Hidden Premine CANN??



Block #1 CANN created 21,882,000 CANN 

21,882,000 CANN x 0.00001257 : 275 BTC  

In a nutshell, CANN was originally a scrypt coin with a 1% premine and max coin supply of 500,000,000 (500 Million), released 4/20/14 and was later swapped to the X11 algorithm with a maximum coin supply of 92,000,000 (92 Million) coins. Part of this transition involved a coin swap, old for new. To facilitate this enough coins had to be generated in a premine to cover all outstanding scrypt coins, some 21 Million plus coins when the scrypt version was stopped at block 52080, IIRC. These coins had low value at the time and a chunk may even have been mined by the dev but the bottom line is that many were not claimed and simply sent to offline wallets and forgotten about.

Six months after the initial launch the first pegged exchange of 1 CANN = 1 gram took place and coin speculators drove the price of CANN to almost 20K sat (BTC0.00020000) and the boys from cannacoin (CCN) went batshit crazy.

They hung their hats on two facts, namely that there were millions of unexchanged coins still on the block chain and that the 1:1 exchange of the 1% premine represented 5.4% of the new, reduced coin supply.

Unfortunately, in my opinion, ∆9 simply "burned" the majority of the left-over unexchanged coins by sending them to addresses for which there are no private keys, essentially destroying them. I call this unfortunate because I believe ∆9 deserved them as recompense for what he is spending setting up the grow sites and the crops to be donated for CANNdy supply or at least that they be used as a donor fund to supply mmj to patients when CANN inevitably rises to near-parity pricing some time in the future. The noise and distress created by team CCN made this impractical and ∆9 simply eliminated the source of contention (the coins that is, not team CCN).

On the second point, that the 1:1 exchange increased the premine percentage, that would be important if ∆9 was a pump-and-dump scammer attempting to enrich himself at the expense of everyone else. Since he is pouring his own funds into the enterprise and allowing others to enrich themselves from his efforts it becomes a complete non-issue. If he eventually makes money out of the commercial grows and gains from his CANN holding then more power to him, although I suspect he is more likely to donate his CANN than sell it.

Those rascally young fellows from CCN, however, have been relentlessly attempting to spin the above into a portrait of wrongdoing by ∆9. Despite having been told repeatedly they continue to claim they are onto some great scandal and insinuate that ∆9 is somehow trying to defraud the innocent and altruistically-intentioned cryptocurrency community. And if you believe that they'll tell you another.