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Literally every issued asset in history has a "premine", but somehow last decade's crypto aficionados find this controversial. It's so strange to even care and
by vmception 6y ago
Literally every issued asset in history has a "premine", but somehow last decade's crypto aficionados find this controversial. It's so strange to even care and the market obviously does not care because there is like half a millenium of it never caring.
It's nice to see the crypto market maturing and ignoring these people so segregated from every other financial market because they never traded anything else. Low float, "pre-mined" assets are in vogue and represent a more compatible funding model for continued development and personal riches than whatever was happening just a few years ago, let alone through the last decade in crypto.
You should ignore the "egalitarian ideology", or completely take advantage of it by launching a Chia-clone without a premine while you simply provide all the storage space first and get the exact same "insta-mine" result while advertising it to people like you that actually care about no premines. A dozen ways to get the same result, its all marketing.
- greyface- 6y ago> simply provide all the storage space first and get the exact same "insta-mine" result while advertising it to people like you that actually care about no premines. A dozen ways to get the same result, its all marketing. You only get the same result if you completely monopolize mining for the first twenty-one years. If you control 50% of mining, it would take 119 years to achieve the equivalent. My issue is not that there is a premine. It's the scale of it.
- vmception 6y agoFair point, founder rewards are pretty common too. Square Inc creates new shares for Jack Dorsey to sell like every week or so. Continual dilution that the market tolerated. Although fairly unique for the equities space, these are the case studies we are growing up with now.
- celticninja 6y agoDo you have a source for that? Doesn't seem like a legit practice on an ongoing basis.
- stickac 6y agoBitcoin did not have a premine
- ohgodplsno 6y agoRight, it just had Satoshi and friends as basically the only members on the network and mined millions of coins when difficulty was basically non existent.
- pablovidal85 6y agoEarly adoption is not premining.
- Yizahi 6y agoIn law - not. In spirit - yes. Same like Apple and Google aren't monopolists on mobile because the definition requires a single corp to be a monopoly. But essentially they are monopoly. Definition sometimes are lagging behind ever changing reality, same with "premine".
- celticninja 6y agoBitcoin had no premine.