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up the client the minute it launched, it starts me off on Block 2000. Seriously?
Opened
2000*666,666=1,333,332,000 premined coins. Oh well.
That’s
5 FACTS ABOUT
COINYE
A B i t c o i n - c l o n e u p t o n o g o o d h i j a c k s t h e K a n y e n a m e , m u c h t o W e s t ’ s
c h a g r i n . T h e l a w y e r s s a y s c e a s e a n d d e s i s t , b u t n o t h i n g h a p p e n s
( b a s i c a l l y ) H e r e ’ s 5 F a s t F a c t s Y o u N e e d t o K n o w .
b y P r i n c e l y M a c n i c e
3. Coinye Was Pre-Mined Meaning
That The Crypto-Community Hates It
(But People Still May Buy It)
The Coinye Coin subreddit is ridden with posts angry at the
way Coinye has been handled. This means that Coinye coin
MAY be dead in the water. It definitely bodes poorly that the
developer is trying to “give back” at this point.
For a bit of layman’s explanation into what pre-mining is,
imagine that creating a cryptocurrency is like making a
digital gold mine. Basically, if the mining is fair,
information about when, how, and where to mine is freely
distributed and everyone can start mining at the very first
section of the mine, known as the first “block,” essentially a
section for mining. A pre-mined coin means that
information about how and when mining was to happen was
suppressed or deceiving so that once the mining community
is aware of a coin, miners are not starting on the first block,
but rather a much later block, meaning that the coin was
unfairly mined. So, how late was the initial block that the
mining community was given access to Coinye? According to
one thread, VERY LATE:
Recall that there are only to be 133
billion Coinye EVER, so that means
~1% of the total was unfairly
mined, according to this user. This
means that people are pissed off
and will be less inclined to mine the
coin and give it attention and
praise, at least within the cryptocommunity.
Still, it does appear
that this is false or at least
overstated. The maker claims that
only .37% of the coins were
pre-mined.
WIN