Ninjastic
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Post
Topic
Board Altcoin Discussion
Re: Ferrite coin
by
i-luv-nmc
on 07/08/2023, 20:16:44 UTC
Quote from: nagareteku on January 13, 2023, 12:10:06 PM

Coin generation:
Ferrite claims to have no premine. This is inaccurate. Ferrite coin has an effective [57,800 premined coins (578 blocks)](https://github.com/koh-gt/ferrite-core/blob/ferrite-main/src/chainparams.cpp). This significant premine may be considered unfairly mined, since coins will no premine are considered by the community to be more fair. It is explained that a large stash of premined coins will allow the developers to pay for bounties or events. It is claimed that the premine is to confirm the validity of the genesis block, as well as the difficulty readjustment.


Quote
> Dango Mango $FNNC (Will Not DM First):
I saw a post on Bitcointalk.org about how there was a small premine of sorts
> Dango Mango $FNNC (Will Not DM First):
I would be curious about what you think of this, do you mind if I send you the post?
> Dango Mango $FNNC (Will Not DM First):
Also, this is a real listing for FEC right?
https://xeggex.com/market/FEC_USDT
> Dango Mango $FNNC (Will Not DM First):
https://bitcointalk.org/index.php?topic=5434601.0
> nikolett:
I think I read about the article from nagareteku. At the start there were few miners, to get the chain moving I had to solo mine about 500+ blocks worth almost 50k FEC (0.1% total supply of 60.22m)


I recently had a conversation with Nikolett concerning the suspected premine matter, and she revealed that they've burnt not just the entire early mine, but all coins mined by her (there are like 800k coins burnt in the FerriteBurnxxxx from what I have seen in the explorer) When I asked why about the reasons behind this move, she shared an intriguing perspective: "In the decentralized world of cryptocurrency, ultimate control rests with those who relinquish it willingly." It's quite an interesting take on things, don't you think? I find it doubtful that anyone would burn their entire stash, can anyone verify? I have everything to fear about, there are so many scams from medical AI to memes.