[ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained]

[deadmanwalking]

Vault of Satoshi Gets Full Money Services License for Canada

http://www.coindesk.com/vault-of-satoshi-gets-full-money-services-license-canada/

Good Read. Good Exchange. Good for the Mint Revolution.

[1714195669]

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[1714195669]

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[1714195669]

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[slinger1015]

okay signed up TY
mining now

[stormia]

okay signed up TY
mining now

Welcome aboard!

[stormia]

http://finance.yahoo.com/news/bitcoin-property-not-currency-tax-202506165.html;_ylt=A0LEVzQYSTJTBSIAn79XNyoA;_ylu=X3oDMTB0ZGk2Z2FqBHNlYwNzYwRjb2xvA2JmMQR2dGlkA1ZJUDA3N18x    This seems like good news for the community. The U.S. government is taking an official position on Bitcoin. They want their piece but that also adds security for banks and businesses that have been on the fence about using

that's somewhat confusing ... always have to know your cost of basis and what you're buying to determine your capital gains? 

so if you sell the bitcoins back to USD at a gain, it's taxed as a property gain?

It is extremely confusing...

"Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase."

Does that mean if you don't "hold" them for a year before you sell them you don't have to pay taxes on the profits? If so... couldn't you just convert your BTC into an altcoin and then right back into BTC once a year to avoid ever "holding" them for a full year? Hahahaha

Also, no mention of altcoins at all... So, convert your BTC into an altcoin that has a fiat exchange and then exchange to fiat and you don't have to pay taxes on the capital gains?!?

Wow, I think you just found a loophole stormia! Lol, what better coin to turn it into than one that pays 20% interest

Vault of Satoshi baby!

My thoughts exactly. Now they realllly need to get back to operating in the USA   

[garicson]

Some people have suggested that the 20% interest rate for the first year is too high.  It sounds like a lot, but not all of that will be realized.  I will attempt to estimate an upper limit for the inflation percentage and compare it to Bitcoin and Litecoin.

First of all, mining ended before the 20 billion coin mark (I suspect this was due to POS blocks eating up potential POW blocks).  The last POW block was somewhere around #100800, and there were only 18.6 billion coins at that time.  Therefore, the number of coins available for the 20% POS reward is less than expected.  

Secondly, not all of those 18.6 billion coins will produce new POS coins.  Transactions destroy coin days, and the percentage of coin days destroyed in each block is currently around 60%:
http://mintcoin-explorer.info/block/a562045650e17ae6b1a3029ce93b1483bc116427fcaf7495fb62696165918bde
Of course, some of this could be people transferring coins the day after they receive a POS reward (I also don't know if this number includes coin days destroyed by minting).  Let's suppose that the relevant coin day destruction is closer to 20% (remember I'm looking for an upper limit on coin supply).  In other words I'm estimating that fewer than 80% of coins stored in wallets will be staked for a whole year rather than spent or transferred.

Thirdly, some of those initial 18.6 billion coins are stored on exchanges.  From earlier investigations in this forum (thanks rmoraos), it looks like the exchanges are not collecting POS rewards on the coins that they hold.  I checked earlier today, and there were a total of 1 billion Mintcoins for sale on the order books at Mintpal and Cryptsy.  That means that at most 17.6 billion of the initial POW coins are stored in wallets.

My upper limit for the number of coins collecting compound interest since the end of POW is 14 billion (80% of the 17.6 billion coins stored in wallets).  20% interest on 14 billion coins compounded every 20 days for a year works out to about 3.1 billion new coins.  Therefore, there will be fewer than 21.7 billion Mintcoins in existence by March 9, 2015.  With the decreasing interest rate, it will take a while to reach 70 billion coins.

Summary:
Increase in the number of coins over the next year:
Mintcoin: 16.6% (at most)
Bitcoin:   10.4% (12,560,000 coins, 1,312,500 mined in a year)
Litecoin:  39.1% (26,890,000 coins, 10,518,980 mined in a year)

agree, but
18.6 billion in 5 weeks  - 3.72 billion in one week - price 10 satoshi
20% of 18.6 billion in 52 weeks(first year) - 18.6*20%/52 weeks = 0.071 billion in one week - price 3.72/0.071*10 satoshi = 520 satoshi
so, true price 520 satoshi 

[sidhujag]

So blackcoin bug of getbalance caused a million lost coins? Doesnt mint also have this
bug people were saying? Exchanges maybe lost coins?

[NoUseForACoin]

Hey word is out that there is a multi pool that will mine shit coins and buy mintcoin is any of this true and if it is post up the pool.

yes I have not read the last few posts so please tell me.

http://hashco.ws

Just sign up and you can change it under account settings ...

me too.... mining MINT as from yesterday!... Hope this will shake up the market a little

[dotcoin.info]

So blackcoin bug of getbalance caused a million lost coins? Doesnt mint also have this
bug people were saying? Exchanges maybe lost coins?

i am also worried about it

[greentea]

if anyone is following the crpytorush update's ... suggest you get your coins off there ASAP.

Withdrawing in Litecoins seems to be working atm.

https://bitcointalk.org/index.php?topic=529779.msg5906159#msg5906159

[deadmanwalking]

So blackcoin bug of getbalance caused a million lost coins? Doesnt mint also have this
bug people were saying? Exchanges maybe lost coins?

My understanding is it had to do with the hard fork. Mint has had no such issues as far as I know.

http://www.blackcoin.co/wallet-2/official-statement-regarding-blockchain-problems-23rd-of-march/

[beakins0]

Some people have suggested that the 20% interest rate for the first year is too high.  It sounds like a lot, but not all of that will be realized.  I will attempt to estimate an upper limit for the inflation percentage and compare it to Bitcoin and Litecoin.

First of all, mining ended before the 20 billion coin mark (I suspect this was due to POS blocks eating up potential POW blocks).  The last POW block was somewhere around #100800, and there were only 18.6 billion coins at that time.  Therefore, the number of coins available for the 20% POS reward is less than expected.  

Secondly, not all of those 18.6 billion coins will produce new POS coins.  Transactions destroy coin days, and the percentage of coin days destroyed in each block is currently around 60%:
http://mintcoin-explorer.info/block/a562045650e17ae6b1a3029ce93b1483bc116427fcaf7495fb62696165918bde
Of course, some of this could be people transferring coins the day after they receive a POS reward (I also don't know if this number includes coin days destroyed by minting).  Let's suppose that the relevant coin day destruction is closer to 20% (remember I'm looking for an upper limit on coin supply).  In other words I'm estimating that fewer than 80% of coins stored in wallets will be staked for a whole year rather than spent or transferred.

Thirdly, some of those initial 18.6 billion coins are stored on exchanges.  From earlier investigations in this forum (thanks rmoraos), it looks like the exchanges are not collecting POS rewards on the coins that they hold.  I checked earlier today, and there were a total of 1 billion Mintcoins for sale on the order books at Mintpal and Cryptsy.  That means that at most 17.6 billion of the initial POW coins are stored in wallets.

My upper limit for the number of coins collecting compound interest since the end of POW is 14 billion (80% of the 17.6 billion coins stored in wallets).  20% interest on 14 billion coins compounded every 20 days for a year works out to about 3.1 billion new coins.  Therefore, there will be fewer than 21.7 billion Mintcoins in existence by March 9, 2015.  With the decreasing interest rate, it will take a while to reach 70 billion coins.

Summary:
Increase in the number of coins over the next year:
Mintcoin: 16.6% (at most)
Bitcoin:   10.4% (12,560,000 coins, 1,312,500 mined in a year)
Litecoin:  39.1% (26,890,000 coins, 10,518,980 mined in a year)

agree, but
18.6 billion in 5 weeks  - 3.72 billion in one week - price 10 satoshi
20% of 18.6 billion in 52 weeks(first year) - 18.6*20%/52 weeks = 0.071 billion in one week - price 3.72/0.071*10 satoshi = 520 satoshi
so, true price 520 satoshi 

Ha ha  If the price was 520 satoshi I would still not be rich  Of course the future price will depend on the demand as well as the supply.  My point is that if a person just glances over the announcement post, they might overestimate the amount of coins that will exist a year from now.  After all, 20 billion coins at 20% compound interest would make the total number of Mintcoins 24.4 billion a year from now.  That's a 12% larger supply than my upper limit estimate.

[MarSas]

[Suspicious link removed]

Just sign up and you can change it under account settings ...

Got some mint coins overnight and the QT client says "from: Unknown". Looking at the txid I found the address MZkUwunMh81DaYkArRwahYoaGrBSANdTDH. I this Hashcows'?

[dille71]

[Suspicious link removed]

Just sign up and you can change it under account settings ...

Got some mint coins overnight and the QT client says "from: Unknown". Looking at the txid I found the address MZkUwunMh81DaYkArRwahYoaGrBSANdTDH. I this Hashcows'?

Yes it seems like it is since i got some from that address too

[ownerbest]

It's time to pump up mint!

[dotcoin.info]

It's time to pump up mint!

be patient. Rome was not built overnight.

[Alty]

I think MINT has passed it's critical phase and now the dumpers and the sell walls are thinning out.

Looking very encouraging for the longer term.

[dotcoin.info]

I think MINT has passed it's critical phase and now the dumpers and the sell walls are thinning out.

Looking very encouraging for the longer term.

we need more technical backing like multipools, and of course mostly important are environment conservation projects.

[David Latapie]

Some people have suggested that the 20% interest rate for the first year is too high.  It sounds like a lot, but not all of that will be realized.

Even easier demonstration: investing in just-dice.com will give you that much interest rate. Investing in doge-dice.com wille give you even more (but this will come with the risk of losing money because of falling dogecoin price).

Of course, if you expect mintcoin to get a continous rise, this is different story.

[Jeezy911]

Anyone working on a multipool for this? To me this is the best candidate right now since POW has already ended. If we wait around too long some other coin may take the number 2 spot behind BC for multipooling, do you guys want to let that happen?

[Jeezy911]

Oh im sorry I didnt realize hashcows already started the project, we really need to hype the hashrate on this pool. Im guessing the payouts are grim but it is far and away the best thing you can do to help pump the price. Point your miners to the pool.