>The folly of premined cryptocurrencies is a well explored and established fact in the realm of altcoins.
I don't know if the folly of premining was established before, but it is now. Ripple will be an example to anyone who says this can't happen because nobody would depress the value of their own stake like McCaleb has done.
In the long run, it's good for Ripple that these large amounts of money will no longer be in one set of hands, if it survives, but it's not good for anyone who hoped to make a quick profit from owning XRP.
Bitcoin also has an issue with a large quantity of coins held by the developer.
FatalLogic|11 years ago
I don't know if the folly of premining was established before, but it is now. Ripple will be an example to anyone who says this can't happen because nobody would depress the value of their own stake like McCaleb has done.
In the long run, it's good for Ripple that these large amounts of money will no longer be in one set of hands, if it survives, but it's not good for anyone who hoped to make a quick profit from owning XRP.
Bitcoin also has an issue with a large quantity of coins held by the developer.