⚡️⚡️[ANN] ⚡️⚡️ MinedBlock ⚡️⚡️ STO Live NOW⚡️⚡️ Fully Managed Mining Service ⚡️⚡

[justsimpleram]

Amazingly, I completed my KYC and it literally took 3 minutes as indicated on the website. I think that is a welcomed development as opposed to others KYCs that takes some days to get completed.

What information/documents did you supply that enabled you complete yours so quick?
I've been trying to get kyced now for sometime but it's not allowing.
How do I reach the mineblock team to help with manual KYC

I use driver's license then take a photo with clear image in both the selfie and the license. If its still being accepted , try to go to their telegram and ask question. or email them.

I try to use Local ID and now it's not been accepted because I scan it and the light is so bright they think I use some editor on it but i'm not so I'm gonna try to capture it by my cellphone so it will not so bright.

[Sozialtourist]

What do you mean exactly when you say that from your monthly profits you will spend 10% on the expansion of the service? Does this mean you will buy new mining equipment?

Yes essentially, we will expand the mining farms with additional equipment based on votes from token holders of where they think we should expand. Expansion fund will also be used to buy crypto to host masternodes which can produce extra revenue

Interesting that token holders can vote on where they want your service to be expanded. How does this voting process will take place? Will we need to sign a message from the address where we hold the tokens or how exactly will this work?

[dcoolguy84]

The plan is definitely to buy back tokens but not all of them. We will aim to reduce the supply by up to 50% over time. The reason being if you held 1% at the start of the project and held onto them indefinitely, by the time we reduce the supply your 1% becomes 2% of the total. Add to that the planned growth of the service and you should receive a significantly larger amount of value that you did at the start.

We don't want to create a speculative token, we want our token holders to keep holding because the monthly payouts provide real value and to support that the founding team will only personally make money from this project through their own token holding so if our investors don't get paid then neither do we.

Nice to get replies from the team directly. This kind of interaction gives good hope for the people around here. 50% of the tokens for buyback? What kind of timeframe are we talking about here?

Yeah agree on you, its so nice that the admin keep on responding and being active not only in telegram but also in the thread.

I would understand that’s because it’s the first STO from a mining project and they have an experience team that would do all it takes to get this right. First, they took a bold step by being the first mining project to promote investors from harsh regulations.

To think yesterday that I said they wouldn't burn any tokens? Or will they burn the tokens that are bought back or sold back to big investors?

They can only burn tokens if they make that as an option to unsold tokens, usually it is made known by the team before hand

Just read what is said in the messages above. They will spend 5% of their profits to buy back tokens and send these tokens to a dead ETH address and remove them from circulation (burn them) this way.

I am in crypto market for almost 2 years now, but never saw such unique fair strategy.
Quoting reason of this kinda creative  'burn' theory from whitepaper:
The primary aim of the buy back will be to reduce the supply and increase the ‘return per token held’ by customers

Isn't this amazing way to keep alive and booming the ICO... Great job devs...

Actually, buy-backs are a pretty common strategy. But normal ICOs have the risk to get deemed a security token when they are offering a buy-back program.

What is the effect of sending the tokens to a dead eth address. Will this reduce their total supply in any ways? Or is it seen as another method of burning tokens? I really don't get it.

It’s actually a pretty standard way for a project to burn tokens, if you check here in Etherscan and look at the tokens it might make more sense:

https://etherscan.io/address/0x0000000000000000000000000000000000000000

Yes, now its clear.
Actually googled some info and this is generic method of 'burn'ing unused tokens.

But what it differs from usual burning is, this burns them after 5% buy back, instead of direct burning of leftovers from ICO.

This should definitely help this ICO to boom in near future when more investors get convinced about this project.

[Sozialtourist]

It’s actually a pretty standard way for a project to burn tokens, if you check here in Etherscan and look at the tokens it might make more sense:

https://etherscan.io/address/0x0000000000000000000000000000000000000000

Yes, now its clear.
Actually googled some info and this is generic method of 'burn'ing unused tokens.

But what it differs from usual burning is, this burns them after 5% buy back, instead of direct burning of leftovers from ICO.

This should definitely help this ICO to boom in near future when more investors get convinced about this project.

Is there something like unsold tokens for an STO after all? Or better: What will be the total supply of the tokens? Is there a fixed number in your smart contract or will you create/mint as many tokens as you sell?   

[MinedBlock]

What do you mean exactly when you say that from your monthly profits you will spend 10% on the expansion of the service? Does this mean you will buy new mining equipment?

Yes essentially, we will expand the mining farms with additional equipment based on votes from token holders of where they think we should expand. Expansion fund will also be used to buy crypto to host masternodes which can produce extra revenue

Interesting that token holders can vote on where they want your service to be expanded. How does this voting process will take place? Will we need to sign a message from the address where we hold the tokens or how exactly will this work?

This is still to be finalised. I think we will probably keep it simpler and allow a 'read' of the whitelisted wallet into the Investor Dashboard and your vote will be multiplied based on the number of tokens you hold. There would be some level of scale built in to stop someone with a huge token holding from taking over the vote.

It will be progressed after we hit our soft cap and announced at a later date

[MinedBlock]

It’s actually a pretty standard way for a project to burn tokens, if you check here in Etherscan and look at the tokens it might make more sense:

https://etherscan.io/address/0x0000000000000000000000000000000000000000

Yes, now its clear.
Actually googled some info and this is generic method of 'burn'ing unused tokens.

But what it differs from usual burning is, this burns them after 5% buy back, instead of direct burning of leftovers from ICO.

This should definitely help this ICO to boom in near future when more investors get convinced about this project.

Is there something like unsold tokens for an STO after all? Or better: What will be the total supply of the tokens? Is there a fixed number in your smart contract or will you create/mint as many tokens as you sell?   

There is no upper limit at the moment, we will mint as many as are sold.
The STO contract is more suited to traditional fundraising methods where you can run multiple funding rounds over time.
Any future rounds will always be offered to existing token holders before they are made public though and there is no real risk of dilution because any extra funding will be matched by the increase in the mining operation.

[Nathan01]

Amazingly, I completed my KYC and it literally took 3 minutes as indicated on the website. I think that is a welcomed development as opposed to others KYCs that takes some days to get completed.

What information/documents did you supply that enabled you complete yours so quick?
I've been trying to get kyced now for sometime but it's not allowing.
How do I reach the mineblock team to help with manual KYC

There are contact details within the dashboard if you are having problems getting through KYC or you can email contact@minedblock.io

Alright, just seeing this now, I have made another attempt to be registered, whatever result I get I will be making use of the contacts dropped. I really appreciate the swift response of the team here

[Sozialtourist]

Is there something like unsold tokens for an STO after all? Or better: What will be the total supply of the tokens? Is there a fixed number in your smart contract or will you create/mint as many tokens as you sell?   

There is no upper limit at the moment, we will mint as many as are sold.
The STO contract is more suited to traditional fundraising methods where you can run multiple funding rounds over time.
Any future rounds will always be offered to existing token holders before they are made public though and there is no real risk of dilution because any extra funding will be matched by the increase in the mining operation.

What do you mean with 'future rounds' exactly? Do you plan to host more founding rounds from time to time to expand the service?

[MinedBlock]

Is there something like unsold tokens for an STO after all? Or better: What will be the total supply of the tokens? Is there a fixed number in your smart contract or will you create/mint as many tokens as you sell?   

There is no upper limit at the moment, we will mint as many as are sold.
The STO contract is more suited to traditional fundraising methods where you can run multiple funding rounds over time.
Any future rounds will always be offered to existing token holders before they are made public though and there is no real risk of dilution because any extra funding will be matched by the increase in the mining operation.

What do you mean with 'future rounds' exactly? Do you plan to host more founding rounds from time to time to expand the service?

We don’t have anything planned but the option is there if we ever wanted to go down that route.
We need to concentrate on the pre-sale and main sale for now.

[Sozialtourist]

Is there something like unsold tokens for an STO after all? Or better: What will be the total supply of the tokens? Is there a fixed number in your smart contract or will you create/mint as many tokens as you sell?   

There is no upper limit at the moment, we will mint as many as are sold.
The STO contract is more suited to traditional fundraising methods where you can run multiple funding rounds over time.
Any future rounds will always be offered to existing token holders before they are made public though and there is no real risk of dilution because any extra funding will be matched by the increase in the mining operation.

What do you mean with 'future rounds' exactly? Do you plan to host more founding rounds from time to time to expand the service?

We don’t have anything planned but the option is there if we ever wanted to go down that route.
We need to concentrate on the pre-sale and main sale for now.

When the smart contract can be changed to allow the minting of new tokens at any time, what do you do in order to prevent that someone from your team abuses this function to create tokens for himself to then sell them on the market?
I am not saying that I think that this will happen at your project but just recently (last October) exactly this scenario happened at a project called Oyster Pearl. So I was just wondering what's your opinion on this.

[ning_aric]

We don’t have anything planned but the option is there if we ever wanted to go down that route.
We need to concentrate on the pre-sale and main sale for now.

I see you already have a roadmap of events prolly to be concluded by the Q2 and the first profits distribution by Q3.  With the current crypto economic status and the current sales, would there any changes?

[Nathan01]

Is there something like unsold tokens for an STO after all? Or better: What will be the total supply of the tokens? Is there a fixed number in your smart contract or will you create/mint as many tokens as you sell?   

There is no upper limit at the moment, we will mint as many as are sold.
The STO contract is more suited to traditional fundraising methods where you can run multiple funding rounds over time.
Any future rounds will always be offered to existing token holders before they are made public though and there is no real risk of dilution because any extra funding will be matched by the increase in the mining operation.

What do you mean with 'future rounds' exactly? Do you plan to host more founding rounds from time to time to expand the service?

We don’t have anything planned but the option is there if we ever wanted to go down that route.
We need to concentrate on the pre-sale and main sale for now.

When the smart contract can be changed to allow the minting of new tokens at any time, what do you do in order to prevent that someone from your team abuses this function to create tokens for himself to then sell them on the market?
I am not saying that I think that this will happen at your project but just recently (last October) exactly this scenario happened at a project called Oyster Pearl. So I was just wondering what's your opinion on this.

Furthermore isn't there a means to ensure that such delicate operations are carried out mainly by selected and high positioned individuals in the company and are quite limited in number to guide against such abuse moving forward

[gee777]

We don’t have anything planned but the option is there if we ever wanted to go down that route.
We need to concentrate on the pre-sale and main sale for now.

I see you already have a roadmap of events prolly to be concluded by the Q2 and the first profits distribution by Q3.  With the current crypto economic status and the current sales, would there any changes?

As they said their main goal and ambition at this time and stage is to focus on only getting the required funds from both their pre sale and main sale.

[em777]

We don’t have anything planned but the option is there if we ever wanted to go down that route.
We need to concentrate on the pre-sale and main sale for now.

I see you already have a roadmap of events prolly to be concluded by the Q2 and the first profits distribution by Q3.  With the current crypto economic status and the current sales, would there any changes?

As they said their main goal and ambition at this time and stage is to focus on only getting the required funds from both their pre sale and main sale.

Yeah, successful pee sale and main sale is the goal of many cryptocurrency project and I think they are not an exception o will only advice them to do more publicity so as to get more investor and partners 

[justsimpleram]

We don’t have anything planned but the option is there if we ever wanted to go down that route.
We need to concentrate on the pre-sale and main sale for now.

I see you already have a roadmap of events prolly to be concluded by the Q2 and the first profits distribution by Q3.  With the current crypto economic status and the current sales, would there any changes?

As they said their main goal and ambition at this time and stage is to focus on only getting the required funds from both their pre sale and main sale.

Yeah, successful pee sale and main sale is the goal of many cryptocurrency project and I think they are not an exception o will only advice them to do more publicity so as to get more investor and partners 

Oh that's the plan I hope the current road map will be not be edited and should be follow so it will mean that the project is stable and doing great but if not it's okay to have a little changes on it.

[MinedBlock]

Is there something like unsold tokens for an STO after all? Or better: What will be the total supply of the tokens? Is there a fixed number in your smart contract or will you create/mint as many tokens as you sell?   

There is no upper limit at the moment, we will mint as many as are sold.
The STO contract is more suited to traditional fundraising methods where you can run multiple funding rounds over time.
Any future rounds will always be offered to existing token holders before they are made public though and there is no real risk of dilution because any extra funding will be matched by the increase in the mining operation.

What do you mean with 'future rounds' exactly? Do you plan to host more founding rounds from time to time to expand the service?

We don’t have anything planned but the option is there if we ever wanted to go down that route.
We need to concentrate on the pre-sale and main sale for now.

When the smart contract can be changed to allow the minting of new tokens at any time, what do you do in order to prevent that someone from your team abuses this function to create tokens for himself to then sell them on the market?
I am not saying that I think that this will happen at your project but just recently (last October) exactly this scenario happened at a project called Oyster Pearl. So I was just wondering what's your opinion on this.

There is only one wallet that can manage the token contract and access will be strictly limited to two people. It wouldn't be in our interest to randomly mint tokens, we are trying to create a service which is the opposite to all the previous scam mining projects and actually provide something with value.

We appreciate the fact that there were a lot of bad projects in 2018 and that makes it harder to start out with gaining trust but our number 1 priority is to build a trustworthy service that actually delivers. Give us time and you will see that we are different

[AlBainers]

HI MB,
i've been reading into your project and following on telegram, firstly wanted to say awesome project & nice one on data transparency award AA from Inwara, awesome news & well done to the team.

after reading more on your website i'm keen to know how is the setup going in Iceland, are the Mining rigs all set up yet are you still in track to start Q3 mining.....what does the warehouse look like in iceland, got any photos to share.

[Nathan01]

Read somewhere that the company is registered in the UK, could we have a pictorial proof of office sent here to the thread for evidences. Do the UK allow for ICO to be conducted within the country?

[Sozialtourist]

Read somewhere that the company is registered in the UK, could we have a pictorial proof of office sent here to the thread for evidences. Do the UK allow for ICO to be conducted within the country?

I am not sure about the legal situation in the UK but aren't they doing this fully compliant STO exactly because of that? So that there aren't any problems with public authorities?

[dcoolguy84]

Read somewhere that the company is registered in the UK, could we have a pictorial proof of office sent here to the thread for evidences. Do the UK allow for ICO to be conducted within the country?

Yes, UK allows ICOs. UK originated cryptos, LTC and ETN are successfully operating in crypto market.