This "news" makes it even worse that is was instamined.
So they "pre-mined" 2% of all coins (at that time, over half a million), then they instamine another 1 million coin (keep that a secret). Now they say it is going PoS and there will only be 2 million coins total. So the devs have about 75% of all coins. Then give some bullshit news like a new game on iphone (used for pure pump hype, anyone gonna use this game?)
Devs, since you "openly" premined 2% of all coins then reduced the number of coins by over 90%, are you going to be giving your premine back to the community or something. At the moment, CAI seems like one of the biggest scams in the history of crypto.
I'm not here trying to put down this coin so please don't google pictures of trolls and post them here in response. I just looking for an explanation.
Do you need a calculator?
2% is 56k not half a million... right?
No, I think you are incorrect. Here are my calculations.
Pre-mine calculation:28,000,000 (total coins) * 0.02 (2 percent) = 560,000 CAI premined coins.
Now they are saying switch to PoS with 2 million coins total.
560,000 (premined coins) 2,000,000 (new total supply due to PoS) =
28% of all coins were preminedLet me know what you think. Please correct me if you see anything incorrect.