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This is looking like a pyramid more than ever.
I don't know what more to say about your pyramid argument. A lot of folks have already tried to explain this. All PoS coins would be a pyramid scheme by your reasoning. And they are not. i need help... i created my walet @Maicol792 how i can unlock the wallet?? thanks for help
Looks like TC11 is your inviter as per https://merit.disifi.com/wallet/Maicol792. He's available mostly on Discord. You can connect to him there to get your wallet unlocked. If he is unreachable or your wallet still remains locked, you can use my link (in my signature) to set up a new wallet with the same alias (all aliases are up for grabs until they get unlocked). I'll unlock your invite request. So, you must be a big bag holder of merit then. Not all PoS coins is a pyramid, just Merit in particular. The way the whole thing is setup, is very complicated and not user friendly like how the developers claim this project is. It is in peoples best interested to recruit people under their accounts so they can reap rewards. In order to be able to gain significant amount of rewards, they need to get a hold of a lot of Merit. Very convenient that there is a Block sale of Merit going on right now,(one that is going to last for a year and half, especially in this down market). Also, why is the wallets, and websites down all the time?  This is pathetic, it shows this team is not very good cause they are having multitudes of problems all the time, and are not quick to respond to questions, and not quick to fix the problems. Our website was down earlier this week because of a DNS issue and today because of a problem in some infrastructure work we were doing. I would not call this "All the time". Usually, when bad things happen, they happen very close together (not just in tech work, but in life too), because different problems happen at different cadences. So you get bad events "bunching". This is also true for good events bunching, but of course you weren't singing our praises during those times ;-) |
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Do you have own cold wallet already? Users can only mining coins or there are will be some rewards for inviting friends to this project? And what about airdrop?
There's no cold wallet in the plans as far as I know. Users can get what Merit calls "growth rewards", or "growth mining", as in additional drops of MRT that vary in quantity and frequency: you get them by growing the network and holding merit in your account, curently 3/4 of each block (so 15 MRT) is distributed to the network trough PoG rewards so they are pretty generous. Of course the more (active) people you invite and the more merit you hold, the greater your rewards. I think this answers your last question too: no airdrops, as they are kinda part of the system too, but rewarding real action instead of spamming one. Sorry, but I cant understand. if they dont have own wallet, than they have tokens (ERC or NEP5 etc.) ? There is no own blockchain? Yes there is a wallet and blockchain. There is no software yet to create a COLD wallet (one you can print out). But it's pretty easy to create a cold wallet by simply printing your mnemonic phrase that's generated for the wallet. |
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Its like send me 0.1 BTC and I'll send you 1 BTC, but instead of BTC, its Merit coin. Oh yeah, theres currently no exchanges that trade Merit, except the Developers own in-house Market. Also, you can only make sell orders, no buy orders on this exchange. Also, this exchange of theirs is heavily manipulated!!!
It's actually an auction, there is nothing magical here. I'm sure you understand how auctions work. No unicorns giving you magical returns. It's about "Do you want to contribute to the development of the project or not". If you don't, then don't, simple as that. |
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For those that haven't seen, Merit started a Genesis Block Sale. We will be running a 555-day auction (about 18 months) to help fund the project over the long term. It's 27000 MRT a day (about 15 million in 18 months) distributed proportionally to those that send in BTC for that day's round. For example, if you send in 0.1 BTC and the round gets 0.5 BTC in total, you will receive 0.1/0.5 or 20% of the MRT that day. 20% of 27000 MRT is 5400 MRT. |
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So what happened to this project?  The net hash rate has gone down considerably since I last was around. The price has taken a dive, and the mining rewards have been reduced even more!!!! It used to be 10 coins went to the miner and 10 coins went to some growth rewards. But now it is 5 coins goes to the miner and 15 coins goes to growth rewards. This new change was the result of POG3, which basically screws over the miners, the people who keep the blockchain going. They only get 5 coins for solving the work on the blockchain, while people who hold the most coins, gets the rest of the 15 coins from the block solved. Before, growth rewards were given to people who held at least 20 coins in their wallet. Now, you basically have to be a top 1% Merit holder to earn rewards. On top of that, you also need to have a network of people under you to boost your score. The problem, as noted before, is the ability to get invites. You have to mine on certain pools, or straight out buy them in order to get them. Also, people constantly spamming their links and fake applicants wasting peoples invites. A very strong barrier to entry for this project. They made hundreds, if not a thousands test(fake)wallets to test their new pog3 fork. However, this test was done on the live blockchain, and not on their test network. These test wallets, have been gaining growth rewards and basically robbing real users from gaining any rewards. On top of this, they plan a sale of 15 million coins from their 20 million genesis block in a just a few days further flooding the market with coins, basically going to hurt the price of this coin. You have to buy a lot of coins from their in-house exchange(the only exchange) in order to gain these so called growth rewards. Forget mining this coin anymore, because only 25% of the block is rewarded to actual miners, while the rest of the block(75%) is given to top Merit holders. It is not profitable at all to mine this coin, unless you get free electricity. They're basically saying, you have to buy a ton load of coins from their exchange, if you want to partake in these growth rewards, because screw the miners. This project feels like a ponzi/pyramid type scam even more than before!!!! BEWARE!!!! This is a very interesting point you make. The concept behind Merit is super-cool, but the practic implementation quite sucks. As a latecomer I'm personally totally stuck as far a "proof of growth" is concerned (for the reasons I've explained in a previous post of mine) - and this applies to every newcomer so in other words the network CANNOT really grow this way. The "proof of growth" should be renamed "proof of whale" since only people with their bags full of Merits will eventually get more. I've also given a try to mine Merits with the wallet but as a result I've ended only in wasting electricity and getting ZERO merits. On top of that the news that coins will be sold by the team to people makes it really look like just another Ponzi. The only realistic way to get the coins is to fucking buy them? WTF? So you guess what? Good project on paper - but in the real world it has probably no future. "The only realistic way to get the coins is to fucking buy them?" I'm curious, you are promoting EOS ex. What's the only realistic way to get EOS coins? Aren't they delegated proof-of-stake? In terms of mining Merit, one GPU gets probably around 15 MRT per day. Whether that is profitable depends on the price and people's costs. Within a little over a day of mining, you can start getting growth rewards. You don't need to buy if you don't want to, you can mine, unlike say EOS. |
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Hey tamara163, a buy order is confirmed and executed as soon as there is 1 confirmation on the bitcoin blockchain. IIRC, if there's not even a single confirmation of the BTC txn on the chain after an hour, then the transaction goes stale. If your BTC is stuck in limbo, the team will resolve this very promptly if you give them a heads up on the #market channel of Merit Discord ( https://discordapp.com/invite/X3v3n3b). Thanks for leading them to discord (or telegram). It's definitely the best way to get a hold of us devs. |
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Hello! Give a working miner and batch file for this coin. What is laid out on the first page does not start
Try asking for help on the Discord channel. Lot's of great folks there and you are likely to get a faster response. |
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This looks like a truly amazing project! But I see that the roadmap is speaking about this coin having had the genesis event in December 2017 while this ANN is dated september 2018 - so which can I find the whole story of this coin? I will stay tuned from now on.
We have a roadmap since December 2017 because mainnet went live at the end of December. We have been growing organically ever since. |
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Today ive sold a ps vita game (redeemable code) in exchange for merit, might be the first thing sold with it  I'm new to this forum, if I can how will people know they want to join your community over the other links everywhere? It doesn't matter whose link you join with. Everybody's link works and makes no difference whichever one you use. It's just that some may not have free invite tokens to accept your invite request anymore. The people who have posted most recently, may have though. Best to check on explorer whether someone has available invites at all to invite you in: https://merit.disifi.com/walletI think whos link you join can be important. There are many people who give out invites, merit, and help to people who they invite. We have a very helpful community overall but some people are more helpful than others. |
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I have been looking into new currencies to mine. I didn't see any that brings something new to the table. They all looked like a copy-paste of one other. So because of that I think Merit needs a little backing, deserves some credit. Hope you reach your goals I agree. What got me excited is it's not your typical ERC20 copy/paste project. Has some unique elements to it for sure One thing even die-hard Merit users might now know is that the Merit virtual machine provides many new instructions over bitcoin including CHECKOUTPUTSIG which is critical in supporting decentralized vaults and other covenant type features. You can read about that in the bluepaper ( https://www.merit.me/uploads/2018/bluepaper.pdf). This feature has been in production since the beginning. |
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Hi,
Is there possibility to mine this coin on AMD GPU?
Or once again, there are only NVidia miners?
It's a pity that all new coins can be mined on CPU and NVidia only...
There is fundamentally nothing preventing the creation of an AMD GPU miner. Currently, only Nvidia is supported at the moment. AMD does make some really good GPUs and we hope Merit can be mined on them in the future. |
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Curious- why would the Aiodex team use a referral link for their own exchange? Yeah not sure why either. This is the link I found to vote for Merit. https://aiodex.com/vote/coin/5ba12afdfea17958e174a404Keep in mind new and small exchanges come and go so it pays to be careful and diligent. I haven't heard of this one until the link earlier. |
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I was hoping that after posting the announcement on this forum, the number and volume of transactions on this coin will increase, but most likely the stagnation will continue until there is a listing on a well-known exchange. A good exchange is a good coin!
Typically Bitcointalk is a good place to announce a new coin before it starts to get mined, unfortunately for whatever reason it was announced here a long time after that. The reason its always a good idea to announce a project here before it starts to get mined is to give everyone a fair shot in the beginning when rewards tend to be the most lucrative. While it's true mining started before the announcement, I wouldn't say it's typical that new mining projects are announced before it starts (on bitcointalk). At least for the past few years I've been around. There used to be a time when ninja launches, premines etc used to get hammered by this community. Unfortunately that isnt the case anymore. Its unfortunate because that just breeds bad habits by developers and allows the greed to trump sound decisions. I wonder how many announcements killed projects before they were even started based on the reactions of bitcointalk. Sometimes you have to try something even when everyone tells you it won't work because realistically, people are bad at judging which ideas are good. Communities can be a low pass filter on ideas, both good and bad. |
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I was hoping that after posting the announcement on this forum, the number and volume of transactions on this coin will increase, but most likely the stagnation will continue until there is a listing on a well-known exchange. A good exchange is a good coin!
While I think everyone agrees an exchange listing would help the exposure ... Merit is unique in that it's invite only. Large scale exchanges like Binance would require 100,000 + invites on day 1 for withdrawal/deposits and I don't know if the new community/coin is ready for that overnight ! Mmh for withdrawals sure, but to just exchange is probably wouldn't, after all addresses used by exchanges are virtual, they don't have 1:1 real addresses per user. It certainly would require some help from the team tho, but if Merit wants to go anywhere I'm sure they have planned that phase of growth. We are prepared to work with exchanges. We have several technical approaches we can take to handle the requirements of an exchange. I'm not too concerned about it. I think one reason the announcement didn't drastically increase volume is that it seems most of this forum is occupied by bots and spammers. I'm curious what the ratio is between spammers/bots and real people is. My impression is that it's pretty high. |
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miner@simpleminer:~/merit-miner$ sudo make
make all-recursive
make[1]: Entering directory '/home/miner/merit-miner'
Making all in compat
make[2]: Entering directory '/home/miner/merit-miner/compat'
make[3]: Entering directory '/home/miner/merit-miner/compat'
make[3]: Nothing to be done for 'all-am'.
make[3]: Leaving directory '/home/miner/merit-miner/compat'
make[2]: Leaving directory '/home/miner/merit-miner/compat'
Making all in cuckoo
make[2]: Entering directory '/home/miner/merit-miner/cuckoo'
depbase=`echo cuckoo.o | sed 's|[^/]*$|.deps/&|;s|\.o$||'`;\
g++ -std=c++11 -DHAVE_CONFIG_H -I. -I.. -Wall -O3 -g -O2 -march=native -MT cuckoo.o -MD -MP -MF $depbase.Tpo -c -o cuckoo.o cuckoo.cpp &&\
mv -f $depbase.Tpo $depbase.Po
In file included from cuckoo.hpp:16:0,
from cuckoo.cpp:13:
ctpl/ctpl.h:32:36: fatal error: boost/lockfree/queue.hpp: No such file or directory
compilation terminated.
Makefile:387: recipe for target 'cuckoo.o' failed
make[2]: *** [cuckoo.o] Error 1
make[2]: Leaving directory '/home/miner/merit-miner/cuckoo'
Makefile:796: recipe for target 'all-recursive' failed
make[1]: *** [all-recursive] Error 1
make[1]: Leaving directory '/home/miner/merit-miner'
Makefile:428: recipe for target 'all' failed
make: *** [all] Error 2
Try updating your version of boost to a newer one. You can get boost here https://www.boost.org/ |
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Could this plan exist without tokens / coins? Why is token / coin inseparable from solution? I get that blockchain technology has a goal here but I am challenged to see why the market for this token / coin will grow and why consumers will pay for it. Also, will commercial / industrial users buy and use the same token / coins offered to ICO participants or will Skynet license their blockchain technology to some people while finding issues for token / coin solutions for consumers / retail markets?
Of course, a bot will mention skynet... I love how people discovered Markov Chains, or am I giving the spammers too much credit? |
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Looks interesting, will probably mine a few and check back in a year or so and see how things are going. I am def not a MLM or pyramid guy so I wont be like some of those fat cats at the top with 20,000+ because they started mining and inviting before it was announced on Bitcointalk.
Definitely report back here for others when you start mining - It would be cool to get your feedback and hear how the whole process went from Invite to mining. For the others thinking about how this works, I put together a Merit Invite Video that describes and shows the process. https://youtu.be/KrPVbkJ1IZoWhen it comes to MLM vs Pyramid vs ? - we've had a lot of great conversations in this thread about how it works. Even though there are some guys that got in early- that doesnt mean they are at the top forever. Since Proof of Growth is a lottery, and based on the community growth score. It is possible that the whales just sit on their piles and go inactive. Someone brand new YES can pass them up. You can even get a community growth score higher than the person who invited you (I did). If it was an MLM / pyramid structure- you would get 10% of the merit mined by the person under you -and 8% for their people and 5% of theirs etc... it would be based on strict volume of mined Merit. As a new person -you would never get to pass the person above you. that's why so many of them fail out there. Now Im not saying it doesnt have referrals and a "market your community" vibe (I said a few pages ago that's part of the reason Im around). But the growth rewards and Proof of Growth are all random and rewarded per block. Having more people now just gives you more chance to win the lottery - but it's still very much a lottery. I type all of that out to say - someone brand new today - could very easily get their community into the top group if they recruit real people and it's active etc. I hope that helps make sense of how it's different than MLM/Pyramid Thanks for the info and as far as the sign up and mining process, its as easy as pie. I am testing out different processors to see what the lowest cost processors I can use for a six card rig and still be able to have all 6 gpus run at full mining speed. It looks like an i3 8100 is at the top of the list so far and on the AMD side a ryzen 1300x is able to run 5 cards so I imagine a Ryzen 1400 would do fine with 6 or more. Before you made any purchases on cards, Merit's GPU miner currently only supports Nvidia at the moment. |
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One key thing to note is that the Merit team cannot force anyone to use invites they own in any particular way. We cannot censor how people decide to use them. When you get an invite, from mining, or waiting, getting one as a gift, or trading for one, it's yours and you can do with it as you please.
With POG2, we tried to create a more fair distribution of new invites. Since PoG2 release about 9k+ invites were generated and 7k+ wallets were created and there are more than 90k invites out there atm since launch. Some think using the market (trading invites) is an appropriate way to distribute them to those that value them. The merit team can't stop them from doing that because Merit is a decentralized system.
Again, unlike a centralized system, nobody can take invites away from someone and give them to another.
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