CrowdMining Coin
What is CrowdMining Coin?CrowdMining Coin is a token created on the Waves platform to provide a lower entry fee into the world of cryptocurrency mining. This token in particular will focus on mining the
Why a token for this? Aren't there lots of solutions that can make cloud mining easy?
There are many simple to use solutions for crypto mining. Platforms such as bitcoin.com, hashnest, hashflare, genesis mining, and more provide easy methods for mining digital currencies.
But they all have major problems, on their own.
1. Fees. The withdrawal fee for most bitcoin sites are close to .001 BTC. While that may not seem a huge amount, for a small time miner, that is an incredibly large percentage of their earned funds, and can deeply hurt their profit margins.
2. Lack of liquidity. With the exception of hashnest, the cloud miners do not support trading or transfers of mining power between users.
3. Lack of universal support. The only cloud mining site that allowed trading, (hashnest), is also one which does not allow Americans to use their services!
So what does CrowdMining Coin do about these issues?
1. The fee to transfer the token will be standard Waves fees. (At least until such a time as a waves masternode could make it cheaper.).
The current standard fee on the waves wallet is .001 Waves for a transfer. This fee will (at time of writing) equate to a fee of 67 satoshis. Compare this to bitcoin at fees that can be 100,000 satoshis easily.
2. CrowdMining Coin can be traded from day 1! The cost to trade CrowdMining coin (listed initially on the Waves DEX), is .003 waves, or roughly 200 satoshis per trade. This means that users can cheaply transfer and trade the coin among themselves, with no centralized authority restricting access to their assets.
3. Due to the decentralized nature of crypto, no one is, or can be excluded, ever. Anyone holding the token can participate.
So do you have miners?
No. CrowdMining Coin is a broker, essentially. We charge a 10% fee, in exchange for being a proxy between multiple of the aforementioned cloud mining sites.
So why can you use the cloud mining sites, but we shouldn't?
We require only one withdrawal is to bring earnings back to the Waves platform, reducing fees many times over.
Since users will always hold the same amount of mining power (I.E. if users trade/send the token between themselves, the total amount stays the same), the inability to trade will not harm us.
And finally, geographic limitations will not hinder us.
So what is to stop you from running with the funds raised from this token?
In a word, nothing.
This is basically the same with all ICOs. Anyone telling you different is either trying to steal from you, or is severely misguided.
I could talk for a few hours about how my honor means everything to me, and integrity is a core value, (both of which are true), but at the end of the day that is what every scammer in creation would do.
Rather than go through all of that, I will put forward a logical business plan that clearly benefits both parties in a mutually beneficial relationship.
How does the income get split up?
75% will go to reinvestment into mining power.
5% will go to the creator. (me).
20% will be disbursed to the token holders as their profit.
So how do I get my mining dividends?
This is where things get just a little complicated. Bear with me.
Initial sell price for these coins will be .0001 BTC.
An example:
We sell 1000 shares @ .0001. Raised .1 BTC.
Let's say, first dividend is .01.
5% goes to the creator: .0005 BTC.
75% goes to reinvestment: Total invested.1075
20% goes to pay the token holders. .002 BTC would be used to buy up any and all sell orders on the books.
This means that the free market will control not only dividends, but also, market price. If there is little liquidity (no one wants to sell), then you could place a very high sell order, and make a lot of interest!
On the flip side, if there is a lot of liquidity on the market, the returns will be lower, but the exchange will have better deals on it.
This is all stipulated with the caveat, that if
at any time I do not like how things are going, I reserve the right to refund all users with the original amount of BTC invested, and close up shop.
So when will the dividends be?
Paid weekly. If we sold a ton, we could do shorter intervals, but since part of the point is to lower withdrawal fees, it shouldn't be too often.
What happens if I buy some, and then no one else does?
We are looking to raise a minimum startup capital of 1 BTC to get the ball rolling. If that does not happen within two weeks, (and if I do not see much support for this idea), I will fully refund all token holders.
Early bird bonuses?
Check out the sell orders.
The token is live for sale on the waves DEX, found in the waves wallet. (Either online, or desktop).
Token name: CrowdMiner
Issuer: 3P2tq9RNcMhWMUZm8z6VqsBKegQwDqQ1N3p
100 tokens @ 5000 satoshis.
100 tokens @ 6000 satoshis.
100 tokens @ 7000 satoshis.
100 tokens @ 8000 satoshis.
100 tokens @ 9000 satoshis.
2000 tokens @ 10000 satoshis.
2000 tokens @ 12000 satoshis.
2000 tokens @ 15000 satoshis.
2000 tokens @ 17000 satoshis.
91500 tokens @ 20000 satoshis.
Total of 100,000 tokens for sale.
Future releases of tokens will be at a fixed price of 20,000 satoshis.
It will be interesting to see responses to this. It is less of a formal "ICO" and may receive criticism. But I feel that it can actually provide a needed service to the community, and be a small side job.
If anyone has any questions or concerns about this, please feel free to weigh in.
