Post
Topic
Board Altcoin Discussion
Re: How do people buy from a 170 Million premined coin?
by
jwinterm
on 29/12/2016, 12:36:35 UTC
The 10% premine (currently ~39% of available supply) was originally supposed to be distributed to the Dutch people. They have scrubbed the original ANN, but you can see it quoted here:
https://bitcointalk.org/index.php?topic=554412.msg6049368#msg6049368

Quote
After 40 years there will be a maximum of 1.7 billion Guldencoins in circulation. 170 million of these have been reserved for Dutch citizens.
To ensure safe distribution of these 170 million Guldencoins to Dutch citizens, we had to create our own system.
We set out to create a realistic method that would make it accessible and fair to everyone, without impeding on your privacy.

We will announce how this system works when it goes live with the Guldencoin on April 4th, 2014.

Then at some point they decided they would just keep the premine for development, which so far consists of a closed source mobile wallet and a difficulty retargeting algorithm. Seems pretty scammy to me, but hey, c'est la vie.