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MidasCoin
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September 16, 2014, 12:13:27 AM
 #1

Latest News:

  • #Midascoin is
    back!
    .  Network is patched and tested. Reopening countdown available here and on the websites
  • Detailed FAQ available here https://bitcointalk.org/index.php?topic=784286.msg8837173#msg8837173 for complete transparency. If you already know MidasCoin, don’t miss the NEW FAQ
  • What happens to the #midascoin funds acquired before the patch? find out here https://bitcointalk.org/index.php?topic=784286.msg8837206#msg8837206
  • Old miners (from account 1 to 2100) get 2% bonus earnings for 7 days (after reopening)
  • New midaspool.com contest - King of the Pool. Check details in the FAQ
  • What happens if our blockchain get hammered again? Simple, we buy back all the MidasCoin on the pool balance at their bitcoin value, paying in Bitcoin instantly with no questions asked. Then we close the company, give apologies to the community, and never present our face on the public crypto scene again. This is our #challenge - All is perfect or we payback and go home.
  • Old thread available here: https://bitcointalk.org/index.php?topic=760755.msg8577924#msg8577924





Welcome to the Midas Payment Network

Introduction.

Our team at Midas Payment LTD hit the drawing boards about half a year ago. Today, we are proud to reveal our brainchild, the Midas Payment Network.

The most important argument today in the crypto world is whether or not there is intrinsic value behind the multitude of coins available. From this starting point, we at Midas Payment LTD made it our goal to solve this argument by securing the value and by reducing the barriers to entry, allowing cryptocurrencies to be used by anyone, not just miners.

Today we are excited to bring to the table our newest innovation, MidasCoin. A cryptocurrency with 0 Premine, no IPO, and directly backed by its own independent reserve.

The value of MidasCoin is backed, guaranteed, and transparent at every moment.The guaranteed value can be withdrawn at any ATM worldwide through our Midas MasterCard (Debit Card) or redeemed for it's gold weight at our corporate site MidasPay.io.

The same applies to the Scrypt mining profitability of mining MidasCoin at the official pool MidasPool.com.

           
(dynamic widget images, autoupdate on page refresh, get one for your site at http://api.midaspay.io)


We bridge the gap between the consumers, miners, and merchants, allowing real world applications to make use of MidasCoin by providing not just the currency, but a complete network of services integrated with MidasCoin. This is not a "future development promise"; all the services are already available today.


Take a seat, your MidasCoin journey begins here.




ATM Withdraw WorldWide | MidasCoin Debit ATM Card | MidasCoin Virtual Credit Card (VCC | No pre-mine NO IPO | New Scrypt PoM distribution algorithm | Guaranted backed value  |   Merchant API | WebShop | WalletShop | 0% Fee Mining Pool With Referral System | Impossible to Instamine | Open Source


Reopening date:


MidasCoin is the flagship service of our company Midas Payment LTD.

Download Wallet & Source Code
http://midascoin.io/wallet/


TechnicalSpecifications

  • New innovative Scrypt PoM (Proof of Mining) distribution Algorithm
  • Compatible With current Scrypt Mining Devices (including asics)
  • Block generation target: 2.5 minutes
  • Network difficulty retarget: Digishield  - each block.
  • Starting Block Reward of 50 MidasCoin, decreasing every month following a custom reduction formula
  • Total coins: 7,611,236 issued in 36 months of enhanced distribution, followed by a fixed block reward of 2 Coins/block: No cap
  • Wallet Connections Ports: Normal: 9554 RPC: 9553
  • Coins backed by REAL GOLD  held in a gold reserve with a minimum guaranteed  daily increment
  • Monthly  Block Reduction rate based on a custom scheme.
  • 1% starting taxation on every transaction as a clean and transparent  revenue model towards Midas Payment LTD’s investors.
  • Taxation decrease as block rewards decrease, going down 0.25% every 12 months  until it reaches a flat 0.25% transaction tax after 36 months
  • Official Mining pool (Midaspool.com) with 0% fee and Referral system
  • Impossible to Instamine in the beginning. Minable only through the PoM official pool Midaspool.com. Solo mining is not possible at the moment.
  • Mining support for X11/X13, SHA256 and more in the future!
  • Absolutely No IPO and 0 Premine, not even a single block.


(Reduction Scheme for First  12  Months; See the full scheme here http://midascoin.io/full-block-reward)


After 36 months, the block reward will become fixed at 2 Coins per block. This creates 1152 new coins every day, which is tied to an increasing 1200 grams of a gold , ensuring that the value continues to increase.






At Midaspay.io we offer the following:  

  • Spend your MidasCoins on products or services
  • Redeem your MidasCoins for 24k GOLD BARS (certified)
  • Receive your physical MidasCoin MasterCard (Debit Card)
  • Reload your MasterCard with MidasCoins and withdraw at any ATM worldwide!  
  • Earn by referring friends to MidasPool
  • Work directly with our team on a bounty or long-term partnership
  • Access merchant services and merchant api
  • Promote your product or service
  • and much more, visit http://midaspay.io/



Merchant API
http://merchant.midaspay.io/

With the MidasPay Merchant API, you can start accepting MidasCoin within a matter of minutes, leaving the security and performance in our hands.






Midascoin Debit Card

MidasPay.io is the platform where you can directly manage your Midas MasterCard (Debit card).

This means that your hard earned MidasCoins can be directly loaded onto your MidasCoin MasterCard and used at 39+ million Points of Acceptance, including ATMs, just like GBP or USD! Our team has spent the last few months grinding day and night to ensure that our systems run flawlessly.



We are able to offer our clients independance from the volatility of the crypto scene.

Nobody likes to see their coins lose half their value overnight. Using the Midas Payment Network, you never have to worry which direction your coins are going other than up!


(The video show how to manage your Midascoin debit card, with our financial partner platform)



Midascoin Guaranteed Value

The investors behind Midas Payment LTD belong to a large franchise of pawn shops; managing several brands and shops within various cities across Europe, with a significant presence in Rome, Madrid, Lisbon, London, Paris, Brussels, Vienna, and Amsterdam.

They’ve ventured in the platform development and committed to fund the Gold Reserve during the MidasCoin enhanced distribution timeframe of 36 months.

The end goal is to establish a payment network with a revenue model based on transaction volume, used to sell their brand products, while making our merchant API available to anyone looking to quickly integrate MidasCoin into their existing online shop.



The starting gold reserve is 20000 grams, and the guaranteed MINIMUM daily increase is 333 grams for the first 12 months, 666 grams for months 12 to 24, and 1500 grams for month 24 to 36. The value of MidasCoin can be calculated by dividing the gold reserve with the total amount of MidasCoins to be issued within 36 months (starting with 20,000/ 7,611,236). The Midascoin value is recalculated every 10 seconds, based on the daily increment.  

Check out the full Economic data and api here http://www.midaspay.io/economic-data

The image below shows the real time overview of the actual value (autoupdate at page refresh)






  What is Proof of Mining?

Proof of Mining (PoM) is our brand new distribution system developed exclusively for MidasCoin. It is compatible with your existing scrypt tools (including mining hardware), but with a twist!

The Proof of Mining distribution system uses a different approach to securing the MidasCoin blockchain. Instead of “wasting unneeded hash power” for securing the network, which unless under attack can be secured with much less hash power, it uses 95% of the hash power to “secure another” blockchain. This increase the reserve fund that grants the backed MidasCoin value, actual and future

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.

Last but not least, the more hashpower the PoM network receive, the more increase the midascoin reserve fund, and so the MidasCoin guaranteed value.

It works the same as regular pool mining any PoW coin; you point your miners at a pool and you’ll get coins in return. However, what happens behind the scenes is a bit different.

Click Here for the full PoM PaperWork

Because of the technology behind PoM, the only pool that can be used to get MidasCoins is MidasPool.com.

Our PoM pool uses our miners hash power on a scrypt-variable algorithmn, similar to that of a multipool. In return we reward our miners with MidasCoins, which are instantly weighted by the Midas Payment network at a guaranteed value and can be withdrawn at any ATM worldwide minutes after mining! (or spend them at our WebShop and third party shops)



(real time scrypt comparison mining chart between various pool, updated on each refresh)

Referral System




MidasPool.com applies a 0% mining fee and has a unique referral system that pays you a 2.5% bonus on all the mined coins generated from your referral tree!




PoM Mining Calculator


To use the Mining Calculator of MidasPool.com simply enter the hash rate of your Scrypt Mining hardware.






You will then be presented with an overview of your earnings over a 24 hour period at the current network hash-rate and difficulty. Additionally we show the value of your earnings and what they are worth due to MidasCoin’s Guaranteed Value over a 1 year period.









  What is the Taxation?

The Midas Payment Network is the first altcoin venture with a clean and transparent revenue model.
You know HOW we make money, and as a promise to the public audience, we will never try to hide our revenue model.

This allows us to function efficiently and exclude things like premine or IPOs for MidasCoin. Furthermore this fee will contribute to the future development of the Midas network and services.

The transaction tax start at 1% and is automatically added to every transaction. It will decrease over time, every 12 months, until it drops down to 0.25%. This decrease is directly related with the block reduction scheme.

The transaction taxation address is public: MEBtn6UsbMNp7boqZ9NA61jc196k3tUwLH

Midas Payment LTD does not have control over any MidasCoin except for what is collected from the transaction tax.
We strongly suggest that any altcoin project without a clean revenue model should be avoided 100%. This is because you will likely face a grey financial scheme, also known as a pump and dump.

   Bounties

There is a lot to do before the network is complete.
(*Midas Payment LTD has no premine, the bounty will be paid with a payment queue, with the collected transaction taxes, starting on the release date)

  • Accept Midascoin in your online shop (bounty : Starting from 100 MID)
  • Create a quality video of at least 1 minute in duration about Midascoin (bounty : Starting from 50 MID)
  • Refer 10 ACTIVE friends to the pool (bounty : 50 MID) (active mean that they are mining)
  • Translate this announce thread to another language (bounty : 15 30 MID)
  • Create a game about MidasCoin (flash game, browser, mobile) (bounty : variable amount of  MID)
  • Join on our IRC channel and help newcomers (bounty : variable, defined time by time)
  • Point out a bug or glitch with any of our systems (bounty: Starting from 100 MID)
  • Write an article/press release about MidasCoin (or any other service of the Midas Payment network) on your website/blog (bounty: Variable based on the exposure of the site)
  • Suggest a feature for the Midas Payment Network (bounty: Variable, based on the quality of the suggestion)
  • Ask a question on our Ask.fm profile. Best questions will be awarded. [bounty : from 1 to 10 MID]
  • Check this list again soon, social bounties (Reddit, twitter, youtube, facebook) will be published before the release date


Bounties should be claimed by submitting a support ticket here http://midaspay.io/helpdesk
Submit the details of the bounty claimed, references (like links, forum or irc username, attach files).  Please, do not claim bounties only through this forum.

   Press Releases

http://midaspay.io/midas-mastercards-online-banking-feature/
http://midaspay.io/demonstration-of-buying-products-with-midascoin/
http://www.coinssource.com/trust-index/midascoin-mid/
http://www.coinssource.com/midascoin-turns-cryptocurrency-into-gold/
http://coinwik.org/MidasCoin
http://thebitcoinnews.com/2014/09/03/midascoin-turns-cryptocurrency-into-gold/
http://www.cryptoarticles.com/crypto-news/midascoin-backed-by-daily-growing-gold-reserve-proof-of-mining-algorithm-more


   Translations
*Submitting an automated translation is useless, we verify quality.  Please, stop.

Indonesian: https://bitcointalk.org/index.php?topic=761511
Chinese: https://bitcointalk.org/index.php?topic=763982.0
Romanian: https://bitcointalk.org/index.php?topic=765314 (poor quality, romanian bounty still available)
Russian: https://bitcointalk.org/index.php?topic=765577.0
Italian: https://bitcointalk.org/index.php?topic=774013.msg8719889#msg8719889
Spanish: https://bitcointalk.org/index.php?topic=766227.0
French: https://bitcointalk.org/index.php?topic=767834.0 (poor quality, french bounty still available)
Portuguese: https://bitcointalk.org/index.php?topic=768030
Turkish: https://bitcointalk.org/index.php?topic=772983
Romanian: https://bitcointalk.org/index.php?topic=774966.0
Dutch: https://bitcointalk.org/index.php?topic=775661
Hindi: https://bitcointalk.org/index.php?topic=775693

   Community Videos

MidasCoin in 60 seconds: https://www.youtube.com/watch?v=Adg41iTCfas&feature=youtu.be


   Social Networks

https://www.facebook.com/pages/MidasCoin/811400222234042
http://twitter.com/midaspay
https://plus.google.com/102067645261036128283
http://ask.fm/midascoin
http://midaspay.io/irc-midascoin/ (webchat link) channel #Midascoin on freenode
http://reddit.com/r/midascoin
http://youtube.com/user/midascoin
QQ 236050622 (Chinese based community)

   Development Status

This area will list ongoing and future developments revolving Midas Payment LTD


MIDASCOIN

  • PoM distribution: Complete
  • Instamining protection: Complete
  • Custom transaction tax: Complete
  • Enhanced wallet gui with integrate product shop: Closed Beta


MIDASPAY & Merchant

  • Merchant platform and api: Complete - OPEN beta (feedback welcome)
  • Midas payment plugin for woocommerce and Magento: Complete - closed beta (eta 15 days)
  • Webshop: Complete
  • Phisical Midascoin debit card: Complete - OPEN beta
  • Virtual midascoin debit card (online usage only): Complete - Closed beta
  • Integration with the financial platform: Complete - OPEN beta
  • Redeem Midascoin for Bitcoin - Completed - Closed beta (bitcoin reserve building)
  • Add additional products to the shop: Ongoing (suggestions welcome)


MIDASPOOL

  • Custom Scrypt PoM statum: Complete
  • Hashing power splitting algo (with anti-takeover feature): Complete
  • Mining Referral system: Complete
  • Mpos gui integration: complete
  • Mining compatibility with x11/x13 and sha256: In development - (90 days eta)


Additional services

  • Revenue Sharing forum (paid to post with): Mockup completed - Planned (180 days eta)
  • Midascoin Crowdfunding platform (similar to kickstarter): Alpha stage - open beta in 60 days.
  • Mine Midascoin by phone (use your additional landline minutes and get paid in midascoin): Completed - Closed beta (30 days eta for open beta)
  • Share your image and get paid in Midas when they get viewed (imgur clone with revenue sharing option): Mockup complete - Planned
  • Online task/service marketplace (Fiverr style clone): Mockup in progress (ETA 120 days)
  • Listen to your suggestions: Ongoing (suggest a feature, http://midaspay.io/helpdesk)



   Official WebShop

Our WebShop is now open for anyone looking to exchange their MidasCoins into 24k Gold bars or Debit card credit.
http://midaspay.io/shop



 Merchants of MidasPay

There are currently no MidasPay Merchants. Become one now at MidasPay.io.


Block Explorers

http://cryptotrends.info/MID

*The blockchain used for testing the services will be reset on the release.


The Midas Payment Network

Midaspay.io
midascoin.io
MidasPool.com
api.midaspay.io
merchant.midaspay.io
support.midaspay.io
support.midascoin.io




Exchanges

http://midaspay.io (exhange for gold and Debit card credit)

Any third party exchange that wants to list MidasCoin should submit a support ticket on the http://midaspay.io website and schedule an interview.
We offer a cryptocurrency with a guaranteed backed value, and we back directly that value. We are going to authorize only exchanges that meet certain security standards to list MidasCoin, to better protect our customers funds.

Approved:

MidasPay.io (MID / GoldGR + USD)

Pending Review:
https://bittrex.com/Market/Index?MarketName=BTC-MID  (market is live and review is started, trade with confidence)


Not Reviewed, trade at your own risk:




Company staff, partners, external consultants and credits

Since the beginning 7 months ago up until now, a lot of people have been involved with making the project what it is today.
We're proud to reveal the Golden Squad, the people behind #MidasCoin.

http://midaspay.io/the-golden-squad/


Unfortunately people were waiting for this press release, and we could not delay it, so we will present all the external consultants (support, community helper, contributors and people that helped this project) in a following press release.


Legal Terms

Company information
Terms Of Services
Privacy Policy


*All BlockChains of MidasCoin used during development will be destroyed, with a fresh genesis block created for the release.
**We will do our best to keep this thread up to date and to stay in touch with the community, but official support will be guaranteed only through our helpdesk system, accessible on http://midaspay.io/helpdesk
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September 16, 2014, 12:19:23 AM
 #2

MidasCoin FAQ

Q- Are you mining other coins through the PoM distribution system?

A- We are mining other coins with part of the hashrate, like originally stated in the PoM section of the announcement thread and in the PoM section of the pool. This is how the PoM system works, and this is what assures the guaranteed increasing value of MidasCoin, day by day, second by second.

This does not mean that, like some “coordinated fudders” keep pushing, that this is for our own profit; never forget that we have a guaranteed MINIMUM DAILY INCREMENT of the gold reserve, committed by the investors, of 333 grams/day of gold. The PoM earnings cover part of this, but unless we have more than 50 ghash/s of hashrate, the value of the daily minimum daily increment is higher.

And even in case we go over 50 Ghash/s (or whatever amount will produce more than 333 grams of gold in value), we will increase the daily reserve increment for that day without taking any profit. The reserve belongs to YOU, ready to back your MidasCoin’s value, and increasing it’s value every day, not our profits. More information here http://midascoin.io/gold-economic-data/


Q- What happens if your patch doesn't work? What happens in case of another successful attack against the #midascoin blockchain?

A- Pretty simple, we buy back all the MidasCoin on the pool balance at their bitcoin value, paying in Bitcoin instantly with no questions asked. Then we close the company, give apologies to the community, and never present our face on the public crypto scene again. This is our #challenge, All is perfect or we payback and go home and all people with #midascoin balance get money upfront.


Q- Where is the gold? is there gold? show me the gold!

A- This is a common question, and we are ready to provide the proof of reserve that the community expects to see. We can invite “known” members of the community to the “bank” where the reserve is held, to touch with their own hands; we can make a video; we can arrange a shop to allow in person conversions (enter with MidasCoin, step out with gold) or we can do whatever the community requires from us. We will post a poll on the public thread to request the opinion of you as MidasCoin users sometime after the reopening.

Actually 90% of the reserve is held in physical gold in a safebox at the Centrum Bank AG – Kirchstrasse 3 – 9490 Vaduz Liechtenstein.
6% of the reserve value converted at USD value is deposited through our financial partner to load the debit cards and VCCs when they become available.
4% is ready to be shipped at first request by our partners network.

Q- Will there be any compensation given to miners who were here before the patch?
A- Yes, early miners will be rewarded with a bonus of additional 2% of their mining earnings for 7 days. You qualify for this promotion if your account number is between 1 and 2100 (check your account number in the referral section of the pool, example http://midaspool.com/ref/1000)
Members of the pool, with an account number between 1 and 2100 will also receive a “gift” in their mailbox before the reopening event.


Q- I’m an old miner and I was registered in the pool before the “patch”, and I qualify for the 2% mining bonus for 7 days after reopening, do I need to do anything to claim this?

A- Not at all. At the seven day mark after the reopening, you will get automatically credited with a bonus amount, based on 2% of your mining earnings during those 7 days.


Q- What is the new “King of the pool” contest and how does it work?

A- “King of the pool” is our standalone contest on Midaspool.com.
The person who has the highest average hashrate on the previous 24 hours will be crowned “King of The Pool” for 1 day. During his reign, the King will get assigned as his referrals all the people that sign up on http://midaspool.com without a direct referral link (average of 300 registrations per day). Those referrals gained by being King last forever. After 24 hours a new King is crowned, or the old king is confirmed as king once more, based on the average hashpower of the last 24 hours.

Being “King of the pool” is a TOP reward, and produces benefits that last forever, even if the kingdom reign lasted only 1 day.

The updated score will inform in real time the current top 5 challengers for the crown of “King of Midaspool”.

The first KING will be chosen between the #irc community just before the re-opening, don’t miss this chance, join #midascoin on freenode!


Q- How is the #midascoin backed value generated?

A- The value of MidasCoin is generated by dividing the gold reserve with the total amount of MidasCoins to be issued within 36 months (starting with 20,000/ 7,611,236). The MidasCoin value is recalculated every 10 seconds, based on the daily increment.

The starting gold reserve is 20000 grams, and the guaranteed MINIMUM daily increase is 333 grams for the first 12 months, 666 grams for months 12 to 24, and 1500 grams for month 24 to 36. The daily increment can be more than the MINIMUM guaranteed of 333 in the case that PoM earnings exceed this amount (in conversion value). In that case, the daily increment will be more, based on total PoM earnings.



Q- Can I solo mine #midascoin or mine it through a third party pool?

A- This is not actually possible but, with our latest patch, we removed the coinbase check and added a different block validity check.  

This allow us to sign blocks with different coinbases, and open the possibility for solo mining and third party pools. Of course this should be integrated with the PoM system to keep all in shape.

We will propose our solo mining and third party pool solution to the community 3-4 days after the reopening; if the feedback is good, we will proceed on implementing it.


Q- When will #midascoin get onto an exchange?

A- MidasCoin will be on an exchange when exchanges think it will be worth listing #midascoin and when they will be ready to get audited, because we will not allow anyone to list MidasCoin in a system that puts your funds at risk. We will NEVER bribe anyone to list #midascoin on day 1, like many other coin projects used to do and still do.

With that said, we already got in contact with several exchanges who are very interested, so it’s really a matter of days. (without the pause, #midascoin would have already been listed on several places)


Q- When I mined before, I think I got less then what I expected, why?

A- We experienced a conflict between the PoM system and the difficulty algo of the coin network, that made the average block generation time to be 2.94 minutes instead of the expected 2.5 minutes. This has been FULLY PATCHED.


Q- Which is the MidasCoin main website payment processor?

A- The payment processor for the debit card and VCC (virtual credit card) is prepaid financial services.  http://prepaidfinancialservices.com


Q- Does MidasCoin have a twitter and reddit tip bot?

A- We are developing our twitter application to act as a tipbot but also an automated bounty dispenser (for actions like following, retweeting, etc). Expect this to be ready 15 days after the re-opening.

We don’t have a reddit tipbot yet, neither did we plan to have one; If you have any suggestions on what you expect, please, contact us about them.


Q- Will MidasCoin ever do live events or appear at crypto conferences?

A- As per our schedule, we will host a public #midascoin conference in london 90 days after the launch, however, listening to some users suggestions, we may plan to merge this event with a bitcoin conference. Stay tuned for updates.


Q- Your company is in London but part of the team is in Italy, why?

A- Company director is in Italy, but our team is distributed in several countries like UK, NL, Canada, Croatia, USA. The company is in UK because of the light and fast bureaucracy of that particular country.


Q- Your websites have a privacy policy while other cryptocurrency sites do not, why?

A-  The real question should be “why do other sites not have one?”. Every website in the world should have a privacy policy by law.


Q- I want to order gold, tell me what I should know!

A- You should know that most shipments come from Rome and Madrid. Gold is certified by the retailer. Customs and other kinds of tax should be taken care of by you. (pay particular attention if ordering gold from outside the EU)


Q- I want a debit card or VCC (virtual credit card), tell me what I should know!

A- Debit cards have several different costs, based on the shipping location (domestic UK, EU, or international). Debit cards come with a generic name printed on it.  

Additional documents and KYC policy are needed if your total yearly load amount exceeds 1200 euros. After you received your Debit card or VCC, you have to link it to your account on MidasPay, then you can order credit for it from the MidasPay shop via topups. Credit loading is fast and should not take more than 1 business day.


Q-I have received a #midascoin voucher, what do I do with it?

A- Just click the voucher link and redeem it. Consider that we have no premine, so we will load promotional vouchers with our taxes earnings. Sometimes you have to wait some days before your voucher campaign is loaded with funds. If your voucher has no funds available, simply try again to redeem after 24 hours.


Q- What algo are you using and what are the block times?

A- Proof of Mining is fully compatible with scrypt. The only incompatibility is with cgminer 3.7.2 because of an extranonce bug in that software version and below (also some asic device manufactures use that software for their base, in which case you should find another compatible software for your device that is not based on cgminer 3.7.2).

For help finding the correct software to usem visit our getting started page here:  http://midaspool.com/index.php?page=gettingstarted


Q- Why won’t my wallet sync?

A- Wallets should be able to automatic sync with our nodes. In case it does not, you have to manually add the nodes.  Click on Help>Debug Windows>Console and type “addnode add node1.midascoin.io”
Repeat with “addnode add node2.midascoin.io” up to node10.midascoin.io


Q- I’m getting around 4-8% of invalid shares, is this normal?

A- That’s pretty normal for how the PoM system works. Those are local shares in excess, and doesn’t influence your hashrate performance.


Q-I’m getting 100% rejected shares with my asic device, what can I do ?

A- This means that your asic device producer used cgminer 3.7.2 as the base for thier asic software.

In this case you should find another software compatible with your asic device that does not use cgminer 3.7.2 as the base for the software.

Some of our users who experienced this problem using “gridseed gblacks” solved the problem by downloading an updated version of their asic miner software, directly from the producer; in this case downloadig new controllers here http://hashra.com/support.  Installing the hashra software for gridseed blade, it worked perfectly.  

If you experience this error with your asic, you have to do some trial and error, but there are solutions available and nearly all of our users found one that worked for them, so don’t give up Wink


Q- My question is not on the list, how should I ask my question and get listed in the FAQ ?

A- Use our http://ask.fm/midascoin profile to ask a question (also an anonymous) and contribute to creating a parallel FAQ generated from community questions we recieve.

For urgent help submit a ticket here: http://midaspay.io/helpdesk or join our #irc channel #midascoin on freenode. #irc channel is available also through the webchat  http://midaspool.com/index.php?page=about&action=chat


#MidasCoin will keep making pre-made coin projects with day1 listings appear for what they are; penny stock selling and pure pump/dump schemes because...

… #MidasCoin will always pay their debts.


     

MidasCoin, backed by gold
MidasCoin
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September 16, 2014, 12:22:46 AM
 #3

And what happens to the funds?

About this matter we consulted for long with active community members and early adopters, and we come with the best possible solutions for the current #midascoin situation.

Since the network is still very young, and there are no third party exchanges yet, the transactions sent user to user are supposed to be very limited (near to 0).

We decided that the pool database, in this situation, will be the KING to getting us back on track.
We will reopen with a blank chain, with the actual number of blocks (1175),  without any transactions on it.  All the transactions made by pool will be reverted into available balance (including referral earnings) and available for withdraw at the reopening of all services.

But that's not all. Since the pool stopped to account blocks (block number 979) people kept mining for several hours, even after our public announcement, creating a monster unaccounted round of 7.553.459.836 shares.


Those people invested their hashing power to mine MidasCoin, and so we will reward them with all the blocks pushed by the offending chain. This Uber round will be accounted with a payout of
(1175-979)*50 MID that mean 196 blocks * 50 MID = 9800 MidasCoin, + a total of 200 Midas from our pocket, rounding up the super round amount payout, to 10000 MidasCoin.

We are gonna close the stratum(s) soon, so everyone needs to stop mining as soon as possible. Then all the contributor in the super-round shares will be paid proportionally with the 10000 MID payout.

MidasCoin will start at block 1175 at the reopening, with a blank chain (only coinbase) and all the user funds reverted into the pool balance.

ETA is 4-5 days.


And now some numbers of #midascoin.

- 2093 members registered on Midaspool.com
http://screencast.com/t/We9auuSxWiC

- 300 new registrations everyday (since the pre-announce)

- Peak Hashrate of 31 Ghash/ - Average Hashrate 12+ Ghash.

- Hosted Merchant platform at 0 fee - Accept payment without hosting daemon (paypal style)

- Integrated financial Platform with ATM Debit Card and VCC (virtual credit card)

- Top management team: http://midaspay.io/the-golden-squad/

- Unique distribution system PoM. Unnecessary hashpower increase currency value

- Backed by gold reserve.

- Guaranteed increasing value

- Guaranteed community support helpdesk: 8 hours for low priority - 2 hours for Urgent.

- No Premine. No IPO. No dump on exchanges.

- No exchange on day 1

- 236 MidasCoin already paid through the Referral system.


Websites of the network:

Midaspay.io
Midascoin.io
MidasPool.com
api.midaspay.io
merchant.midaspay.io
support.midaspay.io
support.midascoin.io

Legal terms:

Company information
Terms Of Services
Privacy Policy

#MidasCoin is here to stay for a long time, and is not going anywhere!

Support helpdesk still remains active:

http://midaspay.io/helpdesk
via email: support@midaspay.io
Twitter @Midaspay and #IRC #midascoin on freenodee (accessible using webchat at this link http://midaspool.com/index.php?page=about&action=chat)

IMJim
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September 16, 2014, 01:05:33 AM
 #4

First post:-)
MidasCoin
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September 16, 2014, 01:26:57 AM
 #5

First post:-)

Let me guess, you wanna attempt to be the first "king of the pool" too  Cool ?

In this case, don't miss the #irc channel #midascoin on freenode before the reopening!
givemeyourcoin
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September 16, 2014, 01:36:11 AM
 #6

great to see the midascoin coming back. Grin
jm0
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September 16, 2014, 01:44:52 AM
 #7

What's the word on MidasCoin being offered on other exchanges?
givemeyourcoin
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September 16, 2014, 01:49:02 AM
 #8

What's the word on MidasCoin being offered on other exchanges?
what do you mean?
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September 16, 2014, 02:20:33 AM
 #9

What's the word on MidasCoin being offered on other exchanges?
what do you mean?
when will midascoin be offered on other exchanges
MidasCoin
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September 16, 2014, 02:55:49 AM
 #10

when will midascoin be offered on other exchanges

Hello jm0, thanks for you contact.

I will quote you the proper section of the FAQ

Q- When will #midascoin get onto an exchange?
A- MidasCoin will be on an exchange when exchanges think it will be worth listing #midascoin and when they will be ready to get audited, because we will not allow anyone to list MidasCoin in a system that puts your funds at risk. We will NEVER bribe anyone to list #midascoin on day 1, like many other coin projects used to do and still do.

With that said, we already got in contact with several exchanges who are very interested, so it’s really a matter of days. (without the pause, #midascoin would have already been listed on several places)

Regards
jm0
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September 16, 2014, 03:01:14 AM
 #11

when will midascoin be offered on other exchanges

Hello jm0, thanks for you contact.

I will quote you the proper section of the FAQ

Q- When will #midascoin get onto an exchange?
A- MidasCoin will be on an exchange when exchanges think it will be worth listing #midascoin and when they will be ready to get audited, because we will not allow anyone to list MidasCoin in a system that puts your funds at risk. We will NEVER bribe anyone to list #midascoin on day 1, like many other coin projects used to do and still do.

With that said, we already got in contact with several exchanges who are very interested, so it’s really a matter of days. (without the pause, #midascoin would have already been listed on several places)

Regards
Thanks for the feedback! That's great news,  I look forward to investing in MidasCoin shortly (totally blasted my gpu mining, so I cannot mine Smiley))))
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September 16, 2014, 03:03:13 AM
 #12

my postts containing important information that investors should know are being deleted. i'd give the information again but it would just be deleted.

as a snr member you would think i would get a little FUCKING RESPECT
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to your stations, man the pineapples!!!


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September 16, 2014, 03:04:31 AM
 #13

my postts containing important information that investors should know are being deleted. i'd give the information again but it would just be deleted.

as a snr member you would think i would get a little FUCKING RESPECT

i agree snr members should be listened to with respect.

what is btctalk coming to with no love for age and wisdom . pfft



YEEE F*#KIN HA BIG RED TEXT !!!           

(\__/)    
(='.'=)   
(")_(")   










     BUMBA
IMJim
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September 16, 2014, 03:04:35 AM
 #14

First post:-)

Let me guess, you wanna attempt to be the first "king of the pool" too  Cool ?

In this case, don't miss the #irc channel #midascoin on freenode before the reopening!


HA!  You are SOOOO kidding me lol, I couldn't touch the has power that was first thrown down on this puppy!  Me and my big 50 mh/s ASIC looked REALLY small the first go round!!  At least I can say now I was the first to post when this one lands on Mars:-)
pineapples
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to your stations, man the pineapples!!!


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September 16, 2014, 03:05:38 AM
 #15

you should know that when snr members contribute to a discussion..

that discussion is worth having

my postts containing important information that investors should know are being deleted. i'd give the information again but it would just be deleted.

as a snr member you would think i would get a little FUCKING RESPECT

i agree snr members should be listened to with respect.

what is btctalk coming to with no love for age and wisdom . pfft




YEEE F*#KIN HA BIG RED TEXT !!!           

(\__/)    
(='.'=)   
(")_(")   










     BUMBA
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keybase.io/mishax1


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September 16, 2014, 06:46:20 AM
 #16


Should I download a new wallet or redownload the blockchain ?
MidasCoin
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September 16, 2014, 12:03:02 PM
 #17

my postts containing important information that investors should know are being deleted. i'd give the information again but it would just be deleted.

as a snr member you would think i would get a little FUCKING RESPECT

Before asking for respect, try to show some respect.
Every opinion, criticism or even accusation, if backed by proof, is welcome here.


Should I download a new wallet or redownload the blockchain ?

Yes.

Wallet upgrade will be mandatory.
New wallet available on reopening.

Regards
MidasCoin
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September 16, 2014, 12:20:00 PM
 #18

HA!  You are SOOOO kidding me lol, I couldn't touch the has power that was first thrown down on this puppy!  Me and my big 50 mh/s ASIC looked REALLY small the first go round!!  At least I can say now I was the first to post when this one lands on Mars:-)

Let me quote part of the "King of the pool" contest FAQ.

A- “King of the pool” is our standalone contest on Midaspool.com.
The person who has the highest average hashrate on the previous 24 hours will be crowned “King of The Pool” for 1 day. During his reign, the King will get assigned as his referrals all the people that sign up on http://midaspool.com without a direct referral link (average of 300 registrations per day). Those referrals gained by being King last forever. After 24 hours a new King is crowned, or the old king is confirmed as king once more, based on the average hashpower of the last 24 hours.

Being “King of the pool” is a TOP reward, and produces benefits that last forever, even if the kingdom reign lasted only 1 day.

The updated score will inform in real time the current top 5 challengers for the crown of “King of Midaspool”.

The first KING will be chosen between the #irc community just before the re-opening, don’t miss this chance, join #midascoin on freenode!

This is the important part  Cool
The first KING will be chosen between the #irc community just before the re-opening, don’t miss this chance, join #midascoin on freenode!

And this mean that on reopening, the first king will be chosen randomly between the #irc community  Cool

Regards
Janezki
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September 16, 2014, 01:41:45 PM
 #19

So, the pool will be starting with a clean blockchain from block #1175 - If I mined some MID and transferred them into my wallet at the first launch, I can kiss bye bye to my coins???

BCLambovXNggZSCruBycAApon17qTkcr9F
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September 16, 2014, 01:43:58 PM
 #20

  download a new purse?

Dsb6Mc9TgGV1i3rzcbQeuWMni6Ve2sbXP2G
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