Quote from: cryptoirc on January 16, 2014, 07:50:49 PM

A lot of new coins often have 1% or 2% premine. Pretty small, right? Well, no, not really. Altcoin scams only last for around weeks to a month, lets use EAC as an example. EAC has 775,000,000 coins mined so far from 13,500,000,000. This is just 5% of the total coins! Ok, now, Earthcoin has a 2% premine, therefore, they have a 40% premine right now.

Please do some maths and don't be fooled.

Thanks.

I agree with you, at least up to some point. Doing the maths help you to realise how serious is the developer about the coin and how much power he has for pump and dumps. Not an exact information, for sure, but it helps. But I do not think that "premine" is a plague to avoid in all circumstances. If I were to develop a new alt coin, I would premine a decent amount for giveaways/deposits on exchange sites/bribes

to sites to accept it as payment et cetera. So I think that premine/instamine is ok, as long as it is well transparent (how and where it is spent).