Quote from: Financisto on December 10, 2015, 12:54:38 AM

Quote from: smooth on December 05, 2015, 07:56:24 PM

Quote from: Gliss on December 05, 2015, 07:51:21 PM

Quote from: smooth on November 30, 2015, 08:48:41 PM

What does "significantly premined" constitute (e.g. what percentage?) and how is Ethereum not significantly premined when it had an ICO of most of the coin supply and another pure premine for developers of I think 12%?

The original intent was to to distinguish country coins that had a very huge premine (like Auroracoin's 50% premine). In Ethereum's case as long as the ICO coins are in the public's possession, I don't think the premine distinction is necessary.

So significant/huge >12%?

The developer premine coins aren't in public possession (unless they dumped them? but I'm not sure if the rules even allow that yet).

Specification and Quantification of this term ("significantly premined") would be an interesting addition in order to compare cryptocurrencies.

More honesty and less technicalities would be an interesting addition in order to compare cryptocurrencies.

The current system rewards coin devs for hiding a premine by making it look like an accident.

Besides Gliss, nobody is fooled:

Quote from: Neon001 on February 22, 2014, 04:54:13 PM

Quote from: JGCMiner on February 22, 2014, 12:27:27 PM

Quote from: eizh on February 22, 2014, 12:00:22 PM

Quote from: ress on February 22, 2014, 10:49:28 AM

Quote from: eizh on February 22, 2014, 10:40:08 AM

So what's the rationale for this block reward system? (11111 / (((Difficulty+51)/6) ^ 2))

As I understand it, the TOTAL distribution per unit time will come crashing down as network hashrate goes up. Not to mention each miner is getting a tinier slice. That's rather discouraging.

Apart from Darksend, I think this is the best feature of the coin. All other altcoins become diluted if they doesn't become a instant success like Dogecoin.

So the early adopter edge becomes even more overwhelming? Nice way to kill a coin. An exchange medium is only worth something if others agree and also have a stake. We'll just end up a small group of hoarders waiting around for something to happen. Reminds me of QRK.

That is overstating things. Reading through the thread, it is abundantly clear that the devs and other early adopters believe in the coin and are not planning a massive dump.

IMO this is a feature -- not a problem or a scam. Basically, it allows for the devs to have a more fine control over how the coin is released into the market; and thus prevents a mid-life dump via multipools and whale miners that troubles many a coin once the price starts to rise. As mentioned above, if a coin is super-popular from the beginning like Doge then there is no problem as it gets distributed to a wide range of miners. Even if whales or whatnot show up later there is a big enough dedicated mining community that in effect prevents these entities from negatively effecting the market.

On the other hand, coins that don't blow up from the beginning and slowly rise in price due to the efforts of the early adopters, inevitably get attacked by these whales/mutlipools -- and the diff increase alone never seems to be enough to prevent a ton of coins of entering the hands of the few. When these coins get dumped... the market crashes. The way Darkcoin is currently set up this cannot happen. And yes, even though Darkcoin is multipool resistant it is still vulnerable to whales (it was actually getting hammered before the diff /reward system was enhanced by KGW).

Now, I know it may seem unfair to latecomer miners and some trolls even went as far as trying to discourage people by calling this a instamine. But the thing is... the vast majority of coins have a high percentage owned by early adopters. That is the reward they get for believing in the coin before anybody else. Due to the diff/reward system Darkcoin might be a little more extreme, but as I just explained that system has a very important purpose.

Lastly, it is not like the devs are not willing to respond. Take a look at the diff/reward chart below.

The blue line is actually a hardfork that was put in place a couple of weeks ago to be ready for GPU miners (GPU client first released last week) so that reward wouldn't drop to zero once the hash power went through the roof.

Tldr; This is a fair coin. The diff/reward is a feature that allows more fine control over how much coin is released into the market and thus prevents manipulation by whales who plan to dump.

lol, how is this effectively different than a premine?

Gliss used the most technical definition of 'premine' possible to justify putting Dash back on the 'not premined' list.

For one brief, shining moment he was honest about it (right after the DASH OP took the "No Premine" claim out of their [ANN] thread title).

But he changed his mind, probably after being bribed by CoinTelegraph and threatened by DashHoles.