Topic: Quark premined? (Read 3102 times)

instamined ≠ premined

Quark premined?

no!

yes it was instamined but it was on the market for months cheap for everyone. Who would have know a coin with a horrible ass name would hit it big

If that much is premined, devs made 10 million bucks easily.

Quark announced here on 21 July 2013 https://bitcointalksearch.org/topic/ann-qrk-quark-core-010-upgrade-260031
Block 1 found 21 July 2013 http://quarkexplorer.com/block/000001

Hurray!!! Quark was 98% premined! LOL

You should either don't know what "premined" means or you do not understand what you read.
Premined means it was mined by devs before being opened to others for mining.
Also, it does NOT write ANYWHERE it was premined.
It was opened to public for mining and people could mine it for 6 months and there will be 247 million QRK during that time.
After that time there will be 1 million QRK per year.
Simple Question: Does that mean it was premined? 
Simple Answer: NO! 
Simple advice: Do not attempt to clarify something you have not clarified in your mind. 

The initial miners dumped most of their coins on the exchange for next to nothing? hence why it was worth nothing for months.  I very much doubt any of the intial miners are holding much quark now, if they watched it sit at 37-200 for months don't you think they will have jumped out on the way up if they didnt sell back when it was worth about 5LTC for weeks of mining?

Whatever questions you can level and qrk you can level to a factor of 10 at BTC. Is that a scam coin because you didn't mine early? sure you can mine it now but it will cost you money and cheaper to buy it.

Even the title is misinformed , premine is mined before release. Was it instamined yes to a degree like every other single coin except a very rare few that start with low block rewards and scale them up. That though seems not to work out too well since nobody can be assed to mine it. However did the instaminers gain anything? not unless they held on to the coin for months on end, if you've been around for a few months you will know coins are mass sold on the first day or two it hits and exchange so they may have gained a bit, but it was sold so hard it drove the price to nothing so anyone and everyone could have had 1000s of quark for a few ltc.

It's like everything in life....you snooze you lose. Anyone seeing the potential of a new coin based on multi algos should have been in asap mining away...everyone here had the same chance. Some invested hard in terms of effort and even leasing hardware....those that didn't i guess have to buy at the market rate.

Why are people even talking about it, you missed the boat with btc, you missed the boat with ltc, you missed the boat with quark, look out for the next one. Mining is no longer the way unless its a very new coin that has a new and novel idea. The exchanges are not taking on every single shit clone now, so watch out for new inventive coins and if you spot one get mining get on that boat.  You can be sure the next wave of miners will be crying that your boat was as rigged as btc and quark.  That's life.

What constitutes fair distribution? A longer timeframe?

Troll comment of the year. 

I think many people can contest that Quark isn't the best distributed currency to date. In fact, most people who know about Cryptocurrency do contest that.

There is a how to answer the premine question because it is amazing how many people are as thick as yourself that cannot understand that 1. there was no premine (unlike Bitcoin, Litecoin, Feathercoin etc) and 2. Quark's formula is pretty much the same as any other coin with reward halfing over time intervals but simply over a smaller time frame.

If you cannot understand how a coin functions when mining rewards are not the only draw of a cryptocurrency then you are also saying that every other cryptocurrency is also doomed to failure, just at a different speed.

Most of the early miners dumped this the moment it hit an exchange since it was valued so low.  I dought there are very many people with large holdings because even the bag holders would have dumped in the small windows a month or two ago when QRK had a tiny rise back into the z5 from z6.  Anyone still holding after that is just lucky from being stuborn or stupid haha.

I CPU mined this off and on since the beginning and from day1 it was pretty much a waste of time.  My CPU would generate about $0.08 of Quark a day since Quark was valued so low compared to difficulty.  I likely spent more on electricity.  I mined it because I liked the name, I liked how fast transactions were and it was something to do with a computer that was already on 24 hours a day.  So from July until November 20 ANYONE could have bought Quark for far less than it cost to mine.  And the people that rented VPS at Digital Ocean pretty much had to dump just to pay their bills...I know I tried it for a month and spent 2x more than I made even when Quark was at 0.000002 let alone when it was at 0.0000004. 

Just like you could have bought Bitcoins for $1 2 years ago.  If you didn't then that is too bad, if you know how to make a time machine please make a seat for me too.

Now that most of the QRK is in circulation it is set to be a currency and not an asset like Bitcoin. 

QRK will increase in value from its current to a level that makes it an acceptable unit of currency.  I do not think QRK will be the same as Bitcoin which I think most would agree is seen as a commodity now rather than currency.  I see QRK reaching a stable value within a year around $1-5US and that will increase in relation to how much inflation there is in whatever fiat currency is dominant (right now the US$).  Since inflation and printing of $ will increase at a much higher rate than the 0.5% inflation of Quark, its relative value will increase but its actual value should be quite stable (ie 2014 $1=1QRK=loaf of bread, 2016 $5=1QRK=loaf of bread).

Coin distribution is everything. These coins are not fairly distributed. Premine? No.. Instamine with megablocks to unfairly distribute the load of coins. Yes. No matter how they try to spin it, this coins sole purpose is to benefit the early adopters only. FFS they have a "how to answer the premine question" guide. If that doesnt scream scamcoin idk what does.

Sorry you missed out on qrk, but you are missing the point.

MINING IS NOT EVERYTHING...

it was for sale for months for nothing. You didn't buy any then so you have to now buy at the market price.  

Do you own apple shares ?  if not try and buy them now at 5cents each.  That's how things work in the world.

Try and mine some bitcoins now and profit from the mining>?

Get it. Mining is not everything for a crypto currency. Some of the best ones like CGB are no longer worth mining all the coins have mostly been mined.  A currency needs to be fairly distributed. You will do better to buy BTC than mine it the same for Quark now.  Buy some or else you can't have any.  HOwever you will find it a lot easier to buy 100 QRK than you will to buy 100BTC.

It is estimated 50 people own 70% of BTC - so don't quote this a fairly distributed coin.  Now mining BTC is a loss for a normal individual. You must buy it if you want it.  However again it was cheap for quite a while too, but guess what you missed on that one too. Next plan is find the next coin that has something good going for it and mine or buy that.

As amaragda pointed out, I am amazed that this coin is so successful given it is so skewed to those who got in early.  Half of all bitcoins have now been mined, but almost all quark coins have been mined in less than six months if only 1 million more are going to be created per annum with 245 million already made.

I have got to congratulate the founders!

Edit: The more I read the answer is technically NO, it was not premined, it was just mostly early mined.  The founders, to their credit, try to spin this as a huge positive, because they argue it will give quark stable value and it avoids BTC's deflation problem by always having more coins created (the 1 million per year).  They make a good case, this is exactly the kind of coin I'd make if I knew a lot about cryptocurrencies and wanted a "do over" on how bitcoin took off.  So again, congrats to the founders.

I hope that this is sarcasm. That thread made so many  's in my head. To me it just proved that they were bullshitting hard to try to convince people it was evenly distributed.

http://quark.freeforums.net/thread/61/question-pre-mining

response is at bottom i don't  think anyone contest that Quark was the best distributed and fairest  currency that exists- to date.

Prooflink + citation?

Is it true that it is hugely premined? It says so in their official website. I don't want to spread any bad things about it. Im quite interested to invest in it my self.
Maybe someone could clarify it to me?