I am a bit puzzled by this coin. Especially considering 8 million pre-mined coins, this coin might be headed for a rough crash. At the current rate, the eight million pre-mined coins are worth 40 million dollars which would be available to three or four people who have "slightly" modified monero's code base. If they cash in at block height 140000, SUMOKOIN may crash.
Hi,
Concerning premine, let's consider this:
- If Satoshi Nakamoto had access to his wallet, he would have 10% of all BTCs currently available.
- I'll compare also to zCash: each block mined provides 20% of the reward to the devs. Technically, they have 20% of all coins.
So if used wisely, a premine is not that an issue. This said, it's always a matter of trust... as in any monetary exchange.