locking coins, premine, instamine

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virtual_master
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locking coins, premine, instamine

Post by virtual_master » Wed May 28, 2014 3:27 pm

Which one is worse ?
Reading about announcing to drop 9 billion Ripples on the market and other problems:
http://www.cryptocoinsnews.com/news/rip ... 2014/05/23
http://www.cryptocoinsnews.com/news/rip ... 2014/05/26
then about blocking the coins of the former founder I am asking what is worse.
To let the prices go down or to deliver 'proof of centralization' with blocking coins ?
Having such a huge amount of premined coins is a bad concept as it is like a Damocles sword above the head of the investors.
This is not very different with Ethereums planned premine or Darkcoins instamine(2 million in 1 day with limited client availability).
The holders of such of amount can any time drop all premined coins on the market and crash the coin prices. Even if they have a lot of innovative features a wring mining concept, strong premine, instamine or very fast maturity like Dogecoin has can ruin the coin on longer term.
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phelix
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Re: locking coins, premine, instamine

Post by phelix » Wed May 28, 2014 7:13 pm

Yup. Also with Bitcoin one entity seems to be holding 1Million+ BTC. This is not good and I still hope for Satoshi to provably destroy (most of) it. Some may say he could make the world a better place with that dough but IMHO it is too much responsibility for a single person.

As far as I am aware we know little about large holders of NMC. Hopefully there are no mega whales like Satoshi. Just recently I noticed this page with a listing of large Namecoin addresses: http://bitinfocharts.com/en/top-100-ric ... esses.html Looking forward to any analysis. :)
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virtual_master
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Joined: Mon May 20, 2013 12:03 pm
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Re: locking coins, premine, instamine

Post by virtual_master » Thu May 29, 2014 10:15 am

phelix wrote:Yup. Also with Bitcoin one entity seems to be holding 1Million+ BTC. This is not good and I still hope for Satoshi to provably destroy (most of) it. Some may say he could make the world a better place with that dough but IMHO it is too much responsibility for a single person.

As far as I am aware we know little about large holders of NMC. Hopefully there are no mega whales like Satoshi. Just recently I noticed this page with a listing of large Namecoin addresses: http://bitinfocharts.com/en/top-100-ric ... esses.html Looking forward to any analysis. :)
I think this doesn't have to do anything with premine because by Bitcoin, Namecoin (Litecoin, Peercoin and some other also) the coin mining was meaningful and a clear process. Unfortunately I was not between the early adopters of any of this coins but I can still differentiate between preminer, instaminer and early adopter.

I already proposed some enhancements to bind more coins in the Namecoin economy and to fund development with honest methods but you know how it ended. Finding out who is Vinced or other early adopters wouldn't bring us much forward.
http://namecoinia.org/
Calendars for free to print: 2014 Calendar in JPG | 2014 Calendar in PDF Protect the Environment with Namecoin: 2014 Calendar in JPG | 2014 Calendar in PDF
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