Quote from: inuyasha on January 25, 2014, 09:25:58 PM

Quote from: eduncan911 on January 25, 2014, 09:20:02 PM

We were all newbies once. So...

Could someone explain "Pre-mine" to me? Lots of complaints about this coin's 4.54%, and other coins don't have one.

It means that when the miners starts mining, dev(s) will already have 4.54% of all coins to ever exist in their wallets. It could be used for promotions & payments for services and/or they could just dump it on exchange as soon as the coin gets on some echange driving the price down for a what might be a long time (if it ever recovers, but they usually do)...

dev(s) as in Developers? Wow, that does seem high.

If you think in terms of a business, it doesn't sound that high for the owners of the startup. But then again, those people usually are transparent about who they are and what roles they play in that startup. That type of transparency I think is needed for something like this, and then the "pre-mine" wouldn't seem so bad if it was, say, Bill Gates launching a coin with a 10% pre-mine. You know he won't dump it the first chance he gets.

Quote from: bdannnn on January 25, 2014, 09:27:57 PM

Quote from: eduncan911 on January 25, 2014, 09:20:02 PM

We were all newbies once. So...

Could someone explain "Pre-mine" to me? Lots of complaints about this coin's 4.54%, and other coins don't have one.

#19 comment the reason

Thanks for the reasoning (it is for giveaways, promotions, etc).

But still, what's the guarantee that it's only for giveaways if we don't know who you are and who else is involved?