Premining | Bitcointalksearch.org

hilariousandco

global moderator

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Quote from: JonBoy on January 10, 2014, 11:09:41 AM

Quote from: hilariousandco on January 10, 2014, 10:58:43 AM

Quote from: JonBoy on January 10, 2014, 10:31:19 AM

The thing that most annoys me about new alt coins is the fact that most have been pre-mined to ridiculous levels.

As a miner I would like for the coin I choose to mine to be a success and new coins coming into existing which have been pre-mined up to 7% and more are such a dissappoinment.

Don't mine or deal with any that are pre-mined then.

Good idea, but some alt coins that have a backing of a successful entity (like for example the MMC guys) have a better chance of success than others. So not mining something that has a good chance of success just because it has been pre-mined becomes my dilemma. I would like to just ignore all that are pre-mined, but not sure if this is the best strategy.

Well you can't have it both ways. People are always going to try profit of scams any way they can. If people refused to mine any coin that was pre-mined then we wouldn't have this problem, but that'll never happen unfortunately.

matt4054

legendary

Activity: 1946

Merit: 1035

You don't like a new alt, yet it's over your favorite's profitability?

Two options

Bitch about it, nothing happens
Mine the coin you hate instead of the coin you love. Sell it off (autosell it) as much as you can. It will ease the difficulty (applying the logic to the masses) on your favourite, while you still get paid even more off the shitcoin. Eventually, the shitcoin dies and you made a profit. Isn't it better?

JonBoy

newbie

Activity: 11

Merit: 0

Quote from: hilariousandco on January 10, 2014, 10:58:43 AM

Quote from: JonBoy on January 10, 2014, 10:31:19 AM

The thing that most annoys me about new alt coins is the fact that most have been pre-mined to ridiculous levels.

As a miner I would like for the coin I choose to mine to be a success and new coins coming into existing which have been pre-mined up to 7% and more are such a dissappoinment.

Don't mine or deal with any that are pre-mined then.

Good idea, but some alt coins that have a backing of a successful entity (like for example the MMC guys) have a better chance of success than others. So not mining something that has a good chance of success just because it has been pre-mined becomes my dilemma. I would like to just ignore all that are pre-mined, but not sure if this is the best strategy.

TheNexusProtocol

member

Activity: 77

Merit: 10

For me a premine can be seen in many different ways. If someone were to premine to make sure that development still continued and services are available for the coin I can understand the premine. A large amount of coins now have large premines that offer no direct benefit to the community using them and just serve to get the coin creators wealthy.

hilariousandco

global moderator

Activity: 3990

Merit: 2717

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Quote from: JonBoy on January 10, 2014, 10:31:19 AM

The thing that most annoys me about new alt coins is the fact that most have been pre-mined to ridiculous levels.

As a miner I would like for the coin I choose to mine to be a success and new coins coming into existing which have been pre-mined up to 7% and more are such a dissappoinment.

Don't mine or deal with any that are pre-mined then.

Quote from: eddy937 on January 10, 2014, 10:55:28 AM

Yes, I think quark was so heavily premined that there was not much left for normal miners to mine. The website says this is for allocating to giveaways and promotions but whoever is behind it seems to be out for maximum profit. I'm not sure about ripple. I read somewhere that it is completely premined but designed a bit differently from normal crypto currency.

Giveaways lol. Why can't the devs just mine the coins themselves for giveaways? These alts are just blatant get rich quick pump and dumps. They don't care about cryptocurrencies or developing the coin as long as they can make a quick profit.

eddy937

member

Activity: 61

Merit: 10

Yes, I think quark was so heavily premined that there was not much left for normal miners to mine. The website says this is for allocating to giveaways and promotions but whoever is behind it seems to be out for maximum profit. I'm not sure about ripple. I read somewhere that it is completely premined but designed a bit differently from normal crypto currency.

I am not sure about it. but someone said you can end out in debt if someone else you have trusted defaults on their debt. Maybe I will fully understand it before it comes out of beta.

JonBoy

newbie

Activity: 11

Merit: 0

The thing that most annoys me about new alt coins is the fact that most have been pre-mined to ridiculous levels.

As a miner I would like for the coin I choose to mine to be a success and new coins coming into existing which have been pre-mined up to 7% and more are such a dissappoinment.

Topic: Premining (Read 597 times)