Quote from: Hero_Member on April 14, 2016, 01:15:38 AM

Let talk about the premine and POS.

Coin premined: 50,000,000
Coin Mined: 958253 * 20 = 19,165,060 < 20,000,000

Premine percentage: 50/(50+20) = 71.4%, if POS continue, the percentage will go down...

However, if Leocoin switches to POS now. As the block rewards based on coin age = (# of coins) multiply (time of coin in particular address). So 71.4% of block reward goes to the preminer. Thus this percentage will stay forever. Botnet, virus are just excuse. Their true intention is to control the coin distribution forever without any cost.

Blockchain vote? They control 71.4% of the coin now. So it's a big joke. Grin

@Hero_member,

As the details with regard to the presumably coming switch to a sole POS mechanism are not yet disclosed, your calculations must be seen with some reservations, even when your assumptions are right. Unfortunately, they are not.

The point is two-fold; 1) the "they" from your "They control 71.4", who are they? And - related to that - 2) who actually is the legal and legitimate owner of the LEOcoins that were premined?

Both issues have been dealt with here in this thread, in fact a few times. You thus can also simply state, that because you wish not to believe clear statements with regard to LEOcoin distribution, you rather call it a joke. You may do so, but I rather stick with facts as with your assumptions.

With regard to 2)

"LF: LEOcoin has a premine of 50 million LEOcoins. Many people, like cryptominers, journalists and investors fear that LEO will dump all of them once the price goes up. Is this worry justified?

DA: No, not at all. Actually, a 5% premine is not that much and we had several good reasons for it.

Firstly, from the start we have been keen on establishing a foundation to support LEOcoin and we wanted to reserve a considerable amount for that. This summer we have donated 10 million LEOcoins to the LEOcoin Foundation. As a social enterprise, registered as a Community Interest Company, the LEOcoin Foundation is not allowed to make a profit and must invest its resources in pursuing its objectives. It is barred from activities that would undermine those objectives to support and expand understanding and interest in digital currencies.

Secondly, we, in this case LEO Ltd., used most of the remaining LEOcoins to promote the LEOcoin and let our members benefit from future developments; both for use as a payment mechanism and for capital building. The overwhelming majority of LEOcoin are in member wallets and with the mining community, not with LEO Ltd. or LEO employees.

The amount of LEOcoins still owned by LEO Ltd only forms a very small part of the total supply. We will of course always support LEOcoin. We will never dump any LEOcoins or disturb the price which is set by the market supply and demand mechanism."

With regard to 1): The 'they' you evoke - to represent that conceptual object of thought where you can project your own fears, doubts, disbeliefs on - are imaginary, provided that the statements from Dan Andersson are true. For the latter, I and others have seen enough evidence, so therefore, I do not need to argue any further. From my point of view, you simply chose to put your own beliefs over facts. Facts that are stated in public by the person who co-created LEOcoin and has overseen LEOcoin premine distribution. I fail to see how you would know better what happened as Mr. Andersson and the fact that you ignore the interview and anonymously promote your own beliefs does not particularly cement your position, I am afraid.

The premine is for around 20% donated to the LEOcoin Foundation and we probably shall vote in favour for POS. The other big majority of the premine is with LEO members and not with LEO Ltd. or LEO employees. The LEO members who own LEOcoin will probably also vote for POS, as this will stop the botnet mining and their dumping of their 'blockchain rewards'.

We shall see how the LEOcoin development team will lay out the block chain voting procedure. Than we have something tangible to talk about.