[ANN][MUN] Muniti: First touristic cryptocurrency - X11, D2D - Multi-algo soon

[sonysasankan]

Ummmm... Who bears the cost of sending 150,000 registered posts?

As I explained in the distribution part, the Logistics will be funded through a very small part of the premine

The total number of coins will be 76000000. 32% of them will  be premined, i.e. 24320000. 1% of the pre-mine will be reserved for l-Istrina, which amounts to 243200 Muniti. That means 24076800 will be left.

According to the latest census, there are 153235 private households. Each household will be receiving 156 Muniti. That means that there will be 172140 Muniti left for Bounties and Logistics.

How is that going to even work?

1. A registered mail costs EUR 1.16. So for 150,000 mails, it could cost about 175,000 EUR.
2. Mass printing of the paper wallets along with instructions and envelope. Lets say, you could magically bring it down to 0.5 EUR each. So that's 75,000 EUR right there.
3. Labor. I don't even know how to calculate this one. I'm pretty sure it cannot be automated.... Is there a database of the 150,000 addresses that fell from the sky into your lap? And somebody's gotta stuff the envelope with the goodies right? Lets also assume this is all done through magic for free.

Of course im assuming the post office, stores and labor is not going to accept payment in muniti. So then essentially, the plan is going to cost 250,000 EUR and some magic. You would then need to dump ALL the premine and keep the value to a BTC value high enough to cash out BTC worth 250,000 EUR? Really? So you can post letters and distribute it to the people of Malta? Well then, that's one Interesting coin eh  Especially when the math is not really adding up. But who cares... one does not question logistics with Santa Clause 

First of all, registered mail does not cost that much over here. It costs 47c. That amounts to 70,500 euro. Our local postage company, Maltapost, offers subsidised rates for bulk mail, so that would bring the cost further down. The cost of printing is around that amount, so that one is correct. The database of addresses is freely available from the Maltapost site, without revealing the residents of each house. I stated that we would be distributing to each household, not to each person. So the cost is closer to ~130,000 EUR rather than your stated amount.

As also stated further up in this thread, the details of our company will be revealed after everything is in place and stability is ensured. If you have any other questions, please feel free to ask.

The website says the cost of registered post is .90 EUR + .26 EUR (regular post charge). But you could be right.... I don't live in Malta. And now that I saw you mentioned the premine is going to be split into three "land drops", does that mean three times the postal charge, printing and labor costs? Don't you think that's a bit insane? And its very evident that even you selling the coins for the EUR is going to make the coin worthless for other investors and miners, so what's the incentive? But more importantly, you still haven't addressed the elephant in the room... what about the labor costs involved?

Labour costs are covered already, as will be explained later on. Next point: I doubt that we'll go through all this trouble just to make this coin worthless. Next point: as for insanity... people thought Bitcoin was an insane concept. Aurora's airdrop was rumoured to be insane and impossible to conduct as well. So far, none of the two seem to be insane to me!

Bitember will be working on a pool for this coin  

Thanks filipe3x!

Please.... both Bitcoin and Aurora were the first of its kind in their field, but lets not throw red herrings around. What I said was insane was sending  registered posts to 150,000 addresses three times and hoping that cost would be covered by the premine coins you are having. Don't you understand how the economics work? As you sell more coins, the amount people are willing to pay becomes lesser and lesser, till it becomes 1 sat, and you have nowhere near the amount required to even print the wallets! Then what happens is you find that deleting your account and keeping the money looks like a nice thing to do

If you're so honest and upright and ga ga over Malta, go ahead and declare that you are using a reputed escrow here on BCT. I know for a fact that ALL scammers will avoid the topic of having an escrow and will say some excuse of the other and some even think "if you don't like the coin, don't mine it" is the ideal reply to questions of legitimacy. So yep.... please proceed with your excuse. I'm sure you have thought it out. Its a question most asked in premine coins

[Croak]

Are you cool with a sizable portion of April and August maildrops reaching non-Maltese?  As you know, ESL students and tourists abound in those months.  And then there's people like me, ex-pats who live in the community year-round but aren't Maltese.

The other issue is the amount of vacant residences on the island, somewhere between 50k and 70k last I heard.

But other than that, go for it.  This is as good if not better test bed than Iceland IMHO.  I'll be pointing my miners at it on Freedom Day for sure. 

And good job not calling it Melitacoin.  The "honey trap" jokes would have killed it. 

[casacup]

do you have a bounty for an italian translation?

[radi324]

Are you cool with a sizable portion of April and August maildrops reaching non-Maltese?  As you know, ESL students and tourists abound in those months.  And then there's people like me, ex-pats who live in the community year-round but aren't Maltese.

The other issue is the amount of vacant residences on the island, somewhere between 50k and 70k last I heard.

But other than that, go for it.  This is as good if not better test bed than Iceland IMHO.  I'll be pointing my miners at it on Freedom Day for sure. 

And good job not calling it Melitacoin.  The "honey trap" jokes would have killed it. 

The maildrops will not be sent to commercial institutions, which include hotels and English-teaching schools such as EF, EC, AM, Sprachcaffe and so on. I realise that private residences are often loaned to students, but I think the only maildrop to be really "diluted" by tourists and students would be the August one. The busiest touristic times are from May to September. Still, since such people would have chosen Malta as their destination, I do not see any reason why they shouldn't share in the maildrops along with the Maltese citizens. They'd certainly deserve it. As for ex-pats, we treat them as Maltese people; the Maltese community is known for warming up to strangers straight away without much ado. We will reflect that characteristic in the coin as well!

Our first thought for the name was immensely creative - Maltacoin. We came up with Muniti because it would blend in perfectly with the maildrop. Our plan is to include the words "Għandek Muniti b'xejn!", which in English translates to "You have free Muniti!". Rendered in Maltese, it sounds much more tongue-in-cheek and should go down well.

The issue of vacant residences is indeed a problem which has already crossed our mind and which will be verified with Maltapost as well. We're currently also contacting printing companies in order to see which would be the most advantageous deal to take. As rightly pointed out by our friend sonysasankan, this is no mean feat we are talking about, and although a small part of the premine will be reserved for logistics, it will still stretch it to its limits. Our team does have backup funds which can easily be used if need be, but that does not mean that we can forgo cost effectiveness. For now, we are solely focusing on providing as smooth a launch as possible, and the first week or two will be aimed at smoothing out any kinks and solidifying the platform upon which Muniti will be built.

We have also come up with a provisional list of Bounties which are being offered right now. Check http://www.muniticoin.com/bounties/ for more info about them.

[radi324]

do you have a bounty for an italian translation?

Two members of our team are proficient Italian speakers, but in all honesty we want to encourage participation and shave off the huge workload wherever possible. If you are interested, please send us an email to muniticoin@gmail.com or contact me via PM on here.

Please keep in mind that although the amount offered in the bounties may seem meagre, in reality it is anything but that. The maildrop, which will take place over several months, will result in a total of 156 coins for each and every citizen. It would be self-defeating to offer bounties larger than that stipulated amount. If you have any other queries concerning the bounties, do not hesitate to contact us straight away - after all, we're here to open our doors to everyone, not to close them.

[blajde]

Sounds cool.

Will support

[radi324]

Sounds cool.

Will support

Thank you!

The bounties for the Chinese translation of the thread and the Russian translation have been claimed. The thread has been updated along with more links for your enjoyment and to learn more about Malta.

[radi324]

Added: One of the many bounties which will be given for promotion has also been claimed. Keep up the good work!

[wyj1888]

which  miner can I use?  darkcoin miner??

[filipe3x]

which  miner can I use?  darkcoin miner??

If you are already setup for DarkCoin, then it will work with Muniti aswell!

[DubFX]

Another country coin without any real success incomming...

[Hundsstern]

http://crycoco.de

[TequilaV]

 ???do you think this way can really work? I have meet a lot of this type recently, honestly say that a little bit tired to see, I just want to know what is its unique things. However, x11 is a good idea I hope this coin can have a good future.

[tendend]

I think it's about time we should stop with the coutrycoins, and realize they offer absolutely nothing to the cryptoscene. Any further coutrycoin is doomed to fail.

[radi324]

which  miner can I use?  darkcoin miner??

If you are already setup for DarkCoin, then it will work with Muniti aswell!

We have included a link for the SPH-Sgminer which works perfectly for mining Darkcoin and will work for Muniti as well. Please check - http://www.muniticoin.com/downloads/ (GPU Miner)

http://crycoco.de

Thank you!

???do you think this way can really work? I have meet a lot of this type recently, honestly say that a little bit tired to see, I just want to know what is its unique things. However, x11 is a good idea I hope this coin can have a good future.

We realise there has been a huge influx of "national coins" with some simply being pure copies and pastes of Auroracoin. We took the basic formula and reworked our way around it. There are a lot of pronounced differences, such as maildrops instead of airdrops, X11 algo instead of sCrypt/Sha256, centered on promoting Tourism rather than purely Economic issues, premine centred on simply pushing the coin out to Maltese denizens with the major part of the coin supply available to be mined, and so on and so forth. We're hard at work at ensuring stability and we want to ensure that every step of our journey is made on solid ground.

We are fully sympathetic with persons posting that this coin will be another scam, or another copy, or another failure, as the latest trends did nothing to dissolve such doubts. It will be our priority to work differently than such other failures and our mission to prove these doubts wrong.

[radi324]

Thread updated with links to the Chinese and Russian translations. More bounties have been claimed as well.

[Acidyo]

This looks good, thanks for choosing x11.

[casacup]

official italian topic: https://bitcointalk.org/index.php?topic=550502.new#new

[radi324]

official italian topic: https://bitcointalk.org/index.php?topic=550502.new#new

Thanks casacup! Another bounty claimed

[gaazje]

where did I see that website design before?
Aah here http://www.ournem.com/