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"pre-mine" is a 2013 term. The correct term now, is "ICO" Initial Coin Offering. What you are suggesting is that the core devs were greedy in their setup of the
by adeptus 11y ago
"pre-mine" is a 2013 term. The correct term now, is "ICO" Initial Coin Offering. What you are suggesting is that the core devs were greedy in their setup of the coin. This is far from the truth and you can read online all about how the Ethereum crowd sale (ICO) took place. It was regarded at the time to be the #2 largest crowd sale in the world, raising some $18 Million dollars. The most impressive thing is that the Ethereum leaders have been extremely transparent from even before the crowd sale launch. Some investors ended up with even more coins than the founder of Ethereum as a result of the crowd sale, and there were upwards of an estimated 9,000 investors.
With that said, it is true that Ethereum doesn't advertise itself as a crypto currency, but I wouldn't be surprised if a few years down the road it will be worth more than bitcoin, or that Ethers (the coins) are used as crypto currency.
- colordrops 11y agoI don't see how pre-mine suggests greed. It's just a statement of fact. I'm not interested in using politically correct terminology in any field, especially tech and business. You are reflecting your own biases in assuming I meant anything negative with my comment.
- zaphar 11y agoWhen you fail to recognize the biases of the culture you communicating to you are failing to communicate. Saying it's just a statement of fact and you aren't interested in using politically correct terminology just means you aren't interested in being understood. You may wish you could communicate while disregarding how your words will be perceived. But that says more about your willingness to be understood than it says about the other person.
- EdHominem 11y agoPremine implies a system that rewards a winner but for the creator to run that system (mine) by themselves in secret before anyone else gets to (pre). It's a way to take a supposedly "fair" coin and rig it - giving most of the value to the creator. For extra shadiness they mine into many different accounts and hide the connection. Whereas an ICO should be algorithmic. There should just be something in the rules where some number of coins are given to a creator's wallet at the start. Everyone can see it and it's a feature of the design. You can price it in.
- colordrops 11y agoI'm sorry but this is just propaganda from people launching new alt-coins. There is essentially no difference In fact I've never heard of a coin that was pre-mined in a sneaky way. This term was always used to describe a coin that had pre-allocations before the genesis block. People didn't like that, so this new term "ICO" is Orwellian double speak to get people to think differently about dumping their money into a pre-mined alt-coin. It's a professional sounding word for the same thing. One of the reasons so many people avoid and have a hard time grasping the financial industry is precisely because of the obscurification of the langauge surrounding it, and I will not participate in that charade.
- EdHominem 11y ago> In fact I've never heard of a coin that was pre-mined in a sneaky way. Yes you have. People complain about Bitcoin for that. It's a flexible term. > so this new term "ICO" is Orwellian double speak If someone just uses the new term, yeah. But if there's an actual algorithmic difference... > to get people to think differently about dumping their money into a pre-mined alt-coin. When you buy stock at an IPO you know not all of it is up for sale and that the "value" was set by fiat. > I will not participate in that charade. Sorry we're oppressing you. Fight the power.
- DennisP 11y agoSure there's a difference. A well-publicized presale is open to anyone who wants to risk the investment. A developer'a premine only benefits the developer. I don't really see an economic difference between putting money into a presale, and putting money into hardware and electricity for early mining.