Minexcoin - A new era of payments

[Kirilgeorgiev]

WOW! Huge congrats for everyone who got in early Nice success

But I have one question, so if you park your MINEX, it will give you 80% gains a year... But where is this coming from???

After a few years all MINEX coins would be used up...

From miners fees and from bank reserves

Ok but with compound interest, lets say you have 1000 MINEX...
After a year you get 800...
Now you have 1800 and will already receive another 1440 the second year.
In the third year you have 3240 Minex and will receive additional 2592...

You see how fast you *10 your Minex coins? Its only a couple of years but then all Minex coins are GONE.....

And they cant pay the late investors a revenue anymore from the bank.....

It sounds like one of the biggest snowball/scam/pyramid schemes Ive seen in a while with coins unless I am missing something?

re-read the memorandum. the parking rate will reduces every year and even the minexbank reserve has been  runs out the percentage that they take from miners will do the job it takes decades though.

If you are familiar with compound interest you know it would not take decades, unless they set the revenue to like 1% and below a year, which will offer few motivation for people to buy or hold the coin in the future.

I am not saying its all bad, the team seems nice and everything works and is very professional from what i have seen. Its just that unless this projects somehow generates revenue thru other means, thru a real product, it would have to crash sooner or later. But the same could be said about Bitcoin when all coins are mined.

If nobody is discussing this it is because it is pretty clear from the white paper ex:
The first year 1000 mnx + 70 % = 1700 so 700 from MinexBank. The second year 70% drops to 35 so 1700 + 35%  = 2295 so 595 from MinexBank . To conclude MinexBank will pay less even including the compound. Moreover with the time the mining fees paid to MinexBank will increase !. Off coarse This is simplistic explanation just to show the concept

Cheers and congratulations to the ones deciding to be part of the project.

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[muenze]

honestly i haven't expected  this price. I hope, You can keep that.

Yeah I bought a couple just to see what happens. But if you were minex CEO wouldnt you now sell a few hundret thousand coins to buy a couple of lambos and beach houses?

[muenze]

If nobody is discussing this it is because it is pretty clear from the white paper ex:
The first year 1000 mnx + 70 % = 1700 so 700 from MinexBank. The second year 70% drops to 35 so 1700 + 35%  = 2295 so 595 from MinexBank . To conclude MinexBank will pay less even including the compound. Moreover with the time the mining fees paid to MinexBank will increase !. Off coarse This is simplistic explanation just to show the concept

Cheers and congratulations to the ones deciding to be part of the project.

Thankyou for the further explanation, of course its easy to create 10 mil coins and then drop the revenue further so they last for a while

but if miners get high fees, investors get few % revenue, the system will crash at some point dont you agree?

What I am trying to say is just that its nor really build to last, tho i do like the incentive of 70% revenue for the first year for early investors. But why should someone invest in lets say 5 years, when the interest is down to 10% a year? What is the real product, value at this point? When miners get high fees and investors get few revenue? The trust that people keep holding their coins at 10% and the price stays stable since there is still some virtual coins left to give out as revenue?

[Deathwing]

I will be shutting down Minexcoin Faucet for about a day maybe two while I work on some server updates for better performance.

May take a lot less too, I don't know.

[hansen.ng]

If nobody is discussing this it is because it is pretty clear from the white paper ex:
The first year 1000 mnx + 70 % = 1700 so 700 from MinexBank. The second year 70% drops to 35 so 1700 + 35%  = 2295 so 595 from MinexBank . To conclude MinexBank will pay less even including the compound. Moreover with the time the mining fees paid to MinexBank will increase !. Off coarse This is simplistic explanation just to show the concept

Cheers and congratulations to the ones deciding to be part of the project.

Thankyou for the further explanation, of course its easy to create 10 mil coins and then drop the revenue further so they last for a while

but if miners get high fees, investors get few % revenue, the system will crash at some point dont you agree?

What I am trying to say is just that its nor really build to last, tho i do like the incentive of 70% revenue for the first year for early investors. But why should someone invest in lets say 5 years, when the interest is down to 10% a year? What is the real product, value at this point? When miners get high fees and investors get few revenue? The trust that people keep holding their coins at 10% and the price stays stable since there is still some virtual coins left to give out as revenue?

There are Minex Platform , Minex Exchange, Minex Market in the road map in the future. And each of those products need fees to use. But first I think Minexbank has to be stable and it seems like Minexcoin did a great job in garnering followers and adoptions.

[muenze]

There are Minex Platform , Minex Exchange, Minex Market in the road map in the future. And each of those products need fees to use.

Sounds great, I have to admit I did not read everything. Anyway, parked my Minex coins for a year good luck all

[easyrimka]

My wallet is not syncing having 0 connection. Does anyone have a nodelist? Or any other advice?

Please write to support@minexsystems.com and we will check.

hi dev, what do you think about the recent MNX HUGE price rally ? do you think a 100$ for MNX is possible and more important, do you think its a good price for the Minexbank trade ?

Hello, As we mentioned in our Bank memorandum : " first three months from November 1, 2017, will be the period of creation and development of the MNX exchange market. The market will be formed in stages due to different terms of trades launching on various exchanges. In addition, there will be a process of testing and debugging the algorithm of Minexbank's operation in real conditions (the development of a database and response tools). Therefore, deviations from the real macroeconomic parameters declared in the Memorandum are possible in first three months."

so you mean that the mnx will go down to a more realistic price in some month ?

[Deathwing]

My wallet is not syncing having 0 connection. Does anyone have a nodelist? Or any other advice?

addnode 217.182.64.253 to your minexcoin-qt wallet, it is one of my Minexcoin node servers. It is up 24/7.

[alinka]

I think the hybrid structure of the POW + Parking works very well. Especially with algorithms of the MinexBank, this looks like a promising project.

[Pechalka]

This is a surprising coin.
I did not expect such a growth, I wanted to pick up around 15 usd for a coin, but till I thought the price has increased till 30 and I thought I was late ..

[hansen.ng]

My wallet is not syncing having 0 connection. Does anyone have a nodelist? Or any other advice?

Please write to support@minexsystems.com and we will check.

hi dev, what do you think about the recent MNX HUGE price rally ? do you think a 100$ for MNX is possible and more important, do you think its a good price for the Minexbank trade ?

Hello, As we mentioned in our Bank memorandum : " first three months from November 1, 2017, will be the period of creation and development of the MNX exchange market. The market will be formed in stages due to different terms of trades launching on various exchanges. In addition, there will be a process of testing and debugging the algorithm of Minexbank's operation in real conditions (the development of a database and response tools). Therefore, deviations from the real macroeconomic parameters declared in the Memorandum are possible in first three months."

so you mean that the mnx will go down to a more realistic price in some month ?

I'll say maybe more stable not down/lower, looking at the supply I would think the more demand the higher the price.  But with Minexbank interest intervention it might try reduce the volatility to 5%.

[aikklond]

an incredible rise has occurred. new stock is going to be a list. the team is working very hard in the forums and social media are very active.good luck.

[Egiokas]

an incredible rise has occurred. new stock is going to be a list. the team is working very hard in the forums and social media are very active.good luck.

Hi. I lost my computer where was my Minex Wallet. Is there any way to recover it?

[ingiltere]

an incredible rise has occurred. new stock is going to be a list. the team is working very hard in the forums and social media are very active.good luck.

We said this coin should be in Top 50 even before Livecoin listings. Now that vision pays off well. I can't imagine how far this would go when big exchanges list it. Check coin supply and you can get an estimate.

[ramsay snow]

i think the price will rise even more. a great coin to invest in.
i believe it will reach the price of 100 dollars in a very short time

[tamazis]

Few questions if anybody has an idea
1. how is it possible that weekly around 5% is more profitable compared to monthly or yearly parking
2. where is this % on parked coins paid from? in other words, who pays the % - are these new coins being introduced into the circulation?
3. How would they continue payment of % when all the coins will be in circulation.

[TeMHuK]

Few questions if anybody has an idea
1. how is it possible that weekly around 5% is more profitable compared to monthly or yearly parking
2. where is this % on parked coins paid from? in other words, who pays the % - are these new coins being introduced into the circulation?
3. How would they continue payment of % when all the coins will be in circulation.

Is it somekind bot writing mesages like this one? I gave answer for same questions today

[Racquemis1]

Few questions if anybody has an idea
1. how is it possible that weekly around 5% is more profitable compared to monthly or yearly parking
2. where is this % on parked coins paid from? in other words, who pays the % - are these new coins being introduced into the circulation?
3. How would they continue payment of % when all the coins will be in circulation.

About question three, the minexbank reserve fee is also calculated over the transactions fees included in the blocks
So when no new coins are minted the minexbank will still be replenished by their cut of the transactions fee
At the time of the last block 70 procent of the transactions fees included in thr blocks will go the reserve

And by that time transaction fees will be quite large. Just like they currently are with bitcoin

[Rennsemmal]

A little question,  is it possible to get the refresh button back in minexbank ?

[Rexler]

i think the price will rise even more. a great coin to invest in.
i believe it will reach the price of 100 dollars in a very short time

I regret selling my MNX tokens few days ago. But selling too early is something that isn't new in the Crypto space. I'm just glad minexcoin was well worth the wait.  kudos to the team for never relenting despite the scam accusing fingers thrown at the project.