed according to hash rate. You can't just hardcode a high difficulty with a low hash rate or a block will never be found. The only way I can see what your suggesting working is if you had a hardcoded minimum difficulty, but then if the hash rate is low no blocks would get solved in a timely manner so no transaction confirmations. Basically you want a screwed up currency with wildly fluctuating transaction times, got it.

No, you will end up with a currency that will remain inactive until there is sufficient network participation (ie no chance of unfair first mover advantage).

wmikrut

hero member

Activity: 631

Merit: 501

Quote from: hdclover on April 22, 2013, 12:54:34 PM

Quote from: wmikrut on April 22, 2013, 12:53:05 PM

Quote from: hdclover on April 22, 2013, 12:51:34 PM

Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section

politic is bad for your health..

Based on what??
FC Was not pre-mined!

I remember when I started it was on block 300... or high into the 200's.

the truth will eventually be revealed

FUD... that's all this is.
Wait till a block chain explorer comes out... that will answer that question.

hdclover

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Activity: 1120

Merit: 501

www.bitcoin.org

Quote from: wmikrut on April 22, 2013, 12:53:05 PM

Quote from: hdclover on April 22, 2013, 12:51:34 PM

Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section

politic is bad for your health..

Based on what??
FC Was not pre-mined!

I remember when I started it was on block 300... or high into the 200's.

the truth will eventually be revealed

xorxor

sr. member

Activity: 476

Merit: 253

Quote from: Cheshyr on April 22, 2013, 12:24:24 PM

Not all premines have to be scams. Limited, fully disclosed premine, placed in public services for the coin like faucets and games... that would help bootstrap a new coin.

THIS!!

+1 Cheshyr

scam - hidden or admited with a delay feature giving insiders much more coins!

fair - everything is transparent from the beggining.

Ripple, DVC and FRC give enormous percentage of new coins inflation to the devs/foundations. but this is not scam, causte they are fair and transparent about it

wmikrut

hero member

Activity: 631

Merit: 501

Quote from: hdclover on April 22, 2013, 12:51:34 PM

Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section

politic is bad for your health..

Based on what??
FC Was not pre-mined!

I remember when I started it was on block 300... or high into the 200's.

chris200x9

legendary

Activity: 1316

Merit: 1011

Quote from: Stampbit on April 22, 2013, 12:44:29 PM

Quote from: chris200x9 on April 22, 2013, 12:39:16 PM

Quote from: Stampbit on April 22, 2013, 12:31:37 PM

Quote from: chris200x9 on April 22, 2013, 12:24:32 PM

What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?

edit: or as said above faucets.

like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days.

So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed?

Because the fed printed a few thousand dollars then backed off? Huh

Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power.

Hardcode it to start at a certain target.

Do you even understand how crypto currencies work? You have a block found in x amount of time worth x amount of coins and it'll adjust difficulty to keep you finding a block in x amount of time as needed according to hash rate. You can't just hardcode a high difficulty with a low hash rate or a block will never be found. The only way I can see what your suggesting working is if you had a hardcoded minimum difficulty, but then if the hash rate is low no blocks would get solved in a timely manner so no transaction confirmations. Basically you want a screwed up currency with wildly fluctuating transaction times, got it.

hdclover

hero member

Activity: 1120

Merit: 501

www.bitcoin.org

Feathercoin is pre-mined around 4.000.000 coins which goes to give-away section

politic is bad for your health..

Shad3dOne

sr. member

Activity: 261

Merit: 250

Interesting.....

is this another pre-mine FUD thread??

just wondering cuz theres been a lot of those lately.

Stampbit

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Activity: 182

Merit: 100

Quote from: chris200x9 on April 22, 2013, 12:39:16 PM

Quote from: Stampbit on April 22, 2013, 12:31:37 PM

Quote from: chris200x9 on April 22, 2013, 12:24:32 PM

What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?

edit: or as said above faucets.

like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days.

So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed?

Because the fed printed a few thousand dollars then backed off? Huh

Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power.

Hardcode it to start at a certain target.

chris200x9

legendary

Activity: 1316

Merit: 1011

Quote from: Stampbit on April 22, 2013, 12:31:37 PM

Quote from: chris200x9 on April 22, 2013, 12:24:32 PM

What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?

edit: or as said above faucets.

like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days.

So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed?

Because the fed printed a few thousand dollars then backed off? Huh

Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power.

Stampbit

full member

Activity: 182

Merit: 100

Quote from: chris200x9 on April 22, 2013, 12:24:32 PM

What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?

edit: or as said above faucets.

like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days.

So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed?

chris200x9

legendary

Activity: 1316

Merit: 1011

What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?

edit: or as said above faucets.

like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days.

Cheshyr

full member

Activity: 168

Merit: 100

Not all premines have to be scams. Limited, fully disclosed premine, placed in public services for the coin like faucets and games... that would help bootstrap a new coin.

wmikrut

hero member

Activity: 631

Merit: 501

Quote from: blastbob on April 22, 2013, 12:21:29 PM

You can start do define what you mean with premine.

This is already being discussed here:
https://bitcointalksearch.org/topic/what-is-premining-178697

blastbob

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Activity: 602

Merit: 500

You can start do define what you mean with premine.

Stampbit

full member

Activity: 182

Merit: 100

Here is a list of Alt-Coins with Private Pre-mines:

* Freicoin
* DevCoin
* Ripple

Factoid: Pre-mines are when developers give themselves and their friends central banker status (and like our central bank, under the guise of democracy).

Topic: Pre-Mine = Scam? (Read 1151 times)