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Doing away with the term "pre-mined"?

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When listening to people in Ripple talking about xrp as pre-mined, I wonder if they should perhaps drop the whole "pre-mined" term. Using the terms continues to give value to mining and king of indicates that xrp is second best. It continues the idea that xrp has to fit into the paradigm of BTC, which it doesn't, so it makes it seem second best. 

I think they should figure out some different terminology. Perhaps the reference should have to do with the "allocation method" and how it differs from others. In fact, instead of indicating it is second best (pre-mined), the case can be made that it has a superior allocation method that allows the xrp ecosystem to grow more effectively than the way BTC grows.

*ps I'm trying to remember who in Ripple I've heard use the term pre-mined. I heard Stephon Thomas (while he was at Ripple) use that term. I cant remember who else, so I'd be open to anyone stating that no one else does, or that it was a rare occurrence. 

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I do not recall Ripple people using the term, and if they did it is not in the way the BTC maxies and FUDsters do as an argument to disqualify XRP as a legitimate coin. Anyway calling XRP "pre-mined" makes a totally invalid point. In order to be “pre-mined” you would have to be capable of mining in the first place and XRPL protocol does not use mining to process transactions so it is a stupid argument.

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"premined" is stupid for many reasons.

Anyone can create a POW coin and some arbitrary group of "insiders" can mine it for X amount of time. If I come along and mine some, the coin is now "premined" right, because other folks mined it before I did? The whole thing makes no sense.

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Pre-mined term is being used by PoW maxi’s to try to make XRP look les fair in distribution. A coin which operates a concensus network like the XRPL, cannot be defined as being pre-mind, since mining is inherently not possible within that system. 

Mining makes no sense whatsoever anymore, but people are too blinded by their own greed to ignore that fact. 

Edited by Plikk

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10 minutes ago, Plikk said:

mining is inherently not possible within that system

You could start with 0 coins and require some proof of work attached to transactions to create them. I don't see how this is inherently impossible.

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6 minutes ago, Sukrim said:

You could start with 0 coins and require some proof of work attached to transactions to create them. I don't see how this is inherently impossible.

Then it would be a PoW system and not based upon consensus. 

When/if a network only operates upon concensus protocol and does not use mining at all, it is inpossible to call the coins ‘pre-mined’ since mining does not exist within that network in the first place. 

It’s like saying ‘hit the gas’ on an electric car, which would be a common expression in car driving jargon, but a false expression nonetheless on a fully electric car. 

Edited by Plikk

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3 minutes ago, Plikk said:

Then it would be a PoW system and not based upon consensus. 

No, the way you agree upon contents of new blocks doesn't have to be PoW.

Fun Fact: Rippled contained PoW functions for quite a while intended to respond to network pressure (e.g. 100 peers want to connect - ask for a PoW hash and take the top 10).

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6 minutes ago, Sukrim said:

No, the way you agree upon contents of new blocks doesn't have to be PoW.

Fun Fact: Rippled contained PoW functions for quite a while intended to respond to network pressure (e.g. 100 peers want to connect - ask for a PoW hash and take the top 10).

I think you don’t get my point, XRP was never mine-able, thus calling it pre-mined is inherently false. 

But I think we can all agree that holding XRP makes us pre-rich😜

Edited by Plikk

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Unfortunately for those who don't like that term pre-mined (and I get your arguments) it has gained common usage in the press and I doubt it's going to be dropped or corrected.

There does need to be some term for coins that are rolled out with a pre-determined supply....it matters a great deal when you're trying to assign value. Perhaps it should not ( another set of arguments) but for now it does....you can't ignore how it affects price at this point.

Not a big deal to me what term gets used....but I don't look for writers in the crypto space to stop using it anytime soon. I don't spend time worrying about things I can't change.

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The actual term "gifted" doesn't sit well with many people, especially when they learn that a majority of Ripple's income is made off the sales of XRP on the open market. And yes, many argue that these funds are used to grow the ecosystem over time. 

But hell, give any startup that amount of money and they better be signing massive deals each month. 

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