Which coins are premined? Did satoshi really premine 1 million bitcoins?

walerikus

member

Activity: 180

Merit: 18

Ethereum tokens for examples are all pre issued by the owner.

walerikus

member

Activity: 180

Merit: 18

I think there is no blockchain with absolute zero premine. It's probably true that Satoshi or early developers mined 1 million BTC before it the awareness reached the wider public. 1 mln BTC is around 24% of total supply. Another Blockchain I know which has a really small premine is Digibyte with 0.4% premine which is 104 mln DGB out of 21 Billion.

BitThink

legendary

Activity: 882

Merit: 1000

Quote from: taltamir on January 12, 2014, 01:28:01 AM

Quote from: BitThink on January 11, 2014, 07:21:07 PM

Yes, it's testing rather than premining. Satoshi could've mined around 1000 blocks in that 6 days, but he just mined 14 blocks. Apparently he ran it very sparsely. Only after releasing, he run miner continuously to support the system.

Its not a "rather". Its a test AND a premining.
Could have prevented any premining by restarting the blockchain from 0 after release and mining then

I am not saying its a big deal that 700 coins were premined, but I don't see why you are trying to mince words about it or attacking those who dare call it premining

Now, lets move on from satoshi and unto altcoins. Anyone knows if LTC was premined?

I'm the person who show that Satoshi premined 14 blocks, if you check the posts before. Why did you say that I want to attack those who dare call it premining, and in which post I attacked someone?

In strict sense, yes Satoshi premined 14 blocks, but when I say it's a test rather than 'premining', the meaning of 'premining' is more specific to do something secretly to increase the issuer's wealth. Bitcoin is the first cryptocurrency and has no value at all in that time, so why bother to restart a blockchain at releasing? Apparently, in the first year, Satoshi is the only one do the continuous mining. No one cares about it. It's completely different from the current condition, when everyone releases a coin just for the quick money.

For LTC:
https://bitcointalksearch.org/topic/ann-litecoin-a-lite-version-of-bitcoin-launched-47417
This post clearly stated LTC has premined 150 coins (genesis + 2 first blocks).
At that time, the value of cryptocurrency was already well known (at least in this forum), so they treat premining more seriously.

noobyonekenobi

full member

Activity: 154

Merit: 100

Satoshi is Irish right?

Armando

hero member

Activity: 870

Merit: 500

Trading will make me rich)

Maybe, but what's the point?

taltamir

full member

Activity: 196

Merit: 100

Quote from: BitThink on January 11, 2014, 07:21:07 PM

Yes, it's testing rather than premining. Satoshi could've mined around 1000 blocks in that 6 days, but he just mined 14 blocks. Apparently he ran it very sparsely. Only after releasing, he run miner continuously to support the system.

Its not a "rather". Its a test AND a premining.
Could have prevented any premining by restarting the blockchain from 0 after release and mining then

I am not saying its a big deal that 700 coins were premined, but I don't see why you are trying to mince words about it or attacking those who dare call it premining

Now, lets move on from satoshi and unto altcoins. Anyone knows if LTC was premined?

undeadbitcoiner

sr. member

Activity: 896

Merit: 272

Undeadbitcoiner Will not DIE until 1BTC=50K

Block #0
Summary
Number Of Transactions    1
Output Total    50 BTC
Estimated Transaction Volume    0.00 BTC
Transaction Fees    0.00 BTC
Height    0 (Main Chain)
Timestamp    2009-01-03 18:15:05
Received Time    2009-01-03 18:15:05
Relayed By    Unknown
Difficulty    1.00
Bits    486604799
Size    0.2783203125 KB

Block #1
Summary
Number Of Transactions    1
Output Total    50 BTC
Estimated Transaction Volume    0 BTC
Transaction Fees 0 BTC
Height    1 (Main Chain)
Timestamp    2009-01-09 02:54:25
Received Time    2009-01-09 02:54:25
Relayed By    Unknown
Difficulty    1
Bits    486604799
Size    0.2099609375 KB

Block #15
Summary
Number Of Transactions    1
Output Total    50 BTC
Estimated Transaction Volume    0 BTC
Transaction Fees    0 BTC
Height    15 (Main Chain)
Timestamp    2009-01-10 04:45:46
Received Time    2009-01-10 04:45:46
Relayed By    Unknown
Difficulty    1
Bits    486604799
Size    0.2099609375 KB

2009-01-10 04:45:46 if after software and code relese.

Quote from: thehashman on January 11, 2014, 07:19:40 PM

Quote from: undeadbitcoiner on January 11, 2014, 07:13:49 PM

Quote from: taltamir on January 11, 2014, 07:00:53 PM

Quote from: BitThink on January 09, 2014, 11:24:14 PM

At that time, block 1 - 14 were mined. So you could say Satoshi may have premined 14 blocks (700 BTC).

Remember 700 BTC that time worth nothing.

block 14:
https://blockchain.info/block/0000000080f17a0c5a67f663a9bc9969eb37e81666d9321125f0e293656f8a37

block 15:
https://blockchain.info/block/00000000b3322c8c3ef7d2cf6da009a776e6a99ee65ec5a32f3f345712238473

Thank you, so satoshi premined 700 BTC, and it is estimated he owns 1 million BTC which he got through after the code was released when BTC was cheap to buy and easy to mine.
That is actually pretty decent.

Anyone else think its worthwhile to know the specific amounts premined for each coin?

Actually In the case of BTC we even cant say that 700BTC or 14 Blockes were PREMINED that word actually didnt shots to Bitcoin and even to Satoshi, Bitcoin is the first successfull CryproCoin and to actually test and verify its network, its mining capability and everything before making it public He (Satoshi) had to check about his world changing work so can we please say it TEST
Today almost every alts are premined for Development but that day Satoshi didnt mined for Developmet he mined to verify his work and within 6 days he lunched software and codes everything to Public and when BTC was public everyone now also can verify it was only 14 block Mined.

If it was a test he could have just started a new blockchain with the software release...

Ye could but the first product is always first. May be if he had done so possible Bitcoin may not be in this stage where it is and 700BTC actually is not important among 21 M. As well as today when price is 1K+ everyone is thinking about it but when Bitcoin lunched it was only a concept of currency nothing else LETS NOT FORGET THAT

BitThink

legendary

Activity: 882

Merit: 1000

Quote from: thehashman on January 11, 2014, 07:19:40 PM

Quote from: undeadbitcoiner on January 11, 2014, 07:13:49 PM

Quote from: taltamir on January 11, 2014, 07:00:53 PM

Quote from: BitThink on January 09, 2014, 11:24:14 PM

At that time, block 1 - 14 were mined. So you could say Satoshi may have premined 14 blocks (700 BTC).

Remember 700 BTC that time worth nothing.

block 14:
https://blockchain.info/block/0000000080f17a0c5a67f663a9bc9969eb37e81666d9321125f0e293656f8a37

block 15:
https://blockchain.info/block/00000000b3322c8c3ef7d2cf6da009a776e6a99ee65ec5a32f3f345712238473

Thank you, so satoshi premined 700 BTC, and it is estimated he owns 1 million BTC which he got through after the code was released when BTC was cheap to buy and easy to mine.
That is actually pretty decent.

Anyone else think its worthwhile to know the specific amounts premined for each coin?

Actually In the case of BTC we even cant say that 700BTC or 14 Blockes were PREMINED that word actually didnt shots to Bitcoin and even to Satoshi, Bitcoin is the first successfull CryproCoin and to actually test and verify its network, its mining capability and everything before making it public He (Satoshi) had to check about his world changing work so can we please say it TEST
Today almost every alts are premined for Development but that day Satoshi didnt mined for Developmet he mined to verify his work and within 6 days he lunched software and codes everything to Public and when BTC was public everyone now also can verify it was only 14 block Mined.

If it was a test he could have just started a new blockchain with the software release...

Why bother? Even after releasing, almost no one was mining anyway. He was just releasing a normal open source project then. Nobody thought bitcoin worth anything.

BitThink

legendary

Activity: 882

Merit: 1000

Yes, it's testing rather than premining. Satoshi could've mined around 1000 blocks in that 6 days, but he just mined 14 blocks. Apparently he ran it very sparsely. Only after releasing, he run miner continuously to support the system.

thehashman

member

Activity: 105

Merit: 10

Quote from: undeadbitcoiner on January 11, 2014, 07:13:49 PM

Quote from: taltamir on January 11, 2014, 07:00:53 PM

Quote from: BitThink on January 09, 2014, 11:24:14 PM

At that time, block 1 - 14 were mined. So you could say Satoshi may have premined 14 blocks (700 BTC).

Remember 700 BTC that time worth nothing.

block 14:
https://blockchain.info/block/0000000080f17a0c5a67f663a9bc9969eb37e81666d9321125f0e293656f8a37

block 15:
https://blockchain.info/block/00000000b3322c8c3ef7d2cf6da009a776e6a99ee65ec5a32f3f345712238473

Thank you, so satoshi premined 700 BTC, and it is estimated he owns 1 million BTC which he got through after the code was released when BTC was cheap to buy and easy to mine.
That is actually pretty decent.

Anyone else think its worthwhile to know the specific amounts premined for each coin?

Actually In the case of BTC we even cant say that 700BTC or 14 Blockes were PREMINED that word actually didnt shots to Bitcoin and even to Satoshi, Bitcoin is the first successfull CryproCoin and to actually test and verify its network, its mining capability and everything before making it public He (Satoshi) had to check about his world changing work so can we please say it TEST
Today almost every alts are premined for Development but that day Satoshi didnt mined for Developmet he mined to verify his work and within 6 days he lunched software and codes everything to Public and when BTC was public everyone now also can verify it was only 14 block Mined.

If it was a test he could have just started a new blockchain with the software release...

4w4k3ning

sr. member

Activity: 420

Merit: 250

I dont care if the "x" coin is premined or not. Grin

undeadbitcoiner

sr. member

Activity: 896

Merit: 272

Undeadbitcoiner Will not DIE until 1BTC=50K

Quote from: taltamir on January 11, 2014, 07:00:53 PM

Quote from: BitThink on January 09, 2014, 11:24:14 PM

At that time, block 1 - 14 were mined. So you could say Satoshi may have premined 14 blocks (700 BTC).

Remember 700 BTC that time worth nothing.

block 14:
https://blockchain.info/block/0000000080f17a0c5a67f663a9bc9969eb37e81666d9321125f0e293656f8a37

block 15:
https://blockchain.info/block/00000000b3322c8c3ef7d2cf6da009a776e6a99ee65ec5a32f3f345712238473

Thank you, so satoshi premined 700 BTC, and it is estimated he owns 1 million BTC which he got through after the code was released when BTC was cheap to buy and easy to mine.
That is actually pretty decent.

Anyone else think its worthwhile to know the specific amounts premined for each coin?

Actually In the case of BTC we even cant say that 700BTC or 14 Blockes were PREMINED that word actually didnt shots to Bitcoin and even to Satoshi, Bitcoin is the first successfull CryproCoin and to actually test and verify its network, its mining capability and everything before making it public He (Satoshi) had to check about his world changing work so can we please say it TEST
Today almost every alts are premined for Development but that day Satoshi didnt mined for Developmet he mined to verify his work and within 6 days he lunched software and codes everything to Public and when BTC was public everyone now also can verify it was only 14 block Mined.

Pitstop

full member

Activity: 238

Merit: 100

We who are about to Mine, Salute You!

Did satoshi mine BTC? You mean the Team of Google Dev's that created it don't you?

taltamir

full member

Activity: 196

Merit: 100

Quote from: BitThink on January 09, 2014, 11:24:14 PM

At that time, block 1 - 14 were mined. So you could say Satoshi may have premined 14 blocks (700 BTC).

Remember 700 BTC that time worth nothing.

block 14:
https://blockchain.info/block/0000000080f17a0c5a67f663a9bc9969eb37e81666d9321125f0e293656f8a37

block 15:
https://blockchain.info/block/00000000b3322c8c3ef7d2cf6da009a776e6a99ee65ec5a32f3f345712238473

Thank you, so satoshi premined 700 BTC, and it is estimated he owns 1 million BTC which he got through after the code was released when BTC was cheap to buy and easy to mine.
That is actually pretty decent.

Anyone else think its worthwhile to know the specific amounts premined for each coin?

manobra

full member

Activity: 151

Merit: 100

You can see if an alt(coin) has been premined if, on its day of launch too many block are already been discovered (that means the developer mined before made public).

PS: For those who loves Satoshi Nakamoto and wants to make it public, please go to www.ilovesatoshinakamoto.com

This post is simple and requires real facts to be answered, not a place to publish your love to Nakamoto (lets be objective in our reponses, when the question has nothing to do with your opinion, but with facts)

THANKS SATOSHI NAKAMOTO!! I LOVE YOU!! ahaahahah!!

tk808

legendary

Activity: 1512

Merit: 1124

Invest in your knowledge

No-premine. But he mined his own creation from day 1. Has about 960,000btc

Satoishi deserves every bit of billions and billions of dollars. The system he or they created is no less then Microsoft or Macintosh... Xerox..etc.

Instead of creating some fresh and new that contributes to the decline of our modern monetary system, people are seeking to make a quick profit from someone elses work.

So in essence, they copy and pre-mine their own coin.

That's the natural model for business though. No Ethics.

drmosh

member

Activity: 99

Merit: 10

I premined 10k bitcoins back in 2002

Grin

unkn0wnPlayer

newbie

Activity: 35

Merit: 0

$1k for a BTC is (potentially) far from the ceiling. If all goes well, I bet Satoshi will cash in some years down the line.

BitThink

legendary

Activity: 882

Merit: 1000

Quote from: rix5 on January 10, 2014, 12:00:15 AM

what exactly is a 'premine' and why is this not in altcoinsection?

Premine means the developer begins mining before release the code/software, therefore in this period nobody else can mine.

rix5

sr. member

Activity: 271

Merit: 250

what exactly is a 'premine' and why is this not in altcoinsection?

BitThink

legendary

Activity: 882

Merit: 1000

Bitcoin v0.1 was public released on 17:05:49 -0800, January 9, 2009. https://en.bitcoin.it/wiki/History

At that time, block 1 - 14 were mined. So you could say Satoshi may have premined 14 blocks (700 BTC).

Remember 700 BTC that time worth nothing.

block 14:
https://blockchain.info/block/0000000080f17a0c5a67f663a9bc9969eb37e81666d9321125f0e293656f8a37

block 15:
https://blockchain.info/block/00000000b3322c8c3ef7d2cf6da009a776e6a99ee65ec5a32f3f345712238473

Certainly, we don't know how many other people joined that time, so we don't know how much was mined by Satoshi. Nonetheless, after block 15, there's no premining any more since he had already published the code.

Melbustus

legendary

Activity: 1722

Merit: 1004

Quote from: taltamir on January 09, 2014, 10:35:56 PM

Also, I had heard that satoshi premined 1 million coins before releasing bitcoin to the public. Is it true about satoshi?

No. Bitcoin has no premine.

Some estimates suggest that Satoshi has mined up to 1m coins, mostly during 2009 when there were few other miners and difficulty was 1. But his coins were not pre-mined.

Incidentally, none of the coins suspected of being Satoshi's have ever been spent. IMO, it's unlikely they ever will be.

whtchocla7e

full member

Activity: 392

Merit: 116

Worlds Simplest Cryptocurrency Wallet

Quote from: 2bfree on January 09, 2014, 10:40:26 PM

I he did he deserved it.

It's questionable whether or not he deserved it and whether or not it was for the good of Bitcoin.

taltamir

full member

Activity: 196

Merit: 100

Quote from: 2bfree on January 09, 2014, 10:40:26 PM

I he did he deserved it he made one of the greatest contributions to the human race and freedom. He reminds me of Tesla who tried to give free unlimited energy , communication and more to the human race just to get crushed by evil greedy bustards. Satoshi was smart to work underground. Maybe we are lucky he lives a long life and one day before he departs us give us some words of wisdom but if he doesn't what he left is amazing and give me hope to live life and know there is hope for real freedom!

so if he premind who cares, make your coin and don't premine it if that bothers you he gave you the way, so don't worry about it.

I didn't ask if it was bad or good or if he deserved it or not, I asked if it happened.

I need more time to formulate my opinion on the issue (although I am currently leaning towards "yes he deserved it"); but discussing this is not the purpose of this thread.

Different people are of different opinion on the matter, and it becomes especially pertitent for altcoins which make little to no changes. It would be great if we could compile a list of premining info for each coin so people can make their own decisions. Was litecoin premined? doge? nxt? frei? etc.
Actually, how could I got about finding out this info myself?

manobra

full member

Activity: 151

Merit: 100

Quote from: 2bfree on January 09, 2014, 10:40:26 PM

I he did he deserved it he made one of the greatest contributions to the human race and freedom. He reminds me of Tesla who tried to give free unlimited energy , communication and more to the human race just to get crushed by evil greedy bustards. Satoshi was smart to work underground. Maybe we are lucky he lives a long life and one day before he departs us give us some words of wisdom but if he doesn't what he left is amazing and give me hope to live life and know there is hope for real freedom!

so if he premind who cares, make your coin and don't premine it if that bothers you he gave you the way, so don't worry about it.

Back to The question.... (He didn't ask your opinion)

2bfree

sr. member

Activity: 686

Merit: 251

I'm investigating Crypto Projects

I he did he deserved it he made one of the greatest contributions to the human race and freedom. He reminds me of Tesla who tried to give free unlimited energy , communication and more to the human race just to get crushed by evil greedy bustards. Satoshi was smart to work underground. Maybe we are lucky he lives a long life and one day before he departs us give us some words of wisdom but if he doesn't what he left is amazing and give me hope to live life and know there is hope for real freedom!

so if he premind who cares, make your coin and don't premine it if that bothers you he gave you the way, so don't worry about it.

taltamir

full member

Activity: 196

Merit: 100

Which altcoins are premined (and which aren't)?

Also, I had heard that satoshi premined 1 million coins before releasing bitcoin to the public. Is it true about satoshi?

Topic: Which coins are premined? Did satoshi really premine 1 million bitcoins? (Read 3353 times)