So you're telling me all I need to do to make a ton of money is:
- Create a clone coin.
- Set it to low reward/high difficulty.
- Premine the majority of it and keep those coins out of circulation (and make up a good reason for premining so many to avoid negativity).
- Get the coin onto an exchange/CoinMarketCap.
- Let people gawk over the value (due to the fact there are so many coins in existence but not in circulation, therefor locking in that higher price due to the inability for the public to dump it).
- Coin price will skyrocket due to the stable high price and huge market cap (due to all the premined coins).
Who knew it was so easy? I'd be willing to bet we'll see a few more coins do this before people catch on. Maybe I should get into coin development...
You forgot to include that that your premine will potentially grab 300k new crypto users that see your coin as their first. People underestimate how incredibly valuable this is. Look at the DOGE community on reddit for an idea what that means to a coin. Most new alt coins on here are lucky to grab a hundred miners who split their attentions between dozens of coins hoping one makes it big. If 2/3rds of Icelanders claim their coins and use them a little bit that would be 200k users and would certainly mean that AUR is a top 3 crypto alongside bitcoin and litecoin.