Hi thx for reply,
I agree with many things in your post, so my comparison with the car salesman doesn't quite hold up.
I should have read a bit more about the coin before starting my rant.
I noticed also they have escrowed the premine until 2020 not sure exactly what that means, but I guess until that time those coins are not part or the market. I agree that it makes no sense to dump the coins in a healthy economy. But if they mentioned for instance the premined coins will slowly be released spread out over the next twenty years it would make me feel more comfortable.
So question I have now is will those 8.8 mill premined coins all be on the market in 2020 or only proportions of it, are all the escrowed wallets aimed to be released in 2020
So let's say one coin becomes worth more than a few dollars... the return on that premine would be phenomenal? Even after 3 years. What protects us against them pulling all that money out?
Without knowing someones true identity/ background one should probably not be doing business with them. This is why ebay works? You cut your risk down by buying from a vendor that has good ratings.
But you are not doing business with the developers. Sumokoin is an open software project. All the code is available on Github, so there is no need do trust the developers. If you want to run a node or mine you can check the code for yourself (or if you cannot, you can ask somebody you trust to do it for you).
Or if you want to buy coins from an exchange you are then trusting the exchange, not the developers. You have no idea who is selling the coins you are buying, you just trust that the exchange is being honest and you are in fact getting coins that can be withdrawn to your own wallet.
It would be different if there was no premine.
How exactly would it be different? Certainly the premine gives the developers the ability to crater the price of Sumokoin by dumping the premined coins to the market - but such action would make no economic sense. For a new adopter there is virtually no difference between a premine and people who just mined before I did or bought coins when they were cheap.
And most Monero devs are also pseudonymous. Does that somehow taint the Monero project?