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

[Bilgoosta]

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  

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.

[declensions]

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?

[CryptoMF]

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?

[mgburks77]

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.

[CryptoMF]

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  

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.

[flounderella]

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.

[dille71]

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  

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

[MaxMinersNet]

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Big Bonuses will be given out when we've found the first block !!!

[PCJargon]

The incentive for many (for me anyway) is to hold on to a set amount, and every 20 days sell off the interest as small bitcoin payday. Or, if mintcoin was adopted for purchasing, I'd buy something fancy every so often :3

Oh man am I proud to have discovered and believed in mintcoin early on. Got dat early mining in, and my $70 worth of bitcoin spent on mint is worth over 6x what I paid for it already.

[kcanup]

The incentive for many (for me anyway) is to hold on to a set amount, and every 20 days sell off the interest as small bitcoin payday. Or, if mintcoin was adopted for purchasing, I'd buy something fancy every so often :3

Oh man am I proud to have discovered and believed in mintcoin early on. Got dat early mining in, and my $70 worth of bitcoin spent on mint is worth over 6x what I paid for it already.

That's called a MINT plan. Good for you! 

[CryptoMF]

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.

Yes I do spend my money. I am trying to decide right now if I want to spend some more of it on Mintcoin.

I do not earn money off of interest currently. In fact I pay a lot of interest to others. I would definitely think twice about spending my money if I know I can get 20% interest on it by keeping it and doing nothing. Especially if I already have another currency that has a lower interest rate return that I can spend instead. That is basic investing principles. Borrow money for less interest (cost) than you can make by using the money for something else (profit).

I think it is safe to assume that everyone in here has some of this coin (myself included). Why do you think any large amount of people would suddenly decide to give us control of the vast majority of the money supply? Just because we were first? They might do it because we promise them a 20% return on their money every year but that is going to lead to inflation so the money might not be worth the same at the end of the year. Maybe we could give them something unique in the currency that they can't get somewhere else. Are we doing that here? 

[declensions]

how many coins can i expect per day per 1000 kh/s?   seems very low at the moment

[CryptoMF]

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.

That is a great position to be in. Can't lose now. Well done!

[PCJargon]

how many coins can i expect per day per 1000 kh/s?   seems very low at the moment

I'd assume about 40k-50k, I've been making around 80-100k a day with my 2000 kh/s.

[flounderella]

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.

That is a great position to be in. Can't lose now. Well done!

Good luck to you too mate!

[broken_pixel]

how many coins can i expect per day per 1000 kh/s?   seems very low at the moment

35,000 Mint with a 37 diff.

Network Info
Difficulty   36.59264656
Est Next Difficulty   54.06415013 (Change in 1952 Blocks)
Est. Avg. Time per Block   0 minutes 31 seconds
Current Block   48451

Better hurry!!! 

[colinfx]

I have not sold one Mint.  

Patience, patience, patience.

I'm right with you - this was a no brainer from the beginning!

[PCJargon]

@People worried about hoarding. You do realize that the 20% interest rate is only for the first year? The interest rate declines substantially annually until it hits 5%. Thus, the amount of interest will certainly not be worth hoarding the more time goes on. Even at current 20% rate, what's the point of holding it all? People spend it. People try to cash out because they think value is high, or that they're in need of $.

Are most people with Bitcoin simply holding it and waiting for deflation spikes again? No. Mass amounts of Bitcoin transactions all the time. At any point someone can buy into Mint, the trades aren't going to simply end.

[broken_pixel]

The peeps mining Mint with 54,000 KH/s wallets are going to explode. Lulz!

[broken_pixel]

@People worried about hoarding. You do realize that the 20% interest rate is only for the first year? The interest rate declines substantially annually until it hits 5%. Thus, the amount of interest will certainly not be worth hoarding the more time goes on. Even at current 20% rate, what's the point of holding it all? People spend it. People try to cash out because they think value is high, or that they're in need of $.

Are most people with Bitcoin simply holding it and waiting for deflation spikes again? No. Mass amounts of Bitcoin transactions all the time. At any point someone can buy into Mint, the trades aren't going to simply end.

Have a listen.

http://www.listentobitcoin.com/