The problem with 0 premine or low percentage premine coins is that, once the developer dumps his share to the market and cash outs,
He basically stops supporting the coin or gives minimal support out of pity,
it remains to be seen which Devs are going to stick with their project and give continued support and for what reasons.
In a time where Bitcoin is almost unable to pay salary to its own Devs, it will get more the difficulty for 0 premine coins to develop and stay ahead of the competition and pay for the expenses to keep up with the challenges ahead.
Topic: What is the acceptable level of premine for bounties? - page 2. (Read 1788 times)
Hi,
I think nothing as premine is acceptable for any coin if you want it to live long life. I am running away from premined coins
I think nothing as premine is acceptable for any coin if you want it to live long life. I am running away from premined coins
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If the premine has no purpose a coin should be 0 pre-mine. if there are reasons behind the pre-mine it is acceptable.
but what people do is they announce a coin 0% premine with a lame wordpress website and start mining for couple of weeks, premine it that way to make it look legit
there is one coin has not hit the exchange yet but will soon probably, basically 70% is mined by 3 miners in 6 weeks under the radar.
Also One word of advice, the level of scam is off the chart these days, do not even consider mining a new coin if the coin has no block explorer from day one to inspect the first mined blocks.
but what people do is they announce a coin 0% premine with a lame wordpress website and start mining for couple of weeks, premine it that way to make it look legit
there is one coin has not hit the exchange yet but will soon probably, basically 70% is mined by 3 miners in 6 weeks under the radar.
Also One word of advice, the level of scam is off the chart these days, do not even consider mining a new coin if the coin has no block explorer from day one to inspect the first mined blocks.
Zero. And you'll get more support for it. If there must be a pre-mine, it should be 0.1% or less. The problem is that a 1% pre-mine seems small but can be an absolutely massive amount of coins depending on the reward structures. 1% is usually enough to dump a coin to death.
Plus, building a currency is a serious thing. A pre-mine sticks with it forever.
Plus, building a currency is a serious thing. A pre-mine sticks with it forever.
Depends on the time frame the total amount of coins is released. If it is released in 100 years, a 1% premine would equal 1 full year of mining for the dev.
Premine should be relative to the amount released in the initial development phase. You don't want the dev to run around with >50% of total coins during the first year. But if the release is faster, say 1 year, this 1% would be less than 10% of total coins very fast.
Premine should be relative to the amount released in the initial development phase. You don't want the dev to run around with >50% of total coins during the first year. But if the release is faster, say 1 year, this 1% would be less than 10% of total coins very fast.
I dont see any problem with premines when they are announced and accounted for. The biggest problem by far is instamining. That is what you want to look for.
1% would seem fair to me. I have no problem if a dev is upfront and wants some of the premine for himself either. I don't think most programmers should be expected to work for free.
0.01 is fair
I was apart of the logicoin launch and I must say that it was one of the best launches I've ever been around for. Wallets posted 30 minutes before launch and password/source uploaded right on time. 0% premine and a ninja launch of sorts. Not to mention that there wasn't a single fork. I'm actually not that worried about premined coins but they don't get my faith at all and I usually look at them as pump and dumps because all it takes is some of that premine to move and the price gets destroyed very quickly.
The logicoin dev was apparently considering donations in order to get bounties out and thats the sort of dev I'd be happy to donate some coins too. Works hard and doesn't want money for themselves but only to see the coin survive. It astounds me that coins like that go unnoticed but then you have huge scams like stack/edge that get to 50 pages before launch.
Just my 2 cents and sorry if it seems like I'm talking up logicoin but its just the most recent example of a great launch I could think off but there have been plenty.
The logicoin dev was apparently considering donations in order to get bounties out and thats the sort of dev I'd be happy to donate some coins too. Works hard and doesn't want money for themselves but only to see the coin survive. It astounds me that coins like that go unnoticed but then you have huge scams like stack/edge that get to 50 pages before launch.
Just my 2 cents and sorry if it seems like I'm talking up logicoin but its just the most recent example of a great launch I could think off but there have been plenty.
1% would seem fair to me. I have no problem if a dev is upfront and wants some of the premine for himself either. I don't think most programmers should be expected to work for free.
1% means nothing. It's easy to set a limit of 100 billion coins with a small block reward of 10 coins per block: 1%=1 billion.
and 1% is much more with a pos coin.
1% would seem fair to me. I have no problem if a dev is upfront and wants some of the premine for himself either. I don't think most programmers should be expected to work for free.
Your argument is BS. Nobody asks the devs to put in the work, they do this off their own back. Think of it as a charity, only a charity that is diddling the books so they can get 'paid for their time'. You should make the coin because you want to and for the good of the community, but the devs of most alts only create the coin with one thing in mind: get rich quick. This is why 99% of alt coins fail. They don't give a fuck about the coin as long as they can make a quick buck off it.
The devs of most alts are greedy and selfish because the community is greedy and selfish. If most people here were honest and good, we would have honest coins. The crypto world is the Wild West.
Yeah. I wish the world were a peaceful place.
Your argument is BS. Nobody asks the devs to put in the work, they do this off their own back. Think of it as a charity, only a charity that is diddling the books so they can get 'paid for their time'. You should make the coin because you want to and for the good of the community, but the devs of most alts only create the coin with one thing in mind: get rich quick. This is why 99% of alt coins fail. They don't give a fuck about the coin as long as they can make a quick buck off it.
The devs of most alts are greedy and selfish because the community is greedy and selfish. If most people here were honest and good, we would have honest coins. The crypto world is the Wild West.
Thanks a lot, interesting replies. So say for example, a Dev had a pre-announcement but only gave the coin specifications, no future plans with a poor logo and then launched at a normal fair time. He had a lot of plans already but decided not to mention them. People would mine only with that information in mind. Then week by week the dev implemented some of his ideas. Updated it every week, slowly building value and community features into the coin. He then started updating the thread with his future plans, goals and timelines including updates he was making. In that same time frame he mined his coin enough to get some bounties going and a decent stack for himself, nothing crazy but he was trying to get a good chunk. Would this be considered a fair launch? Considering the value that is being given to the coin is from the Dev himself but slowly released in a manner which helped his poor mining rate?
That is completely fine, since he is mining at the same time as others.
I think the zero premine argument is BS. I'm sorry but do you work for free? No? So why do you expect others to do so? I think a reasonable pre-mine is more than fair if the developer is going to put in a lot of work and maintain the coin and not just dump them and disappear (like many have.) Maybe a better solution is that the devs should provide the address the pre-mine coins are in and everyone can track them.
Honestly when fyrstrikken said he was going to change CryptoRush and add a requirement that devs provide a deposit equal to the amount they pre-mined, I thought it was a great idea. (I know he turned out to be a douche but that's besides the point.) We need some kind of way to prevent devs from dumping and running.
Honestly when fyrstrikken said he was going to change CryptoRush and add a requirement that devs provide a deposit equal to the amount they pre-mined, I thought it was a great idea. (I know he turned out to be a douche but that's besides the point.) We need some kind of way to prevent devs from dumping and running.
That is BS. They create a coin because they want to, not because they expect some kind of reward. If your coin is really that good, you can ask for donations. I'm sure people will be tripping over each other to donate because of such a good coin.
What a selfish and greedy person you are.
In my opinion, less than 2% pre-mine is required for bounties etc
Those that push 'zero premine' have no understanding of the implications of releasing a coin with zero blocks mined (and hence no pre-existing blockchain). We have seen this so many times before, where a 0% pre-mined coin has been announced and forked 20 different ways on launch as a result
Those that push 'zero premine' have no understanding of the implications of releasing a coin with zero blocks mined (and hence no pre-existing blockchain). We have seen this so many times before, where a 0% pre-mined coin has been announced and forked 20 different ways on launch as a result
There is no acceptable level, acceptance only occurs when the premine is actually used and seen as development by the community.
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I think the zero premine argument is BS. I'm sorry but do you work for free? No? So why do you expect others to do so? I think a reasonable pre-mine is more than fair if the developer is going to put in a lot of work and maintain the coin and not just dump them and disappear (like many have.) Maybe a better solution is that the devs should provide the address the pre-mine coins are in and everyone can track them.
Honestly when fyrstrikken said he was going to change CryptoRush and add a requirement that devs provide a deposit equal to the amount they pre-mined, I thought it was a great idea. (I know he turned out to be a douche but that's besides the point.) We need some kind of way to prevent devs from dumping and running.
Honestly when fyrstrikken said he was going to change CryptoRush and add a requirement that devs provide a deposit equal to the amount they pre-mined, I thought it was a great idea. (I know he turned out to be a douche but that's besides the point.) We need some kind of way to prevent devs from dumping and running.
Your argument is BS. Nobody asks the devs to put in the work, they do this off their own back. Think of it as a charity, only a charity that is diddling the books so they can get 'paid for their time'. You should make the coin because you want to and for the good of the community, but the devs of most alts only create the coin with one thing in mind: get rich quick. This is why 99% of alt coins fail. They don't give a fuck about the coin as long as they can make a quick buck off it.
I think the zero premine argument is BS. I'm sorry but do you work for free? No? So why do you expect others to do so? I think a reasonable pre-mine is more than fair if the developer is going to put in a lot of work and maintain the coin and not just dump them and disappear (like many have.) Maybe a better solution is that the devs should provide the address the pre-mine coins are in and everyone can track them.
Honestly when fyrstrikken said he was going to change CryptoRush and add a requirement that devs provide a deposit equal to the amount they pre-mined, I thought it was a great idea. (I know he turned out to be a douche but that's besides the point.) We need some kind of way to prevent devs from dumping and running.
Honestly when fyrstrikken said he was going to change CryptoRush and add a requirement that devs provide a deposit equal to the amount they pre-mined, I thought it was a great idea. (I know he turned out to be a douche but that's besides the point.) We need some kind of way to prevent devs from dumping and running.
0% pre-mine is the way miners will tell you it needs to be. All they care about is getting as many of the coins into their wallets as possible. Ohhh......the thought of devs being entitled to any of those coins get miners throthing at the mouth with rage.
The miners don't have to work hard to develop a coin, build a community, update the coin regularly, pay for nodes, pay other devs to have a look if things go seriously wrong, nor will they have to spend every spare minute of their time trying to making things a success. All they do is point their beastly PCs at a pool for a few days before they hop onto the next coin that takes their fancy.
If you want to do a premine then it's up to you, don't be taken in completely by what others have to say. I would suggest keep it very small - max 1%....maybe 2% but any higher is pushing it and you'll have a mutiny before you even get started and miners won't mine it unless it's something that is very innovative or suddenly becomes valuable.
The miners don't have to work hard to develop a coin, build a community, update the coin regularly, pay for nodes, pay other devs to have a look if things go seriously wrong, nor will they have to spend every spare minute of their time trying to making things a success. All they do is point their beastly PCs at a pool for a few days before they hop onto the next coin that takes their fancy.
If you want to do a premine then it's up to you, don't be taken in completely by what others have to say. I would suggest keep it very small - max 1%....maybe 2% but any higher is pushing it and you'll have a mutiny before you even get started and miners won't mine it unless it's something that is very innovative or suddenly becomes valuable.
Zero.
You'll hear all kinds of counter-arguments, but they are all self-serving BS. Stay away from premines and IPOs. All of them.
You'll hear all kinds of counter-arguments, but they are all self-serving BS. Stay away from premines and IPOs. All of them.
+1
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