There is no intention of using the coins for any purpose other than dumping it on everyone.
This is my expectation of EVERY premined or instamined coin.
uh oh, that'd implicate ARG and SBC and a bunch of others that so many people in this thread are likely involved in!
Yeah, I know that's painting with a pretty wide brush and any implication isn't my intention. When I'm deciding where to spend my money, time, and/or hashing power, trust is important. I'm not saying I can't trust the devs behind SBC or ARG or any other alt, but I don't know yet for a fact that I can, and there's a big difference in the two approaches. Maybe the premined coins are really being used for what is stated, but I'm not going to consider that lightly and others shouldn't either. I've seen coins with premines stated only after someone in the thread discovered them, and others with a premine of 1 Mil or more for "bounties" and then 50k worth of bounties are posted.
A lot of people here probably weren't around for the pirateat40 debacle last year, but I watched a lot of people get scammed out of a LOT of BTC. Thankfully I wasn't one of them, because you could see what he was doing a mile away if you wiped the $s out of your eyes for just a few seconds. Trust.
One thing I find very interesting is that DGC, which currently has the highest hashrate of any scrypt coin other than LTC, there was no premine the coin was implemented in a way to strongly reduce the ability to instamine it as well.
Agreed completely, its all about trust. I find non-dev's defending large pre-mines on 'their coin' almost as amusing as those bashing pre-mines on another coin. Just because you hold coin-X doesn't make its pre-mine any more valid than coin-Y, your just hoping it is so your mined investment turns into something useful. A little critical thinking weeds out both groups. As I said in another thread about coinchoose, people just need to take a few minutes and decide for themselves, instead of hopping on Coin-A because some website told them to. Those running around bashing pre-mines or defending them, are only doing it for their own self interest anyways (99% of the time).