Morning folks
Hmm... Looks like we need to get you all some details about how the premine has been spent and which address(es) you can all keep track of it on. It's pretty important that you're able to do this.
We'll need to wait until Dan's awake since I don't have any access to the premine. But I can tell you a few things:
- I will reveal that some of the premine has been used to pay me. It's a full time job, and I'm happy to be paid in XC.
- Dan is very likely to have paid XC to devs for various things.
- I don't think that Dan has used the premine for his own expenses. I actually think he *should* use it for his expenses, and I hope he has, but I'm not sure he has. He's specifically mentioned that XChat was developed out of his own funds.
Some pure speculation:
- I don't know how much of the premine is left, and how much might exist in BTC or another currency.
- It's possible that Dan diversified XC's funding to mitigate risk and/or to pay devs. Good plan in my opinion.
- It's possible that the premine could be used to generate profits on other coins, and thus replenish the premine.
I don't mind at all for you and the dev team to be paid with the premine. What I do mind is if you do this without stating publicly the amounts the addresses and the time you were/are paid.
This is just complying with the standards that the team itself set up to follow as per pizpie link with the addresses were mentioning that each expense was going to be public.
Let me put this to the community:
Would one or two of you be happy to take responsibility for tracking the premine? This is important because if the XC team had this responsibility, there could be a conflict of interest.
(Cryptico, expenditures are public because they're on a blockchain. We haven't, like, "failed to comply to our own standards." What's happened is simply that everyone seemed to see no need to keep track of the premine from week to week, and now we're playing catch-up. Looks like there's some tidying up to, but it's all there in the blockchain.)
Arlyn you'd better weight your words a bit more and read twice what you are posting about this topic here you have quite few senior xc members fed up on how lately things are handled in xc land. Off course everything is public in the block chain
I'm not an expert in tracking the block chain and all the transactions are there the fact is that I don't know where the money went and what they were used for. This you fail to comply with the standard set up by yourself. For example I can see that there was a 35000 movement in the second address of the pizpie reddit post on the 27 may all time high let's say it was sold for 0.004 those are 140 BTC for 600 dollars 84000 dollars . it's a lot of money.
Now I don't know from the block chain if that was a dump to an exchange or just a movement to another address because I'm not an expert on how to see that and track black chains transactions.
This where the fud speculation can begin and where was important for you to make public the use of those funds if they were sold or the movement of them and why.
Now please you can begin by stating how much you were paid with the premine till now and on with address.
Thank you. You see no caps. I'm improving
By 2014-6-3 03:07:27 the premine address was completely depleted (the balance was 0) and after that it was replenished to some extent, mostly by this single transaction: