Quote from: poornamelessme on April 08, 2014, 04:57:30 PM

Quote from: MiningViking on April 08, 2014, 10:43:28 AM

Premine dumped, dev buys 25 sacks of rice and live happily ever after.

Out of curiosity, I checked how much the premine is worth. The 25 sacks of rice may be optimistic. Even if the dev cashed out the entire premine, he might get enough for a couple of meals at a restaurant? That assumes the premine numbers are accurate.

If the dev is scamming anyone, it'd be like the most pointless scam ever.

The answer to your point is very simple. Let's imagine for HKC with max of 600 millions, block reward of 6000, and 2.5% premine. It will end up 15 millions HKC.

Auroracoin has a max of 21 million and 25 coins per block. From the technical point of view, 1 HKC is equivalent to 0.119 Auroracoin.

Auroracoin had a max market value of 0.1 BTC per coin in early March this year. If HKC reaches similar value, 2.5% premined HKC will have a value of 178,500 BTC.

Now (8 April) Auroracoin has a market value of 0.0035 BTC per coin. If HKC reaches similar value, 2.5% premined HKC will have a value of 6,247.5 BTC, which is still a good sum of money.

Unfortunately, as of now, HKC has a market value of 3 satoshi per coin. Then 2.5% premined HKC has a value of 0.45 BTC.
Yes, it is a pointless scam at this moment, but this is not HKC dev's original target.

Luckily miners/traders here understand that HKC suffers from various problems (coingen coin, problematic faucet, no integrity, problematic block explorer, etc), and understand that HKC is SCAM.