Evan Duffield Explains Dash Technology and Announces Evolution at Bitcoin Wednesday

[GrandMasterDash]

I love the work Evan and the team are doing... and this isn't a personal attack but.... I felt his explanation of the pre-mine was a bit brief / dismissive. Yes, I have confidence in dash but I feel if someone's coming fresh to this, a more elaborate answer would help. Sorry.

 

[qwizzie]

I love the work Evan and the team are doing... and this isn't a personal attack but.... I felt his explanation of the pre-mine was a bit brief / dismissive. Yes, I have confidence in dash but I feel if someone's coming fresh to this, a more elaborate answer would help. Sorry.

Premine : Coins were given out before mining started. That means basically in the genesis block a certain amount of coins were distributed to accounts when the chain started.
In PoS coins, this is typically a 100% premine as all the coins are created at block 0. An popular example of this is NXT.

Instamine / Fastmine : is different and also has a much broader definition. That is when a cryptocurrency in its early hours / days / period due to either accidental fastmining (Dash) or intentional crypling of mining software (Monero) or 1 person / group ending up with a large number of coins (Bitcoin / Satoshi 1 million BTC) gets a lot of coins in a select few hands.
The whole cryptocurrency scene could be seen currently as an Instamine to the largely unaware outside world as only a small percentage of the human population is aware of it .. although the high Bitcoin price in 2014 and the media hype that followed after that could have changed that by now.