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Author Topic: [ANN][MINT] Mintcoin (POS) (5%) - New Wallet v2.0.2 released 3/1/16  (Read 1225536 times)
Steak Cloud
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October 16, 2015, 04:06:52 PM
 #18721

Hi Flyskyhigh,

You are correct in what you are saying here and it is not our intention to have anyone out there go out and invest large someone of money in mining equipment, we are however appealing to those who already have mining equipment and want to be able to mine any supported coin without the algo barrier imposed and as a result unlocking miner options across a broader spectrum of choice such as the ability to mine BTC with a scrypt rig. Although I will say that mining on Steak Cloud will always help raise the price of any coin that does not suffer at the hand of a community that offloads large amounts of coin into sell orders and as such communities need to be looking at the long term prospects of mining MINT now in order to raise the price long term, this will ultimately result in a good return over investment.

We are in the process of finalizing a deal with a mining farm that will provide Steak Cloud with wholesale hashing power across all algos, this will be provided from a country with the lowest electricity cost giving Steak Cloud users a truly profitable mining experience. I cant share too much on this subject just yet however, I am sure everyone will be excited about the prospect of making mining profitable.

As far as our POS Minting pool is concerned, we are delighted to see the positive responses.


Regards


http://steakcloud.com/



Proof Of Stake And Proof Of Work Mining Platform! http://www.steakcloud.com
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October 17, 2015, 05:42:48 PM
 #18722

i dont like the idea of pooled staking, its just one more central point of vulnerability. Mining for MINT is good for current miners although purchasing is always a better option. I thought we learned our lessons with Mintpal. Unless there is multi-sig & 2FA security putting a lot of coins in one place in a hot wallet is just suicide. Also while minting on a "pool" you loose control of your coins to the pool which isnt what crypto is about. I wouldn't trust anyone to handle my coins let alone for 6 months. Also there is a 10% fee? if i am earning 10% interest & soon 5% and paying 10% fee then how is it better than staking on my PC for 10% interest while keeping control of my coins? I was surprised to see people are excited about this. WOW!

Also pulling off large amount of coins from exchange will reduce liquidity which will make coin more prone to huge price swings. I am not saying we should keep a lot of coins on exchange but if there are less coins it will be hard to create a market with enough volume so that investors can buy easily.

I am not sure if i am misunderstanding something or this is just plain BS/scam.

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October 17, 2015, 06:09:43 PM
 #18723

My perception is that if I want to put my SHA miners (in my possession) to work and receive mint, I can now do that without the extra step of selling btc for mint.  Steak does that for you if your too lazy or busy to make the btc to mint conversion at an exchange.

The possibility of cloud mining thru Steak is a bit more concerning when taking the history of cloud mining into account.

Let's remain cautious.  While I'm not suggesting that I have any direct knowledge of Steak and it's values, we shouldn't endorse a service like this too directly so it's associated with mintcoin's leadership and the coin itself.  It is a third party service.

Regardless, I remain optimistic and I wish Steak the best.  I hope this service will add value to the community and an earned trust will be mutually beneficial to both MINT and Steak.

STAY MINTY!  Smiley

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October 17, 2015, 06:56:27 PM
 #18724

i dont like the idea of pooled staking, its just one more central point of vulnerability. Mining for MINT is good for current miners although purchasing is always a better option. I thought we learned our lessons with Mintpal. Unless there is multi-sig & 2FA security putting a lot of coins in one place in a hot wallet is just suicide. Also while minting on a "pool" you loose control of your coins to the pool which isnt what crypto is about. I wouldn't trust anyone to handle my coins let alone for 6 months. Also there is a 10% fee? if i am earning 10% interest & soon 5% and paying 10% fee then how is it better than staking on my PC for 10% interest while keeping control of my coins? I was surprised to see people are excited about this. WOW!

Also pulling off large amount of coins from exchange will reduce liquidity which will make coin more prone to huge price swings. I am not saying we should keep a lot of coins on exchange but if there are less coins it will be hard to create a market with enough volume so that investors can buy easily.

I am not sure if i am misunderstanding something or this is just plain BS/scam.

Hi sambiohazard,

I'm glad you don't like the idea as Steak Cloud caters to individualism, not everyone is going to like the same things or understand things in the same way and that is perfectly okay. With that said it's very important to bare in mind that just as you do not like the idea of staking coins with us or the fact that we will charge a fee there are people out there who cannot stake and are not able to run a wallet 24/7, so in theory you are more than likely not our target audience. Those that do see the value of Steak Cloud and how staking coins in the cloud will benefit them based on what we will offer, will have a different view and that is okay also.

As far as the fees goes, we take a 10% fee for providing a service to people that would not be staking in the first place so really there is no shock, horror or wow behavior being represented by Steak Cloud in any way.

I am swaying towards the idea that you are misunderstood about what we will be offering, individuals questioning our moral intent however is something that we are expecting to deal with and have been able to reassure users through providing a genuine service coupled with great support.  

Thank you for your thoughts.

Regards

Steak Cloud Support

Proof Of Stake And Proof Of Work Mining Platform! http://www.steakcloud.com
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October 18, 2015, 02:42:17 PM
 #18725

Slightly offtopic, does Steakcloud accept vegans?
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October 18, 2015, 03:43:43 PM
 #18726

is there like super beginner instructions for how to even set up mining. I am new to mining at all. Like do I need a special program for it or what? I really don't get how it works. I have a windows 7 OS. I would like to try mining some mints but I need some help. I already watched the video on steak cloud but how do i mine from my computer or something like cpu? I don't think I want to pay to rent mining rigs from some website, because would that even be profitable, since then id have to sell my mints for more btc to rent the machines.

if you join IRC i'm sure someone will gladly help you. It's just too many questions that would flood pages of the forum so it would be easier to join IRC

Just for fun I pointed an antminer s3 averaging 435.37 GH/s at steak cloud. The first payout was from a partial shift and small. My first full shift payout was 10833.39825300 mint. I like to stake mintcoin with the wallet they provide and plan on sending any coins I mine there. I live in Los Angeles and electricity cost is very high. If you calculate the cost for mining mintcoin or any other coin in LA you will find these are the most expensive coins you will ever purchase. It makes much more sense financially to purchase coins of any type rather than spend the same amount on miners. If you don't get electricity free or very cheap forget about profit from mining. You'll never even break even on your miner cost. If you get free power from a dorm room or rental and run miners the landlord will notice the spike in the utility bill and start looking for the culprit. 4 antminers can easily fully load a 20 amp circuit and pop breakers. If you pull the plug when fully loading a circuit with miners you'll be surprised at how hot the metal blades on the plug are. The wires in the wall are that hot too.

That said I love mining. I sold most of my mining hardware but still run a small group of different miners. It's a hobby and people blow money on hobbies all the time. I have a couple of antminers pointing at steak cloud mining different coins for fun. I'm fascinated by mining equipment and crypto coins in general. I run the antminers and 4 different types of scrypt miners. The electricity cost versus return is ridiculously bad but I enjoy tinkering with the hardware and software.

If you want to mine with a cpu, try minergate. They provide the software to download and it's very easy to setup and run. I like to mine bytecoin there. When you cpu mine your cpu will get hot so your computer needs to dissipate heat well. Not generally a good idea on a laptop. Lots of fans are a good idea. I bought a cheap workstation on Ebay and use it to run miner software and stake a few different coins.

I like to to tinker with mining and have to point them somewhere and getting some mintcoin in the process is a bonus. Good luck checking out mining it's a good thing to stake and mine. It supports the coins network and it's a lot of fun to learn about it all.  Grow your hoard of coins and don't sell any. Who knows, maybe someday they'll be worth something significant. ;-D





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October 19, 2015, 12:39:14 AM
 #18727

I reakon MINT is getting due for another moon soon =)

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Flyskyhigh
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October 19, 2015, 05:33:16 AM
 #18728

i dont like the idea of pooled staking, its just one more central point of vulnerability. Mining for MINT is good for current miners although purchasing is always a better option. I thought we learned our lessons with Mintpal. Unless there is multi-sig & 2FA security putting a lot of coins in one place in a hot wallet is just suicide. Also while minting on a "pool" you loose control of your coins to the pool which isnt what crypto is about. I wouldn't trust anyone to handle my coins let alone for 6 months. Also there is a 10% fee? if i am earning 10% interest & soon 5% and paying 10% fee then how is it better than staking on my PC for 10% interest while keeping control of my coins? I was surprised to see people are excited about this. WOW!

Also pulling off large amount of coins from exchange will reduce liquidity which will make coin more prone to huge price swings. I am not saying we should keep a lot of coins on exchange but if there are less coins it will be hard to create a market with enough volume so that investors can buy easily.

I am not sure if i am misunderstanding something or this is just plain BS/scam.
I think you are misunderstanding it a little bit. The way I understand it, the fee would be 10% of whatever coins are minted. So for example: Let's say that over the next few years, when the minting reward is 5% per year, if you have 1,000,000 coins then you would mint 50,000 coins, and the fee would be 10% of the 50,000 which would be a total fee of 5,000 coins for the year. So if you started with 1,000,000 and you used the Steak Cloud pooled minting service, you would receive about 45,000 in minted coins per year which is effectively 4.5% of the original 1,000,000 you started with. So instead of receiving the full 5% rate, if you used their service you would receive 4.5% per year.

I think most "big" and serious stakers/minters probably won't use the service, as they would prefer to get the extra .5% per year. The people I imagine that would use it are people with lower balances anyway. It will help people with lower balances have more consistency in successfully minting. Right now, it is fairly easy for almost anyone to mint coins but with time, assuming the prices continue to rise, $100 worth of value might only be the equivalent of 15,000 Mintcoins or something. 15,000 Mintcoins might be more challenging to consistently stake on the network with, so a pooled service like Steak Cloud is offering could help people get in on the minting action.

Make sense?

Sick of mining?  Start minting!  5% per year!  Mintcoin "MINT"
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October 19, 2015, 06:07:24 AM
 #18729

Just for fun I pointed an antminer s3 averaging 435.37 GH/s at steak cloud. The first payout was from a partial shift and small. My first full shift payout was 10833.39825300 mint. I like to stake mintcoin with the wallet they provide and plan on sending any coins I mine there. I live in Los Angeles and electricity cost is very high. If you calculate the cost for mining mintcoin or any other coin in LA you will find these are the most expensive coins you will ever purchase. It makes much more sense financially to purchase coins of any type rather than spend the same amount on miners. If you don't get electricity free or very cheap forget about profit from mining. You'll never even break even on your miner cost. If you get free power from a dorm room or rental and run miners the landlord will notice the spike in the utility bill and start looking for the culprit. 4 antminers can easily fully load a 20 amp circuit and pop breakers. If you pull the plug when fully loading a circuit with miners you'll be surprised at how hot the metal blades on the plug are. The wires in the wall are that hot too.

That said I love mining. I sold most of my mining hardware but still run a small group of different miners. It's a hobby and people blow money on hobbies all the time. I have a couple of antminers pointing at steak cloud mining different coins for fun. I'm fascinated by mining equipment and crypto coins in general. I run the antminers and 4 different types of scrypt miners. The electricity cost versus return is ridiculously bad but I enjoy tinkering with the hardware and software.

If you want to mine with a cpu, try minergate. They provide the software to download and it's very easy to setup and run. I like to mine bytecoin there. When you cpu mine your cpu will get hot so your computer needs to dissipate heat well. Not generally a good idea on a laptop. Lots of fans are a good idea. I bought a cheap workstation on Ebay and use it to run miner software and stake a few different coins.

I like to to tinker with mining and have to point them somewhere and getting some mintcoin in the process is a bonus. Good luck checking out mining it's a good thing to stake and mine. It supports the coins network and it's a lot of fun to learn about it all.  Grow your hoard of coins and don't sell any. Who knows, maybe someday they'll be worth something significant. ;-D

It is interesting you bring up the heat issue. I think mining is really getting to a dangerous point, IMO.

In my area, we have cheap electricity, and there have been several stories in the local newspaper about people doing bitcoin mining in the area, and in commercial buildings. The local Utilities companies really don't like it, because is sucks so much power, they are afraid they will have to charge everyone a higher cost of power to supply enough (supply and demand you know?) and right now they will not allow people to set up large mining farms on a large scale but they are talking about building MASSIVE mining facilities in the surrounding regions, but right now they are trying to decide what to do. Some are thinking to charge higher rates if they find out you are mining Bitcoins.

One commercial building in my town actually caught on fire because they had filled the room with miners, and overloaded the capacity of what the building was able to handle. The building actually started to catch on fire and the fire department had to come and shut it down and such. IMO, this is mining thing is really getting out of hand, and now the time we need to switch everything over to Mintcoin, and invest in "minting" instead of "mining". How long until people see the light? Mining is actually at the point of getting physically dangerous to our livelihoods. I mean what if you are living in an apartment or something, and some dude in your apartment complex  who you don't even know, burns the place to the ground because he fried the wires, people lose their home, lives could be lost, and people's lives could be ruined. It is just a matter of time, before something like this happens IMO.

I used to be a bitcoin miner, and thought it was great at first too, it is a great hobby, but every few months, you need to upgrade to bigger and better...But it never ends, and it is a rat race with exponential growth demand that will eventually destroy you. It is incredibly wasteful, not just in electrical power, but in worthless parts of outdated technology. Proof of Work is basically proof of wasting resources.

This image captures it completely:



Never again. Never again will I go the mining route.

Eventually antminers will be worthless too...

You are rewarded more by the more energy and resources you burn through. What good is a kind of system is that? I eventually came to despise mining altogether, and embraced what Mintcoin has to offer. I truly believe in it that it will be highly successful in time and coming years.

Keep on minting my friends  Smiley

Sick of mining?  Start minting!  5% per year!  Mintcoin "MINT"
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October 19, 2015, 07:55:01 AM
 #18730

What happend to this forum? All of a sudden 20 pages gone. Some user deleted all his messages or something?
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October 19, 2015, 06:33:15 PM
 #18731

What happend to this forum? All of a sudden 20 pages gone. Some user deleted all his messages or something?

Another unrelated coin's thread showed a similar concern around the same time.  They discovered that the +1 posts were deleted after comparing a cached version to the deleted posts.  Perhaps this is a similar situation.
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October 19, 2015, 08:40:51 PM
 #18732

i dont like the idea of pooled staking, its just one more central point of vulnerability. Mining for MINT is good for current miners although purchasing is always a better option. I thought we learned our lessons with Mintpal. Unless there is multi-sig & 2FA security putting a lot of coins in one place in a hot wallet is just suicide. Also while minting on a "pool" you loose control of your coins to the pool which isnt what crypto is about. I wouldn't trust anyone to handle my coins let alone for 6 months. Also there is a 10% fee? if i am earning 10% interest & soon 5% and paying 10% fee then how is it better than staking on my PC for 10% interest while keeping control of my coins? I was surprised to see people are excited about this. WOW!

Also pulling off large amount of coins from exchange will reduce liquidity which will make coin more prone to huge price swings. I am not saying we should keep a lot of coins on exchange but if there are less coins it will be hard to create a market with enough volume so that investors can buy easily.

I am not sure if i am misunderstanding something or this is just plain BS/scam.
I think you are misunderstanding it a little bit. The way I understand it, the fee would be 10% of whatever coins are minted. So for example: Let's say that over the next few years, when the minting reward is 5% per year, if you have 1,000,000 coins then you would mint 50,000 coins, and the fee would be 10% of the 50,000 which would be a total fee of 5,000 coins for the year. So if you started with 1,000,000 and you used the Steak Cloud pooled minting service, you would receive about 45,000 in minted coins per year which is effectively 4.5% of the original 1,000,000 you started with. So instead of receiving the full 5% rate, if you used their service you would receive 4.5% per year.

I think most "big" and serious stakers/minters probably won't use the service, as they would prefer to get the extra .5% per year. The people I imagine that would use it are people with lower balances anyway. It will help people with lower balances have more consistency in successfully minting. Right now, it is fairly easy for almost anyone to mint coins but with time, assuming the prices continue to rise, $100 worth of value might only be the equivalent of 15,000 Mintcoins or something. 15,000 Mintcoins might be more challenging to consistently stake on the network with, so a pooled service like Steak Cloud is offering could help people get in on the minting action.

Make sense?

Hmm that makes sense, @steakcloud can you confirm that?

but it is least of my worries. I am more worried about centralization and handing over of your coins for months to someone else. They have a penalty for withdrawing the coins. I have seen such behavior only when people want to scam you, once you put your coins in there is a natural resistance to taking them out & scammer has a lot of time to build trust & finally get away when when people become complacent. This seems very standard model for scamming. Also at current we are staking only ~25% of supply so if they get anywhere between 10-15% of supply staking they can fork the network either willingly or unwillingly. How can you be sure that they will not sell your coins on exchange & say someone hacked the exchange & sold all the coins.

I am not saying this is a scam but there are too many concerns which can only be solved by using multisig & forking is not solvable even by that. This is too much trust to be put in such a coin supply/network centralizing service. I would trust such a service more if it was coming from official team as they have a reason to be honest.

And to end this post, i would say that problem they are "solving" can & will be easily solved when wallet development will reduce resource usage. This makes me more skeptical because this is the wrong way of solving this problem & its not a long term plan. You should go to blackcoin reddit & read about multi-sig & cold staking if mintcoin want to have such a service. I hope you know David Zimbeck(dzimbeck).

Take my rant for its worth to you but i dont like the look of this, i hope they turn out to be good guys.

Rent Rigs @ MiningRigRentals: https://www.miningrigrentals.com/register?ref=9685 | Mine Zcash, X11, ETH, BTC, LTC hashrate available @ Genesis Mining: 9yx2ib (Promo Code for 3% off)
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Trade BTCINR on Coinsecure.in (Global trade available: http://blog.coinsecure.in/post/153309186530/coinsecure-goes-global-by-reducing-the-barrier-for): https://coinsecure.in/signup/z5ehHIOLvHN5sWAq3wTu
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October 19, 2015, 08:55:48 PM
 #18733

i dont like the idea of pooled staking, its just one more central point of vulnerability. Mining for MINT is good for current miners although purchasing is always a better option. I thought we learned our lessons with Mintpal. Unless there is multi-sig & 2FA security putting a lot of coins in one place in a hot wallet is just suicide. Also while minting on a "pool" you loose control of your coins to the pool which isnt what crypto is about. I wouldn't trust anyone to handle my coins let alone for 6 months. Also there is a 10% fee? if i am earning 10% interest & soon 5% and paying 10% fee then how is it better than staking on my PC for 10% interest while keeping control of my coins? I was surprised to see people are excited about this. WOW!

Also pulling off large amount of coins from exchange will reduce liquidity which will make coin more prone to huge price swings. I am not saying we should keep a lot of coins on exchange but if there are less coins it will be hard to create a market with enough volume so that investors can buy easily.

I am not sure if i am misunderstanding something or this is just plain BS/scam.
I think you are misunderstanding it a little bit. The way I understand it, the fee would be 10% of whatever coins are minted. So for example: Let's say that over the next few years, when the minting reward is 5% per year, if you have 1,000,000 coins then you would mint 50,000 coins, and the fee would be 10% of the 50,000 which would be a total fee of 5,000 coins for the year. So if you started with 1,000,000 and you used the Steak Cloud pooled minting service, you would receive about 45,000 in minted coins per year which is effectively 4.5% of the original 1,000,000 you started with. So instead of receiving the full 5% rate, if you used their service you would receive 4.5% per year.

I think most "big" and serious stakers/minters probably won't use the service, as they would prefer to get the extra .5% per year. The people I imagine that would use it are people with lower balances anyway. It will help people with lower balances have more consistency in successfully minting. Right now, it is fairly easy for almost anyone to mint coins but with time, assuming the prices continue to rise, $100 worth of value might only be the equivalent of 15,000 Mintcoins or something. 15,000 Mintcoins might be more challenging to consistently stake on the network with, so a pooled service like Steak Cloud is offering could help people get in on the minting action.

Make sense?

Hmm that makes sense, @steakcloud can you confirm that?

but it is least of my worries. I am more worried about centralization and handing over of your coins for months to someone else. They have a penalty for withdrawing the coins. I have seen such behavior only when people want to scam you, once you put your coins in there is a natural resistance to taking them out & scammer has a lot of time to build trust & finally get away when when people become complacent. This seems very standard model for scamming. Also at current we are staking only ~25% of supply so if they get anywhere between 10-15% of supply staking they can fork the network either willingly or unwillingly. How can you be sure that they will not sell your coins on exchange & say someone hacked the exchange & sold all the coins.

I am not saying this is a scam but there are too many concerns which can only be solved by using multisig & forking is not solvable even by that. This is too much trust to be put in such a coin supply/network centralizing service. I would trust such a service more if it was coming from official team as they have a reason to be honest.

And to end this post, i would say that problem they are "solving" can & will be easily solved when wallet development will reduce resource usage. This makes me more skeptical because this is the wrong way of solving this problem & its not a long term plan. You should go to blackcoin reddit & read about multi-sig & cold staking if mintcoin want to have such a service. I hope you know David Zimbeck(dzimbeck).

Take my rant for its worth to you but i dont like the look of this, i hope they turn out to be good guys.
I guess we will have to see if they are trustworthy. Building trust takes time but if they are smart they won't scam. ...the Long-term profits they would receive for being legit would pay off far more in the long-run, than to scam. They definitely need checks and balances in place, controls, so that no 1 person can just take all the coins or whatever.

As for the % staking, how do you come up with staking 25% of supply? If you do the math of how many coins have minted in the last year, it is about a 10.5% increase in the total coin supply. 10.5/15 = 70%. Looks to me roughly 70% are staking?

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October 19, 2015, 08:59:17 PM
 #18734

@Derek492

and that's why we spend $10/month so we can have this great explorer

https://chainz.cryptoid.info/mint/#!extraction

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October 20, 2015, 02:14:31 AM
 #18735

@Derek492

and that's why we spend $10/month so we can have this great explorer

https://chainz.cryptoid.info/mint/#!extraction
Yeah but that shows only in the last 1000 blocks. With Mintcoin there are roughly 57,600 blocks over the course of each minting cycle, so to only look at the last 1000 blocks is going to be a very limited view. Right? It would be nice to see what % staking in the last 50,000 blocks.

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October 20, 2015, 02:17:52 AM
 #18736

Any word from Steak Cloud, as to when the pooled minting feature will be released for use?

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October 20, 2015, 03:49:42 PM
 #18737

Only about 40 days left before MINT goes to 10% APR. This is basically 2 Minting cycles. If you haven't minted in a while though start thinking about doing it soon before the rate drops. The minting of new coins will become 33.33% less. This means you would need to increase your coin holdings by 50% in order to continue minting the same number of coins as now with the current rate. This will affect the coin supply by hundreds of millions of coins per year.

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October 21, 2015, 03:22:38 PM
 #18738

Hi community,

Rather than respond to each individual post I am going to tie up all loose ends in this post.

First of all let me make one thing clear, we understand the pressures and strains of working in digital currency as the first thing people do when a new service or altcoin is launched is call it a scam. We have been around for over a month now and have already managed to gain the trust of altcoin communities due to our dedication to providing support, attention to detail and putting our users needs first. Steak Cloud has managed to break into a very hard worn market simply by doing exactly what it says on the tin. We pay our miners based on the best altcoin sell value of altcoins mined and buy supported coins based on the cheapest sell orders available through our API, at present we can only support 1 exchange API for every supported coin and although this will be revisited in the near future to support multiple API look-ups so Steak Cloud can purchase the cheapest supported coin in order to give miners the best value possible we are still doing a pretty decent job with out current setup, if I was to give you an example, earlier this week we received a request to move our STEPS API from Bleutrade to yo-bit as the variance between the two exchanges was 1000sat, after one day the priced moved on par with Bluetrade and now there is no cheaper exchange and more than likely will see Bleutrade be the cheaper option soon. We are however happy to switch API support to different exchanges provided the request is limited to one switch per coin per week, until we implement our new multi API look-up update.

As far as our Minting pool goes and in terms of imposing penalties for early withdrawals, we are acting in the best interest of our mission statement "Increase The Value Of Altcoins On Exchanges" in order to live up to our mission statement we look at what damages altcoin value most and that is first and foremost individuals transferring large amounts of coin to exchanges and then stacking up sell orders on top of the cheapest driving down the price of the altcoin. Go to any exchange and watch POS coins especially, you will notice how fast a POS coin can drop in value in apposed to a POW coin due to the fact that POS holders move around with much bigger stacks of coin and are more inclined to dump coins when they see a lack of Dev activity or market manipulation. We have no ill intentions and are going to be working very hard to prove ourselves over the coming months and years to come.


I would like to go a little bit deeper into our vision here at Steak Cloud and give our communities and DEV's a little bit more insight into our vision as a DEV team. We have the collective experience within crypto that stretches the length of Bitcoins birth to date. We have looked at where others have failed and have identified why and how, we have learned from the mistakes of those who have laid the foundation for the future of digital currency products and services, yes some of them have left a bad taste in the mouths of investors, communities and Devs, as well as massive dents in the framework of this dynamic and exciting new economy, however, there are many services out there striving to offer a better digital currency community and economy and at Steak Cloud we strive to do the same thing. We are in the process of placing ourselves into the current framework without forcing a product that no one needs or promising extravagant incentives that we cannot deliver. We like to keep things simple and have used available resources to build Steak Cloud thus keeping fees to a minimum and offering maximum profit to miners while maintaining a high service level as expressed by our users.

We are excited about the prospects of our future development and are always thinking about user security, Steak Cloud is a long term project and we are dedicated to growing our user base on a foundation of trust, support and value. We do not have multiple people managing any one platform, we do not have multiple people accessing our servers and we never plan to go that route as those are just two examples of the mistakes fallen providers have made that we were lucky enough to learn from early on. We will continue to offer the digital currency communities reassurance as and when it is needed and will do it with a smile on our faces as we work to place ourselves as a household name within Altcoin communities and Dev circles.

Thank you for choosing Steak Cloud,

Regards

Increasing Altcoin Value
http://steakcloud.com/

Proof Of Stake And Proof Of Work Mining Platform! http://www.steakcloud.com
Derek492
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October 21, 2015, 08:09:34 PM
 #18739

Hi community,

Rather than respond to each individual post I am going to tie up all loose ends in this post.

First of all let me make one thing clear, we understand the pressures and strains of working in digital currency as the first thing people do when a new service or altcoin is launched is call it a scam. We have been around for over a month now and have already managed to gain the trust of altcoin communities due to our dedication to providing support, attention to detail and putting our users needs first. Steak Cloud has managed to break into a very hard worn market simply by doing exactly what it says on the tin. We pay our miners based on the best altcoin sell value of altcoins mined and buy supported coins based on the cheapest sell orders available through our API, at present we can only support 1 exchange API for every supported coin and although this will be revisited in the near future to support multiple API look-ups so Steak Cloud can purchase the cheapest supported coin in order to give miners the best value possible we are still doing a pretty decent job with out current setup, if I was to give you an example, earlier this week we received a request to move our STEPS API from Bleutrade to yo-bit as the variance between the two exchanges was 1000sat, after one day the priced moved on par with Bluetrade and now there is no cheaper exchange and more than likely will see Bleutrade be the cheaper option soon. We are however happy to switch API support to different exchanges provided the request is limited to one switch per coin per week, until we implement our new multi API look-up update.

As far as our Minting pool goes and in terms of imposing penalties for early withdrawals, we are acting in the best interest of our mission statement "Increase The Value Of Altcoins On Exchanges" in order to live up to our mission statement we look at what damages altcoin value most and that is first and foremost individuals transferring large amounts of coin to exchanges and then stacking up sell orders on top of the cheapest driving down the price of the altcoin. Go to any exchange and watch POS coins especially, you will notice how fast a POS coin can drop in value in apposed to a POW coin due to the fact that POS holders move around with much bigger stacks of coin and are more inclined to dump coins when they see a lack of Dev activity or market manipulation. We have no ill intentions and are going to be working very hard to prove ourselves over the coming months and years to come.


I would like to go a little bit deeper into our vision here at Steak Cloud and give our communities and DEV's a little bit more insight into our vision as a DEV team. We have the collective experience within crypto that stretches the length of Bitcoins birth to date. We have looked at where others have failed and have identified why and how, we have learned from the mistakes of those who have laid the foundation for the future of digital currency products and services, yes some of them have left a bad taste in the mouths of investors, communities and Devs, as well as massive dents in the framework of this dynamic and exciting new economy, however, there are many services out there striving to offer a better digital currency community and economy and at Steak Cloud we strive to do the same thing. We are in the process of placing ourselves into the current framework without forcing a product that no one needs or promising extravagant incentives that we cannot deliver. We like to keep things simple and have used available resources to build Steak Cloud thus keeping fees to a minimum and offering maximum profit to miners while maintaining a high service level as expressed by our users.

We are excited about the prospects of our future development and are always thinking about user security, Steak Cloud is a long term project and we are dedicated to growing our user base on a foundation of trust, support and value. We do not have multiple people managing any one platform, we do not have multiple people accessing our servers and we never plan to go that route as those are just two examples of the mistakes fallen providers have made that we were lucky enough to learn from early on. We will continue to offer the digital currency communities reassurance as and when it is needed and will do it with a smile on our faces as we work to place ourselves as a household name within Altcoin communities and Dev circles.

Thank you for choosing Steak Cloud,

Regards

Increasing Altcoin Value
http://steakcloud.com/
Thank you for your developments. Do you have an ETA for the pooled proof of stake concept? Are we still talking like 3 months away from release still or what? It would be nice to have an idea.

Stop Mining.   Start Minting.   Mintcoin  [MINT]
5% annual minting reward. Mintcoins don't wear out like mining gear. They keep on minting!
Steak Cloud
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October 22, 2015, 12:38:51 AM
 #18740

You're welcome!

We will have something to put forward in the middle of next week and will be ready to trial our first "Steakers" by the end of next week.

Proof Of Stake And Proof Of Work Mining Platform! http://www.steakcloud.com
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