What does Pre-mine really mean? For the New Guys

The 4ner

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R.I.P Silk Road 1.0

Quote from: DigitalCurrencyConsultant on May 22, 2013, 01:48:54 AM

BTC is BTC

If some developer creates something new then hey he creates a new coin.

Quote from: Fuserleer on May 21, 2013, 11:28:14 PM

How did they do 100% of the work?

Lets say I create something, I spend 99 days on it and its 99% complete, I release it for free. You then get hold of it, spend 1 day and finish it and release it....who deserves all the reward? You? for 1 day of work versus my 99 days?

With Bitcoin, Satoshi did those 99 days, and the altcoins I have issue with are the 1 days, yet you claim they should get reward? That's crazy.

As for not working for free, that's what entrepreneurs do, they speculate that working for free now, will pay off at some point in the future, which isn't always the case. Satoshi worked for free, he did not know that BitCoin would take off, it could of flopped...but he did, and I hope that he has a bunch of BitCoins that are now worth a lot of money as his reward for his "free" work.

There would be no Alt Coins if BTC never came to existence so no developers aren't necessarily creating anything new just recreating something existent.

DigitalCurrencyConsultant

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BTC is BTC

If some developer creates something new then hey he creates a new coin.

Quote from: Fuserleer on May 21, 2013, 11:28:14 PM

How did they do 100% of the work?

Lets say I create something, I spend 99 days on it and its 99% complete, I release it for free. You then get hold of it, spend 1 day and finish it and release it....who deserves all the reward? You? for 1 day of work versus my 99 days?

With Bitcoin, Satoshi did those 99 days, and the altcoins I have issue with are the 1 days, yet you claim they should get reward? That's crazy.

As for not working for free, that's what entrepreneurs do, they speculate that working for free now, will pay off at some point in the future, which isn't always the case. Satoshi worked for free, he did not know that BitCoin would take off, it could of flopped...but he did, and I hope that he has a bunch of BitCoins that are now worth a lot of money as his reward for his "free" work.

DigitalCurrencyConsultant

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yes and he also Pre-mined BTC since well he mined back then : )

Fuserleer

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How did they do 100% of the work?

Lets say I create something, I spend 99 days on it and its 99% complete, I release it for free. You then get hold of it, spend 1 day and finish it and release it....who deserves all the reward? You? for 1 day of work versus my 99 days?

With Bitcoin, Satoshi did those 99 days, and the altcoins I have issue with are the 1 days, yet you claim they should get reward? That's crazy.

As for not working for free, that's what entrepreneurs do, they speculate that working for free now, will pay off at some point in the future, which isn't always the case. Satoshi worked for free, he did not know that BitCoin would take off, it could of flopped...but he did, and I hope that he has a bunch of BitCoins that are now worth a lot of money as his reward for his "free" work.

DigitalCurrencyConsultant

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99% of the work was done?

Not so They did 100% of the work to create a new product. That just lacks reason to me.

Sorry there is a very different definition that many of us have on Pre-mine but I cannot agree with you. Don't ever work for FREE

Quote from: Fuserleer on May 21, 2013, 11:11:49 PM

1. Depends how good they are

2. Some do, if they choose to, what do the current developers that maintain Bitcoin get for their troubles, little to nothing I imagine. They do it for the achievement, not the $

3. Yes

4. It's not a matter of easy, it's a matter of what you bring to the table, the "wow" factor, the USP's. The more you have, the more chance of success.

In my mind, profiting from work, that 99% of was done by someone else doesn't deserve reward no. And I do work for free everyday, I am my own boss and I'll profit when my hard work pays off in that particular project.

Fuserleer

legendary

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1. Depends how good they are

2. Some do, if they choose to, what do the current developers that maintain Bitcoin get for their troubles, little to nothing I imagine. They do it for the achievement, not the $

3. Yes

4. It's not a matter of easy, it's a matter of what you bring to the table, the "wow" factor, the USP's. The more you have, the more chance of success.

In my mind, profiting from work, that 99% of was done by someone else doesn't deserve reward no. And I do work for free everyday, I am my own boss and I'll profit when my hard work pays off in that particular project.

DigitalCurrencyConsultant

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mmm here is a few thoughts

1. How much do computer programmers get paid per hour?

2. Must they work like 8-12 hours for FREE for the good of all of us and get nothing for their troubles?

3. Can you make your own coin?

4. How easy do you think it is to market a new coin?

So in your mind I think. Work does Not deserve reward. Make sure you go work for 1-2 days for free to your boss then. Is this what you mean? Sounds kinda silly if you think of it huh?

Quote from: Fuserleer on May 21, 2013, 10:58:25 PM

I didn't say every altcoin, but a lot of them are.

A seasoned developer can take the BTC or LTC code, and have a newly compiled client, new fork, new blockchain with fiddled settings up and running in 3 hours if they are smart. Leave it mining for a day or so on diff 1 and that's your "work" done, hardly cause for reward surely?

Some of the altcoins however have some ingenious additions to them that would probably taken an order of weeks to put together, and in that case, deserves reward.

I'm hardly brainwashed, but I know which of the altcoins I would rather spend my time mining, and its an altcoin where the developers have spent their time putting it together.

Fuserleer

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I didn't say every altcoin, but a lot of them are.

A seasoned developer can take the BTC or LTC code, and have a newly compiled client, new fork, new blockchain with fiddled settings up and running in 3 hours if they are smart. Leave it mining for a day or so on diff 1 and that's your "work" done, hardly cause for reward surely?

Some of the altcoins however have some ingenious additions to them that would probably taken an order of weeks to put together, and in that case, deserves reward.

I'm hardly brainwashed, but I know which of the altcoins I would rather spend my time mining, and its an altcoin where the developers have spent their time putting it together.

DigitalCurrencyConsultant

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Would not matter if work was done or not people would expect to be entitled to something. They would cry pre-mine because they think they should profit too on someone else's work hard or not.

Why use the term greed? Think about it. Everything here or most everything here is done for profit.

That's alot of work releasing, promoting and doing all that for a coin. Huge Risk too.

So by your view every alt coin is theft? How so? People bought the stuff. They never stole anything. Your mind is brainwashed
But Thanks for your IMO Wink

Quote from: Fuserleer on May 21, 2013, 10:46:05 PM

If some real work was done, then sure, some pre-mining is acceptable.

However, I think a lot of these altcoins are just pump and dumps, some guy takes open source code, forks it, CTRL-F on the code to change the name and some params, compiles, releases a new "coin" and adds nothing. Then proceeds to pre-mine 1M coins and tries to push it on the world.

That's not work IMO, that's theft (open source or not, taking someone else's hard work to do nothing but profit is still theft!) and greed.

Fuserleer

legendary

Activity: 1050

Merit: 1016

If some real work was done, then sure, some pre-mining is acceptable.

However, I think a lot of these altcoins are just pump and dumps, some guy takes open source code, forks it, CTRL-F on the code to change the name and some params, compiles, releases a new "coin" and adds nothing. Then proceeds to pre-mine 1M coins and tries to push it on the world.

That's not work IMO, that's theft (open source or not, taking someone else's hard work to do nothing but profit is still theft!) and greed.

DigitalCurrencyConsultant

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Pre-mine to some just speaks scam. But that is NOT true. Angry

To others it means the person or people who did the work got paid to do it. (as they should)

If you work you get a paycheck right?? Or do you work for FREE cause if so I want to hire you.

Pre-MIne is really creating a market for a new coin with a user base then releasing it to the public.

Anybody who cries about a Pre-mine is just a person who didn't get paid and thinks they should be given a fair share of something they did no work for. Grin

So when someone cries Pre-mine just smile with a little chuckle for them. Wink

Topic: What does Pre-mine really mean? For the New Guys (Read 545 times)