The project leader, MidasCoin, is still away on emergency business since 1st October. We're still waiting to hear from him and for him to return. Once he does, we'll update the community further on the situation.

We are not and have not bought any coins off the exchange, and have no intention of doing so.


I offer my continued apologies on this matter.



We have not sold any coins, we have not got any coins due to 0 premine. The only coins we have received are from the transaction fees to the public tax address.


This is unfortunately not something I can comment on, but I can assure that I've personally seen and used the panel for our debit card services, and you can also see this in action in the first post.

Regarding the absence of MidasCoin, he's delayed his return for longer than expected.

I don't believe I said this, I said he was away on business. All orders are currently on schedule.

Thanks for everyone who showed support by trying out our products on the shop. We've had almost 50 orders in the last couple of days, and we will start shipping out very soon. Your orders will be marked as Complete once we have shipped your item. You'll also get an email notification about this.


MidasCoin is currently away on a business trip, due to be back today. No need to worry.

Once again, thanks for everyones continued support.

This is a problem we are still looking into solving.


Unfortunately the mining bonus has been delayed further, it's definitely coming in the next few days. Sorry for the wait.

People were selling as low as 17k satoshi, we're backing the price at 33k satoshi. That's pretty much 50% loss.

Yes, why are people selling and missing out on 50% of their profit? There's no sense in that.

Hello,

For everyone waiting for a bounty we will issue the bounties today, this also goes for the 2% miner bonuses. Sorry for the delays.

Regards,
MA

To claim your old bounty, please reopen your ticket or submit a new ticket quoting your old ticket number.

Thank you for bringing this to our attention, our development team is working on fixing the problem.

EDIT: The problem has been resolved.

Hello everyone,

For those asking about future plans, see the Development Status section in the first post, specifically additional services. These show just some of the plans we have for future offerings. We will also resume our marketing strategies shortly, so expect some buzz to pick up in the next days or so.

Thanks again for everyone's support.

Apologies for the late block time, our PoM system froze for an hour or so which caused difficulty spikes in which time the blocks were not able to process correctly. As you noticed the system was resolved and all is running smooth. Block time will be faster over the next few hours to compensate. Now is the best time to mine.

This is correct, all perviously mined coins were credited to your pool balance 2-3 days before we reopened mining.


You need to clear out the old MidasCoin folder from AppData/Roaming, then let it download the new chain.

As stated in the FAQ, after 7 days, the 2% mining bonus will be credited.


Please, next time check out all our FAQs before posting. Many things have been answered there.

In regards to the vouchers, this is built off of our taxation income. MidasCoin stated in a number of different posts that they will not be redeemable for roughly 48-72 hours.

All old coins have been returned to your pool balance, and we encourage people to get a fresh wallet.

Hello,

This is common issue, we suggest to clear your browser cache and cookies, as well as try using a different browser, and then also if possible a different IP.
Most users have success when trying the above things, as well as trying multiple times.

Only 20 mins left until the gates open!

In 2 days we'll release the new wallets for download, then you can get your address to redeem to. You won't be able to redeem it until we've reopened.


This is correct, since the price hinges on the current Gold Gram to USD conversion rate.

We're still in the process of handing out emails with vouchers, if you have not received one within 24 hours feel free to submit a ticket.

MidasCoin FAQ

Q- Are you mining other coins through the PoM distribution system?

A- We are mining other coins with part of the hashrate, like originally stated in the PoM section of the announcement thread and in the PoM section of the pool. This is how the PoM system works, and this is what assures the guaranteed increasing value of MidasCoin, day by day, second by second.

This does not mean that, like some “coordinated fudders” keep pushing, that this is for our own profit; never forget that we have a guaranteed MINIMUM DAILY INCREMENT of the gold reserve, committed by the investors, of 333 grams/day of gold. The PoM earnings cover part of this, but unless we have more than 50 ghash/s of hashrate, the value of the daily minimum daily increment is higher.

And even in case we go over 50 Ghash/s (or whatever amount will produce more than 333 grams of gold in value), we will increase the daily reserve increment for that day without taking any profit. The reserve belongs to YOU, ready to back your MidasCoin’s value, and increasing it’s value every day, not our profits. More information here http://midascoin.io/gold-economic-data/


Q- What happens if your patch doesn't work? What happens in case of another successful attack against the #midascoin blockchain?

A- Pretty simple, we buy back all the MidasCoin on the pool balance at their bitcoin value, paying in Bitcoin instantly with no questions asked. Then we close the company, give apologies to the community, and never present our face on the public crypto scene again. This is our #challenge, All is perfect or we payback and go home and all people with #midascoin balance get money upfront.


Q- Where is the gold? is there gold? show me the gold!

A- This is a common question, and we are ready to provide the proof of reserve that the community expects to see. We can invite “known” members of the community to the “bank” where the reserve is held, to touch with their own hands; we can make a video; we can arrange a shop to allow in person conversions (enter with MidasCoin, step out with gold) or we can do whatever the community requires from us. We will post a poll on the public thread to request the opinion of you as MidasCoin users sometime after the reopening.

Actually 90% of the reserve is held in physical gold in a safebox at the Centrum Bank AG – Kirchstrasse 3 – 9490 Vaduz Liechtenstein.
6% of the reserve value converted at USD value is deposited through our financial partner to load the debit cards and VCCs when they become available.
4% is ready to be shipped at first request by our partners network.

Q- Will there be any compensation given to miners who were here before the patch?
A- Yes, early miners will be rewarded with a bonus of additional 2% of their mining earnings for 7 days. You qualify for this promotion if your account number is between 1 and 2100 (check your account number in the referral section of the pool, example http://midaspool.com/ref/1000)
Members of the pool, with an account number between 1 and 2100 will also receive a “gift” in their mailbox before the reopening event.


Q- I’m an old miner and I was registered in the pool before the “patch”, and I qualify for the 2% mining bonus for 7 days after reopening, do I need to do anything to claim this?

A- Not at all. At the seven day mark after the reopening, you will get automatically credited with a bonus amount, based on 2% of your mining earnings during those 7 days.


Q- What is the new “King of the pool” contest and how does it work?

A- “King of the pool” is our standalone contest on Midaspool.com.
The person who has the highest average hashrate on the previous 24 hours will be crowned “King of The Pool” for 1 day. During his reign, the King will get assigned as his referrals all the people that sign up on http://midaspool.com without a direct referral link (average of 300 registrations per day). Those referrals gained by being King last forever. After 24 hours a new King is crowned, or the old king is confirmed as king once more, based on the average hashpower of the last 24 hours.

Being “King of the pool” is a TOP reward, and produces benefits that last forever, even if the kingdom reign lasted only 1 day.

The updated score will inform in real time the current top 5 challengers for the crown of “King of Midaspool”.

The first KING will be chosen between the #irc community just before the re-opening, don’t miss this chance, join #midascoin on freenode!


Q- How is the #midascoin backed value generated?

A- The value of MidasCoin is generated by dividing the gold reserve with the total amount of MidasCoins to be issued within 36 months (starting with 20,000/ 7,611,236). The MidasCoin value is recalculated every 10 seconds, based on the daily increment.

The starting gold reserve is 20000 grams, and the guaranteed MINIMUM daily increase is 333 grams for the first 12 months, 666 grams for months 12 to 24, and 1500 grams for month 24 to 36. The daily increment can be more than the MINIMUM guaranteed of 333 in the case that PoM earnings exceed this amount (in conversion value). In that case, the daily increment will be more, based on total PoM earnings.



Q- Can I solo mine #midascoin or mine it through a third party pool?

A- This is not actually possible but, with our latest patch, we removed the coinbase check and added a different block validity check.  

This allow us to sign blocks with different coinbases, and open the possibility for solo mining and third party pools. Of course this should be integrated with the PoM system to keep all in shape.

We will propose our solo mining and third party pool solution to the community 3-4 days after the reopening; if the feedback is good, we will proceed on implementing it.


Q- When will #midascoin get onto an exchange?

A- MidasCoin will be on an exchange when exchanges think it will be worth listing #midascoin and when they will be ready to get audited, because we will not allow anyone to list MidasCoin in a system that puts your funds at risk. We will NEVER bribe anyone to list #midascoin on day 1, like many other coin projects used to do and still do.

With that said, we already got in contact with several exchanges who are very interested, so it’s really a matter of days. (without the pause, #midascoin would have already been listed on several places)


Q- When I mined before, I think I got less then what I expected, why?

A- We experienced a conflict between the PoM system and the difficulty algo of the coin network, that made the average block generation time to be 2.94 minutes instead of the expected 2.5 minutes. This has been FULLY PATCHED.


Q- Which is the MidasCoin main website payment processor?

A- The payment processor for the debit card and VCC (virtual credit card) is prepaid financial services.  http://prepaidfinancialservices.com


Q- Does MidasCoin have a twitter and reddit tip bot?

A- We are developing our twitter application to act as a tipbot but also an automated bounty dispenser (for actions like following, retweeting, etc). Expect this to be ready 15 days after the re-opening.

We don’t have a reddit tipbot yet, neither did we plan to have one; If you have any suggestions on what you expect, please, contact us about them.


Q- Will MidasCoin ever do live events or appear at crypto conferences?

A- As per our schedule, we will host a public #midascoin conference in london 90 days after the launch, however, listening to some users suggestions, we may plan to merge this event with a bitcoin conference. Stay tuned for updates.


Q- Your company is in London but part of the team is in Italy, why?

A- Company director is in Italy, but our team is distributed in several countries like UK, NL, Canada, Croatia, USA. The company is in UK because of the light and fast bureaucracy of that particular country.


Q- Your websites have a privacy policy while other cryptocurrency sites do not, why?

A-  The real question should be “why do other sites not have one?”. Every website in the world should have a privacy policy by law.


Q- I want to order gold, tell me what I should know!

A- You should know that most shipments come from Rome and Madrid. Gold is certified by the retailer. Customs and other kinds of tax should be taken care of by you. (pay particular attention if ordering gold from outside the EU)


Q- I want a debit card or VCC (virtual credit card), tell me what I should know!

A- Debit cards have several different costs, based on the shipping location (domestic UK, EU, or international). Debit cards come with a generic name printed on it.  

Additional documents and KYC policy are needed if your total yearly load amount exceeds 1200 euros. After you received your Debit card or VCC, you have to link it to your account on MidasPay, then you can order credit for it from the MidasPay shop via topups. Credit loading is fast and should not take more than 1 business day.


Q-I have received a #midascoin voucher, what do I do with it?

A- Just click the voucher link and redeem it. Consider that we have no premine, so we will load promotional vouchers with our taxes earnings. Sometimes you have to wait some days before your voucher campaign is loaded with funds. If your voucher has no funds available, simply try again to redeem after 24 hours.


Q- What algo are you using and what are the block times?

A- Proof of Mining is fully compatible with scrypt. The only incompatibility is with cgminer 3.7.2 because of an extranonce bug in that software version and below (also some asic device manufactures use that software for their base, in which case you should find another compatible software for your device that is not based on cgminer 3.7.2).

For help finding the correct software to usem visit our getting started page here:  http://midaspool.com/index.php?page=gettingstarted


Q- Why won’t my wallet sync?

A- Wallets should be able to automatic sync with our nodes. In case it does not, you have to manually add the nodes.  Click on Help>Debug Windows>Console and type “addnode add node1.midascoin.io”
Repeat with “addnode add node2.midascoin.io” up to node10.midascoin.io


Q- I’m getting around 4-8% of invalid shares, is this normal?

A- That’s pretty normal for how the PoM system works. Those are local shares in excess, and doesn’t influence your hashrate performance.


Q-I’m getting 100% rejected shares with my asic device, what can I do ?

A- This means that your asic device producer used cgminer 3.7.2 as the base for thier asic software.

In this case you should find another software compatible with your asic device that does not use cgminer 3.7.2 as the base for the software.

Some of our users who experienced this problem using “gridseed gblacks” solved the problem by downloading an updated version of their asic miner software, directly from the producer; in this case downloadig new controllers here http://hashra.com/support.  Installing the hashra software for gridseed blade, it worked perfectly.  

If you experience this error with your asic, you have to do some trial and error, but there are solutions available and nearly all of our users found one that worked for them, so don’t give up


Q- My question is not on the list, how should I ask my question and get listed in the FAQ ?

A- Use our http://ask.fm/midascoin profile to ask a question (also an anonymous) and contribute to creating a parallel FAQ generated from community questions we recieve.

For urgent help submit a ticket here: http://midaspay.io/helpdesk or join our #irc channel #midascoin on freenode. #irc channel is available also through the webchat  http://midaspool.com/index.php?page=about&action=chat


#MidasCoin will keep making pre-made coin projects with day1 listings appear for what they are; penny stock selling and pure pump/dump schemes because...

… #MidasCoin will always pay their debts.

By the request of the community, MidasCoin wallet for OS X and Windows has been upgraded with auto sync nodes. No need to manually add nodes for future downloaders. This doesn't affect people who are already up and running, unless your wallet is having trouble with syncing to the network.