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

[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).

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

This project looks very promising. Will be following!

Thank you for the suggestion, we'll be contacting a number of exchanges to secure an initial listing.

[coinifurus]

Sounds good! This is right up my ally. I used to collect gold bullion and krugerrands. Well, until the wife wanted a new house and I had to cash in on my stash. 

[biohammer]

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.

Earlz has proven himself time and time again to be very well respected coder and if he says it cant work and is flawed all should take this seriously.   So this must be addressed first.

Secondly  you say the the coin will be backed by 20000 grams of gold at launch.   So that's 643 + troy ounces of gold or somewhere in the area of $828,974 at the time of this post.    Will you be providing any sort of proof that you have that kind of funding available to fund this project?  You say its in a safety deposit box?   It could just be a shoe in the safety deposit box.   

Thirdly  im not sure I understand how this works?   You say people who mine Midas will have the hash they provide redirected and I guess you will mine other coins with that hash power.   The only way this could fund your project is if mining other coins would be more valuable than  mining Midas directly.    That means we would all be better off mining other coins and buying the lower value Midas  as it can not be the other way around.      Please clarify this.

[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?

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).

Thank you for the response. It seems that your plan would likely produce an advantage to those who choose to mine the coin once the exchange is out?

[nicemycoin]

   submited:   http://support.midaspay.io/helpdesk/tickets/6    reply to it plz.

email sent too.

[scott0577]

Following. Good luck Dev

[MidasAlchemist]

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.

Earlz has proven himself time and time again to be very well respected coder and if he says it cant work and is flawed all should take this seriously.   So this must be addressed first.

Secondly  you say the the coin will be backed by 20000 grams of gold at launch.   So that's 643 + troy ounces of gold or somewhere in the area of $828,974 at the time of this post.    Will you be providing any sort of proof that you have that kind of funding available to fund this project?  You say its in a safety deposit box?   It could just be a shoe in the safety deposit box.   

Thirdly  im not sure I understand how this works?   You say people who mine Midas will have the hash they provide redirected and I guess you will mine other coins with that hash power.   The only way this could fund your project is if mining other coins would be more valuable than  mining Midas directly.    That means we would all be better off mining other coins and buying the lower value Midas  as it can not be the other way around.      Please clarify this.

Hello,

I'm going to answer your paragraphs in order.

1. As mentioned already, we've escalated the query to our lead developer.

2. This will be addressed at a later time and proof that this initial investment exists.

3. This is not entirely correct. We will indeed redirect hashpower to a blockchain of choice, however this does not dictate that mining the same blockchain that we do will give the same value to you as a miner, because coins of those blockchains are not backed by a guaranteed value like MidasCoin is.

Secondly, our revenue also comes from the transaction tax on the coin.

I hope this information was satisfactory.

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).

Thank you for the response. It seems that your plan would likely produce an advantage to those who choose to mine the coin once the exchange is out?

The people that mine MidasCoin on day 1 will be at the most advantage, they will have gotten it at it's "cheapest", which is the starting value. By the time an exchange is available it's backed value would have already grown. By how much so is dependant on the hash rate of MidasPool, and how quickly MidasCoin can reach an exchange.

   submited:   http://support.midaspay.io/helpdesk/tickets/6    reply to it plz.

email sent too.

Thank you, a member of the team will get round to answering as soon as possible.

[nicemycoin]

Link directly MidasPool.com.http://www.midaspool.com/ref/25    (use my ref,get extra coins,contact me when you start to mine.)
If your need more information, link to MidasCoin.io site. http://www.midascoin.io/ref/25

[Coincoin256]

I'll be watching this closely.

[biohammer]

Thanks for answering my questions.

Two more come to mind.
Is the Midas Coin going to be OPEN SOURCE?
What is the intended starting value of Midas coin since it is backed by a commodity?

[syfare]

Nice idea, will be looking forward to it

[MidasCoin]

Thanks for answering my questions.

Two more come to mind.
Is the Midas Coin going to be OPEN SOURCE?
What is the intended starting value of Midas coin since it is backed by a commodity?

Completely open source.

We believe in open source also as a way for our project to grow for common benefits.

Regards

[MidasCoin]

Sounds good! This is right up my ally. I used to collect gold bullion and krugerrands. Well, until the wife wanted a new house and I had to cash in on my stash. 

Welcome to the family

Don't forget to check out our referral system, in case you want to buy a second house

[btcltcdigger]

Hmmmm, gold is always a good investment

[MidasCoin]

Hmmmm, gold is always a good investment

Yes, it has ever been

But in case people prefer straight cash, our financial partnership with the "Prepaid financial services" group, leader in prepaid financial solutions, will allow us to fulfill every user need.

As we stated on our social channels "From mining to the ATM withdrawal, we take care of all your needs. MidasCoin is a currency you can mine for eternity."

[shivamchawla]

Announcement really looks impressive. I will keep an eye on this one

[waxo]

i will be watching this coin , i hope this is not another scam ...

[opossum]

Also hoping it's not scam.

[MidasCoin]

Also hoping it's not scam.

i will be watching this coin , i hope this is not another scam ...

All the information are clearly stated in the post and everyone can make it's own opinion.

The fact that we  realized this venture only with PRIVATE venture capital, without any IPO or premine should be enough for avoid any possible scam mention, but if not yet enough...

 ...get a Midascoin Debit Card, put it into the ATM, and  if the ATM give you money, well, anything else to say?

*After the release, will be published the date and location of the first MidasCoin public meeting, probably in London.  All our guests will receive a MidasCoin debit card for free.

Stay Tuned

[BohemianStalker]

20 KG of GOLD.. YEA SURE
Post proof of ownership of this gold

in fact give us all your registerered LTD info (assuming you really are soime british LTD)

Unless you have this, I am going to say SCAM.