Did the dev team discuss PoS yet? I'm curious to hear what you all think. Either way D2D is getting closer and closer...
We did, and we'll be giving our thoughts about it later on tonight once we settle a particular issue |
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This should work: 1. Backup your wallet.dat to another location 2. Type %appdata% in your Windows Search, and click on the appdata folder 3. Delete your Muniti folder in your appdata, not the one where you have the qt-file (the executable wallet) 4. Run the wallet again (Qt) 5. Allow the wallet to fully sync with the network 6. Once it is synced, exit the wallet 7. Go to your wallet.dat backup, copy it, and replace it with the new wallet.dat which you have in the appdata folder 8. Run the wallet (Qt) again and you should see everything back to normal. |
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Instead of:
"2) Stop PoW in a week's time at the current block reward rate, and move on to PoS - this would go against the very objective of the project, as there would be more coins in the hands of the Maltese people than in the hands of foreigners, unless we adopt BlackCoin's system of mining."
Why not just Stop PoW in a week's time at current block reward rate and move to PoS BUT give the Maltese people a smaller nominal number of coins (ultimately with a higher real value)? Just reduce the number given in the drop proportionally to have same ratio as before
I kind of like this idea because it would mean massive sudden deflation of total supply which would send the price souring. With the current price at 1,000 satoshi, this would give a lot more nominal separation from 1 satoshi. Since there would then only be about 750,000 (This is what we'd have if production stopped immediately, not with one more week of distribution) coins then including the adjusted premine amount, then the price should be roughly 100 times higher even at current base level, not including buying support due to the fact that the total planned supply would be slashed, the excitement over a new country PoS coin (the first?), and the unique distribution method and genuine dev team. There would certainly be huge excitement and publicity in the community from one week of mining the final Muniti coins. If there was any selling after each D2D wave, then the price would be in the hundreds of thousands of satoshi, which would give more room for the price to recover from falls, rather than fall to depressing lows in the thousands or hundreds of satoshi if there was a potential crash. I had another thought, what if there was increased PoS % following each D2D release? This would encourage people to hold their coins during the uncertain time that people would be suspecting that Maltese might dump their coins. The Maltese would also in turn have incentive to hold their coins during these periods. The amount of coins this would generate could be calculated and publicized so that there is no uncertainty about how it will affect the total amount of coins. I think it would only require a nominal increase, of say, 3 weeks following each D2D release will be 5% PoS instead of 1% normally. Finally, this method would reward all of the supporters who have mined and stuck with Muniti from the beginning, and the top holders would be the most loyal people to the coin and less likely to dump. This sounds appealing, especially the part stipulating an increase of interest rate with every D2D release. I would prefer a marginal permanent increase rather than a bigger temporary increase, as it would be a bigger incentive to hold on the long-term. We can certainly destroy the amount of D2D pre-mine which would be rendered superfluous after such a change, while at the same time rewarding initial investors, which in a sense includes our team since our rigs have been mining Muniti from the start, both to support the network and to provide a means of sustenance of sorts. My only worry is that: 1) For people unfamiliar with cryptocurrencies, a lower quantity relates to a lower value. Instead of receiving 156 MUN, citizens will receive, say, 16 MUN. Instead of having 76,000,000 in circulation at the end of the PoW phase as it is, we would have a much lower quantity. Would it be feasible to use a cryptocurrency made of decimals rather than integers, especially a touristic cryptocurrency? 2) The PoS attack mentioned earlier on which still needs to be proof-wrapped properly in some way, and I'm wondering as well which effects PoS would have on the stability of Muniti if implemented. At the moment Muniti seems to be one of the few coins without the need of an update or hard fork, it's one of the most stable ones out there. |
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1 min block times are too long to make this actually playable.
So you're suggesting reducing block rewards and block times at the same time? |
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Just a rough sketch of which options are available if Muniti were to transit to PoS:
1) Increase block reward substantially, aim for MUN to become pure PoS in 3 weeks' time - I believe this would destroy the coin's value in the short-term, with no guarantee of recovery in the long-term.
2) Stop PoW in a week's time at the current block reward rate, and move on to PoS - this would go against the very objective of the project, as there would be more coins in the hands of the Maltese people than in the hands of foreigners, unless we adopt BlackCoin's system of mining.
3) Increase block reward slightly, and aim for PoS in a year's time - perhaps the safest approach of all, yet the most time-consuming.
These are just some possible scenarios I came up with in 5 minutes' worth of consideration. I'll be discussing this in more detail with the rest of the team tomorrow.
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Hi radi
Have u thought about transitioning muniti from a pow to a pos coin? Lately all pow coins seem to be under pressure because of miners dumping. I only see the trend getting stronger going forward. Any thoughts on transitioning muniti from a pow to a pos coin while it's still young enough?
PoS militates in favour of retention rather than spending. Also, PoS coins are much more difficult to market than PoW coins, which spread rapidly through the miners' network. There are two options: 1) Either wait for the value and trust in cryptocurrencies to rise again hence giving miners a bit of leeway and an incentive to hold coins rather than dump every single earning to break even on power costs 2) Transit to PoS It's a bit of a "six from one half, a dozen from the other" sort of situation. We'll certainly discuss it in detail. |
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Hoping for a top finish for Malta in the Eurovision!
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Thanks tf2honeybadger, it's a pleasure to be working with you. |
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It seems that at last our efforts got through - we are now on Poloniex as well! Thanks to all who kept persisting and sending ticket after ticket... that's one hurdle which has been passed, let us move on to the next challenges. I have some thoughts on the exchange situation. Clearly nobody still interested in this coin cares about short term profits. Bittrex is run by 3 real proffesional guys that have shown their faces on the site. Bittrex has also had some really high volume coins lately that shows their exchange can handle it.
My theory is that once Maltese start getting their coins by D2D then it will create real world excitement. This is the first country coin to do this, and as we all know, novelty creates value in the crypto community right now. People like unique coins, and Muniti has a very unique quality to it. I say, that once the D2D starts, the coin will rise in value, and likely get added to Mintpal without having to pay the fee. That's just my theory.
In any case I don't think it's worth worrying about right now. Getting added to Poloniex wouldn't magically make this coin more valuable, it would only create a temporary pump and dump opportunity.
Finally, there are many country coins that have fallen in value steadily after distribution to citizens. If this coin could break that trend it would be great. Maybe starting from the bottom isn't so bad. If citizens see the value slowly climbing that could be very encouraging.
You're quite right coine_smithe, as it's something which has crossed our minds as well. If Muniti didn't achieve a stratospheric trading volume on Bittrex, there is no reason to believe it would on Poloniex. However, we wanted to get listed on Poloniex for two main reasons: 1. We had established a rapport with Poloniex and if we were so close to being added, it was worthwhile going for the last push 2. Getting listed on a big exchange is publicity in itself Now that the exchange saga is settled, we can finally concentrate our full efforts on other things. We will be contacting souvenir shops for starters next Monday in order to see whether we can encourage them to adopt Muniti as a form of payment for online orders, for now. Check out this link in the meantime: http://womanitely.com/most-beautiful-island-countries-world/ |
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Thunderclap is kind of like a kickstarter for social media outreach https://www.thunderclap.it/enI think people can donate to the cause as well as getting more people to subscribe to muniti's social media We really like this idea. Is there a minimum amount which needs to be reached for the "burst" of promotion on their part? I will be doing a blog post on my coin blog about this so it will be cool to get a few Minitis.  It looks like to me a very promising country coin. PM us with more details about your blog and we will be more than happy to send a bounty to you. Hey!
Exciting to hear all these bits of news and come back now and again to see how it's developing. I have another couple of ideas: in the photos of posters they are all a bit boring, why not get more of beautiful Malta sights in the background? Also, would be cool to have some photos with the Dev team in too - would be better than other coins which are all missing the human touch?
I have been thinking about the price. The fact is it's not been a pump at all unlike all the other country coins. Whilst that's not so good for short term investors, it does mean that everyone who really believes in a Malta coin will have much longer to soak up lots of coins mining themselves at low difficulty. They are much less likely to sell (which you can see from the low sell volumes on bittrex etc).
Good luck in the Semi finals of the Eurovision tonight Maltese guys ;-)
YBC
It doesn't show clearly but in the posters there is a background image showing Comino in all its glory, while in the leaflets there is a picture of a typical picturesque Mdina street. It's visible if you look at the poster closely, we did not want it to be too obvious so that the primary attention is heeded towards the content of the posters. After all, since the posters are being stuck locally, whoever looks at them should already be familiar with Malta's best-known spots, or at least know about them before deciding to buy an airline ticket. We were also thinking of creating a video where each Dev team member introduces himself/herself and uploading it on the website - it's a bit of a back-burner issue though, since there are more pressing issues at the moment. Thanks for the wishes, it seems Malta has made it to tomorrow's finals! is there a way we can have this at cryptsy or mintpal?
There is no way of getting a cryptocurrency up on those exchanges through manual voting - most of the newer coins got there thanks to the so-called "donations". Currently, in order to get listed on Mintpal, you need around ~$7500 worth of BTC. That is absolutely preposterous when considering that they already make a huge profit from coin-trading. Fasten your belts, keep voting manually and some day we'll get there. If there is a generous benefactor who has a lot of money burning a whole in the pocket and would like to see Muniti listed on the exchanges - by all means, please feel free to donate on the Muniti-allocated address on Cryptsy/Mintpal |
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har har har, some news about my progression with my client! I've just posted a brief video (< 2 min) about the new interface i'm doing, here the link http://youtu.be/NSkgcfehCmchere you can see what I've done at the moment: - a new Mini Wallet, with a clean and nice interface, that show easily the current transations statuses and get updated every new game_state (so every new block). - a new Cell Info window, much better then previous one (not yet finished, need context menu actions and other things like maybe a "search" feature both are 80% completed after that 2 windows, I'll implement a new Chat panel, so i can show everything (hopefully) included chinese text, etc... then the "my troops", "statistics"(easy) , login screen and the "mini map" (the trickier) to finish the "porting" then... i'll dive into army and bot programming interface, will be exciting! meanwhile I inivite you to download and use current version of Huntercoin: Mithril Edition, look what i've done few minutes ago thanks to intelligence client gives   27 HUCs in few minutes (i don't know who has been the suicider blue bomber, but i used his moves to gather dropped coins! (tomorrow or the day after I'll start applying the 1HUC fee on my client, so low!) here the links again to the video on the upcoming interface (no ETA at the moment, too much work still to do but i could release an early version of the game with a mixed interface if it makes sense), http://youtu.be/NSkgcfehCmcThanks for your hard work MithrilMan. 1HUC is a very low fee indeed, I think the community would prefer a higher fee rate in exchange for some more of your great work. |
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I believe we've waited long enough, and we've decided to publicise the reason behind the "failed" announcement of last weekend. We were meant to announce that Muniti will be on Poloniex as affirmed by Tristan, head of Poloniex, after a lengthy email as you can see below - but this was stalled by the untimely down-time which Poloniex suffered during the weekend. After the exchange was back on its feet, we allowed more time for the markets to be fully reinstated and "unfrozen", before sending them a reminder to add Muniti. There were no replies to this request. We continued sending them reminders at the expense of delaying our announcement, something which we hated doing as we never had to delay anything for such a long time, especially after being promised a spot on the exchange! After a final reminder last night, we decided to show you proof that Muniti was meant to be listed earlier on this week but nothing has happened and other coins such as UniversityCoin, ParallaxCoin and ShibeCoin have been added. If those are "innovative", then Malta is bigger than China. I urge you all to send tickets, every hour if need be, urging Poloniex to add Muniti. Be civil, state why you believe Muniti should be added and do not mention their promise to have Muniti listed. Just show them that we mean business.  |
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We will be lifting our foot slightly from street promotions for now and focus on strengthening our ties with certain local companies and entities instead, as well as try and spread the word in the crypto-world a bit more. For the latter part, we will need all the help we can get from you, whilst thanking you for the patience and support shown so far. The "poster hunt" competition was not won by anyone, with the highest number of found posters by an individual being 8 posters (and the remaining posters being easier to spot in our opinion!) - we will be deciding on what reward to assign to this person next Friday, where we will also be publishing the names of the contestants and top 3 "hunters". We would like to apologise for the promised piece of news which was meant to be announced last weekend but which still has not appeared. It was not within our complete control, as you shall see tomorrow: if the news does not materialise, we will announce what it was tomorrow and all matters pertinent to it, hence proving that we tried our best to make it happen. Still no word regarding the "Bitcoin meeting" in Malta has reached our ears, so we will assume that it's either not happening or that whoever is organising it is not that keen on the matter. We encourage any Bitcoin connoisseurs from Malta to message us - we'd love to meet you and perhaps offer you a position within our team, should your expertise be required. More updates to be issued this weekend (and tomorrow as promised).   Hey Radi, don't burn yourself out. Slow and Steady wins the race.
Btw, I'm wonder if we could spread the word about Muniti on Trip Advisor. I believe is time for the community to contribute back to your effort.
We should start a thunderclap campaign too.
What's a thunderclap campaign? It sounds interesting! |
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A "Chron" sounds pretty technical and modern at the same time. I say you go for it. Keep up the good work!
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Street promotion to continue next Wednesday. We have received no word yet from Arbitrageur regarding the Maltese Bitcoin meeting. We were also contacted by a person regarding the making of a promotional video.
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Some great news to be issued this very weekend. You won't be disappointed!
Hmmmm. We are at middle of weekend and where are these great news? Sorry for the lack of updates this weekend. We encountered some unexpected difficulties and we could not announce what we had in mind, yet. The announcement has been merely postponed and not cancelled. This is the first time we have not been on schedule with something, so please bear with us. Our real-life dedications are suffering as a result of our work on Muniti, and the fatigue is finally starting to show. seems like muniti have lost the challenge. 1003 Satoshis? O dear. Seems like POW for Muniti stands for ProofOfWaste. Still no announcement from the devs....
Time and time again I repeated that this is not a short-term project. Frankly and honestly we do not feel very sympathetic with short-term investors looking to hit the jackpot and become the next crypto-millionnaire in a matter of weeks. We do however feel sorry for those who have invested in Muniti as they have faith in the long-term project and somehow believe that they've done an empty investment. Rest assured that this is not the case and that ultimately it would be us who would stand to lose the most out of all of you were the whole project to collapse. We will stand behind our efforts even if Muniti were to hit 1 satoshi, simply because we have worked too hard and have come too far to step back on what has been already built. Local awareness is increasing every day, and that is what our first half of the project is all about, so on that point we firmly believe that we have been successful. Patience is a virtue, but it's a hard one to achieve. I'm happy to announce the first bitcoin meetup in Malta: next thursday may the 8th at 7pm, in Naxxar, at Caesar's House, in front of the playground, 100 mt from the church
That's great to hear Arbitrageur. We'd be more than happy to send out a representative to the meeting. Send me a private message with more details if possible. |
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Some great news to be issued this very weekend. You won't be disappointed!
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"Knackered" is an understatement as to how we are at the end of today. It's been another eventful day, even more so than the others as today I personally was actually stopped by a policeman! He took me by surprise, apparently I was sticking a poster in a "no-bill area", although I wasn't aware of it. At first he was going to give me a fine, which is quite hefty for such an offence, but I managed to turn him round by sympathising with him on the fact that he was working on Worker's Day and I took the chance of explaining a little bit about Muniti. He seemed to like the idea although he was quite lost with the whole concept of cryptocurrencies. That's part of our job and the D2D Team's after all! Here's some more pictures:   |
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Post the p2pool source code link on the first post with the pool list. It's better to have p2pool to spread the hash power. I download the source code and set up the node. The P2P software can connect to my Muniti wallet, and connect to the P2Pool network. It reads the current block. But it cannot download shares, it still shows success. Any help is appreciated. I would like to spread the hash. Did you try PM'ing linked67? Our team technical expert is currently away for a weekend break (it's a National holiday here in Malta), and my knowledge in coding is rather limited. |
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Heh. A lot of left over X11 summercoin miners came to support Muniti. That's great news and it's the natural and correct decision =)
Net Hash at 4GHz
It is the most profitable X11 coin to mine if I'm not mistaken. That is good news - the more people mine Muniti, the more people holding Muniti there will be, who will each in turn act as promoters of the coin. I believe the price has nearly reached the floor and from then onwards, it can only rise again. However, as coine_smithe rightly stated - we're only in the initial stage here. Keep in mind this coin is only a month old! |
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