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

[tokyopotato]

It is not as it leaves alot of people puzzled

Because after 5 weeks it is basically a pure PoS coin, it does not need to be intensively mined, as the PoW payout will remain the minimum. Most coins will be generated through PoS, thus it is a coin that will save a lot of energy compared to other coins.

Its basically saying "stop mining you won't get anything anyhow, just keep x million in your wallet and never spend it.
Cryptocoins without mining are dead cryptocoins because miners provide most hashrate.
Cryptocoins that are kept are extremly deflationary, that means you won't spend your coin because if you don't you have more tomorrow. But a currency that is not spend is worthless.

Is this news to you? You knew this was a proof of stake coin, right? Of course mining will stop now, that is the whole point. No more mining, no more wasting electricity. Miners can move on to mining other coins, if they wish, while still making more mintcoins and contributing to the network through the proof of stake process. The network will be supported by minting and any miners that decide to stick around to take advantage of the extremely low difficulty.

edit: And just because there is no more mining does not mean that there will be no more spending. It does mean that there will be no more multipool dumping, though.

You didnt get the whole economy/money thing what I wrote about.
Deflationary coins are bullshit when people realize that the marked stales.

Actually, you don't know that for sure.  Did you know that block rewards and mining will still be done even though there is a finite cap on the number of coins?

In other words, the fees that are spent will go back into the network and new Mints will be created to replace those old Mints.  It is actually a new paradigm and gives a third dimension to the inflation/deflation argument.

This is the same concept as Bitcoin, except that Mint doesn't require massive amounts of energy in order to accomplish this goal, it is done by everyone and anyone who runs a client on their computer.

Bitcoin might be on top right now, but who knows what the long-term will bring, so don't think that you know everything about economics and money.

Cheers

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[Alakazam2000]

I am concerned why Blackcoin tanked, would the same thing happen to MINT?

I think people are still just beginning to understand PoS.  Just look at r/mintcoin.  No one knows how to work their wallet.  I think Blackcoin is going to spike once a bunch of people realize they missed the mint train, so I picked some up while their price is in the gutter.  

Maybe someone should explain it then? Maybe in the 1st post? Maybe in some simple words that everyone can understand?

Everything is explained in first post and it's explained really carefully.

It is not as it leaves alot of people puzzled

Because after 5 weeks it is basically a pure PoS coin, it does not need to be intensively mined, as the PoW payout will remain the minimum. Most coins will be generated through PoS, thus it is a coin that will save a lot of energy compared to other coins.

Its basically saying "stop mining you won't get anything anyhow, just keep x million in your wallet and never spend it.
Cryptocoins without mining are dead cryptocoins because miners provide most hashrate.
Cryptocoins that are kept are extremly deflationary, that means you won't spend your coin because if you don't you have more tomorrow. But a currency that is not spend is worthless.

It just leaves people puzzled? You just have to write down a few words on the debug window, I can't see anything puzzling with that unless you have some mental issues.
Your point about the stack function is wrong, you can spend Mints whenever you want, you decide to spend it or hold it, you are not obligated to hold it and by the way 20% per YEAR is not THAT MUCH considering it will decrease to 5% per year...

[Jherek]

It is not as it leaves alot of people puzzled

Because after 5 weeks it is basically a pure PoS coin, it does not need to be intensively mined, as the PoW payout will remain the minimum. Most coins will be generated through PoS, thus it is a coin that will save a lot of energy compared to other coins.

Its basically saying "stop mining you won't get anything anyhow, just keep x million in your wallet and never spend it.
Cryptocoins without mining are dead cryptocoins because miners provide most hashrate.
Cryptocoins that are kept are extremly deflationary, that means you won't spend your coin because if you don't you have more tomorrow. But a currency that is not spend is worthless.

Is this news to you? You knew this was a proof of stake coin, right? Of course mining will stop now, that is the whole point. No more mining, no more wasting electricity. Miners can move on to mining other coins, if they wish, while still making more mintcoins and contributing to the network through the proof of stake process. The network will be supported by minting and any miners that decide to stick around to take advantage of the extremely low difficulty.

edit: And just because there is no more mining does not mean that there will be no more spending. It does mean that there will be no more multipool dumping, though.

You didnt get the whole economy/money thing what I wrote about.
Deflationary coins are bullshit when people realize that the marked stales.

Bitcoin is bullshit? Nextcoin is bullshit? News to me.

-_- maybe try with reading my posts.

But your posts seem rather pessimistic, with nothing concrete to support the claims. In other words... FUD. Perhaps you will be right, but lets just wait and see what happens.. Only time will tell.

I backed them up with comparing to existing commodities and currencies and even actual politics, that try to keep their money fluid. I recently read a good article why deflation is poison for a economy, unfortunately it's in german so hard to quote here. Although, money (currencies) need fluid flow because they have no physical value when they are not a medium for transactions while commodities like gold or raw goods have physical value and are consumed this way. You can not do anything with coins besides spending them, and if you don't, they are as worthless as the physical value of the papersheets in your pocket that you can as well use decorating your walls if you are not going to spend them.

[Jherek]

Types of coins:
POW (proof of work) ala DOGECOIN: coins are earned via mining
POS (proof of script) ala NXTCOIN: coins are are earned via holding them in your wallet.
POS/POW Hybrid (ala MINTCOIN): First coins are earned by mining, then by holding the wallet.

This may be a new concept to many miners.
Just download the wallet and leave the coins there, then after 30 days you will receive coins at the rate of 20 percent per annum.

POW coins with low difficulty and high reward are good to mine.
POS coins that are virtually unmineable are better to buy/ invest/ hold.

The coins higher up on the coinwarz list simply means the multipools are mining it and will soon dump it.
Mintcoin is now safe from this possibility.
My advice is to avoid buying/ holding coins at the top of coinwarz.

HTH.

Currencies need spendings, need flow. You describe a hyper-deflationary modell and there is a reason why states try to encourage the citizens to spend their money, because massive bagholding is killing egonomy.

What you want with mintcoin is something like gold. Deflationary investment. But cryptocurrencies are not gold, they are worthless without money flow. Gold can be kept and gold has a purpose aside from investment. Gold is needed for electronics, in science and jewellery so there will always be some demand for gold and someone will sell gold when the price is high enough. That's the same problem that will come to bitcoin eventually: No sense in mining it and when you hold it, it will become more worth tomorrow, so price increases. But at some point it will be impossible to get via mining and impossible to get via buying because almost everyone just holds. Satoshi, being mathematically genius, confused gold with money as he created bitcoin. Currencies like dogecoin have more future because of their inflationary model. They will not increase in price unlimited but they will reach a certain level where spending/buying makes sense.

I'm not sure why there can't be cryptocurrencies that fill different rolls than one another. Why can't people hoard bitcoin like gold, spend dogecoin like cash, and hold and spend mintcoin like a high yield savings/checking account? I think choice is one of the most beautiful things about cryptocurrencies as a whole.

Because there is only ONE role for cryptocurrencies, simply to be a currency. Like I said now a thousand times, bitcoins have not the same use as gold! They are worthless when they are not spend because you can not use them for jewellery or electronics or in medicine or what ever. There is no such thing as virtual commodities.

[Jherek]

It just leaves people puzzled? You just have to write down a few words on the debug window, I can't see anything puzzling with that unless you have some mental issues.
Your point about the stack function is wrong, you can spend Mints whenever you want, you decide to spend it or hold it, you are not obligated to hold it and by the way 20% per YEAR is not THAT MUCH considering it will decrease to 5% per year...

Two things: 1st I am able to use a debug window, but I bet the majority out there don't even know that there is a debug window in every client.
2nd I NO WHERE claimed, that one is FORCED to keep them, but ENCOURAGED by the model. It is a currency that ENCOURAGES people not to use it as a currency because it's value is supposed to rise.
I don't get why this is so hard to understand.

[stormia]

It just leaves people puzzled? You just have to write down a few words on the debug window, I can't see anything puzzling with that unless you have some mental issues.
Your point about the stack function is wrong, you can spend Mints whenever you want, you decide to spend it or hold it, you are not obligated to hold it and by the way 20% per YEAR is not THAT MUCH considering it will decrease to 5% per year...

Two things: 1st I am able to use a debug window, but I bet the majority out there don't even know that there is a debug window in every client.
2nd I NO WHERE claimed, that one is FORCED to keep them, but ENCOURAGED by the model. It is a currency that ENCOURAGES people not to use it as a currency because it's value is supposed to rise.
I don't get why this is so hard to understand.

What is hard to understand is why you are posting to this forum.

[Alakazam2000]

It just leaves people puzzled? You just have to write down a few words on the debug window, I can't see anything puzzling with that unless you have some mental issues.
Your point about the stack function is wrong, you can spend Mints whenever you want, you decide to spend it or hold it, you are not obligated to hold it and by the way 20% per YEAR is not THAT MUCH considering it will decrease to 5% per year...

Two things: 1st I am able to use a debug window, but I bet the majority out there don't even know that there is a debug window in every client.
2nd I NO WHERE claimed, that one is FORCED to keep them, but ENCOURAGED by the model. It is a currency that ENCOURAGES people not to use it as a currency because it's value is supposed to rise.
I don't get why this is so hard to understand.

From the FAQs in page 1:

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
still unclear? read this post

I think it's clear enough, and if it isn't there is a link where it's explained step by step you just have to click.

Yeah people are encouraged to hold the coin, but as you can see not everyone is gonna hold it as they are not obligated so I don't see the points of you argument where you claim that if you don't spend a coin it is whorthless: since you are not obligated to hold, the coin is not necessairly worthless. Much logic? Oh and by the way, holding a coin forever is just not profitable since at a certain point it will be more profitable to sell than to hold even if you get some interests. (And thats obvious since if you are not going to spend a single mint in your entire life there is no point on getting the interests lol)

[mgburks77]

Yes, if you want mint you will have to buy at an exchange and mint it, PoW stage is over and nothing said will change that.

[mgburks77]

It is a currency that ENCOURAGES people not to use it as a currency because it's value is supposed to rise.
I don't get why this is so hard to understand.

neo-classical economics is sort of a pseudo science, not everyone agrees with the model your opinion is informed by.

[Jherek]

What is hard to understand is why you are posting to this forum.

Because I am a former miner and holder of 1.6m mintcoins.

[Jherek]

Yeah people are encouraged to hold the coin, but as you can see not everyone is gonna hold it as they are not obligated so I don't see the points of you argument where you claim that if you don't spend a coin it is whorthless: since you are not obligated to hold, the coin is not necessairly worthless. Much logic? Oh and by the way, holding a coin forever is just not profitable since at a certain point it will be more profitable to sell than to hold even if you get some interests. (And thats obvious since if you are not going to spend a single mint in your entire life there is no point on getting the interests lol)

All you say are mehbeys and future. You can not back them up with more grounding than I can my claims about ecomomical logics what a currency needs and why bitcoin and more relatively unknown small clones like mintcoin won't stand the race in the long run. They still claim to be currency while they try to mimic virtual gold.
No one needs to hold gold but everyone would fill their rooms with that, if gold hadnt more purpose than laying there in shiny bars. Same goes with all other goods that have a certain value. And there is a reason why people pay with papersheets and not with gold coins anymore.

[stormia]

What is hard to understand is why you are posting to this forum.

Because I am a former miner and holder of 1.6m mintcoins.

Then have some faith in the coin! You must have had some at some point, otherwise I imagine you would not have gotten involved. What got you interested in mintcoin to begin with? And what has changed since then (Besides mining having finished, which we all knew was going to happen)?

[sidhujag]

Types of coins:
POW (proof of work) ala DOGECOIN: coins are earned via mining
POS (proof of script) ala NXTCOIN: coins are are earned via holding them in your wallet.
POS/POW Hybrid (ala MINTCOIN): First coins are earned by mining, then by holding the wallet.

This may be a new concept to many miners.
Just download the wallet and leave the coins there, then after 30 days you will receive coins at the rate of 20 percent per annum.

POW coins with low difficulty and high reward are good to mine.
POS coins that are virtually unmineable are better to buy/ invest/ hold.

The coins higher up on the coinwarz list simply means the multipools are mining it and will soon dump it.
Mintcoin is now safe from this possibility.
My advice is to avoid buying/ holding coins at the top of coinwarz.

HTH.

Currencies need spendings, need flow. You describe a hyper-deflationary modell and there is a reason why states try to encourage the citizens to spend their money, because massive bagholding is killing egonomy.

What you want with mintcoin is something like gold. Deflationary investment. But cryptocurrencies are not gold, they are worthless without money flow. Gold can be kept and gold has a purpose aside from investment. Gold is needed for electronics, in science and jewellery so there will always be some demand for gold and someone will sell gold when the price is high enough. That's the same problem that will come to bitcoin eventually: No sense in mining it and when you hold it, it will become more worth tomorrow, so price increases. But at some point it will be impossible to get via mining and impossible to get via buying because almost everyone just holds. Satoshi, being mathematically genius, confused gold with money as he created bitcoin. Currencies like dogecoin have more future because of their inflationary model. They will not increase in price unlimited but they will reach a certain level where spending/buying makes sense.

What nonsense! Go ahead and invest in a coin with zero return on investment! Where do you think your gains will come from, the hope of a capital gain, is that all?
And please, don;t compare bitcoin to gold. Bitcoin can be replicated a million times over as shown by the numorous clones. Now go ahead and explain how you can clone gold? I think I know what I'll choose. Blue chip stocks pay a dividend. Shit coins don't. End of story.
Besides your just shitty u cant mine and dump this coin. Well as a holder, Im glad.
Time for you to move or simply point your miner at a multipool!

This discussion is as old as bitcoins are and came up again refreshed (though with same arguments) when dogecoin decided inflationary modell.
There are basically two sides in this dicussion: Those that understand economics and those that dont.
And then there are these bitcoin evangelists defending bitcoins deflation and turn around claim how this will be the new currency, not noticing how they contradict themself.
And, when bitcoin is digital gold and someone clones bitcoin it doesn't mean that they cloned gold. They just brought up another commodity beside bitcoin competing on the same market. Unless they follow a completely other concept. And that's the reason, why coins like dogecoin will outlive bitcoins in the long run if they stay active that long. Inflationary coins stay fluid while deflationary cryptos will stale.

Your right and dont expect the noobs in here to understand what you are saying... You need inflation in a deflationary model.. not inflation tending to zero.. Its a failure by design.

Bitcoin will always be there.. as a commodity but not a currency I believe. There are better coins out there that will do the job of everyday tx...

What you need is:

1) Something where mining is irrelavent (pos is good for that)
2) Yet secure.. merged mining bitcoin means its secure yet mining is not a problem.
3) Predictable inflation. NOT dynamic inflation like PPC.. dynamic inflation leads to incentove to game thr system for profit.
read this about a quote from the dogecoin site from a professor of economics: https://bitcointalk.org/index.php?topic=233997.msg5599093#msg5599093

4) Provide inherent utility.. blockchain does this..

So far only 1 coin fits that bill and its DevCoin.. miners get 10% of each block and mining is not a problem since its merged mined with bitcoin. So mining is like free.. 90% goes to people who work to earn. Even businesses etc. So there is far more utility than dogecoin.

No more coins can be released merged mined because of asics.. so reallly it makes sense this would be the one and all other coins lost in dust. It was designed to be it. Bitcoins addresses are interchangeable to DevCoin if you can send dvc to btc wallet and vice versa.. so that in the future one address may be meeded for both. or people switch to dvc without losing private keys.

[Jherek]

Your right and dont expect the noobs in here to understand what you are saying... You need inflation in a deflationary model.. not inflation tending to zero.. Its a failure by design.

Bitcoin will always be there.. as a commodity but not a currency I believe. There are better coins out there that will do the job of everyday tx...

What you need is:

1) Something where mining is irrelavent (pos is good for that)
2) Yet secure.. merged mining bitcoin means its secure yet mining is not a problem.
3) Predictable inflation. NOT dynamic inflation like PPC.. dynamic inflation leads to incentove to game thr system for profit.
read this about a quote from the dogecoin site from a professor of economics: https://bitcointalk.org/index.php?topic=233997.msg5599093#msg5599093

4) Provide inherent utility.. blockchain does this..

So far only 1 coin fits that bill and its DevCoin.. miners get 10% of each block and mining is not a problem since its merged mined with bitcoin. So mining is like free.. 90% goes to people who work to earn. Even businesses etc. So there is far more utility than dogecoin.

No more coins can be released merged mined because of asics.. so reallly it makes sense this would be the one and all other coins lost in dust. It was designed to be it. Bitcoins addresses are interchangeable to DevCoin if you can send dvc to btc wallet and vice versa.. so that in the future one address may be meeded for both. or people switch to dvc without losing private keys.

I do not know if the parameters of dogecoin are the right ones, but the idea behind its inflation is the correct direction and what I was pointing on. Everything winds up around the fact, that there are no virtual raw goods (unless in a game but there they are consumed virtually as well). Mintcoin just pushes the deflation to the extreme while being unknown compared to bitcoins, and furthermore people just don't get the POS therefore won't buy untill they get it (that means, it would need more shilling, something else than "just use the debug window!")
Maybe bitcoins will stay as a commodity, at least it has an use as TX for altcoins, but no one know for how long this goes. The creators of bitcoins certainly didnt have altcoins in mind and hence my claim that they just confused currency and commodities.

PS: This goes more for coins like MZD or AUR, because they are meant to replace a currency while simply cloning bitcoins modell. It might bring some income for a short time but in the long run, they are much more likely to fail.

[mgburks77]

Coins are created so how is it deflationary?

[Jherek]

Coins are created so how is it deflationary?

The creation is nothing compared to what fluid mining has and still decreases.

[mgburks77]

Coins are created so how is it deflationary?

The creation is nothing compared to what fluid mining has and still decreases.

It's quite simply not a deflationary currency.

[sidhujag]

there is also a hardcap.. as more people populate earth the amouny of coins decrease.. thats deflationary.

[hoshigakiii]

If I have MINT coins on MINTPAL.COM i will get my POS after 20 days?

[garicson]

If I have MINT coins on MINTPAL.COM i will get my POS after 20 days?

no, you will not