MidasCoin FAQQ- 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.comQ- 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=gettingstartedQ- 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
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.
