Whats your opinion on a fully 100% premined coin? - page 2.

UnNamedCoin

newbie

Activity: 42

Merit: 0

Quote from: r0ach on March 26, 2014, 06:48:02 PM

The Federal Reserve discovered a scam that they could create currency out of thin air and issue it for profit. Random Bitcointalk members discovered they could issue premine and IPO scam coins for self profit. The cycle continues.

It has pretty much nothing to do with "kids".

The kid comment was only to explain the screaming and attacking that goes on here. Civility helps communication more than yelling matches Grin

It was kids/young people that started Napster, Apple, MS and so on and I don't in any way mean to devalue their efforts.

It was only when Steve Jobs matured, did he make better business decisions and got control back of Apple... Gates, well he was just a business guy to start off with.

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

Quote from: UnNamedCoin on March 26, 2014, 06:43:37 PM

I dont see much maturity here at all

The CoinSummit in San Francisco pointed out some of the problems with Bitcoin as it is now.
That being the inexperienced people running all these platforms.

Perhaps they should stick to their crypto, mining and computers and let proper business managers and investors oversee and manage these people.

Quote from: UnNamedCoin on March 26, 2014, 03:03:42 PM

So your suggesting the Bitcoin remain in the hands of those that know about crypto, mining and computers... That just ruled out 99% of the world

UnNamedCoin

newbie

Activity: 42

Merit: 0

Quote from: g4c on March 26, 2014, 06:41:53 PM

PROS

:
After coin premine and distribution you would need nodes to perform transactions, but you could keep difficulty low and just have mining done by clients wallet on CPU. Client wallets on laptops could be active mining nodes forever. YAY!

CONS Embarrassed

:
A pre mined coin is too easy to produce. Anyone could fork Bitcoin tonight and pre mine 21M coins. And so it is worth very little.

It's like saying, let's not bother with gold, all the environmental pollution the mining causes is terrible! Instead of gold lets just use something else, so instead of 1Oz of gold you can use 1Oz of gravel... I have 10 tons of gravel in my truck, let's all use that.

Even if you did succeed and get it off the ground then thed network difficulty would be so low that a bigger chain fork could be created with modest hardware.

Fair comment. I understand that premining is easy and it would be the distribution and the platforms it runs on that would make it viable.
As for your other comment... Unlike gravel, premined coins just cant be picked up off the ground... Limiting production would eventually make it valuable. I think the Apple II has only risen in value, not because it a powerful machine, but because its a rare commodity now and for all intents and purposes, could act as a currency.

r0ach

legendary

Activity: 1260

Merit: 1000

The Federal Reserve discovered a scam that they could create currency out of thin air and issue it for profit. Random Bitcointalk members discovered they could issue premine and IPO scam coins for self profit. The cycle continues.

It has pretty much nothing to do with "kids".

UnNamedCoin

newbie

Activity: 42

Merit: 0

Quote from: kelsey on March 26, 2014, 06:04:05 PM

100% premine is ok for experimenting with distribution models (after all pow was only meant as a shortterm solution for btc). However no one has successfully done a 'fair' distribution yet and very easy to scam for devs, or gamed by others.

Thanks kelsey for a mature reply. I am only guessing, but I think a lot scams are being done by the crypto/computer crowd who dont see the value in a long term business model and only concern themselves with a quick buck at no work effort.... inputs.io was run by a kid... MtGox was run by a computer guy with no business acumen and I would guess again, that most on this forum members are kids... I dont see much maturity here at all

The CoinSummit in San Francisco pointed out some of the problems with Bitcoin as it is now.
That being the inexperienced people running all these platforms.

Perhaps they should stick to their crypto, mining and computers and let proper business managers and investors oversee and manage these people.

g4c

member

Activity: 98

Merit: 10

PROS

:
After coin premine and distribution you would need nodes to perform transactions, but you could keep difficulty low and just have mining done by clients wallet on CPU. Client wallets on laptops could be active mining nodes forever. YAY!

CONS Embarrassed

:
A pre mined coin is too easy to produce. Anyone could fork Bitcoin tonight and pre mine 21M coins. And so it is worth very little.

It's like saying, let's not bother with gold, all the environmental pollution the mining causes is terrible! Instead of gold lets just use something else, so instead of 1Oz of gold you can use 1Oz of gravel... I have 10 tons of gravel in my truck, let's all use that.

Even if you did succeed and get it off the ground then thed network difficulty would be so low that a bigger chain fork could be created with modest hardware.

kelsey

legendary

Activity: 1876

Merit: 1000

100% premine is ok for experimenting with distribution models (after all pow was only meant as a shortterm solution for btc). However no one has successfully done a 'fair' distribution yet and very easy to scam for devs, or gamed by others.

r0ach

legendary

Activity: 1260

Merit: 1000

Oh, the original post was made by what we refer to as "dumb money". I see. If you have no idea what you're doing, buy Bitcoin and hope for the best. If you know what you're doing, you can buy other stuff and make or lose 1000% in one day.

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

Quote from: UnNamedCoin on March 26, 2014, 05:33:40 PM

So if I dont know crypto mining and computers, I have no business in investing?

correct. i'm glad you are getting this after the third time.

Quote from: UnNamedCoin on March 26, 2014, 04:20:18 PM

No... you said people who only know Crypto, Mining and Computers should be for day1..

there's a big difference between what i said, and what you're discussing.

Quote from: UnNamedCoin on March 26, 2014, 02:33:04 PM

i'm continually amazed how little research people do into their own investments. people that don't bother educating themselves won't make money here: you've described the perfect conman's mark.

i'm saying that without basic knowledge about cryptocurrencies, low-information investors will get conned.

read, comprehend, then post.

Quote from: dailyarsenal on March 26, 2014, 02:21:56 PM

this topic is lame. who the fuck wants a 100% premined coin.

this too.

r0ach

legendary

Activity: 1260

Merit: 1000

Quote from: dailyarsenal on March 26, 2014, 02:21:56 PM

this topic is lame. who the fuck wants a 100% premined coin.

UnNamedCoin

newbie

Activity: 42

Merit: 0

Quote from: kalus on March 26, 2014, 04:33:50 PM

Quote from: UnNamedCoin on March 26, 2014, 04:20:18 PM

No... you said people who only know Crypto, Mining and Computers should be for day1..

that's not what i said. I stated:

Quote from: UnNamedCoin on March 26, 2014, 02:33:04 PM

people who:

know little or nothing about crypto,

little or nothing about mining,

little or nothing about computers,

have no business investing. i'm continually amazed how little research people do into their own investments. people that don't bother educating themselves won't make money here: you've described the perfect conman's mark.

you claim this is elitist. i think knowing something about what you're investing into is smart investing.

people that know nothing about what they're investing will get scammed here.

So if I dont know crypto mining and computers, I have no business in investing?

I hope some of those the invested in Bitcoin years ago and didnt know your 3 criteria, realize what a mistake they have just made... better give those coins to crypto people who know how to manage it properly... -sic-

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

Quote from: UnNamedCoin on March 26, 2014, 04:20:18 PM

No... you said people who only know Crypto, Mining and Computers should be for day1..

that's not what i said. I stated:

Quote from: UnNamedCoin on March 26, 2014, 02:33:04 PM

people who:

know little or nothing about crypto,

little or nothing about mining,

little or nothing about computers,

have no business investing. i'm continually amazed how little research people do into their own investments. people that don't bother educating themselves won't make money here: you've described the perfect conman's mark.

you claim this is elitist. i think knowing something about what you're investing into is smart investing.

people that know nothing about what they're investing will get scammed here.

UnNamedCoin

newbie

Activity: 42

Merit: 0

Quote from: kalus on March 26, 2014, 03:37:45 PM

Quote from: UnNamedCoin on March 26, 2014, 03:15:25 PM

So day 1 coin should remain with crypto, miner and computer people? ... Doesnt sound like a community at all... sounds like a club for the elite

oh no "information" and "knowledge" make people elite.

the entire fucking planet is a club for the elite. welcome to earf.

No... you said people who only know Crypto, Mining and Computers should be for day1.. Has that changed now to include a broader range of people?

So which ones shouldn't be allowed to have day1 coins? Maybe that is an easier question

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

Quote from: UnNamedCoin on March 26, 2014, 03:15:25 PM

So day 1 coin should remain with crypto, miner and computer people? ... Doesnt sound like a community at all... sounds like a club for the elite

oh no "information" and "knowledge" make people elite.

the entire fucking planet is a club for the elite. welcome to earf.

DubFX

sr. member

Activity: 434

Merit: 250

Quote from: Momimaus on March 26, 2014, 02:31:17 PM

Quote from: dailyarsenal on March 26, 2014, 02:21:56 PM

this topic is lame. who the fuck wants a 100% premined coin.

which miner wants a 100% premined coin? None

non-miner? Absolutely

Yeah this statement seems about right.

UnNamedCoin

newbie

Activity: 42

Merit: 0

Quote from: kalus on March 26, 2014, 03:11:41 PM

Quote from: UnNamedCoin on March 26, 2014, 03:03:42 PM

Quote from: kalus on March 26, 2014, 02:35:57 PM

Quote from: UnNamedCoin on March 26, 2014, 02:33:04 PM

people who just want day 1 coin who know little or nothing about crypto, mining and computers

aka "a sucker's born every minute".

people who:

know little or nothing about crypto,

little or nothing about mining,

little or nothing about computers,

have no business investing. i'm continually amazed how little research people do into their own investments. people that don't bother educating themselves won't make money here: you've described the perfect conman's mark.

So your suggesting the Bitcoin remain in the hands of those that know about crypto, mining and computers... That just ruled out 99% of the world

i'm suggesting that people that 'want day 1 coin' and expect to make money without doing any research whatsoever are the reason why scams are so prevalent in this subforum specifically.

So day 1 coin should remain with crypto, miner and computer people? ... Doesnt sound like a community at all... sounds like a club for the elite

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

Quote from: UnNamedCoin on March 26, 2014, 03:03:42 PM

Quote from: kalus on March 26, 2014, 02:35:57 PM

Quote from: UnNamedCoin on March 26, 2014, 02:33:04 PM

people who just want day 1 coin who know little or nothing about crypto, mining and computers

aka "a sucker's born every minute".

people who:

know little or nothing about crypto,

little or nothing about mining,

little or nothing about computers,

have no business investing. i'm continually amazed how little research people do into their own investments. people that don't bother educating themselves won't make money here: you've described the perfect conman's mark.

So your suggesting the Bitcoin remain in the hands of those that know about crypto, mining and computers... That just ruled out 99% of the world

i'm suggesting that people that 'want day 1 coin' and expect to make money without doing any research whatsoever are the reason why scams are so prevalent in this subforum specifically.

if you know "little or nothing about crypto, mining, and computers", then why not invest in something you fucking know something about?

UnNamedCoin

newbie

Activity: 42

Merit: 0

Quote from: kalus on March 26, 2014, 02:35:57 PM

Quote from: UnNamedCoin on March 26, 2014, 02:33:04 PM

people who just want day 1 coin who know little or nothing about crypto, mining and computers

aka "a sucker's born every minute".

people who:

know little or nothing about crypto,

little or nothing about mining,

little or nothing about computers,

have no business investing. i'm continually amazed how little research people do into their own investments. people that don't bother educating themselves won't make money here: you've described the perfect conman's mark.

So your suggesting the Bitcoin remain in the hands of those that know about crypto, mining and computers... That just ruled out 99% of the world

counter

hero member

Activity: 798

Merit: 500

Time is on our side, yes it is!

It is my opinion that no good can come from such a thing as the first will very more than likely get a larger share of the pie and those who show up late will get scraps and basically be working for the early adopters in a sense.

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

Quote from: UnNamedCoin on March 26, 2014, 02:33:04 PM

people who just want day 1 coin who know little or nothing about crypto, mining and computers

aka "a sucker's born every minute".

people who:

know little or nothing about crypto,

little or nothing about mining,

little or nothing about computers,

have no business investing. i'm continually amazed how little research people do into their own investments. people that don't bother educating themselves won't make money here: you've described the perfect conman's mark.

Topic: Whats your opinion on a fully 100% premined coin? - page 2. (Read 2591 times)