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Author Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained]  (Read 1280185 times)
mgburks77
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February 23, 2014, 09:14:43 PM
 #3721

Looks like this coin is taking off. Can someone please explain what will happen when the mining drops to only 1 coin per block? I want to get into this coin but I am concerned about what will happen in 2.5 weeks. I know users can mint coins in their wallets at 20% annually but what will new people get?
new ppl get what they get, dust. Buy now!

But you need new people to drive the market. I don't quite understand. Will this become a hoarding thing? If so then no one will spend them and it is not a currency but something more like a collectable item. Just trying to understand. What will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
learn more about PoS and you will understand that the ammount of coins sitted in your wallet correespond to a mining % i dont know how much time here but you will receive coins actually not mining iin terms of hardware! just hold it in your wallet and receive coins for interest (mining,forging) like with NextCoin.

Thank you for the answer. I kind of understand that part already. Can anyone help with my other points? In particular what will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
people will be incentivized to spend the interest and not touch the principle, I don't think that is a problem.

Ok. Thanks. So they won't get interest on their interest, only on the original principle? Is that correct. And why would they be incentivized (sp?) to spend the interest? Also why even have the mining continue at 1 coin? Seems pointless when there are 100 billion floating around. Who would continue mining then?

That doesn't make any sense. Why would you come to the conclusion that the interest will not compound from what I said?

People will spend any currency because they can buy stuff they want with it, also if they only spend their interest and not touch the principle they have a residual income that they can spend.

It's a win/win situation and I suspect you are being a fuddy duddy  Cheesy

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MintPal-Jay
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February 23, 2014, 09:15:14 PM
 #3722

LTC just got added on Mintpal and soon MINT/LTC trading pair.
It's live already Smiley First trades just took place

https://www.mintpal.com/market/MINT/LTC

MintPal - The fast and user friendly cryptocurrency exchange
damnation
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February 23, 2014, 09:15:55 PM
 #3723

Looks like this coin is taking off. Can someone please explain what will happen when the mining drops to only 1 coin per block? I want to get into this coin but I am concerned about what will happen in 2.5 weeks. I know users can mint coins in their wallets at 20% annually but what will new people get?
new ppl get what they get, dust. Buy now!

But you need new people to drive the market. I don't quite understand. Will this become a hoarding thing? If so then no one will spend them and it is not a currency but something more like a collectable item. Just trying to understand. What will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
learn more about PoS and you will understand that the ammount of coins sitted in your wallet correespond to a mining % i dont know how much time here but you will receive coins actually not mining iin terms of hardware! just hold it in your wallet and receive coins for interest (mining,forging) like with NextCoin.

Thank you for the answer. I kind of understand that part already. Can anyone help with my other points? In particular what will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
people will be incentivized to spend the interest and not touch the principle, I don't think that is a problem.

Ok. Thanks. So they won't get interest on their interest, only on the original principle? Is that correct. And why would they be incentivized (sp?) to spend the interest? Also why even have the mining continue at 1 coin? Seems pointless when there are 100 billion floating around. Who would continue mining then?

No you get interest on whatever coin is being held in your wallet... so you could compound your interest over time.. or just sell of interest earned immediately..

Generally speaking with a PoS coin.. what will happen is that a majority of coins will end up going into wallet for Interest generation... as you wont need to mine and spend anymore power on getting the coin...

After we get down to 1 block rewards... the attraction will be for investors... in that they can still buy from the market to build up their stack of Mint and generate interest from that.... this system potentially reduces the amount of coins in the market.. as every potential investor is a potential saver...

we will of course see some trading with pump/dumps etc... refer to HBN if you want a clue to what a general PoS coin does in the market.the difference here is that mint becomes an almost pure PoS coin in another few days. so it will be interesting to watch how the market adjusts itself to that particular paradigm..

♔ PrimeDice : The Premier Bitcoin Gambling Experience @PrimeDice
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Dallas5
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February 23, 2014, 09:20:34 PM
 #3724

With PoS will you also get the transaction fees? I assume since no one will be mining, minting also confirms transactions else the coin will die.

Nullu
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February 23, 2014, 09:21:58 PM
 #3725

With PoS will you also get the transaction fees? I assume since no one will be mining, minting also confirms transactions else the coin will die.

Yes, I believe so.

BTC - 14kYyhhWZwSJFHAjNTtyhRVSu157nE92gF
declensions
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February 23, 2014, 09:23:55 PM
 #3726

do i have to unlock my wallet to get the 20% interest?  how?

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February 23, 2014, 09:24:34 PM
 #3727

With PoS will you also get the transaction fees? I assume since no one will be mining, minting also confirms transactions else the coin will die.

Yes, I believe so.

Hey Nullo, whatever happened to that null coin  Cool Yes I know it's not yours but saw your post.

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February 23, 2014, 09:26:34 PM
 #3728

what does this part mean:

Quote
3. what does that mean in the wallet : Minting suspended due to locked wallet?
This says you can not do mining due to wallet encrypted.
you need to unlock the wallet in order to mine (for example for PoS blocks):
mintcoin-qt -server
mintcoind walletpassphrase <passphrase> <unlock_duration_in_seconds> true

do i need to unlock wallet for it to get the 20%?
how do you mine with wallet?
I cant figure out how to unlock it

For everyone who hasnt read the whole OP, (also correct me if im wrong/misread) Your wallet will automatically mint at an intrest of 20% the first year of your wallet balance that is the untouched amount ~20 days needed to begin minting for that amount PoS blocks begin on March 12th (so you should probably begin holding large amounts now).

If you have encrypted you wallet your wallet will say "Minting suspended due to locked wallet" so you will need to unlock it by going to your Wallet-Help tab-select Debug Window-Console tab-then type: "walletpassphrase <pw you encrypted wallet with> <unlock_duration_in_seconds> true"   It will still say Minting is suspended, but on the bottom it will show your wallet being unlocked so I believe it is just a bug and it is minting. I believe you will need to enter this command every time you shutdown your wallet and reopen it. Anyone feel free to correct me if I got this wrong.

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February 23, 2014, 09:30:38 PM
 #3729

so.. i unlocked for 100 secs.. it won't let me put more than a certain #
i have to do this every single time?  that's stupid..

ps i did read the entire op, but it didn't explain where to go to unlock the wallet. thanks

btw, does anyone know how many mintcoins i should be getting per 1000 kh/s per day ?


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MaxMinersNet
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February 23, 2014, 09:31:53 PM
 #3730


https://mint.maxminers.net


We are proud to announce our new Mintcoin Pool:

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Only 0.1 mnt withdrawal fees

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Stratum on Port 7890 with Variable Difficulty
Bonuses will be started as soon as first Block has been found !

Check it out now and get your Scrypt Miners in:
https://mint.maxminers.net
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February 23, 2014, 09:37:16 PM
 #3731

LTC just got added on Mintpal and soon MINT/LTC trading pair.
Nice, will make use of this Smiley

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February 23, 2014, 09:38:31 PM
 #3732

so.. i unlocked for 100 secs.. it won't let me put more than a certain #
i have to do this every single time?  that's stupid..

ps i did read the entire op, but it didn't explain where to go to unlock the wallet. thanks

btw, does anyone know how many mintcoins i should be getting per 1000 kh/s per day ?



3. what does that mean in the wallet : Minting suspended due to locked wallet?
This says you can not do mining due to wallet encrypted.
you need to unlock the wallet in order to mine (for example for PoS blocks):
mintcoin-qt -server
mintcoind walletpassphrase <passphrase> <unlock_duration_in_seconds> true

BTC: 145kMqimrCeK4pRoBuG9Vak4mHq67xk9ar
CryptoMF
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February 23, 2014, 09:38:32 PM
 #3733

Looks like this coin is taking off. Can someone please explain what will happen when the mining drops to only 1 coin per block? I want to get into this coin but I am concerned about what will happen in 2.5 weeks. I know users can mint coins in their wallets at 20% annually but what will new people get?
new ppl get what they get, dust. Buy now!

But you need new people to drive the market. I don't quite understand. Will this become a hoarding thing? If so then no one will spend them and it is not a currency but something more like a collectable item. Just trying to understand. What will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
learn more about PoS and you will understand that the ammount of coins sitted in your wallet correespond to a mining % i dont know how much time here but you will receive coins actually not mining iin terms of hardware! just hold it in your wallet and receive coins for interest (mining,forging) like with NextCoin.

Thank you for the answer. I kind of understand that part already. Can anyone help with my other points? In particular what will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
people will be incentivized to spend the interest and not touch the principle, I don't think that is a problem.

Ok. Thanks. So they won't get interest on their interest, only on the original principle? Is that correct. And why would they be incentivized (sp?) to spend the interest? Also why even have the mining continue at 1 coin? Seems pointless when there are 100 billion floating around. Who would continue mining then?

That doesn't make any sense. Why would you come to the conclusion that the interest will not compound from what I said?

People will spend any currency because they can buy stuff they want with it, also if they only spend their interest and not touch the principle they have a residual income that they can spend.

It's a win/win situation and I suspect you are being a fuddy duddy  Cheesy



I am trying to understand how this will be a currency. As a potential investor (by the way I am mining a little bit as well) I want to know what the future holds. In this case the very near future. With no one left mining it will definitely be very interesting to see what happens here. Very interesting. I am trying to see how this will not be just hoarded and where the incentive for new users (an absolute must for any coin to sustain) will come from. This has the potential to get sidetracked and become a pyramid model. I do not want to see that happen as it would be bad for not just this coin but other coins as well. THere has to be some incentive for people to redistribute their coins outside of just wanting to make a profit off of their initial investment. These are valid questions I feel as someone who is deciding whether to go big into this coin as it seems to be now or never.
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February 23, 2014, 09:42:31 PM
 #3734

Looks like this coin is taking off. Can someone please explain what will happen when the mining drops to only 1 coin per block? I want to get into this coin but I am concerned about what will happen in 2.5 weeks. I know users can mint coins in their wallets at 20% annually but what will new people get?
new ppl get what they get, dust. Buy now!

But you need new people to drive the market. I don't quite understand. Will this become a hoarding thing? If so then no one will spend them and it is not a currency but something more like a collectable item. Just trying to understand. What will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
learn more about PoS and you will understand that the ammount of coins sitted in your wallet correespond to a mining % i dont know how much time here but you will receive coins actually not mining iin terms of hardware! just hold it in your wallet and receive coins for interest (mining,forging) like with NextCoin.

Thank you for the answer. I kind of understand that part already. Can anyone help with my other points? In particular what will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
people will be incentivized to spend the interest and not touch the principle, I don't think that is a problem.

Ok. Thanks. So they won't get interest on their interest, only on the original principle? Is that correct. And why would they be incentivized (sp?) to spend the interest? Also why even have the mining continue at 1 coin? Seems pointless when there are 100 billion floating around. Who would continue mining then?

That doesn't make any sense. Why would you come to the conclusion that the interest will not compound from what I said?

People will spend any currency because they can buy stuff they want with it, also if they only spend their interest and not touch the principle they have a residual income that they can spend.

It's a win/win situation and I suspect you are being a fuddy duddy  Cheesy



I am trying to understand how this will be a currency. As a potential investor (by the way I am mining a little bit as well) I want to know what the future holds. In this case the very near future. With no one left mining it will definitely be very interesting to see what happens here. Very interesting. I am trying to see how this will not be just hoarded and where the incentive for new users (an absolute must for any coin to sustain) will come from. This has the potential to get sidetracked and become a pyramid model. I do not want to see that happen as it would be bad for not just this coin but other coins as well. THere has to be some incentive for people to redistribute their coins outside of just wanting to make a profit off of their initial investment. These are valid questions I feel as someone who is deciding whether to go big into this coin as it seems to be now or never.

The BTC/MINT price should be the incentive to sell or not. If someone buy high enough, some will sell regarding their preference. Also, if you need money, then you will sell. It's just a cryptocurrency,  outside of the interest and the price, people won't keep just for keeping.
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February 23, 2014, 09:44:24 PM
 #3735

so.. i unlocked for 100 secs.. it won't let me put more than a certain #
i have to do this every single time?  that's stupid..

ps i did read the entire op, but it didn't explain where to go to unlock the wallet. thanks

btw, does anyone know how many mintcoins i should be getting per 1000 kh/s per day ?



3. what does that mean in the wallet : Minting suspended due to locked wallet?
This says you can not do mining due to wallet encrypted.
you need to unlock the wallet in order to mine (for example for PoS blocks):
mintcoin-qt -server
mintcoind walletpassphrase <passphrase> <unlock_duration_in_seconds> true

all you did was copy and paste the op...  what i was asking is does the wallet need to always be unlocked for it to accrue interest?  (i'm assuming that's what it means by "mining PoS blocks")

does anyone know roughly how many coins i should be getting per day per 1000 kh/s?

C2.1: CfAMDL4FJomN8bLpsPKZz3mBtdQVg7Sgbp
CryptoMF
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February 23, 2014, 09:44:51 PM
 #3736

Looks like this coin is taking off. Can someone please explain what will happen when the mining drops to only 1 coin per block? I want to get into this coin but I am concerned about what will happen in 2.5 weeks. I know users can mint coins in their wallets at 20% annually but what will new people get?
new ppl get what they get, dust. Buy now!

But you need new people to drive the market. I don't quite understand. Will this become a hoarding thing? If so then no one will spend them and it is not a currency but something more like a collectable item. Just trying to understand. What will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
learn more about PoS and you will understand that the ammount of coins sitted in your wallet correespond to a mining % i dont know how much time here but you will receive coins actually not mining iin terms of hardware! just hold it in your wallet and receive coins for interest (mining,forging) like with NextCoin.

Thank you for the answer. I kind of understand that part already. Can anyone help with my other points? In particular what will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
people will be incentivized to spend the interest and not touch the principle, I don't think that is a problem.

Ok. Thanks. So they won't get interest on their interest, only on the original principle? Is that correct. And why would they be incentivized (sp?) to spend the interest? Also why even have the mining continue at 1 coin? Seems pointless when there are 100 billion floating around. Who would continue mining then?

No you get interest on whatever coin is being held in your wallet... so you could compound your interest over time.. or just sell of interest earned immediately..

Generally speaking with a PoS coin.. what will happen is that a majority of coins will end up going into wallet for Interest generation... as you wont need to mine and spend anymore power on getting the coin...

After we get down to 1 block rewards... the attraction will be for investors... in that they can still buy from the market to build up their stack of Mint and generate interest from that.... this system potentially reduces the amount of coins in the market.. as every potential investor is a potential saver...

we will of course see some trading with pump/dumps etc... refer to HBN if you want a clue to what a general PoS coin does in the market.the difference here is that mint becomes an almost pure PoS coin in another few days. so it will be interesting to watch how the market adjusts itself to that particular paradigm..

Be careful. What you are describing is a pyramid model. Is it the scarcity alone that will bring value?
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February 23, 2014, 09:48:15 PM
 #3737

Quote
I am trying to understand how this will be a currency.

 I don't understand the point of asking that question that question. Like any other currency it's utility lies in being able to exchange it for goods and services.

The fact that it pays interest is not going to create a situation where everyone hoards and never spends. I would surmise the opposite would happen, why not spend some if you will earn it right back in interest?

People don't need much encouragement to spend money so your line of inquiry is based on a misconceived notion that the inclusion of paid interest will create a situation where no one ever spends their currency.

Do you ever spend your money? Do you ever cash in a CD and spend it? Do you ever liquidate your money market account and spend it?

This is a useless question imho.
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February 23, 2014, 09:53:46 PM
 #3738

Looks like this coin is taking off. Can someone please explain what will happen when the mining drops to only 1 coin per block? I want to get into this coin but I am concerned about what will happen in 2.5 weeks. I know users can mint coins in their wallets at 20% annually but what will new people get?
new ppl get what they get, dust. Buy now!

But you need new people to drive the market. I don't quite understand. Will this become a hoarding thing? If so then no one will spend them and it is not a currency but something more like a collectable item. Just trying to understand. What will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
learn more about PoS and you will understand that the ammount of coins sitted in your wallet correespond to a mining % i dont know how much time here but you will receive coins actually not mining iin terms of hardware! just hold it in your wallet and receive coins for interest (mining,forging) like with NextCoin.

Thank you for the answer. I kind of understand that part already. Can anyone help with my other points? In particular what will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
people will be incentivized to spend the interest and not touch the principle, I don't think that is a problem.

Ok. Thanks. So they won't get interest on their interest, only on the original principle? Is that correct. And why would they be incentivized (sp?) to spend the interest? Also why even have the mining continue at 1 coin? Seems pointless when there are 100 billion floating around. Who would continue mining then?

That doesn't make any sense. Why would you come to the conclusion that the interest will not compound from what I said?

People will spend any currency because they can buy stuff they want with it, also if they only spend their interest and not touch the principle they have a residual income that they can spend.

It's a win/win situation and I suspect you are being a fuddy duddy  Cheesy



I am trying to understand how this will be a currency. As a potential investor (by the way I am mining a little bit as well) I want to know what the future holds. In this case the very near future. With no one left mining it will definitely be very interesting to see what happens here. Very interesting. I am trying to see how this will not be just hoarded and where the incentive for new users (an absolute must for any coin to sustain) will come from. This has the potential to get sidetracked and become a pyramid model. I do not want to see that happen as it would be bad for not just this coin but other coins as well. THere has to be some incentive for people to redistribute their coins outside of just wanting to make a profit off of their initial investment. These are valid questions I feel as someone who is deciding whether to go big into this coin as it seems to be now or never.

The BTC/MINT price should be the incentive to sell or not. If someone buy high enough, some will sell regarding their preference. Also, if you need money, then you will sell. It's just a cryptocurrency,  outside of the interest and the price, people won't keep just for keeping.

So the new users will come from those hoping to buy for less than they can sell for later? Is it a cryptocurrency yet or still just a cryptocoin at this point? I would be crazy to sell since this is already good money and earning more interest than fiat anyway.
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February 23, 2014, 10:05:40 PM
 #3739

Since I mined most of mine in first week and also bought at 4 satoshi, I just sold my back initial cost (about 10% of my coins). The rest is all house money at this point and will keep that to play with staking once the coins age.
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February 23, 2014, 10:08:21 PM
 #3740

Looks like this coin is taking off. Can someone please explain what will happen when the mining drops to only 1 coin per block? I want to get into this coin but I am concerned about what will happen in 2.5 weeks. I know users can mint coins in their wallets at 20% annually but what will new people get?
new ppl get what they get, dust. Buy now!

But you need new people to drive the market. I don't quite understand. Will this become a hoarding thing? If so then no one will spend them and it is not a currency but something more like a collectable item. Just trying to understand. What will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
learn more about PoS and you will understand that the ammount of coins sitted in your wallet correespond to a mining % i dont know how much time here but you will receive coins actually not mining iin terms of hardware! just hold it in your wallet and receive coins for interest (mining,forging) like with NextCoin.

Thank you for the answer. I kind of understand that part already. Can anyone help with my other points? In particular what will keep interest in the coin if you can't get it or spend it? Maybe I am missing something.
people will be incentivized to spend the interest and not touch the principle, I don't think that is a problem.

Ok. Thanks. So they won't get interest on their interest, only on the original principle? Is that correct. And why would they be incentivized (sp?) to spend the interest? Also why even have the mining continue at 1 coin? Seems pointless when there are 100 billion floating around. Who would continue mining then?

That doesn't make any sense. Why would you come to the conclusion that the interest will not compound from what I said?

People will spend any currency because they can buy stuff they want with it, also if they only spend their interest and not touch the principle they have a residual income that they can spend.

It's a win/win situation and I suspect you are being a fuddy duddy  Cheesy



I am trying to understand how this will be a currency. As a potential investor (by the way I am mining a little bit as well) I want to know what the future holds. In this case the very near future. With no one left mining it will definitely be very interesting to see what happens here. Very interesting. I am trying to see how this will not be just hoarded and where the incentive for new users (an absolute must for any coin to sustain) will come from. This has the potential to get sidetracked and become a pyramid model. I do not want to see that happen as it would be bad for not just this coin but other coins as well. THere has to be some incentive for people to redistribute their coins outside of just wanting to make a profit off of their initial investment. These are valid questions I feel as someone who is deciding whether to go big into this coin as it seems to be now or never.

The BTC/MINT price should be the incentive to sell or not. If someone buy high enough, some will sell regarding their preference. Also, if you need money, then you will sell. It's just a cryptocurrency,  outside of the interest and the price, people won't keep just for keeping.

So the new users will come from those hoping to buy for less than they can sell for later? Is it a cryptocurrency yet or still just a cryptocoin at this point? I would be crazy to sell since this is already good money and earning more interest than fiat anyway.
You can exchange BTC for Mint, then you keep those mint in your wallet for some time, then you can trade them back for BTC at the exact same exchange rate but still make a profit because you have gained more MintCoins from the interrest.
So new users doesnt have to hope for a higher exchange rate as is the case with all pow coins

Mintcoin: MsFGc9atNN6DddEsQHiq7MgDieoSLwtmg5
InformationCoin: Je4ZhmQBSd68oZ7CeXWMrWEsyprTXAVFuX
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