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    Author Topic: [ANN] [PMC] Premine Coin | Rare | Mining Transaction Fee Proof of Concept  (Read 382885 times)

    • Nullu
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    January 27, 2014, 03:35:18 PM
     #2161
    I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.
    BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF

  • creditcoin_CRD (OP)
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    January 27, 2014, 03:36:26 PM
     #2162
    Quote from: Nullu on January 27, 2014, 03:35:18 PM
    I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.

    To an extent I agree. On the other hand being proactive is always better than being reactive.
    Visit The PreMineCoin Faucet! ||| Premine Info

  • Nullu
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    January 27, 2014, 03:41:22 PM
     #2163
    Quote from: creditcoin_CRD on January 27, 2014, 03:36:26 PM
    Quote from: Nullu on January 27, 2014, 03:35:18 PM
    I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.

    To an extent I agree. On the other hand being proactive is always better than being reactive.


    I also agree. As long as you don't enforce too many unpredictable features at once. Right now the concept of Premine is easy to understand and follow. As long as any new ideas are also easy to understand and follow, then no matter how complex, they'll be easier for the community to adopt and adapt to.
    BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF

  • subSTRATA
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    January 27, 2014, 03:47:54 PM
     #2164
    Quote from: Nullu on January 27, 2014, 03:35:18 PM
    I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.

    There is a very specific order of how things should be done else there will be a dissaster. Unless there is protection in place
    against the possible situation which I've explained earlier it is unrealistic to expect people will be buying PMC for much BTC
    or whatever other cryptocoin. It would be like buying 1kg gold bar from someone who afterwards leave you solo with a group
    of Somali pirates or some similar folks.

    I have calculated my risks and assigned a total 0.05 BTC for buying PMC. That much BTC I can lose but the price at which I'm
    buying still reflects the chances of ending up with nothing.

    0.00001000   1000   0.01
    0.00000875   1142.8571   0.00999999
    0.00000750   1333.3333   0.00999999
    0.00000625   1600   0.01
    0.00000500   2000   0.01

    Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  Grin
    theres nothing here. message me if you want to put something here.

  • Nullu
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    January 27, 2014, 03:50:45 PM
     #2165
    Quote from: subSTRATA on January 27, 2014, 03:47:54 PM
    Quote from: Nullu on January 27, 2014, 03:35:18 PM
    I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.

    There is a very specific order of how things should be done else there will be a dissaster. Unless there is protection in place
    against the possible situation which I've explained earlier it is unrealistic to expect people will be buying PMC for much BTC
    or whatever other cryptocoin. It would be like buying 1kg gold bar from someone who afterwards leave you solo with a group
    of Somali pirates or some similar folks.

    I have calculated my risks and assigned a total 0.05 BTC for buying PMC. That much BTC I can lose but the price at which I'm
    buying still reflects the chances of ending up with nothing. It is not like I can just throw out 0.05 BTC so it is either lose that
    money or get huge pile of PMC.

    0.00001000   2000   0.02
    0.00000875   1142.8571   0.00999999
    0.00000750   1333.3333   0.00999999
    0.00000625   1600   0.01
    0.00000500   2000   0.01

    Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  Grin

    I agree that risk vs reward is a big factor at play, but that's no different than any other coin. I think the potential value is also important to consider in such decisions. I personally would put 0.1 BTC into PMC right now. If I had the BTC free, of course. I hope I will soon.

    I already have a decent stake, so actually if I bought PMC I would not be contributing to its success. If anything I need to give away or otherwise distribute as much as my PMC as I can afford to do.
    BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF

  • vlight
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    January 27, 2014, 03:51:43 PM
     #2166
    Quote from: subSTRATA on January 27, 2014, 03:47:54 PM

    Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  Grin
    No Tongue

  • raveldoni
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    January 27, 2014, 03:54:05 PM
     #2167
    Quote from: creditcoin_CRD on January 27, 2014, 03:20:30 PM
    PMC Dice game is live.

    If you are into dice games I encourage you to give it a go. This will help generate fees for the miners.


    http://www.altcoingambling.com/16BitBet/PMC

    Just tried it. Lost 11 Won 40.

    GLOBAL DECENTRALIZED ADVERTISING EXCHANGE

    Token sale: MAY 21

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  • hilgi
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    January 27, 2014, 03:59:48 PM
     #2168
    Good buy!



    Quote from: Warning__3 on January 27, 2014, 12:23:28 PM
    Quote from: shanent on January 27, 2014, 11:18:12 AM
    Trade until now on poloniex

    2014-01-27 10:54:27   Sell   0.0001   103.0576   0.01030576
    2014-01-27 10:54:27   Sell   0.0001   65   0.0065
    2014-01-27 10:18:08   Sell   0.0001   10   0.001
    2014-01-27 05:51:27   Sell   0.0002   5   0.001
    2014-01-27 05:51:27   Sell   0.0002   3.66675   0.00073335
    2014-01-27 05:50:44   Buy   0.0002   5   0.001
    2014-01-27 05:50:44   Buy   0.0002   21.33325   0.00426665
    2014-01-27 04:38:19   Buy   0.0001   22.9413   0.00229413
    2014-01-27 04:37:58   Buy   0.00009999   200   0.019998
    2014-01-27 04:37:07   Buy   0.00009997   0.8043461   0.00008041
    2014-01-27 03:33:46   Sell   0.00008100   5.5198814   0.00044711
    2014-01-27 03:33:25   Sell   0.00008200   4.45268   0.00036511
    2014-01-27 03:33:06   Sell   0.00008300   2.462   0.00020434
    2014-01-27 03:32:38   Sell   0.00008400   2   0.000168
    2014-01-27 03:32:14   Sell   0.00008440   17.326   0.00146231
    2014-01-27 03:31:50   Sell   0.00008500   6.418   0.00054553
    2014-01-27 03:31:29   Sell   0.00008600   12.573   0.00108127
    2014-01-27 03:30:50   Sell   0.00009000   1.59   0.0001431
    2014-01-27 02:54:16   Buy   0.0001   23.8787   0.00238787
    2014-01-27 02:35:14   Buy   0.0001   1.59   0.000159
    2014-01-27 02:34:05   Buy   0.0001   1.59   0.000159
    2014-01-27 02:30:10   Sell   0.00001100   143.504   0.00157854
    2014-01-27 02:29:10   Sell   0.00002000   0.496   0.00000992
    2014-01-27 02:27:44   Sell   0.00002000   35   0.0007
    2014-01-27 02:27:30   Buy   0.00009900   10   0.00099
    2014-01-27 02:26:27   Sell   0.00002000   50   0.001
    2014-01-27 02:13:33   Sell   0.00004000   250   0.01
    2014-01-27 02:12:56   Sell   0.00009000   10   0.0009
    2014-01-27 02:01:56   Sell   0.0001   10   0.001
    2014-01-27 02:01:30   Sell   0.0002   3.56675   0.00071335
    2014-01-27 01:48:23   Sell   0.0002   3.87725   0.00077545
    2014-01-27 01:44:33   Sell   0.0002   2.556   0.0005112
    2014-01-27 01:44:17   Sell   0.0003   0.444   0.0001332
    2014-01-27 01:34:59   Sell   0.0003   1.14   0.000342
    2014-01-27 01:27:21   Sell   0.0004   1.12275   0.0004491
    2014-01-27 01:16:39   Buy   0.00045   1   0.00045
    2014-01-27 01:10:21   Sell   0.0003   5.3   0.00159
    2014-01-27 01:02:48   Sell   0.0003   2.116   0.0006348
    2014-01-27 00:46:14   Sell   0.0003   1   0.0003
    2014-01-27 00:34:34   Buy   0.0005   0.3975   0.00019875
    2014-01-27 00:23:14   Buy   0.0005   10   0.005
    2014-01-27 00:19:17   Buy   0.0005   7   0.0035
    2014-01-27 00:12:27   Buy   0.0014   1   0.0014
    2014-01-27 00:12:09   Buy   0.0012   1   0.0012
    2014-01-27 00:11:27   Buy   0.001    1   0.001

    Sell at 0.0002 is too much low...

    i bought those Cheesy

  • subSTRATA
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    January 27, 2014, 04:00:30 PM
     #2169
    Quote from: vlight on January 27, 2014, 03:51:43 PM
    Quote from: subSTRATA on January 27, 2014, 03:47:54 PM

    Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  Grin
    No Tongue

    Bear says WUUUT?  Grin



    More of those at http://imgur.com/gallery/ntcjK (yes, it is Japanese stuff!)
    theres nothing here. message me if you want to put something here.

  • hilgi
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    January 27, 2014, 04:12:34 PM
     #2170
    Quote from: instacash on January 27, 2014, 11:30:42 AM
    Quote from: kadz on January 27, 2014, 08:50:57 AM
    Quote from: hilgi on January 27, 2014, 12:02:04 AM
    Quote from: kadz on January 26, 2014, 11:51:22 PM
    No wallet for mac?!

    If someone can take the source code and create a mac wallet, I am sure they would receive a lot of donations.
    Would be great!

    Ok, I hear you! Here you go.

    Premine Mac OS X Wallet





    link = https://www.dropbox.com/s/r2yk4v1giocb3ja/Premine-MacOSX-QT-instacash.zip

    zip md5 = eef78b3c6be73b7381217751c8a5a191

    The zip contains premine.conf, put it into ~/Library/Application Support/Premine/ after you launched the wallet for the first time. (From the "Go" menu navigate down to "Go to Folder" or hit Command+Shift+G in Finder from the OS X desktop, then enter the path and put your conf there). After relaunch your wallet syncs with the network.

    Please send donations (I have 0 PMC) to: 1b293WfJ3yYm9JyYz9BWJSJ7qou6RANuU

    Great job! Sending some your way!

  • creditcoin_CRD (OP)
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    January 27, 2014, 04:32:20 PM
     #2171
    Quote from: vlight on January 27, 2014, 04:27:06 PM
    Quote from: subSTRATA on January 27, 2014, 04:00:30 PM
    Quote from: vlight on January 27, 2014, 03:51:43 PM
    Quote from: subSTRATA on January 27, 2014, 03:47:54 PM

    Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  Grin
    No Tongue

    Bear says WUUUT?  Grin

    More of those at http://imgur.com/gallery/ntcjK (yes, it is Japanese stuff!)
    Quote from: subSTRATA on January 22, 2014, 11:17:37 PM

    DO NOT SEND DEVELOPER ANY COINS FOR DISTRIBUTION, THIS COIN WON'T WORK!

    It is funny how you now want to send money towards this coin. And even try to push the price down to get more. But a few days ago this coin was worth zero to you. It will be interesting to see how much you will value it after one month.

    To his credit I believe he was expecting me to sell the coins as some kind of an IPO.
    Visit The PreMineCoin Faucet! ||| Premine Info

  • BeeFer310
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    January 27, 2014, 04:32:28 PM
     #2172
    Quote from: subSTRATA on January 27, 2014, 03:30:42 PM
    Quote from: creditcoin_CRD on January 27, 2014, 03:24:58 PM
    Quote from: subSTRATA on January 27, 2014, 03:22:57 PM
    Cost of producing 1 PMC now is infinite but valuation based on that will utterly fail unless you take into consideration the utility
    of PMC, security ot network and dozen other factors. For example, will you invest 1 BTC into PMC when some funny guy can come
    and paralyse mining by mere adding few THashes and reject everyone's tx and blocks? There are people out there who could do
    it for fun, because they can or some other reason. BOTNET operator might do it to test how much PMC he would get from tx fees
    and so on. So, a guy paralyses PMC, increases difficulty to 100k and jumps off the chain, what happens next? I think you know.

    Makes me sad.

    Well it does not have to be that way. Bitcoin Testnet artificially drops difficulty to just 0.5 if block is not found after 20 minutes.
    It does that temporaly, the next block difficulty goes up to same value as one before (for example, 1k > 0.5 > 1k) and then after
    2016 blocks classic difficulty retarget kicks in. That system works like charm!
    That sounds great. I think this system could prevent the coin from the described dilemma

  • creditcoin_CRD (OP)
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    January 27, 2014, 04:35:00 PM
     #2173
    Quote from: BeeFer310 on January 27, 2014, 04:32:28 PM
    Quote from: subSTRATA on January 27, 2014, 03:30:42 PM
    Quote from: creditcoin_CRD on January 27, 2014, 03:24:58 PM
    Quote from: subSTRATA on January 27, 2014, 03:22:57 PM
    Cost of producing 1 PMC now is infinite but valuation based on that will utterly fail unless you take into consideration the utility
    of PMC, security ot network and dozen other factors. For example, will you invest 1 BTC into PMC when some funny guy can come
    and paralyse mining by mere adding few THashes and reject everyone's tx and blocks? There are people out there who could do
    it for fun, because they can or some other reason. BOTNET operator might do it to test how much PMC he would get from tx fees
    and so on. So, a guy paralyses PMC, increases difficulty to 100k and jumps off the chain, what happens next? I think you know.

    Makes me sad.

    Well it does not have to be that way. Bitcoin Testnet artificially drops difficulty to just 0.5 if block is not found after 20 minutes.
    It does that temporaly, the next block difficulty goes up to same value as one before (for example, 1k > 0.5 > 1k) and then after
    2016 blocks classic difficulty retarget kicks in. That system works like charm!
    That sounds great. I think this system could prevent the coin from the described dilemma

    The thing is: I was VERY VERY close to doing it that way in the first place.
    Visit The PreMineCoin Faucet! ||| Premine Info

  • creditcoin_CRD (OP)
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    January 27, 2014, 04:41:02 PM
     #2174
    Quote from: Nullu on January 27, 2014, 04:39:57 PM
    Quote from: creditcoin_CRD on January 27, 2014, 04:35:00 PM
    Quote from: BeeFer310 on January 27, 2014, 04:32:28 PM
    Quote from: subSTRATA on January 27, 2014, 03:30:42 PM
    Quote from: creditcoin_CRD on January 27, 2014, 03:24:58 PM
    Quote from: subSTRATA on January 27, 2014, 03:22:57 PM
    Cost of producing 1 PMC now is infinite but valuation based on that will utterly fail unless you take into consideration the utility
    of PMC, security ot network and dozen other factors. For example, will you invest 1 BTC into PMC when some funny guy can come
    and paralyse mining by mere adding few THashes and reject everyone's tx and blocks? There are people out there who could do
    it for fun, because they can or some other reason. BOTNET operator might do it to test how much PMC he would get from tx fees
    and so on. So, a guy paralyses PMC, increases difficulty to 100k and jumps off the chain, what happens next? I think you know.

    Makes me sad.

    Well it does not have to be that way. Bitcoin Testnet artificially drops difficulty to just 0.5 if block is not found after 20 minutes.
    It does that temporaly, the next block difficulty goes up to same value as one before (for example, 1k > 0.5 > 1k) and then after
    2016 blocks classic difficulty retarget kicks in. That system works like charm!
    That sounds great. I think this system could prevent the coin from the described dilemma

    So basically a lower limit cap on the difficulty if a block isn't found in some time - this keeps transactions moving, while still allowing for a higher difficulty re-adjustment time?

    The thing is: I was VERY VERY close to doing it that way in the first place.


    Right, and it keeps the coin from becoming hung - a problem that plagues many a coin.
    Visit The PreMineCoin Faucet! ||| Premine Info

  • Nullu
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    January 27, 2014, 04:42:16 PM
     #2175
    Quote from: creditcoin_CRD on January 27, 2014, 04:41:02 PM
    Quote from: Nullu on January 27, 2014, 04:39:57 PM
    Quote from: creditcoin_CRD on January 27, 2014, 04:35:00 PM
    Quote from: BeeFer310 on January 27, 2014, 04:32:28 PM
    Quote from: subSTRATA on January 27, 2014, 03:30:42 PM
    Quote from: creditcoin_CRD on January 27, 2014, 03:24:58 PM
    Quote from: subSTRATA on January 27, 2014, 03:22:57 PM
    Cost of producing 1 PMC now is infinite but valuation based on that will utterly fail unless you take into consideration the utility
    of PMC, security ot network and dozen other factors. For example, will you invest 1 BTC into PMC when some funny guy can come
    and paralyse mining by mere adding few THashes and reject everyone's tx and blocks? There are people out there who could do
    it for fun, because they can or some other reason. BOTNET operator might do it to test how much PMC he would get from tx fees
    and so on. So, a guy paralyses PMC, increases difficulty to 100k and jumps off the chain, what happens next? I think you know.

    Makes me sad.

    Well it does not have to be that way. Bitcoin Testnet artificially drops difficulty to just 0.5 if block is not found after 20 minutes.
    It does that temporaly, the next block difficulty goes up to same value as one before (for example, 1k > 0.5 > 1k) and then after
    2016 blocks classic difficulty retarget kicks in. That system works like charm!
    That sounds great. I think this system could prevent the coin from the described dilemma

    So basically a lower limit cap on the difficulty if a block isn't found in some time - this keeps transactions moving, while still allowing for a higher difficulty re-adjustment time?

    The thing is: I was VERY VERY close to doing it that way in the first place.


    Right, and it keeps the coin from becoming hung - a problem that plagues many a coin.


    Seeing how the mining block rewards are so essentially tied to transactions being able to move regularly, I would say this is a far bigger issue for Premine than most coins.
    BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF

  • vlight
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    January 27, 2014, 04:50:29 PM
     #2176
    Quote from: creditcoin_CRD on January 27, 2014, 04:32:20 PM
    To his credit I believe he was expecting me to sell the coins as some kind of an IPO.
    I was just kidding, subSTRATA.  Undecided

  • PalaRIP
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    January 27, 2014, 05:01:32 PM
     #2177
    Is Poloniex trustworth? I never tried this exchange. I never would sell some PMC there even before it really started, but interesting to know about Poloniex reputation anyway.

    So, some experiences?

    Thank you and keep up the good work all!

  • BeeFer310
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    January 27, 2014, 05:05:15 PM
     #2178
    Quote from: Nullu on January 27, 2014, 04:42:16 PM
    Quote from: creditcoin_CRD on January 27, 2014, 04:41:02 PM

    Right, and it keeps the coin from becoming hung - a problem that plagues many a coin.


    Seeing how the mining block rewards are so essentially tied to transactions being able to move regularly, I would say this is a far bigger issue for Premine than most coins.

    Yes this is one of PMC biggest issues. But this is not easy to solve.
    What’s missing is an infrastructure and people who are using this coin. But it is very difficult to get this from scratch. This is an experiment to see how coins will run when there is no more reward.
    Bitcoins advantage is that at this time there will be enough traffic to solve the problem respectively to not let the coin die.
    PMC is not at this stage. It will die if it’s not being used because at some point there will be no more donators to pay the miners.
    We need to fix this issue but therefore we need to use it and we have to hope that this will not take too long. The script you coded is a workaround to help that the network keeps running. We need to ensure that we can run this network this way for several months because it will take time to building an infrastructure

    I the coin is hung then there is as far as i know no way without a massive amount of hashrate to get it run again. If this issues is fixable then it need to be fixed asap.

    i hope you understand me.. i'm not a native speaker

  • creditcoin_CRD (OP)
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    January 27, 2014, 05:08:46 PM
     #2179
    Quote from: BeeFer310 on January 27, 2014, 05:05:15 PM
    Quote from: Nullu on January 27, 2014, 04:42:16 PM
    Quote from: creditcoin_CRD on January 27, 2014, 04:41:02 PM

    Right, and it keeps the coin from becoming hung - a problem that plagues many a coin.


    Seeing how the mining block rewards are so essentially tied to transactions being able to move regularly, I would say this is a far bigger issue for Premine than most coins.

    Yes this is one of PMC biggest issues. But this is not easy to solve.
    What’s missing is an infrastructure and people who are using this coin. But it is very difficult to get this from scratch. This is an experiment to see how coins will run when there is no more reward.
    Bitcoins advantage is that at this time there will be enough traffic to solve the problem respectively to not let the coin die.
    PMC is not at this stage. It will die if it’s not being used because at some point there will be no more donators to pay the miners.
    We need to fix this issue but therefore we need to use it and we have to hope that this will not take too long. The script you coded is a workaround to help that the network keeps running. We need to ensure that we can run this network this way for several months because it will take time to building an infrastructure

    I the coin is hung then there is as far as i know no way without a massive amount of hashrate to get it run again. If this issues is fixable then it need to be fixed asap.

    i hope you understand me.. i'm not a native speaker



    Well it can be fixed with a hardfork if it gets hung, but that should be avoided if possible.
    Visit The PreMineCoin Faucet! ||| Premine Info

  • creditcoin_CRD (OP)
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    January 27, 2014, 05:27:22 PM
     #2180
    Quote from: PalaRIP on January 27, 2014, 05:01:32 PM
    Is Poloniex trustworth? I never tried this exchange. I never would sell some PMC there even before it really started, but interesting to know about Poloniex reputation anyway.

    So, some experiences?

    Thank you and keep up the good work all!

    So far it seems ok. I myself have not traded there yet. But I haven't heard anything bad at all. Low volume on all coins right now, but I suspect thats because it is newer.
    Visit The PreMineCoin Faucet! ||| Premine Info
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