[ANN][MID]MidasCoin|New Scrypt PoM|Backed Value|ATM card|Referral|NO IPO|UNIQUE

[halicarton]

take a look,not very bad.any free coins for the first page posters?

Hello,

We will post some discount % vouchers for the first 100 posters for use in our online shop after the launch

It's not enough of course,we just want some free coins.not discount....

[1714107144]

1714107144

[xrnath]

MidasCoin,--0 posts,why not use a old account,it'll be more better.  

Or link to alt account for credibility.

In saying this, very detailed OP. Well done, I look forward to seeing the future of this coin.

[Luckylui]

MidasCoin should be a PURE pos COIN.POW is not a good choice , I means 51% attack .

If I'm not mistaken and assuming they can do what they claim, I believe this was addressed in the OP.  Sounds like this coin, again if they can do what they say, will be much protected from such attacks as other coins.

Digishield.

[nicemycoin]

take a look,not very bad.any free coins for the first page posters?

Hello,

We will post some discount % vouchers for the first 100 posters for use in our online shop after the launch

Free coins will be more attractive of course.for so many people have no rigs.

[MidasAlchemist]

When is the actual launch time/date?

Hello,

The launch date is 7th September 23:00 GMT.

Link to the countdown image gif is here, or on the front page of our sites.

http://gifcountdown.com/europe-london/1410127200/141414/0f0f0f/aaaaaa/fdfdfd/faedad/true/counter.gif

[earlz]

In case of an attack against the network, the Proof Of Mining system will automatically detect the takeover attempt, driving the necessary hashpower to the block generation node, for all the time needed to null the attack.

This is a completely flawed concept.

Let's say your PoM network has a total of 10ghash/s. In order for PoM to be making money though, they are only dedicating 1ghash/s to the midas network. And let's say an attacker has 2 ghash/s, so they have better than a 50% attack, they have a 100% attack and can make themselves the legitimate chain at will.

The attacker sends money to an exchange at block 1000 and cashes out to bitcoin/fiat. The attacker then uses his 2ghash/s to mint a blockchain twice as powerful as the legitimate 1ghash/s chain. He mines until block 2000, privately. He does not give any way for his double spending fork to be discovered. His chain is twice as powerful as the legit chain. So, now he broadcasts it. IT gets relatively instantly accepted as the legit chain. If the PoM pool kicked in and started using all 10ghash/s to bring the network back to legit status, it would not instantly flip back to legit status. It would take a series of hours or even days of mining to overcome the other chain. (about 10 times less time than the attacker took. So, if the attacker 2ghash/s mined blocks for 10 days, the legit chain with 10ghash/s would take 2 days to become more powerful). During this day, they could have their double spent coins go to another transaction and spend things again. Also, anyone else could do the same. Send coins to an exchange, cash out, then wait for the legit fork to undo that transaction.

The entire idea is one of the most terrible and ill thought out things I've heard in quite some time. I understand the intentions, but it's not possible. At all. It actually makes double spending significantly easier.

[xrnath]

MidasCoin, MidasAlchemist, Firstly, very detailed OP, nice work.

Simply an FYI.

• On the home page of http://midascoin.io the following css is displayed in the browser above the countdown timer;

Code:

.panel-gold > .panel-heading {
color: #fff;
background-color: #C49E2C;
border-color: #ddd;
}

• FAQ link (top left - http://midascoin.io/faq-4/) & ATM Withdraw (bottom left - http://midascoin.io/midas-mastercard-2/). FAQ  appears to be incomplete/default template, also both pages display css in browser.

Code:

hr {
margin-top: 20px;
margin-bottom: 20px;
border: 0;
border-top: 1px solid #ddd;
}

• http://midascoin.io/refer-a-friend results in 404.

• Also, the email envelope (top right) links to http://midascoin.io/info@midascoin.io (page not found) instead of spawning mail app.

[netcoler]

it seems look so good ,I'm following this coin~

[MidasCoin]

MidasCoin, MidasAlchemist, Firstly, very detailed OP, nice work.

Simply an FYI.

On the home page of http://midascoin.io the following css is displayed in the browser above the countdown timer;

Code:

.panel-gold > .panel-heading {
color: #fff;
background-color: #C49E2C;
border-color: #ddd;
}

FAQ link (top left - http://midascoin.io/faq-4/) & ATM Withdraw (bottom left - http://midascoin.io/midas-mastercard-2/). FAQ  appears to be incomplete/default template, also both pages display css in browser.

Code:

hr {
margin-top: 20px;
margin-bottom: 20px;
border: 0;
border-top: 1px solid #ddd;
}

Also, the email envelope (top right) links to http://midascoin.io/info@midascoin.io (page not found) instead of spawning mail app.

Seem that we have our first Bounty HUNTER!

Please, submit a support ticket as the proper procedure for claim your bounty

Thanks!

[AncientSummoner]

In case of an attack against the network, the Proof Of Mining system will automatically detect the takeover attempt, driving the necessary hashpower to the block generation node, for all the time needed to null the attack.

This is a completely flawed concept.

Let's say your PoM network has a total of 10ghash/s. In order for PoM to be making money though, they are only dedicating 1ghash/s to the midas network. And let's say an attacker has 2 ghash/s, so they have better than a 50% attack, they have a 100% attack and can make themselves the legitimate chain at will.

The attacker sends money to an exchange at block 1000 and cashes out to bitcoin/fiat. The attacker then uses his 2ghash/s to mint a blockchain twice as powerful as the legitimate 1ghash/s chain. He mines until block 2000, privately. He does not give any way for his double spending fork to be discovered. His chain is twice as powerful as the legit chain. So, now he broadcasts it. IT gets relatively instantly accepted as the legit chain. If the PoM pool kicked in and started using all 10ghash/s to bring the network back to legit status, it would not instantly flip back to legit status. It would take a series of hours or even days of mining to overcome the other chain. (about 10 times less time than the attacker took. So, if the attacker 2ghash/s mined blocks for 10 days, the legit chain with 10ghash/s would take 2 days to become more powerful). During this day, they could have their double spent coins go to another transaction and spend things again. Also, anyone else could do the same. Send coins to an exchange, cash out, then wait for the legit fork to undo that transaction.

The entire idea is one of the most terrible and ill thought out things I've heard in quite some time. I understand the intentions, but it's not possible. At all. It actually makes double spending significantly easier.

I believe this should be addressed. He has a point.

[MidasCoin]

In case of an attack against the network, the Proof Of Mining system will automatically detect the takeover attempt, driving the necessary hashpower to the block generation node, for all the time needed to null the attack.

This is a completely flawed concept.

Let's say your PoM network has a total of 10ghash/s. In order for PoM to be making money though, they are only dedicating 1ghash/s to the midas network. And let's say an attacker has 2 ghash/s, so they have better than a 50% attack, they have a 100% attack and can make themselves the legitimate chain at will.

The attacker sends money to an exchange at block 1000 and cashes out to bitcoin/fiat. The attacker then uses his 2ghash/s to mint a blockchain twice as powerful as the legitimate 1ghash/s chain. He mines until block 2000, privately. He does not give any way for his double spending fork to be discovered. His chain is twice as powerful as the legit chain. So, now he broadcasts it. IT gets relatively instantly accepted as the legit chain. If the PoM pool kicked in and started using all 10ghash/s to bring the network back to legit status, it would not instantly flip back to legit status. It would take a series of hours or even days of mining to overcome the other chain. (about 10 times less time than the attacker took. So, if the attacker 2ghash/s mined blocks for 10 days, the legit chain with 10ghash/s would take 2 days to become more powerful). During this day, they could have their double spent coins go to another transaction and spend things again. Also, anyone else could do the same. Send coins to an exchange, cash out, then wait for the legit fork to undo that transaction.

The entire idea is one of the most terrible and ill thought out things I've heard in quite some time. I understand the intentions, but it's not possible. At all. It actually makes double spending significantly easier.

I believe this should be addressed. He has a point.

The matter has already been escalated to our Head developer for being considered and dealt with accordingly.

What i can say upfront, is that the situation described has already been simulated during our stress testing (even much worst situations) and the network has suffered no issue at all.

[nicemycoin]

I hope to provide Chinese extension service for you, and I can help you creating a QQ group Like other successful alt coin.what do you think?
BTW:I can make a Chinese translation too.

[MidasCoin]

I hope to provide Chinese extension service for you, and I can help you creating a QQ group Like other successful alt coin.what do you think?
BTW:I can make a Chinese translation too.

Hello,

We are interested in your proposal.
Please, contact the proper department.

Our startup is divided into departments and your proposal should be submitted here http://midaspay.io/helpdesk through a support ticket.

Thanks

[earlz]

In case of an attack against the network, the Proof Of Mining system will automatically detect the takeover attempt, driving the necessary hashpower to the block generation node, for all the time needed to null the attack.

This is a completely flawed concept.

Let's say your PoM network has a total of 10ghash/s. In order for PoM to be making money though, they are only dedicating 1ghash/s to the midas network. And let's say an attacker has 2 ghash/s, so they have better than a 50% attack, they have a 100% attack and can make themselves the legitimate chain at will.

The attacker sends money to an exchange at block 1000 and cashes out to bitcoin/fiat. The attacker then uses his 2ghash/s to mint a blockchain twice as powerful as the legitimate 1ghash/s chain. He mines until block 2000, privately. He does not give any way for his double spending fork to be discovered. His chain is twice as powerful as the legit chain. So, now he broadcasts it. IT gets relatively instantly accepted as the legit chain. If the PoM pool kicked in and started using all 10ghash/s to bring the network back to legit status, it would not instantly flip back to legit status. It would take a series of hours or even days of mining to overcome the other chain. (about 10 times less time than the attacker took. So, if the attacker 2ghash/s mined blocks for 10 days, the legit chain with 10ghash/s would take 2 days to become more powerful). During this day, they could have their double spent coins go to another transaction and spend things again. Also, anyone else could do the same. Send coins to an exchange, cash out, then wait for the legit fork to undo that transaction.

The entire idea is one of the most terrible and ill thought out things I've heard in quite some time. I understand the intentions, but it's not possible. At all. It actually makes double spending significantly easier.

I believe this should be addressed. He has a point.

The matter has already been escalated to our Head developer for being considered and dealt with accordingly.

What i can say upfront, is that the situation described has already been simulated during our stress testing (even much worst situations) and the network has suffered no issue at all.

If you can "fix" this issue, it's only because you made the currency centralized with you having 100% control over what is the legitimate chain.. in that case, all you need is 100khash/s to move the chain along.

[brian_nguyen]

It does remind me of WeCoin

[DougB62]

Looks good - will be waiting for the launch. Pre-reg'd at the pool, and tweeting referrals! 

[Yuzu]

This seems interesting.  I'll be watching.

[rhader]

Hey everyone, I’m part of the team and will be handling some of the community PR. I look forward to hearing what everyone thinks about the project!

When and where can I get some Midas?

[MidasAlchemist]

Hey everyone, I’m part of the team and will be handling some of the community PR. I look forward to hearing what everyone thinks about the project!

When and where can I get some Midas?

Hi there,

You'll have to wait for the launch on 7th September, then you can mine MidasCoin at MidasPool.com with Scrypt hardware.
Following this, once we have an exchange, you can also buy MidasCoin there (this will come further after the launch).

[coinifurus]

Hey everyone, I’m part of the team and will be handling some of the community PR. I look forward to hearing what everyone thinks about the project!

When and where can I get some Midas?

Hi there,

You'll have to wait for the launch on 7th September, then you can mine MidasCoin at MidasPool.com with Scrypt hardware.
Following this, once we have an exchange, you can also buy MidasCoin there (this will come further after the launch).

You should contact bittrex. https://bittrex.com

This project looks very promising. Will be following!