PREMINE - What's happening - page 2.

chris112

newbie

Activity: 37

Merit: 0

Quote from: usahero on February 26, 2014, 05:40:05 PM

I don't like premines. Most premined coins are shit.

Please let me know how a coin developer can pay for a business, lawyer, accountant, updates, development etc for a coin if there is no premine?

If you take out the lawyer, accountant, developer and just wing it...how can you just keep updating the coin and do all the things necessary to advertise and support the coin in the future with no money?

I am not coming at you. I just have a legitimate question for you.

usahero

sr. member

Activity: 434

Merit: 250

I don't like premines. Most premined coins are shit.

Trafficlearn

sr. member

Activity: 280

Merit: 250

Quote from: Gingermod on February 26, 2014, 12:15:25 PM

Quote from: albertdros on February 26, 2014, 12:13:59 PM

Quote from: Gingermod on February 26, 2014, 12:11:48 PM

I feel like no one seems to care about Premines anymore. Recently Mintcoin got pumped up pretty high by many individuals, no one seeming to care about the now 170 thousand dollars they gave some guy.

What do you guys think? Are small premines an exception? Should premines just go?

to be fair, that 170 thousand dollars was worth 20 times less 1 week ago. The devs continue to work very hard on the coin, even tho it was at 3 satoshi. So, I guess their continuous hard work paid off.

So should all devs premine for quick profit potential?

I don't think they should premine for quick profits...but in order to supply services and grow the coin OUTSIDE of crypto...it is essential..TeslaCoin had a 3% premine which is STILL HELD by the core developers....when things like promotional videos cost upwards of 50,000 coins(for a professional production)....exchanges get paid...website development and hosting....etc...do you really expect the DEVS to do this with only what they MINE? while the miners just mine and dump? that doesnt set up a very fair playing field imho....especially with the amount of competition these days....

Gingermod

full member

Activity: 238

Merit: 100

Quote from: brokedummy on February 26, 2014, 03:37:53 PM

Mintcoin with a 1% premine is better than topcoin's 6 hour instamine equivalent of 6% premine. Both are probably going to be more sucessful than a no premine coin that doesn't have a good community or commited developers. I am a speculative miner and I mine things that I think will be valuable when eventually exchanged, most of the times I win it is with a coin that has been premined or otherwise topheavy. Don't get too hung up on how much the dev is going to make or you will lose potential profits for yourself. Ideally, I'd like to see a small premine 0.05% or less, and low reward blocks until he network is stabalized to prevent instamining, but I'll mine anything I think I can profit from by being earlier than the next guy.

Good coin, good community, with no premine > "Good" coin, good community, with premine

brokedummy

legendary

Activity: 980

Merit: 1004

Mintcoin with a 1% premine is better than topcoin's 6 hour instamine equivalent of 6% premine. Both are probably going to be more sucessful than a no premine coin that doesn't have a good community or commited developers. I am a speculative miner and I mine things that I think will be valuable when eventually exchanged, most of the times I win it is with a coin that has been premined or otherwise topheavy. Don't get too hung up on how much the dev is going to make or you will lose potential profits for yourself. Ideally, I'd like to see a small premine 0.05% or less, and low reward blocks until he network is stabalized to prevent instamining, but I'll mine anything I think I can profit from by being earlier than the next guy.

Gingermod

full member

Activity: 238

Merit: 100

Quote from: The One on February 26, 2014, 03:10:51 PM

Quote from: Gingermod on February 26, 2014, 12:18:26 PM

Personally I think this "fair distribution" model is absolute bullshit. Devs spreading valueless money just to get people hyped up enough to pump up their coin. The act of premining inflates and devalues the currency.

Concur.

Premine is no difference to fiat money whereas bankers create money out of thin air. Coins needs to be mined, the work and cost involved in mining creates value in the coin. Premine is just an excuse for developers to get rich quick.

Finally someone here with a brain. Tired of being called a troll.

The One

legendary

Activity: 924

Merit: 1000

Quote from: Gingermod on February 26, 2014, 12:18:26 PM

Personally I think this "fair distribution" model is absolute bullshit. Devs spreading valueless money just to get people hyped up enough to pump up their coin. The act of premining inflates and devalues the currency.

Concur.

Premine is no difference to fiat money whereas bankers create money out of thin air. Coins needs to be mined, the work and cost involved in mining creates value in the coin. Premine is just an excuse for developers to get rich quick.

Seidr

full member

Activity: 350

Merit: 107

Quote from: Gingermod on February 26, 2014, 02:22:21 PM

Quote from: Seidr on February 26, 2014, 02:20:06 PM

Quote from: Gingermod on February 26, 2014, 02:04:59 PM

Quote from: SlidingHorn on February 26, 2014, 02:03:22 PM

Quote from: Gingermod on February 26, 2014, 02:02:01 PM

Quote from: Seidr on February 26, 2014, 01:57:03 PM

No Premine unless all is given away for free and transparently like it was in PremineCoin (PMC).

"preminecoin" died buddy

LOL says whom??

The coin and its community are both alive and well.

Says the 170k market cap and under 10k volume. It's not like PREMINEcoin is going anywhere, seriously guys?

But that's quite impressive for a coin where only the tax fees are minable and the biggest exchange was down half of the day. This coin is undervalued at the moment and the price rises nearly everyday. No exactly what I would call dead.

It's quite low(rank 74), the price is volatile so I wouldn't say it's "rising", and it's called fucking preminecoin.

Please.

EDIT: Rank 77

The Price will stabilize itself at a point because there is no inflation at all, no new coins to be dumped are generated and more committed Members of the Community are buying the scarce Coins from less committed Members. The Name.. yes the Name doesn't make it easy because it sounds provocative to many miners. But oh well, maybe even that can be useful to get a Coin known.

eizh

hero member

Activity: 560

Merit: 500

All premine coins are garbage. There haven't been any exceptions to date. I've only ever mined them to dump and buy real coins with innovation. Currently, all these shitcoins are just an agreed-upon pump and dump game. Some win, some lose. But everyone's convinced themselves that they'll be on winning side. Cognitive biases are funny.

The market will learn over the course of a year, I think. This is a transient phase. The idea itself is just comedy. Something is supposed to become a universally accepted exchange medium, yet 1 guy starts with something on the order of 1% of the total supply? LOL. Even the USD, with all its inequality, doesn't have that.

Gingermod

full member

Activity: 238

Merit: 100

Looks like no premine is the way to go.

Gingermod

full member

Activity: 238

Merit: 100

Quote from: Seidr on February 26, 2014, 02:20:06 PM

Quote from: Gingermod on February 26, 2014, 02:04:59 PM

Quote from: SlidingHorn on February 26, 2014, 02:03:22 PM

Quote from: Gingermod on February 26, 2014, 02:02:01 PM

Quote from: Seidr on February 26, 2014, 01:57:03 PM

No Premine unless all is given away for free and transparently like it was in PremineCoin (PMC).

"preminecoin" died buddy

LOL says whom??

The coin and its community are both alive and well.

Says the 170k market cap and under 10k volume. It's not like PREMINEcoin is going anywhere, seriously guys?

But that's quite impressive for a coin where only the tax fees are minable and the biggest exchange was down half of the day. This coin is undervalued at the moment and the price rises nearly everyday. No exactly what I would call dead.

It's quite low(rank 74), the price is volatile so I wouldn't say it's "rising", and it's called fucking preminecoin.

Please.

EDIT: Rank 77

Seidr

full member

Activity: 350

Merit: 107

Quote from: Gingermod on February 26, 2014, 02:04:59 PM

Quote from: SlidingHorn on February 26, 2014, 02:03:22 PM

Quote from: Gingermod on February 26, 2014, 02:02:01 PM

Quote from: Seidr on February 26, 2014, 01:57:03 PM

No Premine unless all is given away for free and transparently like it was in PremineCoin (PMC).

"preminecoin" died buddy

LOL says whom??

The coin and its community are both alive and well.

Says the 170k market cap and under 10k volume. It's not like PREMINEcoin is going anywhere, seriously guys?

But that's quite impressive for a coin where only the tax fees are minable and the biggest exchange was down half of the day. This coin is undervalued at the moment and the price rises nearly everyday. No exactly what I would call dead.

Gingermod

full member

Activity: 238

Merit: 100

Quote from: SlidingHorn on February 26, 2014, 02:03:22 PM

Quote from: Gingermod on February 26, 2014, 02:02:01 PM

Quote from: Seidr on February 26, 2014, 01:57:03 PM

No Premine unless all is given away for free and transparently like it was in PremineCoin (PMC).

"preminecoin" died buddy

LOL says whom??

The coin and its community are both alive and well.

Says the 170k market cap and under 10k volume. It's not like PREMINEcoin is going anywhere, seriously guys?

SlidingHorn

full member

Activity: 196

Merit: 100

★Bitvest.io★ Play Plinko or Invest!

Quote from: Gingermod on February 26, 2014, 02:02:01 PM

Quote from: Seidr on February 26, 2014, 01:57:03 PM

No Premine unless all is given away for free and transparently like it was in PremineCoin (PMC).

"preminecoin" died buddy

LOL says whom??

The coin and its community are both alive and well.

Gingermod

full member

Activity: 238

Merit: 100

Quote from: Seidr on February 26, 2014, 01:57:03 PM

No Premine unless all is given away for free and transparently like it was in PremineCoin (PMC).

"preminecoin" died buddy

Seidr

full member

Activity: 350

Merit: 107

No Premine unless all is given away for free and transparently like it was in PremineCoin (PMC).

Gingermod

full member

Activity: 238

Merit: 100

Quote from: Miner232432 on February 26, 2014, 01:30:02 PM

Quote from: Gingermod on February 26, 2014, 01:26:19 PM

Quote from: Miner232432 on February 26, 2014, 01:04:16 PM

Pre mines are ok

It's IPO's with no proof of concept for coin that needs to be banned

"Hi I make coin, gief me BTC"

That's literally you need to do these days to make BTC, I'm almost tempted to make some bullshit coin myself

premine sucks bruh

Not if the premine is being used for development of the coin and improving services, getting on exchanges and promotion.

As long as it's fully transparent then there should be no issue providing it's a max of 2%

You know that doesn't take much money right?

Snard

full member

Activity: 140

Merit: 100

Quote from: iampingu on February 26, 2014, 12:22:59 PM

I don't mind a completely transparent premine, though if it isn't in the hands of a trustworthy dev, it's getting dumped.

Even trustworthy devs dump.

Miner232432

full member

Activity: 210

Merit: 100

Quote from: Gingermod on February 26, 2014, 01:26:19 PM

Quote from: Miner232432 on February 26, 2014, 01:04:16 PM

Pre mines are ok

It's IPO's with no proof of concept for coin that needs to be banned

"Hi I make coin, gief me BTC"

That's literally you need to do these days to make BTC, I'm almost tempted to make some bullshit coin myself

premine sucks bruh

Not if the premine is being used for development of the coin and improving services, getting on exchanges and promotion.

As long as it's fully transparent then there should be no issue providing it's a max of 2%

escrowman

sr. member

Activity: 262

Merit: 250

under 1% can be accepted

Topic: PREMINE - What's happening - page 2. (Read 3538 times)