[ANN][MIN] Minerals - POS | Developing own anon solution |

[Gambiman]

And there go the last of my MIN.. Damn shame..

[grolll]

I sold all my coin.Congrats dev,nice work! 

[Hoshimaru]

I sold all my coin.Congrats dev,nice work! 

OP should be updated with this logo so people know to stay away

[shanecoins]

a foolish waste of one of the best communities   

[meyer]

I´ll hold everything , I bought cheap 

[Stronci]

That I think of all this. As it was already repeatedly told the difficult project demanding many forces and time. Certainly sadly to see all these events. But that here it is important to understand. Dev continues to work over the project. He sees a situation more widely and understands that he fell into a trap. Dev decided to follow on the way designated by vote. By results of vote anonymous feature appeared on the second place in stratification of priorities. After bet realization on the Starcraft it concentrated on anon feature. Tournament was held as PR and didn't concern realization of real tournament system. I will tell honestly was against this idea from the very first day. I wrote some letters of Dev and MinPR where insisted on development of features of a bet, redesign wallet, a site and PR. But Dev made the decision. I agreed with a democratic choice of community. Interestingly, supporters of anon come now into a thread and what they think of the choice? With quality of anonymity there is a lot of coins. Why one more is necessary? Ok. Started thinking over anon. At first planned to copy technology at other coins, but as a result decided to realize own unique concept. It is praiseworthy! In general it is necessary to tell, all that does Dev of adequately respect. He paves the new way without looking at any problems. It characterizes it as strong-willed person capable to the solution of the most difficult tasks. You remember what problems were from the very beginning? Owners of big pools were against the principle of restriction of hashing. But Dev found a way out and achieved success. It was revolution. Minerals created precedent. In resistance the coin drew to itself great attention. Naive people saw a backstage scene of the cryptoworld. Further problems with the exchanges, etc. Look at thread history. Problems were from the very beginning. Coin tried to bury several times, but the project resisted. The project came to a new distance of realization of anon. Means it is necessary to overcome this way. Quickly or slowly but the objective have to be achieved! I consider that the community needs to give to Dev time. It has to finish anon realization. Of course, the price falls. But the reason of falling of the price needs to be looked for first of all in whims of investors. If to look at thread history, it is possible to see a repeating picture. When Dev left from a forum for some days, constantly there was FUD or a hysterics therefore the price fell. It was even before MineralsPR arrival. Price low? Interestingly who sells to me on 100-200 Satoshi? Why it to do? Once again. Nobody spoke about that that Dev left the project. He enclosed the time and money. He made the promise. He remembers it. And it forces it to continue to work over the project. We shouldn't accuse of this situation prematurely Dev because its actions were dictated by community actions. Before taking a new step Dev accepted a community position. We bear a share of responsibility for destiny of Minerals. Thus we as community have to rally and be at this difficult moment faithful to the project. We wait for the official statement from Dev and we trust in the future of Minerals! The world needs this coin!

[jc12345]

IMO we are about 8 months down the line of when the altcoin wave started. Furthermore, no coin has yet really gone all the way to implement real life services that were adopted. Explanations for this are:

1. No suitable and viable real life services have been identified
2. Dev teams have not had enough motivation, commitment and support to see things through for at least 12 months and be willing to wait for the rewards later on.
3. The altcoin market does not care about real life services and just care about the short term profits

In the case of Minerals point 1 is not an issue because the Minerals real life service is viable. Point 3 has been proven over and over again that all coins have to operate in this environment. Point 2 is the problem. As long as a dev team is committed and has the financial support to see things through a coin can be successful. A coin is alive as long as there is a commited and funded dev team as well as the required volumes to keep a listing. At this point the Min community only has what PR said to assess this. It would be good if the dev team can make a first hand announcement one way or the other. IMO it is possible for Min to be successful if the dev team stays committed. If they bail then it means they support point 3 above and Min becomes another real example supporting the following statement:

To make money in alt coins, wait for a new coin, mine the crap out of ot, wait for an exchange listing, dump on the up and then move on to the next coin. Stuff long term, stuff principles, stuff the cause and hope and pray that you are not the bag holder when the music stops.

This statement currently embodies the altcoin market, unless the community changes their attitude and drive force. The Min dev tem has the opportunity to change this, unless they also believe the above statement.

If the statement I made is not changed, i am afraid that the concept of altcoins will die, and possibly the bigger crypto as well.

[Skydog]

Sold all my coins. Dev clearly doesn't care anymore. This coin had and has so much promise. Don't understand why the dev dropped it after a fucking month. Usually a business operated for like year on a lose before it makes profits.

[Skydog]

IMO we are about 8 months down the line of when the altcoin wave started. Furthermore, no coin has yet really gone all the way to implement real life services that were adopted. Explanations for this are:

1. No suitable and viable real life services have been identified
2. Dev teams have not had enough motivation, commitment and support to see things through for at least 12 months and be willing to wait for the rewards later on.
3. The altcoin market does not care about real life services and just care about the short term profits

In the case of Minerals point 1 is not an issue because the Minerals real life service is viable. Point 3 has been proven over and over again that all coins have to operate in this environment. Point 2 is the problem. As long as a dev team is committed and has the financial support to see things through a coin can be successful. A coin is alive as long as there is a commited and funded dev team as well as the required volumes to keep a listing. At this point the Min community only has what PR said to assess this. It would be good if the dev team can make a first hand announcement one way or the other. IMO it is possible for Min to be successful if the dev team stays committed. If they bail then it means they support point 3 above and Min becomes another real example supporting the following statement:

To make money in alt coins, wait for a new coin, mine the crap out of ot, wait for an exchange listing, dump on the up and then move on to the next coin. Stuff long term, stuff principles, stuff the cause and hope and pray that you are not the bag holder when the music stops.

This statement currently embodies the altcoin market, unless the community changes their attitude and drive force. The Min dev tem has the opportunity to change this, unless they also believe the above statement.

If the statement I made is not changed, i am afraid that the concept of altcoins will die, and possibly the bigger crypto as well.

I don't think this is neccesarily true. There a few coins who slowly making it to be suited for real life use. Blackcoin would be one example. Devs just need to have a longer breath.

[Cyberlight]

I'm already out for a few weeks,  damage was small... when i take a look at the current situation it was a good decision.
Expected much from this coin, it's a shame. Good luck to the people who still support this coin.

[Hoshimaru]

Stronci, the financial support to go on with the coin vanished the moment MineralPR announced that dev doesn't want to spend more of his money to the project than the 4000$ he already invested, which in my opinion is an awful lot of money for something like this.

Although it was said to be a long term project, I think they expected 50k by the first tournament and constant growth afterwards, with a doubling of the price every time a new game got added to the betting service and that already after the first month of Minerals.  It didn't turn out this way and they got discouraged. Only costs, no revenue. (overly simplified explanation to illustrate the intentions)

In order for them to go on, they need this support in Bitcoin, Euro, Dollars, Rubles, Yuan or any other fiat currency.

The problem is that there is no one in his right mind that will give money to someone else who refuses to identify himself and communicate in an appropriate manner. Even Richard Branson or Warren Buffett wouldn't give a penny to this project under these circumstances.

And don't get me wrong. Proof of Developer is not enough if you want to raise funds. A clear business plan is needed, guarantees that the project doesn't get cancelled or abandoned once the funds are received, and above all, a legal way to get your money back and sue the company or individual if the project intentionnally fails due to mismanagement or other more dubious reasons. (remember IconicExpert? )

You want investors to back your project with hard cash, then you need to accept the consequences and all the requirements that come with the founding of a startup or classic business.

[jc12345]

Stronci, the financial support to go on with the coin vanished the moment MineralPR announced that dev doesn't want to spend more of his money to the project than the 4000$ he already invested, which in my opinion is an awful lot of money for something like this.

Although it was said to be a long term project, I think they expected 50k by the first tournament and constant growth afterwards, with a doubling of the price every time a new game got added to the betting service and that already after the first month of Minerals.  It didn't turn out this way and they got discouraged. Only costs, no revenue. (overly simplified explanation to illustrate the intentions)

In order for them to go on, they need this support in Bitcoin, Euro, Dollars, Rubles, Yuan or any other fiat currency.

The problem is that there is no one in his right mind that will give money to someone else who refuses to identify himself and communicate in an appropriate manner. Even Richard Branson or Warren Buffett wouldn't give a penny to this project under these circumstances.

And don't get me wrong. Proof of Developer is not enough if you want to raise funds. A clear business plan is needed, guarantees that the project doesn't get cancelled or abandoned once the funds are received, and above all, a legal way to get your money back and sue the company or individual if the project intentionnally fails due to mismanagement or other more dubious reasons. (remember IconicExpert? )

You want investors to back your project with hard cash, then you need to accept the consequences and all the requirements that come with the founding of a startup or classic business.

What you are saying is so true.

Everybody hoped that a tournament would make the price rise, but if you really think about it, why would it? It is only the current holders that would take part in the first tournament.  If you want price to rise, you need demand > supply, you need people other than current holders to buy to use. Any other rise in price is pure speculative in nature. Real adoption takes lot of good PR and marketing over a long period (hint hint MineralsPR) and 4, 5, 6 even 10 tournaments may be required to get there.

Perhaps the devs relied too heavily on a high price to fund development. In hindsight, they should have played open cards if they have limited funds because then it would have been important to do anon first to get the higher price to fund development.

I said it somewhere else and I cannot remember where, that there is a high correlation between running a coin and running a company. The only coin that will be really successful is one backed by a real company with lots of money to fund development right through to implementation and adoption, just like product development. The alt-coin scene is full of wannabe devs that bluff and make as if they have lots of money, but behind the scenes they are either in it to dump quickly to make a quick buck and run, or they fake it and make as if they are big shots with lots of money and if they cannot get the price up quickly they bail. Where are the devs that really care and really want to deliver a quality product over a longer period?

There might be exceptions like Bitcoin, but there is just one Bitcoin, just like there was one Woodstock with lots of attempted failed clones.

Unless proven otherwise by a coin, at this point everything seems to support the notion that the alt-coin scene is just one big fake and scam with a few people making some quick bucks and the rest lose their money and sit with big worthless bags.

[Hoshimaru]

Chinchs told me someone dumped a lot of Minerals: 863075.98 MIN
There's is no way to tell if it's the dev or a whale or many bag holders at once, since there's no more block explorer, but it's nearly 3.2% of the total supply of Minerals: 26987891 MIN

Any thoughts?

[litecoinbeast]

Chinchs told me someone dumped a lot of Minerals: 863075.98 MIN
There's is no way to tell if it's the dev or a whale or many bag holders at once, since there's no more block explorer, but it's nearly 3.2% of the total supply of Minerals: 26987891 MIN

Any thoughts?

Think it speaks for itself.

[chinchs]

If dev dumped the coins, I think MineralsPR also knows about this (part of the team, so he should be part of the decision, about dump, price, etc). If Dev didn't dump I will apologice, but this theory make sense...

* Team fight about roadmap
* MineralsDev logoff 22-08 (almost the same time when we ask why he's acc. is active but he didn't reply or post anything)
* MineralsDev create another acc to see what happens in the thread (this is my theory)
* MineralsPR drop the team
* MineralsDev shutdown blockexplorer (maybe to cover the dump)
* Team decide to abandon this coin and choose to drop.

I found this selling order, maybe he didn't sold yet, but he want to cover some money.

Value per coin: 0.00000500
Coins: 530831.19028466
Total value: 2.6542 BTC

Anyway... MineralsDev you should man up (I know you see the posts), and make an official statement, at this point everybody asume the coin for dead, so, you can't go lower

[Vampiro4L]

I found this selling order, maybe he didn't sold yet, but he want to cover some money.

Value per coin: 0.00000500
Coins: 530831.19028466
Total value: 2.6542 BTC

I cant remember exactly how much that premine address had but it was very close to that number, would be shocked if this wasn't the premine dump unfortunately 

[kcog1]

Devs didn't dump... They are still working on coin, they just have other things in their lives to do as well. The min devs are still working on making the coin completely anonymous

[jc12345]

For interest sake. Look at the coins by volume on Bittrex and see if you can find a feature that is common between them. Do you now see why certain recommendation were made to keep volume and price up but was ignored until so late in the process? E-betting dev work could have been financed that way and devs would not have become demotivated (if that is what they have become)

Having said this, it is much easier for devs to make a new coin, bluff through the first month and then dump and bail. Devs can make much more money this way than to do the hard work and see things through to real life implementation and adoption. Devs are just getting better and better at bluffing everyone and that is where a devs real skills are. They can be average devs but highly skilled in social engineering in order to fake stuff to get the public to believe them and for the price to go up. Then they dump and bail. I am not saying this is what min devs did, but this is what most coins seem to be doing.

This is the cancer of alt-coins. Wait let me re-phrase - alt-coins is this cancer.

[Wretched]

For interest sake. Look at the coins by volume on Bittrex and see if you can find a feature that is common between them. Do you now see why certain recommendation were made to keep volume and price up but was ignored until so late in the process? E-betting dev work could have been financed that way and devs would not have become demotivated (if that is what they have become)

Do you really think E-betting would be any harder than a true anon though? It took 2 weeks for them to know that it wasn't working out; if it takes months to develop it, they should just stick to slowly rolling out E-betting features and hyping them. I agree anon would work, but working the E-sports angle would work just as well and be more on point for what the coin intended to be.

[hotwired007]

The main issue here is that development should work in tandem to promotion - tournaments could have been sponsored by minerals to improve publicity - as long as minerals can be bought and sold it can be used as a currency.

Bitcoin took ages to develop and at first you could barely buy anything - alpaca socks and pizza come to mind.

Minerals needs to either be as good as Bitcoin or better for it to take off as a currency