Nicely said
, and yes is the truth
, but MGN will go forward like always
Update on Magnacoin.
Looking back at the last months, it’s safe to say Magnacoin had a very rough start. We got FUDDED hard from the beginning because of the POW/POS issue and allegations of a secret mining pool (which turned out to be untrue), the main dev left early January and took the few community funds we had, leaving Magnacoindev basically out of options.
All that misery aside, we managed to climb from 300 sats right after presale in early December to a very respectful 6800 sats in the second week of February. All was good, the number of masternodes was rising, everyone was hodling because the rewards are really, really nice, but development was halted and Magnacoindev was forced to make decisions. Behind the scenes she lined up a new dev capable of zerocoin implementation and announced a swap out of nowhere, which led to a lot of questions and FUD on discord and tanked the price to 2000 sats in a couple of days.
If this swap would have been executed short term in a professional way, we probably would have survived it, but it was postponed for over 6 weeks without actual details. Next we learned that the only reason for the swap was the opportunity for the new dev to fill his pockets. That’s when Magnacoindev basically disappeared from Discord.
On the bright side, since everything went south, we haven’t lost a single masternode, in fact, the number even went up. It’s a small community, but it has some very loyal investors.
At this point, multiple people came forward with fork plans. One will merge two chains into a new one and the other one will continue Magnacoin with a 10% community fund implementation to avoid funding problems in the future and keep power over developers.
More details will follow soon.
The discord for the original Magnacoin is:
https://discord.gg/rhqdRVF
The discord for the new chain is:
https://discord.gg/rjyr8Se
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