Morning folks
Hmm... Looks like we need to get you all some details about how the premine has been spent and which address(es) you can all keep track of it on. It's pretty important that you're able to do this.
We'll need to wait until Dan's awake since I don't have any access to the premine. But I can tell you a few things:
- I will reveal that some of the premine has been used to pay me. It's a full time job, and I'm happy to be paid in XC.
- Dan is very likely to have paid XC to devs for various things.
- I don't think that Dan has used the premine for his own expenses. I actually think he *should* use it for his expenses, and I hope he has, but I'm not sure he has. He's specifically mentioned that XChat was developed out of his own funds.
Some pure speculation:
- I don't know how much of the premine is left, and how much might exist in BTC or another currency.
- It's possible that Dan diversified XC's funding to mitigate risk and/or to pay devs. Good plan in my opinion.
- It's possible that the premine could be used to generate profits on other coins, and thus replenish the premine.
I don't mind at all for you and the dev team to be paid with the premine. What I do mind is if you do this without stating publicly the amounts the addresses and the time you were/are paid.
This is just complying with the standards that the team itself set up to follow as per pizpie link with the addresses were mentioning that each expense was going to be public.
Let me put this to the community:
Would one or two of you be happy to take responsibility for tracking the premine? This is important because if the XC team had this responsibility, there could be a conflict of interest.
(Cryptico, expenditures are public because they're on a blockchain. We haven't, like, "failed to comply to our own standards." What's happened is simply that everyone seemed to see no need to keep track of the premine from week to week, and now we're playing catch-up. Looks like there's some tidying up to, but it's all there in the blockchain.)
This is a joke isn't it?
On reddit
https://www.reddit.com/r/XCofficialreddit/comments/26qqrq/xc_premine_wallet_made_public/ pizpie stated:
Hello everyone, in our continued belief in complete transparency, here are the wallets that had / have the pre-mine:
This one is where the funds were during launch:
XTKDMBqrxABBFu8YUtP8wYQWvYULsVp4oa
This is the address where the funds are now:
XS4QLi6VpQQo79HLkoFBj5YZkn6p6TuLKG
These funds will be used strictly for development, community growth. Any amount spent will be made public knowledge in our continued effort of transparency. If you have any questions, comment below or drop in on our IRC live chat.
Thank you.
You should have made it public when you use money for something not tell the community afterwards when someone spotted it, that you don't know what for the money was used.
By Pizpie's statement, any *amount* spent will be made public knowledge.
That's what blockchains do. Every transaction is public knowledge.
As for revealing what the amounts were spent on, the commitment Pizpie made is that funds will be used strictly for development and community growth.
- This is an ethical commitment, because, for example, I personally would not like my income to be public. I'd imagine that it would only be under exceptional circumstances that this would be ethically called for. I value my privacy as much as any of you do.
- The most frequent purpose of tracking a premine is to check that the dev doesn't dump it. Clearly Dan hasn't done this. So do we have further concerns?
- If the community would like to extend the tracking to identify every single expense, well, I guess we'd need to consider it, but I wouldn't be put in a comfortable position.
In short, no, it's not a joke.
Now if there's anyone in the community interested in tracking premine expenditures, by all means, let everyone know.
It's impossible. Some transparency about those main expenses would be sufficient in my opinion
nice buy support 
