Quote from: fartbags on June 18, 2014, 07:51:17 PM

Quote from: xingqiaoyin on June 18, 2014, 06:18:55 PM

Quote from: Coolstoryteller on June 18, 2014, 04:29:22 PM

Quote from: tokyoghetto on June 18, 2014, 02:29:36 PM

2% premine.

Sure there are alot of devs that will dump their premine onto the exchange which kills alot of these altcoins. But I believe if a dev is really using a premine for the benefit of the community then what is the harm in it? A dev should pay for the development of a coin from his own pocket, pay for the promotional costs of the coin from his own pocket and then also mine a coin he developed from his own pocket then that makes a legit coin?

Well yes...Satoshi did it that way...
If your coin is really that good why can't you do it the right way..the satoshi way..

And satoshi hold like what 100,000 btc ? Imagine he dumps it in a day...
Oh no..the chaos....

Premines are the best for these shit pump and dump coins.

I have read their explanation in their whitepaper (http://x12coin.com/X12-Coin-Whitepaper.pdf), the whole thing has 22 pages so I quote the part about premining below:

The X12 team premined 2.7 million coins to fund the whole project. This covers the personnel
costs as well as the development of the amazing X12 ecosystem, which will drastically makes
using the coin easier.
Only 15% pre-mining was conducted, that is not much compared to other coins. Many of them
have been pre-mined by 20% or more. Pre-mining was done to have coins to interact. We
spend them as needed, or give them to employees as an incentive or they have been
distributed to early adopters and developers who create value from day one. Startups do this
with equity, we do it with pre-mined coins. Its a strong incentive for new employees, to bind
and motivate them. Dash founder Evan Duffield has been supportive of pre-mining. Another
benefit of pre-mined coins is that a vast amount of the coins can be on the market
immediately. Cryptocurrencies are at the end of the day, currencies, and you cant spend a
token if no one is buying and selling it. DogeCoin, initially started as a joke, mined 100 billion
coins inside two years, which contributed to the buzz around the token. We look at what
helped others in establishing a cryptocurrency and what method they used to give traction to
it. Pre-mining is a tool for the above reasons. However, the dosage of pre-mining is key, and
we believe that 15% premining is the correct amount. To see mining activity go to:
http://explorer.x12coin.com/