Topic: What is the acceptable level of premine for bounties? - page 3. (Read 1788 times)
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In my opinion a coin should be announced in advance with plenty of warning and given a specific launch time so everybody who wants in can get a fair start.
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?
In addition to zero premine I think a coin should having a up-ramping in the block reward to give time for miners to come online. Make the first week's worth of coins have a zero or very low block reward and then either step up or jump to the full initial block reward value. This way it gives people a chance to get setup before the block rewards start.
Thanks for the replies. Concesus is 0% premine . Now my next question is how do you determine when a coin has had a fair launch? If he posts it on a crypto forum? Does it need a pre anouncement? Does he have to post it on btcointalk? or are a few other smaller forums are all thats needed?
What I'm getting at here, does this mean any decent dev should really invest into some mining gear? For example say a dev has put considerable time, money and effort into his coin and he wants to start offering bounties for community engagement. He now posts up his amazing coin and development plan, anounces it as many places as possible to make sure all know its fair. Goes to start mining and the difficulty is so high he can barely get coins for himself to pay for development or bounties compared with miners.
I'm not trying to justify a premine but I'm curious to know how most devs do this? Do they hide the worth of their coin earlier to stop miners mining easy coins at the start?
What I'm getting at here, does this mean any decent dev should really invest into some mining gear? For example say a dev has put considerable time, money and effort into his coin and he wants to start offering bounties for community engagement. He now posts up his amazing coin and development plan, anounces it as many places as possible to make sure all know its fair. Goes to start mining and the difficulty is so high he can barely get coins for himself to pay for development or bounties compared with miners.
I'm not trying to justify a premine but I'm curious to know how most devs do this? Do they hide the worth of their coin earlier to stop miners mining easy coins at the start?
If your coin is really that good, there is no need for bounties and such. 0% Premine, that's it.
Even if you spent a lot of time on it, you can ask for donations. No premine.
pre ann with a good launch time, not 5am for euro or others shit like that
also no KGW at start or stupid blocks value of 1, when real blocks are 5k, anti-instamine isn't needed if there is an ann
i like ninja launch too, as long as they are launched in a good time, again bad launch time is the worst thing ever, devs that launch at 3-4 am for euro/usa/other part of the world are just morons that want more instamine for themselves, usually they do this when the premine is 0%...
also no KGW at start or stupid blocks value of 1, when real blocks are 5k, anti-instamine isn't needed if there is an ann
i like ninja launch too, as long as they are launched in a good time, again bad launch time is the worst thing ever, devs that launch at 3-4 am for euro/usa/other part of the world are just morons that want more instamine for themselves, usually they do this when the premine is 0%...
Thanks for the replies. Concesus is 0% premine . Now my next question is how do you determine when a coin has had a fair launch? If he posts it on a crypto forum? Does it need a pre anouncement? Does he have to post it on btcointalk? or are a few other smaller forums are all thats needed?
A coin has had a fair launch when the value goes to the people who created that value. If a coin doesn't involve the creation of any value at all, then all distributions are equally fair. You can't unfairly divide a zero. The early Bitcoin miners created the value they gained from their mining by making Bitcoin secure and usable.The focus in the crypto-currency community on *dividing* value rather than *creating* value is disturbing to me.
Thanks for the replies. Concesus is 0% premine . Now my next question is how do you determine when a coin has had a fair launch? If he posts it on a crypto forum? Does it need a pre anouncement? Does he have to post it on btcointalk? or are a few other smaller forums are all thats needed?
What I'm getting at here, does this mean any decent dev should really invest into some mining gear? For example say a dev has put considerable time, money and effort into his coin and he wants to start offering bounties for community engagement. He now posts up his amazing coin and development plan, anounces it as many places as possible to make sure all know its fair. Goes to start mining and the difficulty is so high he can barely get coins for himself to pay for development or bounties compared with miners.
I'm not trying to justify a premine but I'm curious to know how most devs do this? Do they hide the worth of their coin earlier to stop miners mining easy coins at the start?
What I'm getting at here, does this mean any decent dev should really invest into some mining gear? For example say a dev has put considerable time, money and effort into his coin and he wants to start offering bounties for community engagement. He now posts up his amazing coin and development plan, anounces it as many places as possible to make sure all know its fair. Goes to start mining and the difficulty is so high he can barely get coins for himself to pay for development or bounties compared with miners.
I'm not trying to justify a premine but I'm curious to know how most devs do this? Do they hide the worth of their coin earlier to stop miners mining easy coins at the start?
Zero. Devs should mine and offer their own coins away.
This ^^
Zero is always the answer.
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Zero. Devs should mine and offer their own coins away.
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.
Just wondering when a new coin launches, how much of a premine is acceptable(by most of the community) if all the funds are going into development (meaning bounties and community?) Is any level acceptable?
5-3%? 1%? 0.5%?
0%?
If its as transparent as possible is it a small pre-mine generally accepted?
5-3%? 1%? 0.5%?
0%?
If its as transparent as possible is it a small pre-mine generally accepted?
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