Re: --- [ANN] [XXX] XXXcoin --- LAUNCHED 2 DAYS AGO --- NEW SCREENSHOTS
I hope i didn't mine for no reason. I hate all this hiding and dishonesty bullshit.
it seems to be all too commonplace these days.
1. Anonymous dev launches a coin with a massive premine
2. Anonymous dev offers bounties - to be paid at launch
3. Anonymous dev backtracks on bounties and with-holds permine
4. Anonymous dev does backdoor deals with exchanges
5. Anonymous dev dumps the entire premine on first exchange possible.
1+2+3+4+5 = coin dead.
we need to put pressure on the developer to let us know;
1. what merchants he has on board (this coin should never have been launched without prior market interest)
2. when the bounties will be paid
3. premine escrow address (dev assured the pre-mine would go into escrow)
however, he's the usual scrypt;
"We have given x-person the premine to hold as escrow"
wait 48 hours...
"x-person has done a runner with the premine"
Until all bounties are paid, I'd advise any exchange looking at this to be very wary.
I advise exchanges to take free money so people can buy/trade the coin. Even if dev dumps that doesn't justify restricting miners and potential investors from having the opportunity to do as they please on an open trading platform.
This idea of encouraging exchanges to not list a coin for certain reasons does nothing but lose the exchange money, lose the investor money, lose the miner money and stops ANY/ALL potential for growth.
I know you mean well, but this approach seems like it helps no one.
1 penny is worth more than zero pennies.
so what you are saying here, is let you dump your mined coins before the coin dies?
And thus, the blame for this dead coin can be laid to the exchange who listed it, allowing the dev to dump his premine.
yeah, sensible
Why would anyone blame an exchange because people decide to dump? That makes zero sense. Seriously, have you ever heard "wow I can't believe bittrex allowed that dev to sell his coins!"...never. Why is an exchange responsible for anything except providing a platform for trade?
My point was, a dead coin without an exchange helped NO ONE.
It's similar to punishing a whole class of kids because one kid was bad.
Don't you run a pool? It hurts you too, right?
It's a matter of ethics for exchanges to ensure that the purpose of adding a coin to their markets is not for the sole purpose of the premine being dumped, because when this happens, it's the premine dump which dictates the price at 1satoshi, and the entire community is therefore affected by this.
If the coin purpose is true and the developer has merchants on board, then it needs no exchange. A good XXXCoin website with a p2p trade function is all the coin needs and it will be the merchants who dictate the prices, as opposed to spotty teenagers with parents credit card details.
keep it off exchanges until the developer shows transparency and can be proved to be above board.
Well I can understand your point about ethics. Let's be real though, there isn't much ethics behind most coins that get listed anywhere.
To your second point about merchants. I am quite sure the merchant needs to be able to transfer their coins into USD/BTC somehow. Isn't some sort of exchange involved at that point? Or is there another way to do so?
Either way...all I was saying is that 1 satoshi is better than 0 satoshi.
Btw you seemed like you really care and are polite as well. Tone is hard to detect in text, so don't take what I say as combative.
Cheers.