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

[mgburks77]

If an exchange were selling minted coins wouldn't the minting process for the wallet reset after each withdraw?

These exchanges are operating fractionally with large reserves held in either hot or cold wallets. 20% compounding is huge so I'm sure they are taking advantage of that as well as they are able, these activities are the behavior we have been observing.  

[moderndezigns]

I think it's someone or a group with a large market share trying to get a larger market share by shaking the tree. A few days ago the person with a billion coins had about 5% of the coins now they have about 6.5%

[rmoraos]

I removed all my holdings from all exchanges and doubt I'll be putting any back on unless there is some significant change in how that business is conducted.

I'm still bullish on MINT, and crypto in general, because digital currency is no more going away than firemaking or tool use are going away. It's a valid technical innovation and it is here to stay. MINT is a superior form of crypto because of the green nature of PoS and the minting process. It's scalable for mass adoption so I think it is a good contender for becoming a currency of actual utilitarian value some day.

One thing standing in the way of that day is all of the scammers, manipulators, pump and dumpers etc that create volatility in the market. But that is the nature of risk. Marco Polo went to the see the Great Khan, that's taking a risk in trading. Putting a few thou into crypto to see if it works out down the road is nothing in comparison.  

it has no future if the flaw isnt addressed. it generates too many coins without cost.

At 10 sat's it would take about 2 months to overturn the current supply at about 30 btc vol a day... so I would say its gonna take 2 months to weed out the weak holders... and then that is if any new alt hasn't come and taken mint's position in the market by then... alot of new coins doing the same thing as mint, mining early to hoard and then block inflation to minimum... I don't see how its gonna be bullish long term as no true investor will buy to hold it when there are people holding billions at almost no cost, why would a smart investor be the pig when hes made  a living slaughtering dumb money? I do think you can make money off of swings though... just unless there are major breakthroughs in development I don't see it going anywhere... there is still the technical challenge of proving that POS itself can work on its own that the bitcoin community hasn't proven yet...

PPC was the first that proved that POS works. What is your point ?

POS has many issues on its own including breaks anonymity of transactions... PPC is POS+POW. It hasn't been proven that it can work on its own yet... NXT tried to solve some of these problems not sure if they were able to do it in a decentralized fashion.  I highly doubt any of these new flavours of POS have solved the original problem(s)... thus it is untested.

Problem with PPC I see is that it introduces an incentive inherintly to game the algorithm to create favourable conditions for miners/speculators etc.... because the POS /POW reward is dynamic according to difficulty... I think the coin to be used as a USD replacement for everyday tx will have either 0 inflation (bitcoin) or have a known steady inflation or have inflation tied to GDP... but we kinda already tried that and it didnt work (fiat)

Look minting as a form of mining without the energy waste, and in a known rate. Bitcoin is inflationary until is mined completely, because every day is created (mined) coins.

[mgburks77]

explain the current sell pressure then? while pow is over?

every sell order on the books under 60 represents someone dumping their holdings either for profit or out of panic

This creates enormous sell pressure. It will force the coin to 1.

[mgburks77]

I think it's someone or a group with a large market share trying to get a larger market share by shaking the tree. A few days ago the person with a billion coins had about 5% of the coins now they have about 6.5%

I agree. The questions is who do you think this entity is?

[rmoraos]

explain the current sell pressure then? while pow is over?

People fear, whales, or people wanting enter in another coins, the explications can be many, don't speculate.

[thisisit]

its same as multipool behavior. i remember mintcoin was also hit by mp. if it are not the exchanges. then it will be middlecoin. same behavior.

first some smaller sells, then a couple large sells, rinse repeat.

that is mdlcoin behavior.

[moderndezigns]

I think it's someone or a group with a large market share trying to get a larger market share by shaking the tree. A few days ago the person with a billion coins had about 5% of the coins now they have about 6.5%

I agree. Who do you think this entity is?


I have an idea of who it is but would rather not say. I have enough faith that this person or persons are smart enough to know what they're doing and I'm willing to invest more money and get friends and family to invest because of that.

[loambet1]

explain the current sell pressure then? while pow is over?

There have only been 60 million coins minted since proof of work stopped.  This is not the sell pressure you're looking for.  

It's probably the guys who were saying "4000 btc pump inc" a few weeks ago - they wanted to prop up the price long enough to sell off their mining horde.  Why else would you announce something like that?  The only reason is so they can do the opposite of what their posts suggest.

[rmoraos]

its same as multipool behavior. i remember mintcoin was also hit by mp. if it are not the exchanges. then it will be middlecoin. same behavior.

I don't know, but I know that your previous reasoning is very flawed. The exchanges don't dump coins themself.

[Party Hard]

I highly doubt Cryptsy give 2 shits about mining a few extra MINTs.  Cryptsy did 3000 BTC of volume yesterday.  Correct my math if I am wrong but 3000 BTC of volume x .5% trading fees (for the buy and sell) = 15 BTC a day income for Cryptsy.  Do you really think big vern is worried about a few million MINT here or there?  I am sure the whole process of moving coins back and forth between hot and cold wallets as needed would regularly destroy coin days.  Don't you think he has bigger fish to fry?

Now I've heard a lot of FUD, but worrying that Cryptsy is secretly using the MINT held on their exchange to gain extra coins, is the most unintelligible, ignorant, illogical piece of FUD I have heard in quite some time.

Yes, agreed, but it would be likewise stupid for Cryptsy to not sell the minted Mintcoins from their wallet holdings to make even more BTC. That would be done at the current buy price, which does nothing to increase the asking price.

[thisisit]

its same as multipool behavior. i remember mintcoin was also hit by mp. if it are not the exchanges. then it will be middlecoin. same behavior.

I don't know, but I know that your previous reasoning is very flawed. The exchanges don't dump coins themself.

what do they do with their minted coins then? also if you think about this a bit further.... i can also be applied to regular coins. dump for btc, buy back cheaper. dump extra coins for extra btc.

since they are not regulated they can do whatever they like to increase/maximize profits.

[rmoraos]

its same as multipool behavior. i remember mintcoin was also hit by mp. if it are not the exchanges. then it will be middlecoin. same behavior.

I don't know, but I know that your previous reasoning is very flawed. The exchanges don't dump coins themself.

what do they do with their minted coins then? also if you think about this a bit further.... i can also be applied to regular coins. dump for btc, buy back cheaper.

since they are not regulated they can do whatever they like to increase profits.

They could mint IF the people leaves deposits more than 20 days. A big IF, in my opinion (I never do it this). With BC is possible because its mint time is very short, you agree ?

[moderndezigns]

If it was an auto sell bot I don't think it would take breaks like it is right now

[thisisit]

seen that before. it will continue.. dont worry. it will be back. could be a cryptsy api issue. its batch-like processing.

[mr_random]

20% rate of interest is too high. 20 times higher than blackcoin, which is what people are switching over to. No pre-mine, a more active dev, innovations like bcmultipool and more on the way. Plus everyday you log into Mintpal and the price of Blackcoin is steadily rising and Mintcoin is falling. I think Blackcoin market cap overtook Mintcoin today.

[rmoraos]

20% rate of interest is too high. 20 times higher than blackcoin, which is what people are switching over to. No pre-mine, a more active dev, innovations like bcmultipool and more on the way. Plus everyday you log into Mintpal and the price of Blackcoin is steadily rising and Mintcoin is falling. I think Blackcoin market cap overtook Mintcoin today.

For me, BC have more reasons of be a bubble that mintcoin. BC will falls also, mintcoin is undervalued. Don't worry so much about the price, work, live, eat, and leave that the things fall on its correct place.

 

[moderndezigns]

haha there we go people from BC coming over again to try to get Mintcoin people to sell so they can pump and dump on them. I read threads about how easy BC is to pump since there are so few coins. Looks like it's getting to a good dumping range now

[mgburks77]

lackcoin, which is what people are switching over to

nobody is switching to blackcoin except pump and dumpers, all of which are steadily losing their holdings to this racket

every time they dump to go to another coin that they see a + sign in front of they lose a little more ground because by that time it is too late and once again they are left holding the bag, not by "the 1% who trade successfully" but by the institutions they are trusting to run a straight game.

this is the reason why there is so much desperate FUD being perpetrated by those who switch back and forth from coin to coin hoping to get lucky and make a fast profit.

You may as well play the lottery. You might actually get lucky doing that at least.

[moderndezigns]

well I could do the pump and dump thing too and buy BC at 1500 and sell at 3000 but I don't think it's right and only losers take advantage of people like that. I would rather invest in coins like Mintcoin with a bright future and strong community backing them.