[ANN] [MΣC] Megacoin.co.nz - Forum, Github, Website Now in 18 Languages

[bholzer]

http://cryptolife.net/the-anatomy-of-a-scamcoin-7-things-to-know-before-investing-in-an-altcoin/

Megacoin is mentioned in a few examples:
1) disproportionate coin generation: "Megacoin: 50% of all coins will be generated during the first 5 months. The rest will be generated over the next couple of decades."
2) developer incompetence: "Megacoin: Initial client released using same ports as Litecoin. Developer refused to admit this was a problem for weeks until he caved and issued a patch."

Haha okay buddy -- whatever helps you sleep at night.

[kriwest]

http://cryptolife.net/the-anatomy-of-a-scamcoin-7-things-to-know-before-investing-in-an-altcoin/

Megacoin is mentioned in a few examples:
1) disproportionate coin generation: "Megacoin: 50% of all coins will be generated during the first 5 months. The rest will be generated over the next couple of decades."
2) developer incompetence: "Megacoin: Initial client released using same ports as Litecoin. Developer refused to admit this was a problem for weeks until he caved and issued a patch."

Haha okay buddy -- whatever helps you sleep at night.

What? It's hazard's site, not mine: https://bitcointalk.org/index.php?topic=304800.0
I'm pro Megacoin.. if you haven't noticed by my posting lately. I'm posting this here simply for people to be aware of the site and the mention of MEC.
All information, good or bad, should be brought up IMO. No censorship.

Better a supporter of MEC post it here than Hazard. If a coin is good enough, it will survive any slander or critique by it's own merits.

[bholzer]

http://cryptolife.net/the-anatomy-of-a-scamcoin-7-things-to-know-before-investing-in-an-altcoin/

Megacoin is mentioned in a few examples:
1) disproportionate coin generation: "Megacoin: 50% of all coins will be generated during the first 5 months. The rest will be generated over the next couple of decades."
2) developer incompetence: "Megacoin: Initial client released using same ports as Litecoin. Developer refused to admit this was a problem for weeks until he caved and issued a patch."

Haha okay buddy -- whatever helps you sleep at night.

what? it's hazard's site, not mine: https://bitcointalk.org/index.php?topic=304800.0
I'm pro megacoin.. if you haven't noticed by my posting lately. I'm posting this here simply for people to be aware of the site and the mention of MEC.

But it's well known that Hazard is bitter -- I think both of those examples are utter BS. It's important to secure the network early and attract attention in a crowded space -- front-loading rewards does this. It isn't a scam...it's just like any other investment -- those that get in early take on the most risk...and therefore deserve the additional rewards. This reward reduction is one of the reasons MegaCoin is cruising...and I'll still be mining away even when it drops down to the standard 25 coins/block. On top of this...it's not like the rewards were huge for the first few hours or even first day -- each tier lasted for ~30 days. This is plenty of time to get in and take advantage of the early bonus. On top of all of that, the majority of the people that were mining early actually dumped their coins and basement-level prices -- those early rewards are pretty well distributed at this point. It's not like everybody that started mining early kept every coin and they're all millionaires.

The Litecoin port issue was a simple oversight -- definitely not worthy of including in an article. Regardless, guess how many people are going to read that article? Virtually none outside of this thread (and we already support MegaCoin.) cryptolife.net is literally one of the lowest traffic websites on the Internet...and biased, bitter articles like this are the reasons it will stay that way.

Hazard is just a bitter dude.

EDIT: Just a note -- I didn't even start mining MegaCoin until well into the 250 blocks. Instead of crying about missing out...I just kept mining.

[kriwest]

http://cryptolife.net/the-anatomy-of-a-scamcoin-7-things-to-know-before-investing-in-an-altcoin/

Megacoin is mentioned in a few examples:
1) disproportionate coin generation: "Megacoin: 50% of all coins will be generated during the first 5 months. The rest will be generated over the next couple of decades."
2) developer incompetence: "Megacoin: Initial client released using same ports as Litecoin. Developer refused to admit this was a problem for weeks until he caved and issued a patch."

Haha okay buddy -- whatever helps you sleep at night.

what? it's hazard's site, not mine: https://bitcointalk.org/index.php?topic=304800.0
I'm pro megacoin.. if you haven't noticed by my posting lately. I'm posting this here simply for people to be aware of the site and the mention of MEC.

But it's well known that Hazard is bitter -- I think both of those examples are utter BS. It's important to secure the network early and attract attention in a crowded space -- front-loading rewards does this. It isn't a scam...it's just like any other investment -- those that get in early take on the most risk...and therefore deserve the additional rewards. This reward reduction is one of the reasons MegaCoin is cruising...and I'll still be mining away even when it drops down to the standard 25 coins/block. On top of this...it's not like the rewards were huge for the first few hours or even first day -- each tier lasted for ~30 days. This is plenty of time to get in and take advantage of the early bonus. On top of all of that, the majority of the people that were mining early actually dumped their coins and basement-level prices -- those early rewards are pretty well distributed at this point. It's not like everybody that started mining early kept every coin and they're all millionaires.

The Litecoin port issue was a simple oversight -- definitely not worthy of including in an article. Regardless, guess how many people are going to read that article? Virtually none outside of this thread (and we already support MegaCoin.) cryptolife.net is literally one of the lowest traffic websites on the Internet...and biased, bitter articles like this are the reasons it will stay that way.

Hazard is just a bitter dude.

And this post of yours is exactly why I brought it up. So that those of us who are positive about MEC can raise counter arguments to his reasoning. I edited my post a little after you had replied.
Now if someone reads his post and comes to this thread, they can read your post. Ignoring him could lead to people giving him more credit than he deserves.

Edit: I didn't mine MEC at all, I bought mine at cryptsy. I wasn't among the very early adopters either.

[bholzer]

http://cryptolife.net/the-anatomy-of-a-scamcoin-7-things-to-know-before-investing-in-an-altcoin/

Megacoin is mentioned in a few examples:
1) disproportionate coin generation: "Megacoin: 50% of all coins will be generated during the first 5 months. The rest will be generated over the next couple of decades."
2) developer incompetence: "Megacoin: Initial client released using same ports as Litecoin. Developer refused to admit this was a problem for weeks until he caved and issued a patch."

Haha okay buddy -- whatever helps you sleep at night.

what? it's hazard's site, not mine: https://bitcointalk.org/index.php?topic=304800.0
I'm pro megacoin.. if you haven't noticed by my posting lately. I'm posting this here simply for people to be aware of the site and the mention of MEC.

But it's well known that Hazard is bitter -- I think both of those examples are utter BS. It's important to secure the network early and attract attention in a crowded space -- front-loading rewards does this. It isn't a scam...it's just like any other investment -- those that get in early take on the most risk...and therefore deserve the additional rewards. This reward reduction is one of the reasons MegaCoin is cruising...and I'll still be mining away even when it drops down to the standard 25 coins/block. On top of this...it's not like the rewards were huge for the first few hours or even first day -- each tier lasted for ~30 days. This is plenty of time to get in and take advantage of the early bonus. On top of all of that, the majority of the people that were mining early actually dumped their coins and basement-level prices -- those early rewards are pretty well distributed at this point. It's not like everybody that started mining early kept every coin and they're all millionaires.

The Litecoin port issue was a simple oversight -- definitely not worthy of including in an article. Regardless, guess how many people are going to read that article? Virtually none outside of this thread (and we already support MegaCoin.) cryptolife.net is literally one of the lowest traffic websites on the Internet...and biased, bitter articles like this are the reasons it will stay that way.

Hazard is just a bitter dude.

And this post of yours is exactly why I brought it up. So that those of us who are positive about MEC can raise counter arguments to his reasoning. I edited my post a little after you had replied.

However, we've already gone over this ad nauseam. Anybody can write some crap article on their blog that nobody reads -- it doesn't mean it's relevant information that needs to be included in this thread. This thread should be here to inform people about MegaCoin -- not add static to the situation by linking to (and quoting) biased articles on a blog nobody reads. Informative articles or articles with real exposure I'm happy to read whether MegaCoin positive or negative. If this was a New York Times front page story, I'd say it's maybe worth linking to. If it's some bitter guy mumbling nonsense to himself...we don't need you to put a MEGAphone up to his face.

[kriwest]

http://cryptolife.net/the-anatomy-of-a-scamcoin-7-things-to-know-before-investing-in-an-altcoin/

Megacoin is mentioned in a few examples:
1) disproportionate coin generation: "Megacoin: 50% of all coins will be generated during the first 5 months. The rest will be generated over the next couple of decades."
2) developer incompetence: "Megacoin: Initial client released using same ports as Litecoin. Developer refused to admit this was a problem for weeks until he caved and issued a patch."

Haha okay buddy -- whatever helps you sleep at night.

what? it's hazard's site, not mine: https://bitcointalk.org/index.php?topic=304800.0
I'm pro megacoin.. if you haven't noticed by my posting lately. I'm posting this here simply for people to be aware of the site and the mention of MEC.

But it's well known that Hazard is bitter -- I think both of those examples are utter BS. It's important to secure the network early and attract attention in a crowded space -- front-loading rewards does this. It isn't a scam...it's just like any other investment -- those that get in early take on the most risk...and therefore deserve the additional rewards. This reward reduction is one of the reasons MegaCoin is cruising...and I'll still be mining away even when it drops down to the standard 25 coins/block. On top of this...it's not like the rewards were huge for the first few hours or even first day -- each tier lasted for ~30 days. This is plenty of time to get in and take advantage of the early bonus. On top of all of that, the majority of the people that were mining early actually dumped their coins and basement-level prices -- those early rewards are pretty well distributed at this point. It's not like everybody that started mining early kept every coin and they're all millionaires.

The Litecoin port issue was a simple oversight -- definitely not worthy of including in an article. Regardless, guess how many people are going to read that article? Virtually none outside of this thread (and we already support MegaCoin.) cryptolife.net is literally one of the lowest traffic websites on the Internet...and biased, bitter articles like this are the reasons it will stay that way.

Hazard is just a bitter dude.

And this post of yours is exactly why I brought it up. So that those of us who are positive about MEC can raise counter arguments to his reasoning. I edited my post a little after you had replied.

However, we've already gone over this ad nauseam. Anybody can write some crap article on their blog that nobody reads -- it doesn't mean it's relevant information that needs to be included in this thread. This thread should be here to inform people about MegaCoin -- not add static to the situation by linking to (and quoting) biased articles on a blog nobody reads. Informative articles or articles with real exposure I'm happy to read whether MegaCoin positive or negative. If this was a New York Times front page story, I'd say it's maybe worth linking to. If it's some bitter guy mumbling nonsense to himself...we don't need you to put a MEGAphone up to his face.

Once again I edited my post while you replied. I should stop doing that. Anyway, I wrote:
"Now if someone reads his post and comes to this thread, they can read your post. Ignoring him could lead to people giving him more credit than he deserves." That my intention anyway. I understand you disagree with my actions, that's fine.

[bholzer]

Once again I edited my post while you replied. I should stop doing that. Anyway, I wrote:
"Now if someone reads his post and comes to this thread, they can read your post. Ignoring him could lead to people giving him more credit than he deserves." That my intention anyway. I understand you disagree with my actions, that's fine.

Yeah...I just think that by linking to the article, including the two negative MegaCoin quotes, and not including your views which apparently conflict with the article, it's pretty misleading. At that point, you're endorsing the article.

He won't get more credit than he deserves because the only people that will see that article are people clicking your link in this thread. If you hadn't linked to it, nobody would read it. He had 6 unique visits to his website this month -- you may be overestimating his influence.

[kriwest]

Once again I edited my post while you replied. I should stop doing that. Anyway, I wrote:
"Now if someone reads his post and comes to this thread, they can read your post. Ignoring him could lead to people giving him more credit than he deserves." That my intention anyway. I understand you disagree with my actions, that's fine.

Yeah...I just think that by linking to the article, including the two negative MegaCoin quotes, and not including your views which apparently conflict with the article, it's pretty misleading. At that point, you're endorsing the article.

He won't get more credit than he deserves because the only people that will see that article are people clicking your link in this thread. If you hadn't linked to it, nobody would read it. He had 6 unique visits to his website this month -- you may be overestimating his influence.

You're right. I don't know why I didn't counter his arguments in my own post. I'm tired I guess.
If I ever do find something like this again that I find to be wrong I'll be sure to not expect others to counter it but do it myself.
I'll admit my stupidity in this case. I edited my original post now.

[bholzer]

It isn't a scam...it's just like any other investment -- those that get in early take on the most risk...and therefore deserve the additional rewards.

Again, false, and you only say this because you (presumably) hold a decent sized stake. Your "risk" amounts to what you spend on electricity, and that electricity goes to processing transactions for what is right now essentially monopoly money. You talk as if altcoins are the pink sheets, or like you're some sort of angel investor... Please, spare me the bullshit.

My "risk" amounts to electricity costs, and actual US dollars (what you consider "real money") used to purchase BTC to trade for MEC. To continue saying this isn't an investment or a risk is simply ignorant. I spend $1500/month on my power bill...and about $1400 of that is due to mining. Over the past 2 months, I have almost exclusively mined Megacoin. In all, by my calculations, I have about $3800 invested in Megacoin -- I don't care what your definition is...but to me it's an investment. If I hadn't spent this money here, I would have likely invested it in the stock market like I usually do.

I think you're approaching this in completely the wrong way. You clearly don't understand altcoins or the altcoin market nor do you respect what we are all doing...yet you go create a blog about it like you're some kind of expert? If you dislike altcoins, don't understand the fundamentals, and consider them to be worthless...I have to ask: what are you doing here? Perhaps you need a new hobby.

[orco#2]

Get a life mate

[kriwest]

On a more positive note: Big buy ups of MEC yet again. This is a repeating pattern... every single night someone buys huge amounts of MEC and sets up buy walls even higher. Very interesting, haven't seen this consistently every day with any other coin. Combine that with Kimoto being silent (he did login though) for longer than usual.. has my brain working.

[bholzer]

My "risk" amounts to electricity costs, and actual US dollars (what you consider "real money") used to purchase BTC to trade for MEC. To continue saying this isn't an investment or a risk is simply ignorant. I spend $1500/month on my power bill...and about $1400 of that is due to mining. Over the past 2 months, I have almost exclusively mined Megacoin. In all, by my calculations, I have about $3800 invested in Megacoin -- I don't care what your definition is...but to me it's an investment. If I hadn't spent this money here, I would have likely invested it in the stock market like I usually do.

I think you're approaching this in completely the wrong way. You clearly don't understand altcoins or the altcoin market nor do you respect what we are all doing...yet you go create a blog about it like you're some kind of expert? If you dislike altcoins, don't understand the fundamentals, and consider them to be worthless...I have to ask: what are you doing here? Perhaps you need a new hobby.

Very funny. I've been involved with altcoins for over 2 years now. 5 months ago, I offered an altcoin creation service, which was directly responsible for almost two dozen coins, many of which still have an active community and are still being traded today.

So yes, I am some kind of expert.

You may be an expert on churning out clone coins...but you're clearly not an expert in economics. Maybe stick to what you know.

[claycoins]

Hazard you were criticizing/abusing when the coin was announced and not even released yet so I can't take anything you say about it seriously.

The reason it took a while to be noticed was that it was released among a flood of other coins at the time, there were literally 3-4 being announced every day.  I mined for about 12 hours with my lowly 130khs and got about 12 blocks before I unwisely switched to mining some other junk that just came out.
From what I remember the source was provided within a couple of days and kimoto even said himself that the exe should be run in a vm if you did not trust him.
Kimoto said he had a reason for the ports, maybe he was testing something.
The block rewards I believe are designed to get Megacoin up to speed with Bitcoin - 2 x the coins at the same point in time roughly.

[claycoins]

Quote from: claycoins on Today at 10:21:40 AM
The block rewards I believe are designed to get Megacoin up to speed with Bitcoin - 2 x the coins at the same point in time roughly.


Bitcoin took about 4 years to reach 50% coins in circulation. MEC reached that point in 4 months. That's a huge difference. The network does not "need to get up to speed" with bitcoin. That's a lie told to you to justify the early mining of so many coins. Of course, you're a part of it, so you naturally don't mind. But for the people that you need to adopt MEC to make it a success? They're going to care. A lot.



Nobody told me this, it is just what I think.

[Francisco]

You may be an expert on churning out clone coins...but you're clearly not an expert on economics. Maybe stick to what you know.

Oh, I'm plenty knowledgeable in economics. Economics says a market can not possibly support the amount of alternate currencies that we have now. Especially considering that none of them have any relevant real world applications. They're just being traded as monopoly money.
 

Please let me know where I can trade my monopoly money for bitcoins.  Oh that's right you can't.  Once again you've jumped to a false conclusion.  Stick to coding buddy and stop making shit up.

Also, would love to see your in depth analysis of the true market cap of alternative cryptocurrencies.  LOL  

[claycoins]

And while I understand that you are all deeply financially and emotionally invested in megacoin, I encourage you to look from an objective perspective what you are getting yourself into.

Holding a long term stake in any of these coins is incredibly risky business. I think you are all blinded by the allure of potentially having gotten in early to the next bitcoin/litecoin. Keep in mind that statistics are against you. Much more innovative older coins, with a much bigger backing (PPCoin and Namecoin for instance) have yet to become anything meaningful. Don't forget that.

I don't support megacoin to be the next bitcoin/litecoin, it will be whatever it is on its own.  Of course anybody investing any money they cannot afford to lose is stupid.  I support megacoin because 95 percent of the alt coins are just someone changing the parameters of litecoin and calling themselves a developer, at least kimoto shows that he has some coding ability.

[kriwest]

And while I understand that you are all deeply financially and emotionally invested in megacoin, I encourage you to look from an objective perspective what you are getting yourself into.

Holding a long term stake in any of these coins is incredibly risky business. I think you are all blinded by the allure of potentially having gotten in early to the next bitcoin/litecoin. Keep in mind that statistics are against you. Much more innovative older coins, with a much bigger backing (PPCoin and Namecoin for instance) have yet to become anything meaningful. Don't forget that.

I for one only have a 2 BTC stake in MEC. To repeat what I said earlier in this thread; I never invest money that I'm afraid to lose. I can earn back that 2 BTC from working my day job in 1 week. No big deal. I understand that any altcoin.. heck, even bitcoin.. is a high risk venture. If someone that invests in crypto currencies doesn't understand this, or aren't comfortable with it, they should get out.. now.

I first got interested in MEC because, from a marketing perspective, it really does have "sex appeal". No other coin out there is as visually pleasing and smooth as MEC.. and that matters to the general public who doesn't understand any of the nitty gritty code, but just wants it to work. "plug and play". After that I saw what Kimoto was able to do with the difficulty adjustment, as well as payment processors and stores being in development... in other words; no longer just monopoly money. It's a coin with active development and a growing community.

Investing is a hobby for me at this time, but I do enjoy it.. and I try to pick out the coins that I personally find most appealing and we'll see where it goes. Eventually I want to create and run businesses that trade in cryptos myself.

[claycoins]

And while I understand that you are all deeply financially and emotionally invested in megacoin, I encourage you to look from an objective perspective what you are getting yourself into.

Holding a long term stake in any of these coins is incredibly risky business. I think you are all blinded by the allure of potentially having gotten in early to the next bitcoin/litecoin. Keep in mind that statistics are against you. Much more innovative older coins, with a much bigger backing (PPCoin and Namecoin for instance) have yet to become anything meaningful. Don't forget that.

I don't support megacoin to be the next bitcoin/litecoin, it will be whatever it is on its own.  Of course anybody investing any money they cannot afford to lose is stupid.  I support megacoin because 95 percent of the alt coins are just someone changing the parameters of litecoin and calling themselves a developer, at least kimoto shows that he has some coding ability.

That... is exactly what megacoin is. It's a simple litecoin clone. Which is fine, but it's not at all innovative. Add to that the shady launch that this coin had, and it's a no-no in my book.

If you want to talk about coding ability, I will point you to PPCoin, for instance.

Well actually no, from what Kimoto has said it is a bitcoin clone with scrypt and the changed parameters.

[mojosplurr]

Seems like the people who dumped Megacoin are regretting it and are here now to bash on the coin.

What is the point of going into this thread and telling us how much it sucks, nobody is going to listen.

Go to Disneyland and tell everyone Disneyland sucks and to go home, that will surely put them out of business.

[vtr99]

And while I understand that you are all deeply financially and emotionally invested in megacoin, I encourage you to look from an objective perspective what you are getting yourself into.

Holding a long term stake in any of these coins is incredibly risky business. I think you are all blinded by the allure of potentially having gotten in early to the next bitcoin/litecoin. Keep in mind that statistics are against you. Much more innovative older coins, with a much bigger backing (PPCoin and Namecoin for instance) have yet to become anything meaningful. Don't forget that.

I don't support megacoin to be the next bitcoin/litecoin, it will be whatever it is on its own.  Of course anybody investing any money they cannot afford to lose is stupid.  I support megacoin because 95 percent of the alt coins are just someone changing the parameters of litecoin and calling themselves a developer, at least kimoto shows that he has some coding ability.

That... is exactly what megacoin is. It's a simple litecoin clone. Which is fine, but it's not at all innovative. Add to that the shady launch that this coin had, and it's a no-no in my book.

If you want to talk about coding ability, I will point you to PPCoin, for instance.

Well, thanks for confirming what we knew all along. You guys just made our victory party so much sweeter.  

We'll take that as a big, you won! Round of hearty congratulations on Megacoins success!  

I'm going to go ahead and risk the entire hundred bucks. Yeah, I know it's risky, but we're adults here and don't need any advice. When MΣC is 1,000 times the current price, I hope you guys will still keep us entertained and laughing.

I think Kimoto deserves a scrapbook. We should devote one page each to all the people who made it such an entertaining ride, including the doom sayers who gave us laughs, and did everything possible to derail the inevitable.  

Thanks for the sour grapes, they never tasted so sweet!