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

[coine_smithe]

Ordinary people would think 16 MUM has lower value than 156 MUN even though the total number of currency in circulation is lower. So it is better to keep the total number 76M(?) same.

My suggestions:
1. if we decide to go PoS, the total number of MUN should be the same.
2. At the start of PoS, give interest to the mined (PoW) coins using the interest rate (double, triple or what ever) so that those PoW mined coins would be the same as the total intended mined coins (50.92M). So the proportion is the same 67% (100%-1%-32%) of total coins. This process would exclude the premined coins because they are already the right number of coins. At that time point, there will 76M MUN in total.
3. Same interest rate applied to all the 76M coins (premined+mined with PoW) after the start of PoS.
4. In the PoW period, we can still reduce the subsidy 1% per week.

With the above process, we can start PoS at any time, and keep a fair distribution of coins with PoW mining.

That seems like a really complicated plan for PoS implementation. It would be a lot simpler to just increase block rewards and get PoW done really quick and then just go to PoS. If we are to keep 76 million total I think that would be a more elegant solution. Just my two cents.

If we just increase the block reward to keep the 76M total, then it is unfair to early PoW miners. That would devalue early miners' coins dramatically.

Ya that's why I think it's better to have one last week or so of PoW and just go to PoS and adjust the premine accordingly. That would draw a lot of publicity but still reward early miners. As for the number seeming low value to people, they are going to look at the exchange rate anyway. I think we are babying people too much in that assumption and thinking they will be too dumb to figure it out. Plus using "bits" is better anyway than focusing too much on coin totals IMO.

I'm confused what the plan you're suggesting is. Are you saying to keep the current PoW 1% decrease every two weeks? That would mean the total coins are reached in roughly 10 years. That seems to defeat the purpose of switching to PoS.

I mean keeping the 1% decrease during the current PoW mining. When the PoS starts, it will stop.

Your proposition is the same as mine if you adjust down the premine proportionally to achieve the 33% proportion. The difference is that my  proposition is to adjust up the PoW mining to achieve 67% proportion. But my suggestion can keep the 76M coins.

Ok I see what you're saying. That might work. Just make PoS interest really high until the 76 million is reached? That would still reward early miners I see what you're saying. I still think it would be good to ANN this to the community and have a week or two for other people to come mine at current rates. It would give early miners the most reward once the high interest rate started. I think it should be very short to have the high interest rate so that the market can react. If it lasts too long they will get bored of it.

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[murraypaul]

Just to summarise the suggestions:

"Screw the original idea of giving value to the citizens of Malta. We have loads of worthless coins and want you to make them more valuable."

Oh, and there is already a name for PoS with high interest values, it is called inflation, and people seem to hate it when it is applied to fiat currencies.

[Eastwind]

Just to summarise the suggestions:

"Screw the original idea of giving value to the citizens of Malta. We have loads of worthless coins and want you to make them more valuable."

Oh, and there is already a name for PoS with high interest values, it is called inflation, and people seem to hate it when it is applied to fiat currencies.

Inflation or money supply increase is good if it is kept low and people know beforehand. Money supply should be compatible with the economy growth. Inflation of the coin can also compensate the loss of coins.

So I think 2-3% of the coin inflation per year is OK. This coin inflation is much lower than the fiat inflation.

The main problem with PoS is that the rich will get richer. But this happens in real world with fiat. The government can use property tax to adjust that.

[murraypaul]

Just to summarise the suggestions:

"Screw the original idea of giving value to the citizens of Malta. We have loads of worthless coins and want you to make them more valuable."

Oh, and there is already a name for PoS with high interest values, it is called inflation, and people seem to hate it when it is applied to fiat currencies.

Inflation or money supply increase is good if it is kept low and people know beforehand. Money supply should be compatible with the economy growth. Inflation of the coin can also compensate the loss of coins.

So I think 2-3% of the coin inflation per year is OK. This coin inflation is much lower than the fiat inflation.

The main problem with PoS is that the rich will get richer. But this happens in real world with fiat. The government can use property tax to adjust that.

So it can only be used in one country, is inflationary, and makes the rich get richer.
What exactly would be the point of the coin then? This version would appear to offer nothing over using euros.
(Obviously the point is to let current bagholders make more money, but beyond that?)

[dygus]

In my opinion we should end POW in 2-3 weeks and than start POS. If we keep coin supply like now price will never go higher then 1500 sat. Yuo've seen what happend with price when we got poloniex and now two 3 days later we are on this same shitty stage as we were befor

[gustav]

just chill out with your changes to the solid sheme we have at hand. Market is intelligent and price will probably pump once all the people who got their coins for free and the early miners that don't value what they have mined all had a chance to dump. So give people their chance to dump into low prices. Pump will come after that. i guess.

Look at Aurora. Why is it so low? Because market wants all the people to dump their premine before the price can go high. Just my theory but i think i could be right with that. So if you believe in the project keep accumulating for low prices and if you don't believe in it, just dump your coins before they become worthless  

But please don't let the impatient mess with a solid sheme. Airdrop hasn't even begun. Muniti is a longterm investement.
Watch developement of bcc to learn a lesson. That airdrop is going to be fast. You'll see it pumps into the sky short after everybody sold the coins they got for free and therefor don't value. Ultimately the coins will end up with the strong hands. It just takes some time.

My opinion about muniti is: the proportion of the airdrop is very good. Not too many. Also to send them in the mail to the people is very good - this way everybody on that island has an entry into the system. Reducing reward by 1% every 2 weeks is also very good curve. Keeping inflation low is important for the long term thinkers. I think the muniti-plan is a very good one. Don't change what isn't broken. Specs are good how they are.
If pos is needed keep it low, low, low. 0,5% to 1,5% a year is more than enough. Coins have value because they are scarce and hard to get.

[coine_smithe]

Just to summarise the suggestions:

"Screw the original idea of giving value to the citizens of Malta. We have loads of worthless coins and want you to make them more valuable."

Oh, and there is already a name for PoS with high interest values, it is called inflation, and people seem to hate it when it is applied to fiat currencies.

The only high interest rates we discussed were to get the total coin value to 76 million. Then there would be a low interest rate. The other idea was temporary slightly elevated interest following D2D 3-5%? This is not incredibly high. Dev also hasn't committed to any of these we're just coming up with ideas.

[xuelong5188]

Purse not update
 

[coine_smithe]

Purse not update
 

Try deleting everything except your wallet.dat and re-downloading the blockchain. It will probably fix it.

[Acidyo]

Purse not update
 

First time I have ever heard anyone call a wallet for a purse, lol.

[coine_smithe]

Still not update

Try downloading the wallet again maybe you have an old version?

[Acidyo]

Still not update

Try deleting all your files in your roaming folders except for wallet.dat

Then download the wallet again from the OP post and it should start syncing.

I had the same problem at some point.

[xuelong5188]

Thank you, there is still no update
And no network connection.


ADDNODE = 195.154.86.67:3518
ADDNODE = 69.90.132.99:3518
ADDNODE = 66.112.71.193:51242
ADDNODE = 184.147.22.221:59440
ADDNODE = 120.0.169.71:34387
ADDNODE = 37.187.74.123:44049
ADDNODE = 119.191.205.48:14623
ADDNODE = 86.161.153.54:55521
ADDNODE = 54.203.246.118:3518
ADDNODE = 81.27.197.123:54683
ADDNODE = 74.91.20.250:3518
ADDNODE = 178.33.228.14:3518
ADDNODE = 121.170.243.22:3599
ADDNODE = 5.70.45.110:58389
ADDNODE = 91.99.43.161:15661
ADDNODE = 69.245.69.7:58171
ADDNODE = 98.121.110.236:51177
ADDNODE = 94.190.225.224:53193
ADDNODE = 67.168.199.202:53215
ADDNODE = 82.11.86.45:56172
ADDNODE = 37.110.152.207:3518
ADDNODE = 192.227.237.38:3518
ADDNODE = 109.207.39.205:55095

[coine_smithe]

Sorry dude. It works for me, I don't know what else to tell you. Maybe you have connection issues? Has the wallet worked for you before?

[radi324]

Purse not update
 

This should work:

1. Backup your wallet.dat to another location
2. Type %appdata% in your Windows Search, and click on the appdata folder
3. Delete your Muniti folder in your appdata, not the one where you have the qt-file (the executable wallet)
4. Run the wallet again (Qt)
5. Allow the wallet to fully sync with the network
6. Once it is synced, exit the wallet
7. Go to your wallet.dat backup, copy it, and replace it with the new wallet.dat which you have in the appdata folder
8. Run the wallet (Qt) again and you should see everything back to normal.

[novag]

Any news about promotion?

[YBC]

Promotion idea:

Message in a bottle: Make a few paper wallets of say 1,000 coins, put in a some cool looking bottles and cast away. Could make a video of the process too, could create an event on Malta couch surfing/ meetup groups to get people together for a beach party for the cast off.

[coine_smithe]

Promotion idea:

Message in a bottle: Make a few paper wallets of say 1,000 coins, put in a some cool looking bottles and cast away. Could make a video of the process too, could create an event on Malta couch surfing/ meetup groups to get people together for a beach party for the cast off.

lol 

I remember my first message in a bottle paper wallet. That's what got me into crypto. I was stranded on a desert island and I used the Bitcoin to bribe some pirates into giving me a ride back to Somalia.

[coine_smithe]

Did the dev team discuss PoS yet? I'm curious to hear what you all think. Either way D2D is getting closer and closer...

[radi324]

Did the dev team discuss PoS yet? I'm curious to hear what you all think. Either way D2D is getting closer and closer...

We did, and we'll be giving our thoughts about it later on tonight once we settle a particular issue