Topic: [SCAM PREVENTION] Premine Escrow - The Solution To Premine Dumping (Read 2256 times)
those who don t agree with the escrowed premine are devs! it s clear
August 01, 2014, 01:51:44 PM
When Onyxcoin was launched many people were concerned about the premine. I suggested to the dev that he use escrow for the premine. He got very defensive and stated that the premine is the devs payment for creating the coin. Fast forward to today...the dev dumped the premine.
Bottom line, if a dev won't accept an escrowed premine, they are a scammer.
Wake up people!
Bottom line, if a dev won't accept an escrowed premine, they are a scammer.
Wake up people!
lol, it was an announced scam and the stupid people invested in that coin! they are making rich a lot of devs! till when there will be so much idiot members it will be impossible to find a solution because the real thing is that PEOPLE LIKES TO BE SCAMMED
August 01, 2014, 12:52:46 PM
When Onyxcoin was launched many people were concerned about the premine. I suggested to the dev that he use escrow for the premine. He got very defensive and stated that the premine is the devs payment for creating the coin. Fast forward to today...the dev dumped the premine.
Bottom line, if a dev won't accept an escrowed premine, they are a scammer.
Wake up people!
Bottom line, if a dev won't accept an escrowed premine, they are a scammer.
Wake up people!
July 30, 2014, 03:53:36 PM
what about hidden premine ...
provide escrow for that too
July 30, 2014, 03:46:40 PM
This idea won't happen. For one moment I want you all to put yourself in the shoes of a dev. You take time to create the coin. You want that coin to go far. You then give control of your working capital the premine to a third party. That third party runs off with all your funds. Or that third party decides your reasoning for withdrawing funds from escrow isn't good enough and it adversely affects the coin and it dies. These are just a few reasons why no dev on earth is going to willing give up control of a premine. I am guessing there are 100s of other reasons.
I disagree, it's really no different than the IPO guidelines set forth by Poloniex. It will not hinder the developer, but will mean a great deal to investors. Looking forward to seeing the first new coin listed with "[Escrowed Premine]" in the title.
He who controls the premine controls the coin. Ok lets say polo is holding the premine in escrow. I am the dev. I say polo I need to withdraw 100 of that 150000 premine to pay for a translation. They say no. Where does that leave the dev? Or they say ok. Then come to find out the 100 coin for the translation was sent to the devs other wallet address. There are a million ways to skim off the top of a premine. Who holds it is of little concern. Anyone including an exchange could run off with it.
There is an old saying trust me with your life but not your money or your wife. Now how many devs are going to trust someone with that money?
Small premine to cover only bounties plus Foundation wallets are the answer. Make a small premine only enough to cover starting bounties only then 1% of each block. Show those set bounties. People get that and can get on board with that.
July 30, 2014, 03:32:41 PM
This idea won't happen. For one moment I want you all to put yourself in the shoes of a dev. You take time to create the coin. You want that coin to go far. You then give control of your working capital the premine to a third party. That third party runs off with all your funds. Or that third party decides your reasoning for withdrawing funds from escrow isn't good enough and it adversely affects the coin and it dies. These are just a few reasons why no dev on earth is going to willing give up control of a premine. I am guessing there are 100s of other reasons.
I disagree, it's really no different than the IPO guidelines set forth by Poloniex. It will not hinder the developer, but will mean a great deal to investors. Looking forward to seeing the first new coin listed with "[Escrowed Premine]" in the title.
exactly. my btc are ready for it
July 30, 2014, 02:57:06 PM
This idea won't happen. For one moment I want you all to put yourself in the shoes of a dev. You take time to create the coin. You want that coin to go far. You then give control of your working capital the premine to a third party. That third party runs off with all your funds. Or that third party decides your reasoning for withdrawing funds from escrow isn't good enough and it adversely affects the coin and it dies. These are just a few reasons why no dev on earth is going to willing give up control of a premine. I am guessing there are 100s of other reasons.
I disagree, it's really no different than the IPO guidelines set forth by Poloniex. It will not hinder the developer, but will mean a great deal to investors. Looking forward to seeing the first new coin listed with "[Escrowed Premine]" in the title.
July 30, 2014, 02:54:49 PM
This idea won't happen. For one moment I want you all to put yourself in the shoes of a dev. You take time to create the coin. You want that coin to go far. You then give control of your working capital the premine to a third party. That third party runs off with all your funds. Or that third party decides your reasoning for withdrawing funds from escrow isn't good enough and it adversely affects the coin and it dies. These are just a few reasons why no dev on earth is going to willing give up control of a premine. I am guessing there are 100s of other reasons.
July 30, 2014, 02:49:38 PM
Another bullshit.
Soon people will asking to add their own code in the new coins...
Soon people will asking to add their own code in the new coins...
July 30, 2014, 02:48:22 PM
what about hidden premine ...
That issue is being addressed by the code checkers. It is everyone's responsibility to always check the code and make sure it is clean. I am attempting to solve the problem of investors fearful of investing in coins with premines even though the premines may be necessary for development. This solution does not hinder the dev, but at the same time gives investors peace of mind.
July 30, 2014, 02:38:37 PM
what about hidden premine ...
July 30, 2014, 01:34:57 PM
It's really just about accountability. Devs have been given far too much freedom to screw investors over and over again. There is absolutely nothing wrong with a dev having a premine, but it needs to be used properly. If a dev is looking to earn off the coin then they can ask for donations based on performance. The premine should NOT be used as payment to the dev for their services.
July 30, 2014, 01:31:43 PM
for example, the premine could be given in different steps but within one/two months
Right, as necessary. You could even have the community vote on what to use the premine for and how much. For example, the dev could say he wants to use 10,000 coins for a website, and the community could vote yes or no. There are so many different ways to implement the premine escrow, and they are all beneficial to investors.
i think this is the best way. if we grow, then we will be a BIG group and we may PRETEND this kind of service. Someone will thanks us in the future. i m tired to make rich the first scammer nerd able to manage a couple of codes
July 30, 2014, 01:26:36 PM
for example, the premine could be given in different steps but within one/two months
Right, as necessary. You could even have the community vote on what to use the premine for and how much. For example, the dev could say he wants to use 10,000 coins for a website, and the community could vote yes or no. There are so many different ways to implement the premine escrow, and they are all beneficial to investors.
July 30, 2014, 01:26:08 PM
devs have to say how much they want..and after that the coin holder sold on diffrent exchanges and sent the dev the btc..limited payouts is a must!
July 30, 2014, 01:23:42 PM
for example, the premine could be given in different steps but within one/two months
July 30, 2014, 01:16:59 PM
I think this is an awesome idea and is greatly needed.
July 30, 2014, 01:03:39 PM
Your solution is another excellent alternative to premines as we know them. My only critique is that developers may need more funds upfront to help with development,
so your suggestion may hinder the early growth of a coin.
so your suggestion may hinder the early growth of a coin.
I think at this point new coins don't deserve premine unless they have something unique to contribute to the crypto scene like a groundbreaking new feature. Otherwise it's obvious why people launch new coins with premine. Either way, devs would be guaranteed to have the coins which means they could pay for bounties, just not instantly. With a block explorer (which I think should be a standard like wallets at launch) people could track the devs royalty address.
Considering how incredibly generous the community can be if they like what they see I'm sure it's possible to have the amount of the per block percentage which goes to the devs up to the community by voting in the wallet similarily it's possible to vote for the block reward amount for certain coins.
I'm pretty sure if a dev is active, rolling out new features, etc. people will vote up the percentage and conversely if the dev is not delivering or not giving enough attention to a coin the cummunity will vote their reward accordingly to 0.
Awesome suggestion. If the community gets behind this, they could make it happen. Let's hope we are able to raise awareness and that potential investors demand a change in the way premines are implemented.
July 30, 2014, 12:58:21 PM
Your solution is another excellent alternative to premines as we know them. My only critique is that developers may need more funds upfront to help with development,
so your suggestion may hinder the early growth of a coin.
so your suggestion may hinder the early growth of a coin.
I think at this point new coins don't deserve premine unless they have something unique to contribute to the crypto scene like a groundbreaking new feature. Otherwise it's obvious why people launch new coins with premine. Either way, devs would be guaranteed to have the coins which means they could pay for bounties, just not instantly. With a block explorer (which I think should be a standard like wallets at launch) people could track the devs royalty address.
Considering how incredibly generous the community can be if they like what they see I'm sure it's possible to have the amount of the per block percentage which goes to the devs up to the community by voting in the wallet similarily it's possible to vote for the block reward amount for certain coins.
I'm pretty sure if a dev is active, rolling out new features, etc. people will vote up the percentage and conversely if the dev is not delivering or not giving enough attention to a coin the cummunity will vote their reward accordingly to 0.
July 30, 2014, 12:38:07 PM
They will not accept this. Info 100%.
If a dev does not accept these terms then they are a scammer...plain and simple.
Exactly right. No reason whatsoever to not accept this requirement.
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