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

[Prolifik]

I'm on Hashrapid and Coins4Everyone.
Just started mining like an hour ago.


Is it normal that both give 0 unconfirmed coins in the Dashboard?
I have 3400KH hashing power, i should have some coins already no?
Anyone have an idea?

Coins4Everyone I just hashed a little on and got unconfirmed coins within 10 mins.

hashstrike appears to be down

mint.dogemoon.com is good and needs some more miners.

[deadmanwalking]

Maybe I'm just tired, but I had a crazy thought. Maybe this is all just a scam. Developer puts out a instamine coin with a bunch of great features that don't kick in until 20 days from launch. Brilliant pump n dump. Deserves every penny.

[ScroogeD]

its going to be really interesting what happens to this coin when block rewards 1/2 in a few days. IMO 2 scenarios:

1. Mintcoin dies.

2. The price of mintcoin increases to reflect the decrease in block rewards

thoughts any1?

1.  no
2. yes (but we need to spread this coin , comunity must be large as doge comunity)

+1 ! More attention to this coin is needed !
And a new fancy web page would do a great job for that. When new people come they for sure wanna see a nice looking web page with all the info on it. Dev already said they are working on that.
If you need any help tell us, i am sure a lot of people are willing to help

Yeah, spread the coin: https://www.newaltex.com/exchange/mint_btc

Btw dogemoon pool statistics are all wrong.

[Prolifik]

Maybe I'm just tired, but I had a crazy thought. Maybe this is all just a scam. Developer puts out a instamine coin with a bunch of great features that don't kick in until 20 days from launch. Brilliant pump n dump. Deserves every penny.

Holding Mintcoins is like having a mining farm that doesn't use electricity and has no downtime.
PoS coins are fuckin awesome and there needs to be more of them.

[sakkosekk]

Maybe I'm just tired, but I had a crazy thought. Maybe this is all just a scam. Developer puts out a instamine coin with a bunch of great features that don't kick in until 20 days from launch. Brilliant pump n dump. Deserves every penny.

Holding Mintcoins is like having a mining farm that doesn't use electricity and has no downtime.
PoS coins are fuckin awesome and there needs to be more of them.

A thousand times this, it is as green as it gets. IDK about MINT, but with ORB the PoS system helps against 51% attacks as well. Anyone know if this goes for MINT too?

[amacar]

Comon HashRapid, show me a transaction so I know you're actually working xD

Just got 20k MINTs from hashrapid.

[Taxidermista]

... and time goes by and not a fucking word from HashStrike pool admin, as usual.  

[deadmanwalking]

PoS is awesome. I just want to know how we know this is one? Where's the proof? DEV could up and walk away in 5 weeks and leave everyone holding the bag.

I've noticed asking questions on here doesn't do too much good though. Everyone seems to have rainbows shooting out of their a**

[Taxidermista]

Holding Mintcoins is like having a mining farm that doesn't use electricity and has no downtime.

Not exactly, you need to have your pc on and your wallet open 24/7.

[hamiltino]

PoS is awesome. I just want to know how we know this is one? Where's the proof? DEV could up and walk away in 5 weeks and leave everyone holding the bag.

I've noticed asking questions on here doesn't do too much good though. Everyone seems to have rainbows shooting out of their a**

[sakkosekk]

Holding Mintcoins is like having a mining farm that doesn't use electricity and has no downtime.

Not exactly, you need to have your pc on and your wallet open 24/7.

You just have to open the wallet and unlock it. No need to keep it open 24/7.

[nequaquamvacui]

somethings strange on hashrapid, been mining there for an hour now with 450 kh/s and only got 75 coins (and none unconfirmed) for it at diff 12, usually it's at least 5000 /hour on other pools.

[benedictlol]

somethings strange on hashrapid, been mining there for an hour now with 450 kh/s and only got 75 coins (and none unconfirmed) for it at diff 12, usually it's at least 5000 /hour on other pools.

Nothing in an hour, I'm hashing & connected to the stratum :/ I suppose it's just really backlogged and will take a few hours to catch up..

[Taxidermista]

Holding Mintcoins is like having a mining farm that doesn't use electricity and has no downtime.

Not exactly, you need to have your pc on and your wallet open 24/7.

You just have to open the wallet and unlock it. No need to keep it open 24/7.

Again, you need to keep it open 24/7, this is how POS works.

[arandy]

Holding Mintcoins is like having a mining farm that doesn't use electricity and has no downtime.

Not exactly, you need to have your pc on and your wallet open 24/7.

You just have to open the wallet and unlock it. No need to keep it open 24/7.

Again, you need to keep it open 24/7, this is how POS works.

Are the devs wrong then?

4. Do I have to let my wallet open to get PoS coins?
PoS will be generated after at least 20 days holding of the coins in your wallet. You don't need to keep the wallet open all the time. The coin-days accumulated in your wallet will not be lost. The next time when you open the wallet client, the internal miner will start automatically and if the coin holding period meet certain requirements the pos blocks will be generated based on the coin-days in your wallet.

5. How often do I have to open the wallet in order to get PoS coins?
See above. You don't need to open wallet all the time, your coin-days accumulated in the wallet will not be lost.

[hamiltino]

yeah its done to incentivise people to maintain full nodes


Incentives to maintain full nodes
This system introduces powerful incentives to maintain full nodes. Many people argue that the lack of an incentive to maintain a full node is a problem in the bitcoin system.
1) a steady flow of txns will generate some fees even if all public keys remain active. Active keys must be maintaining full nodes. Otherwise they could not provide the voluntary signatures which prove their activity. Even very weak incentives are sufficient in this case. If almost all keys are associated with active nodes, then it is not necessary to motivate additional participation.
2) Some public keys may decide to become inactive. This is costly for them. They will suffer a loss of 5% of their balance per year for as long as they remain inactive.
3) The active public keys constantly capture revenue from inactive public keys. This means that the incentives to remain increase dramatically as participation falls. Suppose that 50% of public keys maintain full nodes, then this 50% will capture 2.5% of coins per annum. This is equal to an annual of return of 2.0%. The alternative, inactivity, yields an annual return of -5.0% as discussed in point 2. I consider this a reasonable incentive level and participation rate. Suppose that I am wrong, and only 10% of public keys maintain full nodes. Then these 10% will capture 4.5% of all extant coins per annum. This implies an annual return on participation equal to 45% per annum. This is a very strong incentive and is almost certain to be sufficient, even if nodes are quite costly to maintain. If only 1% of coins participate, then 4.95% of all extant coins will be distributed to this 1% each year. This implies a weekly return on participation of 3%, a pirate ponzi scheme level return. If these incentive are inadequate to support a healthy network of full nodes (which seems unlikely to me), then the levy on dead coins could be increased to exceed 5% per annum.
4) Many people will not have enough coins to justify running their own node. Such individuals will likely use an online banking service which could store their limited spend key. The service could return interest to users in exchange for managing their keys.
5) Other individuals may prefer the privacy associated with dropping out of participation. These individuals are still welcome to use the network, but must face a wealth tax of 5% per annum to compensate for the security risk created by their behavior.

[Prolifik]

Taxidermista

You just have to sync the wallet to get PoS coins.

Coin days are not forgotten it says in the OP.

hamiltino I hope it doesn't work like that, I wanted to toss some of these on a paper wallet and store them somewhere safe.

[nequaquamvacui]

somethings strange on hashrapid, been mining there for an hour now with 450 kh/s and only got 75 coins (and none unconfirmed) for it at diff 12, usually it's at least 5000 /hour on other pools.

Nothing in an hour, I'm hashing & connected to the stratum :/ I suppose it's just really backlogged and will take a few hours to catch up..

hope so. never had problems with this pool before

[sakkosekk]

Holding Mintcoins is like having a mining farm that doesn't use electricity and has no downtime.

Not exactly, you need to have your pc on and your wallet open 24/7.

You just have to open the wallet and unlock it. No need to keep it open 24/7.

Again, you need to keep it open 24/7, this is how POS works.

Again, no you don't.

I've done it with PPC and GRA. If I have to keep the wallet-QT open 24/7 to get coins I should not be getting any coins. But I am getting a lot of coins.

Once the correct coin age is reached you just got to open your wallet, unlock it (walletpassphrase <your_password> 999999999 true) and leave it open long enough for the stake to mint new coins. Once this is done you can close the wallet and open/unlock it 20 days later. I keep mine open anyway - more nodes for the network.

[Jonesd]

yeah its done to incentivise people to maintain full nodes


Incentives to maintain full nodes
This system introduces powerful incentives to maintain full nodes. Many people argue that the lack of an incentive to maintain a full node is a problem in the bitcoin system.
1) a steady flow of txns will generate some fees even if all public keys remain active. Active keys must be maintaining full nodes. Otherwise they could not provide the voluntary signatures which prove their activity. Even very weak incentives are sufficient in this case. If almost all keys are associated with active nodes, then it is not necessary to motivate additional participation.
2) Some public keys may decide to become inactive. This is costly for them. They will suffer a loss of 5% of their balance per year for as long as they remain inactive.
3) The active public keys constantly capture revenue from inactive public keys. This means that the incentives to remain increase dramatically as participation falls. Suppose that 50% of public keys maintain full nodes, then this 50% will capture 2.5% of coins per annum. This is equal to an annual of return of 2.0%. The alternative, inactivity, yields an annual return of -5.0% as discussed in point 2. I consider this a reasonable incentive level and participation rate. Suppose that I am wrong, and only 10% of public keys maintain full nodes. Then these 10% will capture 4.5% of all extant coins per annum. This implies an annual return on participation equal to 45% per annum. This is a very strong incentive and is almost certain to be sufficient, even if nodes are quite costly to maintain. If only 1% of coins participate, then 4.95% of all extant coins will be distributed to this 1% each year. This implies a weekly return on participation of 3%, a pirate ponzi scheme level return. If these incentive are inadequate to support a healthy network of full nodes (which seems unlikely to me), then the levy on dead coins could be increased to exceed 5% per annum.
4) Many people will not have enough coins to justify running their own node. Such individuals will likely use an online banking service which could store their limited spend key. The service could return interest to users in exchange for managing their keys.
5) Other individuals may prefer the privacy associated with dropping out of participation. These individuals are still welcome to use the network, but must face a wealth tax of 5% per annum to compensate for the security risk created by their behavior.

You mean the extra coins are only divided among the people that are active with PoS? So 20% extra coins in the first year gets divided among the people that are still active? I thought it was just 20% extra coins for the active part of the network.