CoinyeCoins

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:

Opened up the client the minute it launched, it starts me off on Block 2000. Seriously? That?s 2000*666,666=1,333,332,000 premined coins. Oh well.

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 crypto-community. Still, it does appear that this is false or at least overstated. The maker claims that only .37% of the coins were pre-mined.