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Topic: What do you think about PMC coin ? - page 3. (Read 3889 times)

legendary
Activity: 1246
Merit: 1000
February 21, 2014, 11:56:05 AM
#32
Agreed. I could see PMC as a standard. BTC has a lot of inflation every day (dropping the price) and PMC would remain stable unless demand dramatically outpaced supply.

This is the problem with alts now, none can truly rise up on their own and are so pegged heavily to the price of Bitcoin, it begs the question of why even have alts in the first place. If all alts exist just to win some money to buy bitcoin, yet the alts continuously fall in price WITH bitcoin, then what is the purpose of ming for or buying alts? Any gains you made just keep getting nullified by the extreme volatility.

I think instead of so much people thinking of bitcoin as the gold standard of crypto, PMC should be the gold and leave Bitcoin as what it was INTENDED to be, the de facto currency of the internet, not a storer of wealth. And beyond bitcoin you have many alts that will serve their purpose, others will die off, but PMC can be the base upon which all the wealth concentrates.
hero member
Activity: 532
Merit: 500
February 21, 2014, 11:51:27 AM
#31
The problem here is that all the replies come from users involved in PMC. Not unbiased.I look constanly poloniex and today, after my post, many people are dumping.
If I was useful to someone please tip me.

BTC address 14biFENcmrG9xW7yaHyDFMcjnokrWuHwst

LTC address Lga7nqNYMcWYGpKzLFW6GVhGipkZeU7D3t

You don't deserve a donation. You did zero research and made no effort in explaining what it is about PMC you don't like. So people should tip you for spreading FUD? I don't think so.

People dump. Welcome to Alternate cryptocurrencies. You've had zero impact on the price of PMC, I assure you. It's dropped one tiny fraction. Back down to where it was earlier today. If anything you've just exposed more people to PMC. Unintentionally of course. You don't get tipped for that either.
full member
Activity: 168
Merit: 100
February 21, 2014, 11:50:44 AM
#30
Everyone is thinking about PMC wrong.  It's not a coin to mine (yes you can-ish), it's a coin to buy/sell/trade/giveaway.  It's not for new-comers per se, in the fact that you can't mine it like a brand new coin.  With no new coins or inflation or deflation, use PMC as insurance when coins take a dip.  The fact that the number of coins does not change, protects the value stronger than anything else.  It might not look like it now, but it will be that coin that has a solid base.

Think about it this way.  What if every exchange switched over to PMC as their base currency?  No change in the number of coins, so you don't have to worry about new coins diluting the value.  BTC changes based on miners/government policies/etc.  PMC is a solid foundation with nothing to interfere.  Keeping PMC in the cryptocurrency world as base will secure a foundation for all coins.  And it's based on BTC so securing the network with a strong hashrate is very easy.

I get it.  It's just seems hard to have others get it too.  And if you weren't in on the beginning, you might not understand that the coins were distributed everywhere, even though no one could mine them.

Agreed. I could see PMC as a standard. BTC has a lot of inflation every day (dropping the price) and PMC would remain stable unless demand dramatically outpaced supply.
full member
Activity: 168
Merit: 100
February 21, 2014, 11:36:15 AM
#29
Everyone is thinking about PMC wrong.  It's not a coin to mine (yes you can-ish), it's a coin to buy/sell/trade/giveaway.  It's not for new-comers per se, in the fact that you can't mine it like a brand new coin.  With no new coins or inflation or deflation, use PMC as insurance when coins take a dip.  The fact that the number of coins does not change, protects the value stronger than anything else.  It might not look like it now, but it will be that coin that has a solid base.

Think about it this way.  What if every exchange switched over to PMC as their base currency?  No change in the number of coins, so you don't have to worry about new coins diluting the value.  BTC changes based on miners/government policies/etc.  PMC is a solid foundation with nothing to interfere.  Keeping PMC in the cryptocurrency world as base will secure a foundation for all coins.  And it's based on BTC so securing the network with a strong hashrate is very easy.

I get it.  It's just seems hard to have others get it too.  And if you weren't in on the beginning, you might not understand that the coins were distributed everywhere, even though no one could mine them.
member
Activity: 98
Merit: 10
February 21, 2014, 11:28:36 AM
#28
The problem here is that all the replies come from users involved in PMC. Not unbiased.I look constanly poloniex and today, after my post, many people are dumping.
If I was useful to someone please tip me.

BTC address 14biFENcmrG9xW7yaHyDFMcjnokrWuHwst

LTC address Lga7nqNYMcWYGpKzLFW6GVhGipkZeU7D3t

All this mess for a donation. Very bad dude Sad
sr. member
Activity: 406
Merit: 250
Hello! Send me a message.
February 21, 2014, 11:19:30 AM
#27
On the early days on PMC, i was one of the people who posted interested. I think there was only 10 - 20 people interested. Although i received 5k initially, The value of PMC 5k is less than $10 or worthless. For those who was not lucky enough to be there at that time could have bought it for a cheaper price. The dev have given away almost all of the 500k.  

Don't you wonder what will happen to BTC in the future? 100 years from now? You can see it in PMC.

You think in the future people will say BTC is a scam because they are not able to mine it or they did not get giveaway?

Seriously, i think in 100 years only 500k will be left of BTC the rest will be lost forever.
legendary
Activity: 1302
Merit: 1000
Bass Player
February 21, 2014, 10:51:30 AM
#26
I don't think people get the main fact about pre-mine... The cost to maintain the price of the coin is ZERO.
Lets take Bitcoin for a moment and assume a price of 500 USD each....

25 new Bitcoins are produced ever 10 minutes... that is 3600 BTC a day... @ 500 USD we need to inject 1.8 MILLION dollars into the system just to maintain the price of 500 USD each.... or 657 million dollars a year.... Bitcoin has been doing this easily, admittedly and as the block rewards go down this will decrease. Eventually the bitcoin network will be supported only by transaction fees... and the price won't need the injection of capital to stay up... that is in the year 2160 or so.... OR

That day is NOW. Premine coin IS BTC in everyway, address space, sha256, 10 minute blocks etc..everything EXCEPT PMC has zero block awards.
And strangely it actually s distributed more evenly amongst it's users than Bitcoin itself... ( Think Winklevoss Twins etc )

Because no new coins are injected into the system there is ZERO price maintanence costs. We have skipped that entire era and do not even have the blockchain bloat the BTC has...

The PMC community was born with a pay it forward/giving mentality and even to this day someone will probably send you some free ones... This era will end eventually, but you certainly can get some on the cheap at the echanges....

This coin is similar to Unobtanium in it's rarity, improves on Unobtanium with a good community
( I give kudos to UNO though, very exciting stuff now )
I think PMC will find a niche in charity, wealth storage, and hopefully a steadier hedge against the wild fluctuations of more hyped coins ( Doge )

It is BTC, like BTC will be in the future...  If PMC does well, that means BTC will continue to do well for the foreseable future...

member
Activity: 84
Merit: 10
February 21, 2014, 10:45:14 AM
#25
The problem here is that all the replies come from users involved in PMC. Not unbiased.I look constanly poloniex and today, after my post, many people are dumping.
If I was useful to someone please tip me.

BTC address 14biFENcmrG9xW7yaHyDFMcjnokrWuHwst

LTC address Lga7nqNYMcWYGpKzLFW6GVhGipkZeU7D3t
full member
Activity: 130
Merit: 100
February 21, 2014, 09:43:20 AM
#24
During the recent dumps on the exchanges, it wouldn't have cost much at all to amass 10k PMC.  If Dev was in this solely for the money wouldn't it make more sense to distribute all the coin to get the ball rolling then knowing that the market is going to be shaky initially buy hard during price drops and hold that?  I mean with BTC prices being low now, PMC is stupid cheap during the price drops.  We all know that this coin is going places and buying now is a good investment. 

But I mean do what you think is right...

If PMC is worthless to you, my address is in my sig line...
hero member
Activity: 532
Merit: 500
February 21, 2014, 09:24:29 AM
#23
Let's just even pretend for a second the Dev DID have a few thousand in cold storage (he does't), honestly this whole premise controversy offends me a lot less than the multi pool miners who swoop in and dump tens of thousands of coins just to make a quick buck and leave everyone else a bag holder. I'd much rather see the developer of a great coin profit from his creation than the fly-by-night snakes who crash coins on a daily basis.
After all, Satoshi holds hundreds of thousands of coins himself, where is the hate or scam accusations hurled at him?

Anyway I think PMC is a great concept, it could serve as a virtual "bank" for Bitcoin for holders to secure their wealth from market volatility, it will only climb in value like UNO due to its scarcity, and best of all, Wolong and his minions can't manipulate it so easily!

I also think it has a great logo and it really stands out among all the bad photoshop faux coins you see on the exchange and coin lists. It also has a great community and I suspect it requires a more educated holder to appreciate it because most trolls don't bother to read about it and just run out at the word "Premined".



The dev went one better. He gave all the coins away, and then bought his own coins back on the exchanges.

PMC had the fairest launch of a distributed coin I've ever seen.
legendary
Activity: 1246
Merit: 1000
February 21, 2014, 09:11:19 AM
#22
Let's just even pretend for a second the Dev DID have a few thousand in cold storage (he does't), honestly this whole premise controversy offends me a lot less than the multi pool miners who swoop in and dump tens of thousands of coins just to make a quick buck and leave everyone else a bag holder. I'd much rather see the developer of a great coin profit from his creation than the fly-by-night snakes who crash coins on a daily basis.
After all, Satoshi holds hundreds of thousands of coins himself, where is the hate or scam accusations hurled at him?

Anyway I think PMC is a great concept, it could serve as a virtual "bank" for Bitcoin for holders to secure their wealth from market volatility, it will only climb in value like UNO due to its scarcity, and best of all, Wolong and his minions can't manipulate it so easily!

I also think it has a great logo and it really stands out among all the bad photoshop faux coins you see on the exchange and coin lists. It also has a great community and I suspect it requires a more educated holder to appreciate it because most trolls don't bother to read about it and just run out at the word "Premined".

full member
Activity: 130
Merit: 100
February 21, 2014, 09:06:16 AM
#21
From the first page on the ANNC page:


"Premine, also known as PMC, is an alternate cryptocurrency that is defying normal convention in its method of mining and distribution. While some coins are mined, or earn you interest, Premine is exclusively redistributed by its users, and block rewards are generated only by network transaction fees.

The word "premine" refers to the terminology of mining before a coin is officially launched. Although the word has had both positive and negative connotations, it simply refers to coins that have been mined before launch. Since all of Premine was mined before launch for distribution, the name symbolizes its unique method of distribution.  Proof of Distribution, if you will. So even though technically all of the coins are “premined”, they are all in the hands of the community.

Premine is setting out to prove that cryptographic currency can continue long after the minting process has ended, making it not only a fascinating glimpse into the future of Bitcoin, but also a viable and stable alternative that thanks to its low total supply of less than 500,000 coins, allows each coin to store a great amount of wealth. This makes PMC an excellent alternative store of money. To say Premine is the future of Bitcoin isn’t far from the truth.

Will Bitcoin be able to survive once the minting of new coins has ended? Nobody knows. PMC started with a market cap of zero. Bitcoin currently has a market cap in excess of $8 Billion USD. Already suffering from volatile pricing, we may discover that Bitcoin might not survive this transition, and that no coin with such a high market cap ever could. In this sense Premine is also future-proof, having avoided this hazardous transition phase altogether.

We have not only side-stepped this potentially hazardous event, we have embraced it and made it the very essence of PMC. No inflation.  Just distribution.

Premine is a SHA-256 coin, just like Bitcoin. When you mine Premine, you are mining the transaction fees generated by all the people who buy, sell and trade it. In this sense, you can only mine PMC as fast as it is bought and sold, making it exceptionally stable. It does not suffer the major flaw of most cryptocurrencies, which is market flooding caused by a large drop in mining difficulty. This inevitably leads to downward pressure on market pricing causing the altcoins you hold to devalue at any given moment. PMC is not based on this model and, therefore cannot flood the market in this manner.

In PMC, The market affects the block rewards, and the block rewards affect the market. The two coexist and always seek to balance one another. PMC is built on this symmetry, and that makes it an exciting investment as well as a powerful means of exchanging goods and services.

All of the coins that ever exist have already been created and have been entirely distributed amongst the community. This distribution has continued ever since on all levels, not just by the developer, but by community members and even the exchanges.

Premine is more than just an experiment. It's a concept that is proving to work."


Hope that helps...
hero member
Activity: 532
Merit: 500
February 21, 2014, 08:41:25 AM
#20
If you don't have faith in the coin, then that is fine. However a great many people do. Including the developer. How many coins out there are backed by actual Bitcoin? Real investment? I know that the Dev has invested at least 3 BTC, and has probably invested more with everything else he has been doing.

Those who know and understand PMC are excited about it because they understand it.

I'm sure people said the same thing about Unobtanium, NXT and XPC, and look at them now. There's very little risk in buying a few hundred now when the potential reward could be massive. I can't think of many coins that could potentially go as high as PMC could and still be this cheap.

Quite frankly, it's a good thing you don't hold Premine anymore. You would probably dump it the moment it climbs back over 0.001 BTC.

You've already said you've dumped your coins, so you've clearly already made up your mind. So why bother? You asked for reasons and people are giving you solid reasons backed by facts, and you're still not convinced? Then it's really good you sold your coins. Someone with a strong hand will have bought your coins hopefully and hold on tight when the time comes.

Quite frankly I wouldn't even sell 500 PMC if someone offered me 2 BTC for them. I'm in it for the moon.
member
Activity: 112
Merit: 10
February 21, 2014, 08:40:55 AM
#19
Oh people, no one have explained me why this coin would be great, huge and expensive in future. Your is only hope but no real effort for this coin.
I dumped all coins that had, but i could buy the double or maybe triple now on poloniex. I have no faith in this one and your replies aren't quite persuasive.

Zero inflation. No miners dumping the coin as fast as they mine to pay their bills. Nice and charitable community with lots of ideas. Scientific value for Bitcoin (showing what is going to happen in a couple of years with BTC). Distribution scheme was as fair as it gets. Current market cap is far lower than the average, so our hope is not unrealistic.

Anything else you need? Smiley
newbie
Activity: 17
Merit: 0
February 21, 2014, 08:34:12 AM
#18
Oh people, no one have explained me why this coin would be great, huge and expensive in future. Your is only hope but no real effort for this coin.
I dumped all coins that had, but i could buy the double or maybe triple now on poloniex. I have no faith in this one and your replies aren't quite persuasive.

If you don't have faith for PMC just move on, don't ever buy it, don't talk about it and find another coin as simple as that. You just helping/hyping the coin to become even more popular...Do you know that?  Grin
full member
Activity: 140
Merit: 100
February 21, 2014, 08:28:56 AM
#17
No, not a scam. Those who offered their support and interest on the announcement thread were freely given PMC. I was there and recieved a few thousand. Anyone who posted an address got some. The coins were near worthless at the time so they were rapidly spread with users encouraged to reach as many people as possible. Sorry you missed out, but even now if you do something useful, or even post your address, you'll get coins from the community.

Here is a description from the dev, posted on forums.premine.co.in, about the distribution.

Quote from: PMC @ premineco.in
Since the last of the DEV wallet is almost passed out, we think it will best to make a post about this. It is already a common question and for the purpose of documentation we will address it here.

After Premine was launched, we began passing out coins immediately. The handouts were given in the largest amounts to the pre-launch supporters, and early adopters. All coins were passed out with the hope that they would be passed out to others by the recipients. The Amounts ranged from 5000-10,000 per address, favoring the lower end.

Word spread, and more and more addresses started coming in. The giveaways were tapered off gradually. This continued for approximately 7 days. During this time the announcement was translated to ?German, Spanish, and Chinese. Bounties were given to the good and generous people who took the time to spread the word, as well as funding for people who offered to do various giveaways.

Additionally we opened a twitter account to give away coins, volunteers set up reddit, facebook, and IRC contacts. As well as a personal forum, and the first block explorer. Gratuities were obviously given, and we continued to pass out coins in a gradually reducing manor. Finally a dice game was set up with a 10,000 bounty and a seed donation. Two faucets were also opened. There was a controversial bounty of  50,000 coins set on the faucet, and because two faucets arrived within moments of each-other the makers agreed to a split. The individuals who made the faucets also very generously donated their bounties to their faucets. Everybody was encouraged heavily to pass as many coins as they could on to somebody else.

We continued to pass out coins to anybody that requested them. And funded various promotions and giveaways. We eventually arrived at two exchanges. A giveaway of 1500 PMC was donated to Poloneix exchange to host a giveaway. The recollection of the events above may vary slightly in the order in which they are documented, but everything should be easy enough to verify if you need to research the announcement thread on BCT. Some users also made scripts to give away coins as fees for the miners, appropriate donations were provided to enhance mining with TX fees.

As of the time of this post we are promoting Premine with a weekend giveaway, the remainder of the coins will be passed out, given away, and donated. We will edit this thread when necessary.
Also, if we forgot to credit somebody above by all means contact one of us. A HUGE number of people pitched in to make this happen, because our community is active. It was a very busy distribution, so I could have easily forgotten somebody Wink


Thanks for your support!

member
Activity: 84
Merit: 10
February 21, 2014, 08:22:21 AM
#16
Oh people, no one have explained me why this coin would be great, huge and expensive in future. Your is only hope but no real effort for this coin.
I dumped all coins that had, but i could buy the double or maybe triple now on poloniex. I have no faith in this one and your replies aren't quite persuasive.
member
Activity: 98
Merit: 10
February 21, 2014, 07:09:38 AM
#15
We are an adorable community and not small.

Do me a favour, look at PMC logo and you will fall in love Cheesy

hero member
Activity: 532
Merit: 500
February 21, 2014, 07:05:40 AM
#14
Quote
Premine, also known as PMC, is an alternate cryptocurrency that is defying normal convention in its method of mining and distribution. While some coins are mined, or earn you interest, Premine is exclusively redistributed by its users, and block rewards are generated only by network transaction fees.

The word "premine" refers to the terminology of mining before a coin is officially launched. Although the word has had both positive and negative connotations, it simply refers to coins that have been mined before launch. Since all of Premine was mined before launch for distribution, the name symbolises its unique method of distribution.  Proof of Distribution, if you will. So even though technically all of the coins are “premined”, they are all in the hands of the community.

Premine is setting out to prove that cryptographic currency can continue long after the minting process has ended, making it not only a fascinating glimpse into the future of Bitcoin, but also a viable and stable alternative that thanks to its low total supply of less than 500,000 coins, allows each coin to store a great amount of wealth. This makes PMC an excellent alternative store of money. To say Premine is the future of Bitcoin isn’t far from the truth.

Will Bitcoin be able to survive once the minting of new coins has ended? Nobody knows. PMC started with a market cap of zero. Bitcoin currently has a market cap in excess of $8 Billion USD. Already suffering from volatile pricing, we may discover that Bitcoin might not survive this transition, and that no coin with such a high market cap ever could. In this sense Premine is also future-proof, having avoided this hazardous transition phase altogether.

We have not only side-stepped this potentially hazardous event, we have embraced it and made it the very essence of PMC. No inflation.  Just distribution.

Premine is a SHA-256 coin, just like Bitcoin. When you mine Premine, you are mining the transaction fees generated by all the people who buy, sell and trade it. In this sense, you can only mine PMC as fast as it is bought and sold, making it exceptionally stable. It does not suffer the major flaw of most cryptocurrencies, which is market flooding caused by a large drop in mining difficulty. This inevitably leads to downward pressure on market pricing causing the altcoins you hold to devalue at any given moment. PMC is not based on this model and, therefore cannot flood the market in this manner.

In PMC, The market affects the block rewards, and the block rewards affect the market. The two coexist and always seek to balance one another. PMC is built on this symmetry, and that makes it an exciting investment as well as a powerful means of exchanging goods and services.

All of the coins that ever exist have already been created and have been entirely distributed amongst the community. This distribution has continued ever since on all levels, not just by the developer, but by community members and even the exchanges.

Premine is more than just an experiment. It's a concept that is proving to work.
hero member
Activity: 602
Merit: 500
February 21, 2014, 07:05:14 AM
#13
I think that 100% premine is a scam and probably the dev has the more of coins in his cold storage. There is only 499,000 coins but thinking that the current price is more than deserved.
What is your opinion ? This one would be great or another crappy coin ?


So you are someone who missed out and now calling it a scam? I was an early adopter and the dev gave me 4000 coins. That was worth near 8 btc at the last pump! I gave a lot of the coins away, also buying and selling some myself. The community is awesome and the dev definately spread out all the coins to all the people. This coin is going somewhere, sooner or later.
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