Hi MinexCoin miners,

I just wanted to announce that I wrote a new mining software for MinexCoins Equihash 96/5 algorithm.
And what to say more then:

Today st first (beta) release day

It basically uses OpenCL and I build binaries for Linux and Windows, so it may run on a broad set of platforms and basically supports all graphic card vendors.
I can only report speeds for some very few testing machines I had access to, but it is looking promising (at least on a GTX 1080 non-ti).

If you are interested continue reading here:
https://bitcointalk.org/index.php?topic=2933939.0

Ps: This software is in very early state - optiminer may be more stable at this point. But if you report possible issues you have you are actively helping to improve this.

I hope that I can support the Minex ecosystem with this by adding the opportunity to mine the coin on more platforms.
Have a nice day

Lolliedieb

Hi folks,
this is the thread for announcing lolMiner-mnx for mining MinexCoin (MNX) based on the Equihash 96/5 algorithm (please do not confuse this with Zcash / BitcoinGolds Equihash 200/9).

The new versions from 0.4 onwards got a new thread, because I added there other coins as well.
See here: https://bitcointalk.org/index.php?topic=4724735

I have not read into the details of the bank, but I hope there is something implemented to react for high demand especially now in the beginning.

Usually price and demand of a coin are in a certain balance. For all mine-able coins the demand splits between mining and what happens at the market. For Minex I believe this is currently out of balance due to the low issue rate towards miners. I mean: only ~1200 MNX are generated each day, so overall system is currently growing with about 24.000 dollars each day. Compare this to e.g. ZenCash (ZEN) with similar prize and market cap, but a natural inflation of 7200 coins / 220.000$ per day. Not to speak of any Top10 coin (BTC 1800 coins /  17.000.000 $, ETH 17.280 coins / 8.294.400 ... ) or lets take ZEC as mostly mined coin for NVidia miners: 5760 coins (to public) / 1.958.400$).

So what is my point: All these coins have a high inflation compared to MNX and even they are massively increasing in value currently. Compared to that the inflation of MNX by issuance of additional coins is very low and the only way to change this is an increasing price. Additionally the bank actively reduces the avail coins on market.
 
Therefore I hope that the MinexBank has an algorithm to adjust itself to a higher base line, because if the baseline is fixed at 20$ / coin I think it will run out of money soon - and then even if 70% of mined coins are for the bank I do not believe it is enough.

Minex bank will try to keep MNX on a track for a yearly increase of approx 33% in value as the Top20 coins had (due to calculation of developers). To reach this the inflation rate must be similarly high imao. Just to reach the inflation of ZCASH this would mean a prize above 1500$ / coin. Gz to all coin holders  


Ps: I have multiple addresses in my wallet. One of them I used for the bank, but I just received some MNX on one of the others. Does anyone knows if bank timer will reset if I now do a transaction of this coins to my banking address, since I can not control from which address the transfered money will be taken from?

Would be something nice to know / something good to implement in the future (ability to chose from which address to take transfered coins).

Hi out there,

seems indeed a very interesting project you have

I am a bit interested in the technical background of this. Therefore I'd like to ask if there is a easy to follow description of the MARS algorithm, maybe like 3rd post in this thread fpr zcash:
https://forum.z.cash/t/easy-to-follow-description-of-the-equihash-algorithm/12689

I ask because I was not able to find informations about it in the white paper and also not on your web page. I know crawling through the code may be possible, but it has very few comments / documentations in there. Also there are multiple implementations in your /src/crypto/equilhash,cpp file - Equihash<96,3>, Equihash<96,5>, Equihash<48,5> and Equihash<192,9>. I admit that I was not able to figure out which one is actually used.

Just to add some things to my review in this post:

Last days I tried out what works and what does not and overall I was very satisfied with my card. I paid something on the web in USD, something in a local sport store in EUR and something else at Amazon Uk in GBP. Also used it to draw some money from ATM (approx 50€). Well, no problems so far and an exchange rate always very close to stock exchange rates - at least always less then 1% difference to what coinmarketcap calculates, so much better then using my usual credit card when I have to pay somethin in not foreign currencies.

End of this year I will do a trip to south america and I thing this card is ideal to get some cash there without much fees Realy like this opportunity.

Additionally I managed to add the card to PayPal. Only small drawback is that the card seems to prohibit transactions back to the card. So I was able to verify it for PayPal, but I think the 1.5$ PayPal charged me to send the verification code are lost. Never the less it is connected and verified now and should work without further obstacles.

The only think that still bugs me is transaction time and fees on the Bitcoin Blockchain. Last time it took alsmost one and a half hour to get my funds there although I used a rather high fee. It only takes 3 confirmations for TenX to confirm your incomming funds, but in that case there was a small period with bad luck on the BTC chain and alone 70 minutes for that 3 blocks. Plus waiting time until my transaction was included into the first block.
I realy hope that ETH / ERC20 feature is unlocked for all soon.

On the other hand I consider moving my monthly income (at least that part of it that I can freely spend) to the card. Volatlity is still a concern, but overall it is just great. Go wherever an ATM is without minding the fee, spend wherever you are in local currency and gain money over time if BTC keeps increasing. And of cause adding volume to the TenX card will increase dividends for all, attract more people to buy PAY and make the investion in PAY a good one

I just like this product

Right now the  first round of dividends is not yet paid and there is no announcement yet when it will be the first time, so yes you still can receive it.
Remembering the FAQ of TenX correctly it is important for the dividends to have your PAY in an erc 20 enabled wallet, e.g. a wallet that is allowed to perform contracts. I assume that there will be an ethereum based contract that will pay out the dividend to PAY token holders. So you can pick whatever wallet you like as long as this is ensured.

For exchange wallets this would mean that the exchange uses kind of real addresses and does not one or few addresses with multiple input addresses where deposits are only distinguished by the used incoming address and your balance is only stored in some database. I do not think that there is an exchange out there with this feature, so better monitor the TenX announcements and when it is time move your PAY of the exchange beforehand.

@ All other:
thanks for your comments - I thought is would be nice having some user experiences from non-tenx team members.
I also think it would be great if everyone that received his / her card would post here when it was ordered and when it was received, so we get an idea on how far they are with processing the long queue.

Hey guys

after all those fud and concerns I think it is time for some positive news: I finally received my card I have to admit that it took almost 3 month (ordered on August 12th and received it on November 11th) and that I am living in Germany, so one of the rather unproblematic regions regarding the WaveCrest delivering problems.

Click me for a picture of the card
 
Well … since a lot of you may be waiting for it I think it is a good idea to describe my experiences with it so far.
I have to excuse that for this post I somehow was to dump to get thumbnails in here. Also I was not able to do screenshots of the app directly, since the app does not allow to take some...


1) Ordering the Card

Well that was rather easy. Just install the mobile app, choose a pin and insert some personal data (mail address, name and so on). Then swap some small BTC to the mobile app that is worth at least 15 dollars and hid the card button on the front page of the app. There you have to insert some data about your address to get KYC level 1 (more about KYC later) and then you can order it. In my opinion rather simle.

2) Receiving the Card and Activation
Well waiting was a pain. As mentioned it took three month between the order and the card arrival. In the meantime the app was only useful as a nice looking mobile wallet. Thats it. But finally on November 11th it arrived surprisingly. Interestingly I received the mail with the DHL tracking code one day after on November 12th xD

Activating the card is simple. Just go to the card menu point in the app and tab on activate. Then you have to insert the last 4 digits of your card number (that you only know once you have it in our hand – I can not remember that it way printed anywhere else). Afterwards the card menu in the app changes. It now shows your card balance in BTC, SGD (Singapur Dollar) and in your selected currency (Euro in my case). The exchange rate for you seems to be fixed four you for 15 minutes once opening this tab.

On the bottom there are two additional panels for showing your ATM pin (thumbs up that it is so easy to see it) and a button to hit for reaching KYC level 2. Also you have the opportunity to lock your card right there in the app, e.g. when it is lost. And also you can unlock it right when you found it back. I like that function.

3) KYC level   
 
Currently there are 3 KYC (know your customer) level around that are important for us.

KYC 0 is plainly that the company knows almost nothing about the customer. Maybe they have a valid Email address, but thats it. It is clear that TenX can not work with this level, because they have to send you something physical.

KYC 1 means that they have a working address where you can receive physical mail. This does not mean  that you are residing at that address or that your name is real. Just that post with that information gets delivered.

With KYC 2 it is verified you are a living person with exactly that name living at the address you gave them. This usually requires a photo of some passport or something similar as well as a photo of some document proving that your are residing at the address.

So why should be switch to KYC 2 with TenX card? Well due to the European Union money laundering laws the livetime load of a prepaid card (which is the TenX from laws point of view) is bounded by 2.500$ / 2500€ and the limit for daily ATM withdrawal is set to 2x 200€ / $. From December 10th onwards the limits will be even more sharp. Then livetime limit in KYC 1 is 250 € and one time limit is 100 € because of new EU regulations. This is nothing unique to TenX and also affects other similar cards (e.g. I have a Uquid card with same limitations).

So reaching KYC 2 will help getting the full potential out of the card. For this you must tab on the above mentioned panel in the app. Then you can select which type of document you would like to submit. I personally selected front page of my traveling passport and a page of a telephone company bill. You can chose to use your mobiles camera or some photo from the phone gallery right from the app. Note that I had to do this twice, because I somehow missed the condition that each picture must be smaller then 400 kbytes and the pics generated by my phone camera were larger… The app does not warn you about it, I just got a message one day later that the size was to large. But after resizing them it worked.

It took two days and a few hours (it was sometime at night) for my card to switch to KYC level 2. Now the original button vanished and was replace by some FAQ and get support button. By the informations from settings menu my daily limit is now 20.000 $, single transaction limit 10.000$ and no lifetime limit. Note that two days is very quickly for the KYC 2, because the document musts be visited by humans. Many exchanges require much longer for the verification.

4) Using the Card
Directly this morning my car complained about fuel being empty, so I decided to buy some with the freshly activated card. Well and what to say except from it worked just fine. Gave my card, they scanned it and asked for the PIN. I typed the one in from the app and the same moment I felt that my phone was vibrating because I got a notification about a successful payment.

Click me for a picture of the notification


Beside the notification from the app I also got an Email with the same information. The exchange rate was only 0.35% off the average exchange rate of Kraken and Bitfinex at that moment (I checked it before leaving the station). Very nice, because the rate at most European exchange is worse.
Right now the rate is in an uptrend. Poor me, a hour later my fuel would be less expensive. But thats life.

Click me for a picture of the receipt

Overall Impression
If this would be a review I would say its a 4/5 with the two minus points being the long waiting time and that currently I only can use BTC for loading the card. With other coins the daily use may be much higher due to lesser block times (e.g. Ethereum, all ERC 20 or ZEC) and lesser transaction fees. Never the less the product itself is working very well – I was surprised that APP and physical card are working good together. This also may be a reason why it is so hard fining an other card issuer, because the application programming interface of WaveCrest that allows such an integration of the card is rather unique. Therefore I can understand that they chose this issuer for their cards.

But if TenX sticks to their plans in adding more currencies and finding either some new issuer or is sometime be able to issue their own cards – well this is an amazing product.



Ps: For all those who got kind of burned when buying PAY tokens at higher price I have some investment strategy for you: buy more right now! Why? Well I also bought about 10 PAY when it was at 4$ each. I personally hate selling with loss if I do not require the money urgently, so I hold this token all the way down.  Now I bought additionally 100 at about 1.65$. So I am still in loss zone, but calculator said I bought 110 PAY for 205$, so if 1 PAY goes up again above 1.87$ I am already in the winning zone. The idea is simple: if you were thinking that 4$ was a nice price for a product, then be happy to buy more of it at even lower price
So far so good. Stopping here right now before this post gets too long. Thanks for everyone that read all of what came into my mind and have a nice day.

The TenX team updated the FAQ today regarding this topic.

https://support.tenx.tech/hc/en-us/categories/115000118592-PAY-Token

I quote the FAQ entry:


Also in other FAQ entries they describe how to store the token to get the 0.5% payed. Will be interesting to see PAY price when first people get their payment and many start to drag their PAY from exchanges in order not to miss the payouts. In that moment PAY may spike, but I do not believe that spike will last long since the payouts from the few cards already issued gives only a small profit for the PAY tokens hold.

In my opinion one should not be too focused on Bitrex. The only thing at the current situation I do not like is that HUSH has to rely on exactly one exchange - if this single one would be hacked or delists HUSH (unlike due to its volume) this would be a serious problem.

I do not think it is required to get HUSH on the #1 exchange right now, but any second or third exchange listing HUSH would be wellcome. What do you thing, are there other candidates that may list HUSH more quickly?

BTW: I am mining on miningspeed and payouts are comming fine. Indeed the difficulty is much higher then a few weeks ago, but prize also did 10x, so I think that is fine.

Now its getting odd ... at my side it was also block 110023 where it was stucking. I deleted everything already loaded, recompiled current git sources and reconnected.
Now I see ~30 confirmed transactions the last hour, but block height is 0 and it does not seem the chain is updated on my node computer.

Well it seems that the net currently is not that stable neither is the software fail-save 

I just tried (well yesterday and today) to create a wallet by running a node (non-masternode), but once I catched up to block 110023 (so I loaded all ZCL and first ZEN blocks) it somehow stoped. I have 7 connections to other nodes, but would expect to get more then 1104xx at this time (and from Blocks in the chain explorer)...

Any advice how to resume the syncing properly?

Am I the only one confused?
Should not 23rd if May 7pm Estern be equal to 23 May 11pm UTC? But thats not 6 hrs from now, but 30... What do I oversee?

Well no,


Bittrex announced that they will close the market two hours before the fork, so at approx 16:10 UTC.
They just also said that they can only credit zcl that reaches your wallet on time, so after 9:00 UTC it may be too late for a fresh deposit, because it may not be credited to your account in time! Everything you buy just now (and the next 5 hours) will still have effect, so do not sell your ZCL too early when you would like to have ZEN in your wallet.