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Topic: Stealth Premine was ByteCoin done by early huge block payouts (Read 1954 times)

full member
Activity: 154
Merit: 100
The first few people to start mining must have gotten upto 50,000 each and are holding on to em. Not a premine, but it's not exactly good distribution either. It presents just the same dangers to the currency.

Not everybody has all day to click refresh on the crypto board or have a nudge from someone. There was something like a 12-24 hour window and that was that.
It was a premine, Bryan Mills "Maria2.0" started mining hours before announcing.

If that's true, he only managed to score lessthan 10,000 BTE during those hours of premining.
I doubt most of the first 10,000 coins were even part of a premine, since I was a couple hours late to the mining party, yet my first block was only the 185th to be found.
vip
Activity: 1316
Merit: 1043
👻
The first few people to start mining must have gotten upto 50,000 each and are holding on to em. Not a premine, but it's not exactly good distribution either. It presents just the same dangers to the currency.

Not everybody has all day to click refresh on the crypto board or have a nudge from someone. There was something like a 12-24 hour window and that was that.
It was a premine, Bryan Mills "Maria2.0" started mining hours before announcing.
hero member
Activity: 680
Merit: 500
The first few people to start mining must have gotten upto 50,000 each and are holding on to em. Not a premine, but it's not exactly good distribution either. It presents just the same dangers to the currency.

Not everybody has all day to click refresh on the crypto board or have a nudge from someone. There was something like a 12-24 hour window and that was that.
vip
Activity: 1316
Merit: 1043
👻
the premine was kinda "hidden"....


what I heard was that reward for first 1000 blocks was 5000, then 500, then settleing down to 50... no one except the developers got in on the early early coins i believe... but i'm going off memory here and don't have time to find posts atm, but it in the Bytecoin main thread
That's mincoin.

--

Bytecoin had discrete premine IIRC.
full member
Activity: 197
Merit: 100
this copycat coin is not worth spending any time on it. next is kilobitcoin? not very serious...
full member
Activity: 154
Merit: 100
No premine

No premine but network started with difficulty 1 and was announced to public few hours later. Check block explorer to see how many coins were made in
those few hours.

There was premine, period.

ok i may have been getting confused, or it may have been the same but there was this i found re mincoin showing "premine"

https://bitcointalksearch.org/topic/m.1747004

authors got 10% of all money supply ever to be created... reward dropped to 2 coins per block now...

Unfortunately, there was not a single cryptocoin which wasn't premined or contributed to miners much less than developers or early adopters. All the coins
we have now are pure shit. I'm still waiting for a fair cryptocoin, announced months in advance, starting difficulty 10k or more, up to date with technology.

When I started mining Bytecoins there were fewer than 200 blocks mined, and I'm sure that most of those were found by other miners like me who simply managed to download and setup their clients a bit faster than the rest of the crowd.

There was no premine, so if you missed out on difficulty 1 you have no one to blame but yourself.
legendary
Activity: 1652
Merit: 1016
the premine was kinda "hidden"....


what I heard was that reward for first 1000 blocks was 5000, then 500, then settleing down to 50... no one except the developers got in on the early early coins i believe... but i'm going off memory here and don't have time to find posts atm, but it in the Bytecoin main thread

Who told you that rubbish?

Just check the Bytecoin blockchain to prove this incorrect.
member
Activity: 84
Merit: 10
Unfortunately, there was not a single cryptocoin which wasn't premined or contributed to miners much less than developers or early adopters. All the coins
we have now are pure shit. I'm still waiting for a fair cryptocoin, announced months in advance, starting difficulty 10k or more, up to date with technology.

1+
sr. member
Activity: 462
Merit: 250
ok i may have been getting confused, or it may have been the same but there was this i found re mincoin showing "premine"

https://bitcointalksearch.org/topic/m.1727737

U were confused.

Mincoin had that beginners "Bonus" = massive premining (and is already dead)

Bytecoin started off at 0 (or at least close to)
legendary
Activity: 1420
Merit: 1010
ok i may have been getting confused, or it may have been the same but there was this i found re mincoin showing "premine"

https://bitcointalksearch.org/topic/m.1747004

authors got 10% of all money supply ever to be created... reward dropped to 2 coins per block now...
legendary
Activity: 1176
Merit: 1015
the premine was kinda "hidden"....


what I heard was that reward for first 1000 blocks was 5000, then 500, then settleing down to 50... no one except the developers got in on the early early coins i believe... but i'm going off memory here and don't have time to find posts atm, but it in the Bytecoin main thread

Really?

That is a premine almost isn't? Hmm doesn't sound good at all. I am correct in assuming Bitcoin did not have a "unjust" reward system at the beginning?
legendary
Activity: 1420
Merit: 1010
the premine was kinda "hidden"....


what I heard was that reward for first 1000 blocks was 5000, then 500, then settleing down to 50... no one except the developers got in on the early early coins i believe... but i'm going off memory here and don't have time to find posts atm, but it in the Bytecoin main thread
legendary
Activity: 1176
Merit: 1015
No premine, but its no more then an exact copy of bitcoin. The only changes were renaming 'bitcoin' to 'bytecoin'.

It was a coin born out of resentment over someone being banned from the forum, hardly a good start.

Wasn't Maria banned after the bytecoin announcement?
full member
Activity: 140
Merit: 100
No premine, but its no more then an exact copy of bitcoin. The only changes were renaming 'bitcoin' to 'bytecoin'.

It was a coin born out of resentment over someone being banned from the forum, hardly a good start.
legendary
Activity: 1176
Merit: 1015
I don't think there was any premine.
legendary
Activity: 2632
Merit: 1023
How much premine was in the SpamCoin I mean ByteCoin


anyone know?

EDIT it seems

the premine was kinda "hidden"....


what I heard was that reward for first 1000 blocks was 5000, then 500, then settleing down to 50... no one except the developers got in on the early early coins i believe... but i'm going off memory here and don't have time to find posts atm, but it in the Bytecoin main thread

AND

there was the time to react to premine
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