Can anyone tell me more about the premine? I see that it is on the address: XS4QLi6VpQQo79HLkoFBj5YZkn6p6TuLKG and current balance is 76797.637446. It state that 1261026.235632 was received and 1184228.598186 was sent. How come that large volume? And where can I find a motivation for every transaction? I'm just quite afraid of large premines after being scammed before, and the value of this is currently 210 btc ~= $133,770. That is pretty much and can easily ruin the market if being dumped.
Based on your previous post, it does appear your question is legitimate and you probably did get burned by Silk, however this is a much different coin. You can read through my post if you like as someone looking at this from a traditional investing standpoint for more detail, however here are the big picture highlights of why this is different and has a bright future:
*Small initial premine that was transparent. Some of this is used as promotion, but also there is enough to make it worthwhile to see this to fruition.
*Dev has under promised and over delivered each and every deadline. This is documented. I expect starting tomorrow this will continue.
*Anonymity is fully functional and state of the art. A bounty was given with the last release and was not claimed.
*Dev Team is also transparent with years of experience and great resumes
*Amount of coins is set, mining is complete. A 3.3% year "dividend" will be distributed. This will not cause dilution of the coin.
*The older this coin gets the more mature it has become. The logo, the communication, the PR push and I suspect tomorrow the new wallet and website will be great. The community is cohesive and understands this may be the one to be the Facebook to Myspace and could push Bitcoin for global acceptance in the future.
The end game is an accepted world wide currency that offers other platform services.
I hope to tell my grandchildren someday that I was part of the early community of XC. As I have stated in the past, I will continue to believe in the fundamentals and hold until a I see a deviation in the plan. Reading through many other coin threads, this is the only one I found that continues to deliver and deliver. The team sees this as a true currency and has a solid plan thats being executed instead of a whitepaper full of hopes and dreams with a couple of kids in an apartment or dorm room hoping to make some quick cash.
Thank you very much, great explanation. I also agree that a premine that is used correctly will help a coin to survive, as it appears to be in this case. It will be really interesting to follow the development of XC. Good luck to you!
