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Author Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained]  (Read 1343110 times)
stormia
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March 26, 2014, 04:15:33 AM
 #10701

http://finance.yahoo.com/news/bitcoin-property-not-currency-tax-202506165.html;_ylt=A0LEVzQYSTJTBSIAn79XNyoA;_ylu=X3oDMTB0ZGk2Z2FqBHNlYwNzYwRjb2xvA2JmMQR2dGlkA1ZJUDA3N18x    This seems like good news for the community. The U.S. government is taking an official position on Bitcoin. They want their piece but that also adds security for banks and businesses that have been on the fence about using


that's somewhat confusing ... always have to know your cost of basis and what you're buying to determine your capital gains?  

so if you sell the bitcoins back to USD at a gain, it's taxed as a property gain?

It is extremely confusing...

"Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase."

Does that mean if you don't "hold" them for a year before you sell them you don't have to pay taxes on the profits? If so... couldn't you just convert your BTC into an altcoin and then right back into BTC once a year to avoid ever "holding" them for a full year? Hahahaha

Also, no mention of altcoins at all... So, convert your BTC into an altcoin that has a fiat exchange and then exchange to fiat and you don't have to pay taxes on the capital gains?!?
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deadmanwalking
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March 26, 2014, 04:21:31 AM
 #10702

http://finance.yahoo.com/news/bitcoin-property-not-currency-tax-202506165.html;_ylt=A0LEVzQYSTJTBSIAn79XNyoA;_ylu=X3oDMTB0ZGk2Z2FqBHNlYwNzYwRjb2xvA2JmMQR2dGlkA1ZJUDA3N18x    This seems like good news for the community. The U.S. government is taking an official position on Bitcoin. They want their piece but that also adds security for banks and businesses that have been on the fence about using


that's somewhat confusing ... always have to know your cost of basis and what you're buying to determine your capital gains? 

so if you sell the bitcoins back to USD at a gain, it's taxed as a property gain?

It is extremely confusing...

"Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase."

Does that mean if you don't "hold" them for a year before you sell them you don't have to pay taxes on the profits? If so... couldn't you just convert your BTC into an altcoin and then right back into BTC once a year to avoid ever "holding" them for a full year? Hahahaha

Also, no mention of altcoins at all... So, convert your BTC into an altcoin that has a fiat exchange and then exchange to fiat and you don't have to pay taxes on the capital gains?!?
Wow, I think you just found a loophole stormia! Lol, what better coin to turn it into than one that pays 20% interest Wink

Vault of Satoshi baby!

\
slinger1015
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March 26, 2014, 04:28:26 AM
 #10703

Hey word is out that there is a multi pool that will mine shit coins and buy mintcoin is any of this true and if it is post up the pool.

yes I have not read the last few posts so please tell me.
deadmanwalking
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March 26, 2014, 04:28:59 AM
 #10704

Hey word is out that there is a multi pool that will mine shit coins and buy mintcoin is any of this true and if it is post up the pool.

yes I have not read the last few posts so please tell me.
Multipool launched!!

I'm happy to announce, that http://hashco.ws has now launched its 'Get Paid in MintCoin' option to the pool. Sign Up, and head on over to 'Account Settings' where you'll see the option of changing from the standard BTC payout option to MINT.
Our pool also has the unique option of being able to keep other altcoins we mine as well, should you so choose. We welcome all the members of the mint community who wish to give us a shot. Please feel free to join us on irc. Freenode / #hashcows Its in a bit of a beta these first few days, as we work out any kinks with the mint payouts specifically, however the pool itself has been operational for more than 6 months now. MINT payouts will happen between 03:30 - 04:00 GMT daily.
For the time being, there is no additional fee for being paid out in MINT vs. BTC
Happy Mining

\
deadmanwalking
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March 26, 2014, 04:30:19 AM
 #10705

Has anyone had a pyout from Hashco.ws yet?

As per the announcement, payouts happen once daily, ~03:30 UTC (~1hr from this post).

Happy Mining.

First mint payouts away. 

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greentea
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March 26, 2014, 04:30:41 AM
 #10706

Hey word is out that there is a multi pool that will mine shit coins and buy mintcoin is any of this true and if it is post up the pool.

yes I have not read the last few posts so please tell me.

http://hashco.ws

Just sign up and you can change it under account settings ...

NEM   NanoWallet   SuperNodes   Apostille   Landstead   Catapult   Mijin
▃▃▃▅▅▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▅▅▅▃▃▃
deadmanwalking
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March 26, 2014, 04:45:42 AM
 #10707

Vault of Satoshi Gets Full Money Services License for Canada

http://www.coindesk.com/vault-of-satoshi-gets-full-money-services-license-canada/

Good Read. Good Exchange. Good for the Mint Revolution.

\
slinger1015
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March 26, 2014, 05:03:16 AM
 #10708

okay signed up TY
mining now
stormia
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March 26, 2014, 05:12:16 AM
 #10709

okay signed up TY
mining now

Welcome aboard!
stormia
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March 26, 2014, 05:13:47 AM
 #10710

http://finance.yahoo.com/news/bitcoin-property-not-currency-tax-202506165.html;_ylt=A0LEVzQYSTJTBSIAn79XNyoA;_ylu=X3oDMTB0ZGk2Z2FqBHNlYwNzYwRjb2xvA2JmMQR2dGlkA1ZJUDA3N18x    This seems like good news for the community. The U.S. government is taking an official position on Bitcoin. They want their piece but that also adds security for banks and businesses that have been on the fence about using


that's somewhat confusing ... always have to know your cost of basis and what you're buying to determine your capital gains? 

so if you sell the bitcoins back to USD at a gain, it's taxed as a property gain?

It is extremely confusing...

"Bitcoins held for more than a year and then sold would face the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase."

Does that mean if you don't "hold" them for a year before you sell them you don't have to pay taxes on the profits? If so... couldn't you just convert your BTC into an altcoin and then right back into BTC once a year to avoid ever "holding" them for a full year? Hahahaha

Also, no mention of altcoins at all... So, convert your BTC into an altcoin that has a fiat exchange and then exchange to fiat and you don't have to pay taxes on the capital gains?!?
Wow, I think you just found a loophole stormia! Lol, what better coin to turn it into than one that pays 20% interest Wink

Vault of Satoshi baby!

My thoughts exactly. Now they realllly need to get back to operating in the USA   Grin
garicson
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March 26, 2014, 05:28:12 AM
 #10711

Some people have suggested that the 20% interest rate for the first year is too high.  It sounds like a lot, but not all of that will be realized.  I will attempt to estimate an upper limit for the inflation percentage and compare it to Bitcoin and Litecoin.

First of all, mining ended before the 20 billion coin mark (I suspect this was due to POS blocks eating up potential POW blocks).  The last POW block was somewhere around #100800, and there were only 18.6 billion coins at that time.  Therefore, the number of coins available for the 20% POS reward is less than expected.  

Secondly, not all of those 18.6 billion coins will produce new POS coins.  Transactions destroy coin days, and the percentage of coin days destroyed in each block is currently around 60%:
http://mintcoin-explorer.info/block/a562045650e17ae6b1a3029ce93b1483bc116427fcaf7495fb62696165918bde
Of course, some of this could be people transferring coins the day after they receive a POS reward (I also don't know if this number includes coin days destroyed by minting).  Let's suppose that the relevant coin day destruction is closer to 20% (remember I'm looking for an upper limit on coin supply).  In other words I'm estimating that fewer than 80% of coins stored in wallets will be staked for a whole year rather than spent or transferred.

Thirdly, some of those initial 18.6 billion coins are stored on exchanges.  From earlier investigations in this forum (thanks rmoraos), it looks like the exchanges are not collecting POS rewards on the coins that they hold.  I checked earlier today, and there were a total of 1 billion Mintcoins for sale on the order books at Mintpal and Cryptsy.  That means that at most 17.6 billion of the initial POW coins are stored in wallets.

My upper limit for the number of coins collecting compound interest since the end of POW is 14 billion (80% of the 17.6 billion coins stored in wallets).  20% interest on 14 billion coins compounded every 20 days for a year works out to about 3.1 billion new coins.  Therefore, there will be fewer than 21.7 billion Mintcoins in existence by March 9, 2015.  With the decreasing interest rate, it will take a while to reach 70 billion coins.

Summary:
Increase in the number of coins over the next year:
Mintcoin: 16.6% (at most)
Bitcoin:   10.4% (12,560,000 coins, 1,312,500 mined in a year)
Litecoin:  39.1% (26,890,000 coins, 10,518,980 mined in a year)

agree, but
18.6 billion in 5 weeks  - 3.72 billion in one week - price 10 satoshi
20% of 18.6 billion in 52 weeks(first year) - 18.6*20%/52 weeks = 0.071 billion in one week - price 3.72/0.071*10 satoshi = 520 satoshi
so, true price 520 satoshi  Grin Grin Grin
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March 26, 2014, 05:47:45 AM
 #10712

So blackcoin bug of getbalance caused a million lost coins? Doesnt mint also have this
bug people were saying? Exchanges maybe lost coins?

★☆★Syscoin - Decentralized Marketplace and Multisig Platform
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NoUseForACoin
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March 26, 2014, 05:49:16 AM
 #10713

Hey word is out that there is a multi pool that will mine shit coins and buy mintcoin is any of this true and if it is post up the pool.

yes I have not read the last few posts so please tell me.

http://hashco.ws

Just sign up and you can change it under account settings ...


me too.... mining MINT as from yesterday!... Hope this will shake up the market a little Smiley
dotcoin.info
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March 26, 2014, 05:50:17 AM
 #10714

So blackcoin bug of getbalance caused a million lost coins? Doesnt mint also have this
bug people were saying? Exchanges maybe lost coins?

i am also worried about it




         ▄▄████████████████████████▀
      ▄████▀     ▀▀██████████████▀
   ▄█████▌          ████████████▄
  ███████            █████████████▄
 ████████           ▄███████████████
▐█████████▄▄      ▄███████████████▀
████████████████████████████████▀
████████████▀▀▀▀▀▀███████████████▄
 █████████          ███████████████▄
 ▐███████            ██████████████▀
   ██████           ▐████████████▀
    ▀█████         ▄████████████▄
       ▀█████▄▄▄▄█████████████████▄
           ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
ETHBITS

.


.


.


greentea
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March 26, 2014, 05:58:48 AM
 #10715

if anyone is following the crpytorush update's ... suggest you get your coins off there ASAP.

Withdrawing in Litecoins seems to be working atm.

https://bitcointalk.org/index.php?topic=529779.msg5906159#msg5906159

NEM   NanoWallet   SuperNodes   Apostille   Landstead   Catapult   Mijin
▃▃▃▅▅▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▅▅▅▃▃▃
deadmanwalking
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March 26, 2014, 06:07:18 AM
 #10716

So blackcoin bug of getbalance caused a million lost coins? Doesnt mint also have this
bug people were saying? Exchanges maybe lost coins?

My understanding is it had to do with the hard fork. Mint has had no such issues as far as I know.

http://www.blackcoin.co/wallet-2/official-statement-regarding-blockchain-problems-23rd-of-march/

\
beakins0
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March 26, 2014, 06:09:39 AM
 #10717

Some people have suggested that the 20% interest rate for the first year is too high.  It sounds like a lot, but not all of that will be realized.  I will attempt to estimate an upper limit for the inflation percentage and compare it to Bitcoin and Litecoin.

First of all, mining ended before the 20 billion coin mark (I suspect this was due to POS blocks eating up potential POW blocks).  The last POW block was somewhere around #100800, and there were only 18.6 billion coins at that time.  Therefore, the number of coins available for the 20% POS reward is less than expected.  

Secondly, not all of those 18.6 billion coins will produce new POS coins.  Transactions destroy coin days, and the percentage of coin days destroyed in each block is currently around 60%:
http://mintcoin-explorer.info/block/a562045650e17ae6b1a3029ce93b1483bc116427fcaf7495fb62696165918bde
Of course, some of this could be people transferring coins the day after they receive a POS reward (I also don't know if this number includes coin days destroyed by minting).  Let's suppose that the relevant coin day destruction is closer to 20% (remember I'm looking for an upper limit on coin supply).  In other words I'm estimating that fewer than 80% of coins stored in wallets will be staked for a whole year rather than spent or transferred.

Thirdly, some of those initial 18.6 billion coins are stored on exchanges.  From earlier investigations in this forum (thanks rmoraos), it looks like the exchanges are not collecting POS rewards on the coins that they hold.  I checked earlier today, and there were a total of 1 billion Mintcoins for sale on the order books at Mintpal and Cryptsy.  That means that at most 17.6 billion of the initial POW coins are stored in wallets.

My upper limit for the number of coins collecting compound interest since the end of POW is 14 billion (80% of the 17.6 billion coins stored in wallets).  20% interest on 14 billion coins compounded every 20 days for a year works out to about 3.1 billion new coins.  Therefore, there will be fewer than 21.7 billion Mintcoins in existence by March 9, 2015.  With the decreasing interest rate, it will take a while to reach 70 billion coins.

Summary:
Increase in the number of coins over the next year:
Mintcoin: 16.6% (at most)
Bitcoin:   10.4% (12,560,000 coins, 1,312,500 mined in a year)
Litecoin:  39.1% (26,890,000 coins, 10,518,980 mined in a year)

agree, but
18.6 billion in 5 weeks  - 3.72 billion in one week - price 10 satoshi
20% of 18.6 billion in 52 weeks(first year) - 18.6*20%/52 weeks = 0.071 billion in one week - price 3.72/0.071*10 satoshi = 520 satoshi
so, true price 520 satoshi  Grin Grin Grin

Ha ha Smiley  If the price was 520 satoshi I would still not be rich Smiley  Of course the future price will depend on the demand as well as the supply.  My point is that if a person just glances over the announcement post, they might overestimate the amount of coins that will exist a year from now.  After all, 20 billion coins at 20% compound interest would make the total number of Mintcoins 24.4 billion a year from now.  That's a 12% larger supply than my upper limit estimate.
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March 26, 2014, 06:57:41 AM
 #10718

[Suspicious link removed]

Just sign up and you can change it under account settings ...

Got some mint coins overnight and the QT client says "from: Unknown". Looking at the txid I found the address MZkUwunMh81DaYkArRwahYoaGrBSANdTDH. I this Hashcows'?
dille71
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March 26, 2014, 07:19:24 AM
 #10719

[Suspicious link removed]

Just sign up and you can change it under account settings ...

Got some mint coins overnight and the QT client says "from: Unknown". Looking at the txid I found the address MZkUwunMh81DaYkArRwahYoaGrBSANdTDH. I this Hashcows'?
Yes it seems like it is since i got some from that address too Smiley

Mintcoin: MsFGc9atNN6DddEsQHiq7MgDieoSLwtmg5
InformationCoin: Je4ZhmQBSd68oZ7CeXWMrWEsyprTXAVFuX
ownerbest
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March 26, 2014, 08:34:12 AM
 #10720

It's time to pump up mint!

QORA | 2ND GEN | NEW SOURCE CODE | QM8Q7itiFjs9b2QaXgDuedT8cfX5qaYeqC
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