Fake news. If not please share your sources / facts with us
Let me answer that that, here's where you admit it yourself - under pressure of course (in
green):
Hey guys,
Hey, looking through the block explorer, I noticed something that doesn't sit right with me.
The initial instamined blocks were all worth 611 coins, a thousand times more valuable than the 0.611 block reward currently running. This was then reduced to 61.1 coins per block reward, and then presumably further by multiples of 0.1. This is not disclosed anywhere in the original post. In fact, none of the block structure is disclosed in the original post.
From downloading the wallet upon first seeing the original post, I know about 8000 blocks had been mined before public release. This wouldn't be so excessive if the block reward had been 0.611 coins the whole time-- basically this would have resulted in a premine of about 4888 SIL out of 611,000 total eventual supply, which is reasonable at 0.8%.
However, this is the actual mining reward structure:
Block 1-287: 611 coins per block NOT DISCLOSED IN OP
Block 288-2879: 61.1 coins per block NOT DISCLOSED IN OP
Block 2880: 0.611 coins per block, smoothly decaying
yes, that's a fact.
As 611 (SixEleven) is a fork of the original
Namecoin the initial mining block values were static numbers (like
Namecoin). To avoid a heavy inflation situation as it occurs to
Namecoin (and many other altcoins) the mining reward algorithm was adapted mulitple times during the early development phase. These development steps are public open source on Github:
https://github.com/fflo/sixeleven/commits/master.611/src/main.cppThis means that 333,728.2 SIL, or a whopping 54.62% of the total eventual supply, was instamined by the 611 developer.
It appears this fact was deliberately hidden with the late release of a block explorer and the use of the low-information Abe block explorer.
Add to this the notion that the developer has been encouraging other miners to set a price for their mined SIL at approximately $60 USD means the developer is attempting to value his premine at upwards of $20,000,000 USD.
That's the current situation:
The developer is not selling any coins for commercial purpose. There is no commercial intention on this project. It's up to you, the miners, the users, the brokers, etc. what you set up as a sales price for your mined ressources.
This
Namecoin fork is an open source project: The intention is to offer a base technical infrastructure allowing everyone to setup name (and id) objects which are accessible worldwide by any Internet connected device.
Together we can design the coin to be like we want it; we can even folk it and start over with another name and mining algorithm. It's all transparent and open source.
The developer for sure is not your rival supporting this project for non profit.
PatrickMacH, if you don't take steps to disclose your premine fully and burn most or all the coins you did not disclose that you mined at a higher block reward, this initiative is no longer worth miners' support.
I'm looking forward to your response.
We know for sure from the block explorer that this coin suffers a heavy premine! 
Here's what others think about your premined shitcoin:
This means that 333,728.2 SIL, or a whopping 54.62% of the total eventual supply, was instamined by the 611 developer.
Congratulations dev on having 54.62% of nothing. Fuck you.
&
Let me know if you have any ideas how we can and should adjust the current situation to have a even-handed situation for both parties: the miners and the users.
You should have made this known from the beginning in the OP. By not doing so, it gives the impression that you were trying to hide this fact. Over 50% is a crazy amount of premine - nobody will adopt this coin now, & I have stopped mining it.
This was one of the rare coins that actually had promise, but by not being transparent from the beginning, you have killed your own coin.
Disappointed
&
Your coin is dead because your a greedy piece of shit. Keep backpeddaling fucktard.
&
we need bittrex (costs 5BTC) or Poloniex (no idea)
poloniex is very hard to reach
i don't know what their requirements before adding new coin
i think they must understand about this one and consider it
Exchanges tend to stay away from coins with large premines due to the obvious dumping by devs - & seeing as this coins premine is not only massive but is also undecleared in the OP - it will always have trouble not only getting listed, but also attracting any serious traders. I thought this coin had some potential as an alternative to NMC when I first came across it, until I read this:
Hey, looking through the block explorer, I noticed something that doesn't sit right with me.
The initial instamined blocks were all worth 611 coins, a thousand times more valuable than the 0.611 block reward currently running. This was then reduced to 61.1 coins per block reward, and then presumably further by multiples of 0.1. This is not disclosed anywhere in the original post. In fact, none of the block structure is disclosed in the original post.
From downloading the wallet upon first seeing the original post, I know about 8000 blocks had been mined before public release. This wouldn't be so excessive if the block reward had been 0.611 coins the whole time-- basically this would have resulted in a premine of about 4888 SIL out of 611,000 total eventual supply, which is reasonable at 0.8%.
However, this is the actual mining reward structure:
Block 1-287: 611 coins per block NOT DISCLOSED IN OP
Block 288-2879: 61.1 coins per block NOT DISCLOSED IN OP
Block 2880: 0.611 coins per block, smoothly decaying
This means that 333,728.2 SIL, or a whopping 54.62% of the total eventual supply, was instamined by the 611 developer.
It appears this fact was deliberately hidden with the late release of a block explorer and the use of the low-information Abe block explorer.
Add to this the notion that the developer has been encouraging other miners to set a price for their mined SIL at approximately $60 USD means the developer is attempting to value his premine at upwards of $20,000,000 USD.
PatrickMacH, if you don't take steps to disclose your premine fully and burn most or all the coins you did not disclose that you mined at a higher block reward, this initiative is no longer worth miners' support.
I'm looking forward to your response.
Exchanges read these coin threads & do some research on the coin to ensure it is worth their while listing it. Unfortunately, due to the premine & the attempts to hide it, this coin will always struggle to be adopted. Shame really, because the original idea is good.
And here's where you lied about donating the premine to charity:
I for myself have decided to donate these step by step for charity.
A noble gesture - please post a list of the charities you will be donating the 50%+ premine to.
All these quotes are from this very thread & can be verified. There's loads more of them too - but I think you get the point.
