[ANN] Minereum - First Self Mining Smart Contract

[minime0105]

It will be way best now just to promote the upcoming ICO and not speculate about prices.
Prices will be decided by the market once the ICO is successfull, so please focus on that first instead of this.

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[MiBambino]

So, now I have really thought about what you write in the white paper, and made some math you can think about.

Lets assume that ETH value is 400 dollars. And the Gas about 50 000. The lowest gwei you can use, is like 0,5 now. That would mean that the cost is 0.000025 ETH, or 0,01 dollars, to get about 0,00032 ARTE. So to get the value for 1 ARTE, 1/0,00032 *0,01= 31,25 dollars per coin.
So, there will surely be bots to call that function, and mine the coin.

So, lets assume that you pay 100 MNE, or 10 ETH, and get 10000 ARTE, during the first year you would get 0,432*365=157,68.
That would give the dollar value, 157,68*31,25=4927,5 dollar.
Assuming you bought the first day of the ICO, and payed in in ETH, you payed 4000 dollars.

The total amount of coins that can me made with public mining is 512000. This is calculated by the total amount of  times the function can be called multiplied by the average number of coins made by the function. I here divide by 2, since the average value will be half of the original number.  3200000000*0,00032/2


So, That predicted value is off based on a couple of wrong assumptions:
1: That people would mine, and then sell at the same value. That would off course be a bit stupid, so the predicted value would ofc be higher.
2: That the price would not drop under the public mining cost, it could of course do that, and make that function useless.
3: That the cost for mining 1 ARTE will me constant. It will not since you get a bit less for every time you call the function.

So my prediction is that the Value of the coin will be higher then 31,25 dollars, and it will be a fight among people to mine it until it will eventually stop, when the amount of coins*the value of the coin is less then the current cost to mine it. And every time the price get higher, the mining process will start again.

Please let me know you thoughts about my calculations, have I made this correct? What are your thoughts about it?

Hi,

Thank you for your analysis.

Internally we are actually still having discussions on how the Public Mining reward should be definitely done.

In our current draft we are proposing 0.00032 ARTE per call, however, we are considering lowering this to 0.000032 (or even lower).

We would like to ask the community for the opinion on this. This process will only be defined once and the function won't be able to be changed once it is deploy on the network so we are glad to hear as many opinions as possible.

We have to take into account the following:

1. The gas used per call is approximately between 25000 and 55000

2. Users will be able to call the function as many times as they want

3. Multiple calls can be done simultaneously by different addresses

We are looking forward to hear the community feedback on this

Why would you lower the amount of ART to 0.000032?

The more ARTE available for mining, the more the supply

The more the supply, the lower the price. Lower price, unhappy investors

[sserugh]

That is a bit hard ofc, but here are my thoughts.

If you have the same amount as the white paper says as reward, it is a risk that the wast majority of the coins that are in existence are from the mining. That will likely scare of many investors In the ICO, since they will not have a big part of the coin supply. And the key here to my opinion is that this is Not MNE, that was an airdrop, in ARTEMINE, people actually pays to get this coin and have value.

If you lower the reward, then the supply in the beginning will be increased by the public mining, but not in any numbers that would scare of investors. Furthermore the price point is more in line with the supply of the coin in the early stages. I do also think that the Gwei cost will become Lower in the future, since the network is growing, and will evolve.

Lastly, I do think that the public mining is impossible to have as a feature that will be used in the long run, it will be used in the beginning when the supply is low, and in the future when the price is higher then the cost of the mining.

So, I think the idea to lower the reward is a good idea!

[sserugh]

It will be way best now just to promote the upcoming ICO and not speculate about prices.
Prices will be decided by the market once the ICO is successfull, so please focus on that first instead of this.

It is very relevant, since the future price might be decided by the features of the coin.

[Odeoke]

It will be way best now just to promote the upcoming ICO and not speculate about prices.
Prices will be decided by the market once the ICO is successfull, so please focus on that first instead of this.

It is very relevant, since the future price might be decided by the features of the coin.

MNE has unique features don't forget it's first self mining contract on top of the Ethereum blockchain. At the moment it offering token creation which made the creation of the token really easy even for non tech people too so it has big potential.

[MiBambino]

That is a bit hard ofc, but here are my thoughts.

If you have the same amount as the white paper says as reward, it is a risk that the wast majority of the coins that are in existence are from the mining. That will likely scare of many investors In the ICO, since they will not have a big part of the coin supply. And the key here to my opinion is that this is Not MNE, that was an airdrop, in ARTEMINE, people actually pays to get this coin and have value.

If you lower the reward, then the supply in the beginning will be increased by the public mining, but not in any numbers that would scare of investors. Furthermore the price point is more in line with the supply of the coin in the early stages. I do also think that the Gwei cost will become Lower in the future, since the network is growing, and will evolve.

Lastly, I do think that the public mining is impossible to have as a feature that will be used in the long run, it will be used in the beginning when the supply is low, and in the future when the price is higher then the cost of the mining.

So, I think the idea to lower the reward is a good idea!

My friend, it takes 60 years to mine every coin you paid for. How many people do you think are willing to spend 500$ (100 MNE) to buy 10.000 ART if it takes over a year to get break even?

[musclepump]

That is a bit hard ofc, but here are my thoughts.

If you have the same amount as the white paper says as reward, it is a risk that the wast majority of the coins that are in existence are from the mining. That will likely scare of many investors In the ICO, since they will not have a big part of the coin supply. And the key here to my opinion is that this is Not MNE, that was an airdrop, in ARTEMINE, people actually pays to get this coin and have value.

If you lower the reward, then the supply in the beginning will be increased by the public mining, but not in any numbers that would scare of investors. Furthermore the price point is more in line with the supply of the coin in the early stages. I do also think that the Gwei cost will become Lower in the future, since the network is growing, and will evolve.

Lastly, I do think that the public mining is impossible to have as a feature that will be used in the long run, it will be used in the beginning when the supply is low, and in the future when the price is higher then the cost of the mining.

So, I think the idea to lower the reward is a good idea!

My friend, it takes 60 years to mine every coin you paid for. How many people do you think are willing to spend 500$ (100 MNE) to buy 10.000 ART if it takes over a year to get break even?

Well if it take over a year to break even, he'll even two years.. That means you still got 58 years of profit.... Sounds good to me

[sserugh]

That is a bit hard ofc, but here are my thoughts.

If you have the same amount as the white paper says as reward, it is a risk that the wast majority of the coins that are in existence are from the mining. That will likely scare of many investors In the ICO, since they will not have a big part of the coin supply. And the key here to my opinion is that this is Not MNE, that was an airdrop, in ARTEMINE, people actually pays to get this coin and have value.

If you lower the reward, then the supply in the beginning will be increased by the public mining, but not in any numbers that would scare of investors. Furthermore the price point is more in line with the supply of the coin in the early stages. I do also think that the Gwei cost will become Lower in the future, since the network is growing, and will evolve.

Lastly, I do think that the public mining is impossible to have as a feature that will be used in the long run, it will be used in the beginning when the supply is low, and in the future when the price is higher then the cost of the mining.

So, I think the idea to lower the reward is a good idea!

My friend, it takes 60 years to mine every coin you paid for. How many people do you think are willing to spend 500$ (100 MNE) to buy 10.000 ART if it takes over a year to get break even?

Well if it take over a year to break even, he'll even two years.. That means you still got 58 years of profit.... Sounds good to me

Well, if he lowers the reward, the price will be much higher! It will not take a year! But nothing is certain, none of us can for sure make a bullet prof prediction.

[cryptogangsta]

Guys I am pretty sure that when you swap MNE for ARTE that you get all the coins and then the genesis addresses mine based on how many coins you have in them.

Or does it really take 60 ish years? 

Dev or anyone with link please clarify.

[MiBambino]

Guys I am pretty sure that when you swap MNE for ARTE that you get all the coins and then the genesis addresses mine based on how many coins you have in them.

Or does it really take 60 ish years? 

Dev or anyone with link please clarify.

If it's a genesis address, the amount of coins you buy will be mined over a period of 60 years. You don't start of with a set amount, you just get some ART on your address every day

[12inchMom]

it will be wise to buy your MNE for the swap right now, if you wait till Arte ICO info is release, you will end up paying a lot more

[MrPuffnStuff]

So, now I have really thought about what you write in the white paper, and made some math you can think about.

Lets assume that ETH value is 400 dollars. And the Gas about 50 000. The lowest gwei you can use, is like 0,5 now. That would mean that the cost is 0.000025 ETH, or 0,01 dollars, to get about 0,00032 ARTE. So to get the value for 1 ARTE, 1/0,00032 *0,01= 31,25 dollars per coin.
So, there will surely be bots to call that function, and mine the coin.

So, lets assume that you pay 100 MNE, or 10 ETH, and get 10000 ARTE, during the first year you would get 0,432*365=157,68.
That would give the dollar value, 157,68*31,25=4927,5 dollar.
Assuming you bought the first day of the ICO, and payed in in ETH, you payed 4000 dollars.

The total amount of coins that can me made with public mining is 512000. This is calculated by the total amount of  times the function can be called multiplied by the average number of coins made by the function. I here divide by 2, since the average value will be half of the original number.  3200000000*0,00032/2


So, That predicted value is off based on a couple of wrong assumptions:
1: That people would mine, and then sell at the same value. That would off course be a bit stupid, so the predicted value would ofc be higher.
2: That the price would not drop under the public mining cost, it could of course do that, and make that function useless.
3: That the cost for mining 1 ARTE will me constant. It will not since you get a bit less for every time you call the function.

So my prediction is that the Value of the coin will be higher then 31,25 dollars, and it will be a fight among people to mine it until it will eventually stop, when the amount of coins*the value of the coin is less then the current cost to mine it. And every time the price get higher, the mining process will start again.

Please let me know you thoughts about my calculations, have I made this correct? What are your thoughts about it?

Hi,

Thank you for your analysis.

Internally we are actually still having discussions on how the Public Mining reward should be definitely done.

In our current draft we are proposing 0.00032 ARTE per call, however, we are considering lowering this to 0.000032 (or even lower).

We would like to ask the community for the opinion on this. This process will only be defined once and the function won't be able to be changed once it is deploy on the network so we are glad to hear as many opinions as possible.

We have to take into account the following:

1. The gas used per call is approximately between 25000 and 55000

2. Users will be able to call the function as many times as they want

3. Multiple calls can be done simultaneously by different addresses

We are looking forward to hear the community feedback on this

Why would you lower the amount of ART to 0.000032?

The more ARTE available for mining, the more the supply

The more the supply, the lower the price. Lower price, unhappy investors

I agree with MiBambino and gonna go out on a limb and guess that the community/investors would prefer a lower supply to keep demand/price high for the token...

[MiBambino]

it will be wise to buy your MNE for the swap right now, if you wait till Arte ICO info is release, you will end up paying a lot more

Definitely, prices will extend past the ATH no doubt, especially after the first day of the ICO, every contributed MNE coin will be burned so I'm expecting prices to reach up to 30, 40$ in flash peaks

[musclepump]

it will be wise to buy your MNE for the swap right now, if you wait till Arte ICO info is release, you will end up paying a lot more

Definitely, prices will extend past the ATH no doubt, especially after the first day of the ICO, every contributed MNE coin will be burned so I'm expecting prices to reach up to 30, 40$ in flash peaks

OH easily now Eth is reaching $400 and seems like it will be over that once ico starts.... I'm thinking the  announcement of the date for ico we should see an ath of Mne

[honghaisea]

Guys I am pretty sure that when you swap MNE for ARTE that you get all the coins and then the genesis addresses mine based on how many coins you have in them.

Or does it really take 60 ish years? 

Dev or anyone with link please clarify.

If it's a genesis address, the amount of coins you buy will be mined over a period of 60 years. You don't start of with a set amount, you just get some ART on your address every day

60 years is too long ,i do not think i can live 60 more years maybe 6 years more better.

[minereum_investor1]

Turns out Dev did not see my previous post so I decided to post again :

Please Dev, I took a closer look at the new whitepaper.

It is written about the ICO Factory that it will be an update of the current Token Creation Service related to Minereum.

Does that mean one part of the Artemine project will consist in improving/updating some other parts of MNE?

If valid, why did you include the ICO Factory into the Artemine whitepaper as you already stated both AMNE & MNE will go on separately?

----

Regarding the Artemine ICO, could you please explain in details by providing a quick step-by-step guide on how we'll be proceeding to apply once the ICO starts?

Finally, could we be told an approximative date?

Thank you Dev.

[Jmmerquita]

dev regarding 60 years is not realisit for people to buy ART. how can we maximize the potential of it?

[minime0105]

it will be wise to buy your MNE for the swap right now, if you wait till Arte ICO info is release, you will end up paying a lot more

Yeah, as I will really invest on the Artemine, ICO and of course will trade as well, I am buying a lot of cheap MNE for now, this is easy money once the ICO is announced, quote me on this,

[HerthaYid]

There is nothing wrong with 60 years, as you can sell your genesis address at any time, so the value will always be there.

[NrX]

You can expect ICO announcement coming in two weeks because it was said by dev that they are in process of registering company in Switzerland and that is cause of all this delay. Once that is done we all will know the exact date and information about the process of crowdfunding of Artemine.