Litecoin will come with 150 premined coins: just the genesis block and the first 2 blocks to confirm the genesis is valid. We believe a coin needs to be released in a fair manner. Having one person (or a group) control a large amount of coins that can be used as they see fit is against the decentralized vision of Bitcoin. Yes, it is true that without a stash of premined coins, we will not be able to afford to pay for bounties, but we believe people will see the virtue of this coin, invest in it as early adopters, and will be willing to spend time creating services to make this coin better.
Present rate, these coins are worth $209 USD. At the height of Litecoin, they were worth less than $8k.
This cannot be said about Paycoin. The investigation in this thread has thoroughly revealed that from its inception Paycoin was designed to prop up a failing company, and was indeed used for that various purpose. Further, it has been revealed that it was launched in bad faith, where an honest person, when realizing that their idea would surely not work, would have simply pulled back and started over.
It's no secret that I am a fan of Litecoin and have never owned a Paycoin. But objectively speaking, Andrew, you're doing yourself no favors by suggesting that anyone should do anything to save Paycoin. There will never be a market outside of that community which values the coin, and therefore it should be taken off the exchanges, since any time it is sold on them, it is done for the very purpose of enriching the callow or foolish, neither of which are things which the cryptocurrency community has a need to promote.
I completely agree with this. I have been angry since the day Andrew offered to do a live debate with Josh Garza months ago when they bought the coinswap exchange. He was clearly a proven fraudster back then and I was very uneasy about the good name of litecoin being dragged through the mud by association.
I have lost money in litecoin, more than $5000 and I have taken the loss on the chin finally. I understand that litecoin isn't a scam and I bought in at the wrong price. I don't expect Andrew Vegetibile to massage my bruised and battered ego over this. But to read this thread and constantly hearing how sorry he feels for the poor people who have lost money in Paycoin irritates me. Especially when he is supposed to be involved in launching a new exchange called Koiynx. Where is this exchange? And why the fuck is he coming up with ideas so save a 12 million premined coin that was created by a fraudster CEO of a corporation, in order to continue his hashlet ponzi when his focus should be a million miles away from Paycoin, Gaw or anything related to Homero Joshua Garza.
I don't blame the Mage for spending lots of time in this thread. It is very entertaining, some may say addictive. But to be actively and consistently engaged in finding solutions to save Paycoin and it's wayward community is baffling to me. I read his argument that he isn't motivated by money and he cares for the crypto community as a whole. Maybe crypto currencies aren't his thing. It is a brutal, winner takes all kind of environment.
He sounds like a nice man. Nice men come last in crypto.
I was with you right up until the end there. As a culture we have got to start placing a higher value on nice people or we're going to drown in douchnozzles.
@Mage - paycoin was built to be a scam, let it die just as God intended it to.