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

[drakoin]

maybe a quarter of the existing coins will actually do any substantial minting. When the minting is at 5% and only 25% or so of existing coins are actully doing any substantial minting

Alright, that's what I suspected all along.

And that really speaks for
* better documentation please
* a help page inside the wallet explaining it properly
* 'coin control' features - so that I can choose which coin pile to touch
* a warning: "when you send coins, also the change will be reset"
* a ReserveForMinting command and button which actively puts some coin aside which cannot be spent / touched unless I override a warning
* lowering the 20 days (so far there was no real explanation why 20 days)

I could imagine the problem exists not only in MINT, but also in BC, HBN, ... but don't the 20 days make it really bad in case of MINT?

Only the coins you send are reset, the other, untouched coins are not affected.

I guess that is half true. Please do some reading on "change adddresses".

As far as I understand it ... if I send 1 MINT out of an address with 1000 MINT, there will be two recipient addresses, one receiving 1 MINT, one receiving 999 MINT.  Bam. Coin age reset for 1+999=1000 MINT.

I guess there is a way to copy the coin age for the change 999 MINT - but it needs to be implemented.

But, as i understand it, when you send coins they are randomly picked from your holdings so it could be your oldest coins that are sent.

That would be plain stupid for a PoS coin with coin age dependent minting.


Could please the programmer come up with definite answers?

Thanks.

What about PoS and change addresses?
I hope you took care of that. I do not want to have my 20 days reset whenever I move a small sum out of my wallet.

Change: If I send, there are usually two target addresses involved. Only one of the two amounts is actually moved out of the wallet to the recipient, the other one is going straight back, into a change address in my wallet. So that 2nd sum has left the wallet yes, but only to end up in it again, within seconds. Imagine there is a 1 mio input from which I spend a 7 MINT output - that results in a second 999,993 MINT output, to my change address, so it ends up back in my wallet.

Still, I fear, the 20 days period is reset for both amounts, right?

As your wallet does not yet support "coin control", I cannot even know which of my existing coin piles are touched. With one tx of 10 MINT, I might destroy 20 days of PoS of 20 billion coins. Am I wrong? If not:

Please hardcode that if outgoing and incoming into change addresses happens, the coin age is preserved. Or it that is not consistent, then:

I suggest, that you (a) lower the 20 days, (b) implement coin control.

Implement coin control. Lowering the 20 days is  not a good idea as it is an important aspect of the coin design, security/sustainability.

So basically you want people to hord their mint coins, and not touch them for at least 20 days, to then collect some interest?

You want me to use another currency for my daily usage, and mint just for storing wealth?  
I could only trust that concept, if the price of mint-to-other-currencies were not falling too much. But why wouldn't it fall? Apart from storing wealth, mint seems useless - because as soon as I move some of my coins, the 20 days are reset?

I don't see how all that could be a revolutionary new currency.

I want to be able to send and receive money, buy pizza, exchange for other currencies - and while I am not using my money, I want to collect interest for it - immediately- , and in PoS, use it for helping to secure the network.

minting is exactly analogous to mining

do you find this to be a problem with currency that is mined via PoW? If not then why is it a problem when coins are minted via PoS?

It's an advancement because it eliminates a lot of the energy waste associated with PoW mining

I don't find it a problem at all. If PoS works, and is safe, and is properly implemented, it can advance the whole scene.
But it needs to be understood, too. And properly implemented.
My questions are motivated by my wish to understand mint's concept.  

From your answer, I deduct, that it is really the case, what I suspected in my posting up there.

So please make that clear, preferably directly in the wallet:

DO NOT TOUCH YOUR MINT COINS!  
Otherwise the 20 days are reset; and in the worst case, for ALL of your million coins, even if you only send out 1 MINT.

Only the coins you send are reset, the other, untouched coins are not affected.
But, as i understand it, when you send coins they are randomly picked from your holdings so it could be your oldest coins that are sent.

[dille71]

maybe a quarter of the existing coins will actually do any substantial minting. When the minting is at 5% and only 25% or so of existing coins are actully doing any substantial minting

Alright, that's what I suspected all along.

And that really speaks for
* better documentation please
* a help page inside the wallet explaining it properly
* 'coin control' features - so that I can choose which coin pile to touch
* a warning: "when you send coins, also the change will be reset"
* a ReserveForMinting command and button which actively puts some coin aside which cannot be spent / touched unless I override a warning
* lowering the 20 days (so far there was no real explanation why 20 days)

I could imagine the problem exists not only in MINT, but also in BC, HBN, ... but don't the 20 days make it really bad in case of MINT?

Only the coins you send are reset, the other, untouched coins are not affected.

I guess that is half true. Please do some reading on "change adddresses".

As far as I understand it ... if I send 1 MINT out of an address with 1000 MINT, there will be two recipient addresses, one receiving 1 MINT, one receiving 999 MINT.  Bam. Coin age reset for 1+999=1000 MINT.

I guess there is a way to copy the coin age for the change 999 MINT - but it needs to be implemented.

But, as i understand it, when you send coins they are randomly picked from your holdings so it could be your oldest coins that are sent.

That would be plain stupid for a PoS coin with coin age dependent minting.


Could please the programmer come up with definite answers?

Thanks.

What about PoS and change addresses?
I hope you took care of that. I do not want to have my 20 days reset whenever I move a small sum out of my wallet.

Change: If I send, there are usually two target addresses involved. Only one of the two amounts is actually moved out of the wallet to the recipient, the other one is going straight back, into a change address in my wallet. So that 2nd sum has left the wallet yes, but only to end up in it again, within seconds. Imagine there is a 1 mio input from which I spend a 7 MINT output - that results in a second 999,993 MINT output, to my change address, so it ends up back in my wallet.

Still, I fear, the 20 days period is reset for both amounts, right?

As your wallet does not yet support "coin control", I cannot even know which of my existing coin piles are touched. With one tx of 10 MINT, I might destroy 20 days of PoS of 20 billion coins. Am I wrong? If not:

Please hardcode that if outgoing and incoming into change addresses happens, the coin age is preserved. Or it that is not consistent, then:

I suggest, that you (a) lower the 20 days, (b) implement coin control.

Implement coin control. Lowering the 20 days is  not a good idea as it is an important aspect of the coin design, security/sustainability.

So basically you want people to hord their mint coins, and not touch them for at least 20 days, to then collect some interest?

You want me to use another currency for my daily usage, and mint just for storing wealth?  
I could only trust that concept, if the price of mint-to-other-currencies were not falling too much. But why wouldn't it fall? Apart from storing wealth, mint seems useless - because as soon as I move some of my coins, the 20 days are reset?

I don't see how all that could be a revolutionary new currency.

I want to be able to send and receive money, buy pizza, exchange for other currencies - and while I am not using my money, I want to collect interest for it - immediately- , and in PoS, use it for helping to secure the network.

minting is exactly analogous to mining

do you find this to be a problem with currency that is mined via PoW? If not then why is it a problem when coins are minted via PoS?

It's an advancement because it eliminates a lot of the energy waste associated with PoW mining

I don't find it a problem at all. If PoS works, and is safe, and is properly implemented, it can advance the whole scene.
But it needs to be understood, too. And properly implemented.
My questions are motivated by my wish to understand mint's concept.  

From your answer, I deduct, that it is really the case, what I suspected in my posting up there.

So please make that clear, preferably directly in the wallet:

DO NOT TOUCH YOUR MINT COINS!  
Otherwise the 20 days are reset; and in the worst case, for ALL of your million coins, even if you only send out 1 MINT.

Only the coins you send are reset, the other, untouched coins are not affected.
But, as i understand it, when you send coins they are randomly picked from your holdings so it could be your oldest coins that are sent.

I sent 50% of my coins a couple of days ago and if your logic would have been true then all my coin age would have been reset but its not since i still mint coins at 50% rate.

[dille71]

What about a multipool with a 1%-2% donation to a foundation that support green projects?

[richlist]

What about a multipool with a 1%-2% donation to a foundation that support green projects?

not bad.

[Kergekoin]

Well, multipool has its pros and cons.

Blackcoin will get more spread with multipool. And thats of course a pro.

Cons?
With multipool Blackcoin is now heavily tied to all altcoins. Its value will not rise in long term view.
Why? Simply because miners who get paid in blackcoin will sell their blackcoin later. Its a dead circle until blackcoin gets more independent with added merchants and services.

[firstflyover]

What about a multipool with a 1%-2% donation to a foundation that support green projects?

no thanks...

[dille71]

Well, multipool has its pros and cons.

Blackcoin will get more spread with multipool. And thats of course a pro.

Cons?
With multipool Blackcoin is now heavily tied to all altcoins. Its value will not rise in long term view.
Why? Simply because miners who get paid in blackcoin will sell their blackcoin later. Its a dead circle until blackcoin gets more independent with added merchants and services.

Yea you are right...
Maybe have it like an "event". Just open for a short period.

[David Latapie]

Added here
http://www.mintcointalk.com/index.php?topic=263.msg773#msg773

Alright, that's what I suspected all along.

And that really speaks for
* better documentation please
* a help page inside the wallet explaining it properly
* 'coin control' features - so that I can choose which coin pile to touch
* a warning: "when you send coins, also the change will be reset"
* a ReserveForMinting command and button which actively puts some coin aside which cannot be spent / touched unless I override a warning
* lowering the 20 days (so far there was no real explanation why 20 days)

I could imagine the problem exists not only in MINT, but also in BC, HBN, ... but don't the 20 days make it really bad in case of MINT?

[PeterVenter]

I know, but how am I gonna tell my mother-in-law (for example..) that she first has to register on mintpal.com, generate a bitcoin deposit address, then register on kraken or bitonic, then buy bitcoins, then send them to mintpal, then exchange then for mintcoins and then install the mintpal wallet and finally withdraw them again to her wallet? That's not simple enough..

With LiteBit she can just skip all the trouble, download the wallet (which is troublesome enough) and simply buy mintcoins w/o having the need of more registration and exchanging.

It should be plain and simple. And that goes with a price. In this case about 18.000 mints.

20 euro / 459 (kraken)  = 0,04357298 btc
0,04357298 btc / 0,00000019 current mint price = 229331 mints.

Speaking of the wallet; it's about time it would get an installer and autorun!

[/quote]

I agree

[KSGuy]

https://bitcointalk.org/index.php?topic=483187.0
show some support for our coin, this could be important since this could lead to much news about our coin.

voted

[CatKiwi]

Blackcoin = Wolong's new toy haha - If this multipool idea is the reason for its rise then it will drop like a brick when other coins implement the same idea.

[richlist]

Blackcoin = Wolong's new toy haha - If this multipool idea is the reason for its rise then it will drop like a brick when other coins implement the same idea.

but mint dump forever..nothing multipool..

[niothor]

Added here
http://www.mintcointalk.com/index.php?topic=263.msg773#msg773

Alright, that's what I suspected all along.

And that really speaks for
* better documentation please
* a help page inside the wallet explaining it properly
* 'coin control' features - so that I can choose which coin pile to touch
* a warning: "when you send coins, also the change will be reset"
* a ReserveForMinting command and button which actively puts some coin aside which cannot be spent / touched unless I override a warning
* lowering the 20 days (so far there was no real explanation why 20 days)

I could imagine the problem exists not only in MINT, but also in BC, HBN, ... but don't the 20 days make it really bad in case of MINT?

Now somebody is really doing something about this. Good start.

[richlist]

bye bye mint...17..now

[niothor]

bye bye mint...17..now

Yeah , 16 next and at 15 we all are going to be doomed. At 10 the universe ends.

[moderndezigns]

someone with alot of coins is trying to get people to panic sell by creating downward pressure. If they really wanted to sell they would. It doesn't make sense for someone with that many coins to depress the market unless that's the case. If that person stops the market should go way up. Hold onto your coins

[niothor]

someone with alot of coins is trying to get people to panic sell by creating downward pressure. If they really wanted to sell they would. It doesn't make sense for someone with that many coins to depress the market unless that's the case. If that person stops the market should go way up. Hold onto your coins

It depends on how many coins he has and how much he wants to get from them.
Dumping all his stash might drive the price to 1., who knows.
Remember the guy at btc that dumped and sold bitcoins for 100 a month ago.

[GambleX]

Hey guys!

Gamblex has added Mintcoin to our exchange and our gambling site. It will be fully implemented, that means we will also sell shares that distribute a part of the Mintcoin fee revenue to stakeholders.

Check out our thread and maybe Invest!

https://bitcointalk.org/index.php?topic=498311.msg5676745#msg5676745

[richlist]

many people say bullshit..yeh mint is dump..just one reason:no multipool

[niothor]

many people say bullshit..yeh mint is dump..just one reason:no multipool

God , how many people here have the wrong idea on how coins work?
You always try to find only one thing to blame instead of looking at the whole picture.