Quote from: Q7 on January 31, 2015, 02:15:42 PM

Quote from: guitarman61 on January 28, 2015, 01:35:30 AM

What is the downside of pre-mining? OneCoin has just started their closed source mining on Jan 20 and has already mined 550,000 of their own coins. They claim that this mining internal of their own network is only a way to make it "fair" for the network. They plan to mine the majority of their own coins prior to going public and are still not in an exchange.

Bottom line question: What is the best way for newbies to cut their teeth in cryptocurrency?

I don't know about others think about premining. For me, it creates a sense of feeling whereby there is an unfair advantage so it leads to a loss of confidence in the coin itself.

If the dev keeps all the premine for himself I agree it creates a sense of feeling whereby there is an unfair advantage. There are POS coins where the premine is distributed among many people, which seems OK to me, but that is not the case here.