[ANN][MGT] Magnetz - Blockchain Torrents - Piratebay Replacer. (ICO, x13)

[Bizmark13]

Looks like an interesting coin. As you can read in this post of mine created in response to the shutdown of The Pirate Bay, I've always felt that some form of decentralized torrent network could really take off. The technology behind the blockchain concept is particularly well suited for applications such as this due to its decentralized aspects and superior redundancy. And while I admit creating this sort of thing is far too complex for my programming skills, it's nice to see that others have identified a need in the market for such a system and are working on bringing the full potential of Satoshi's creation into fruition.

you're joking right? This coin's a scam - although there should be a better word for it

I was replying to the OP. I just found out about this coin now and was unaware that it was a scam. I think that torrents are a good application of the blockchain (in addition to other things like DNS systems) because they are far more resilient, resistant to censorship, transcend geographic lines, and incorporate almost unlimited redundancy. A lot of people talked about it for ages but nobody actually attempted to do it until now (which really bugged me and got me into learning C++ until I learned that programming is far more difficult than I originally expected it to be ).

I can certainly agree with you about the idea being a good one - unfortunately the community has been ripped off by at least 2 different projects with this very goal at the core. I imagine there will need to be someone very reputable who takes on this project - it seems like while some may be jaded at the moment due to fraud, others are still just as gullible as most of us have been in the past. Then again, I could be way off, crypto seems to always push many boundaries simultaneously

OK, so I just read the thread and the comparisons to Stackcoin don't seem to hold since that was just photoshopped pictures with no code to show for it. In this case, there still seems to be a working wallet and source code, correct? If so, does the wallet actually have the features promised in the OP? Can you actually use it to embed torrents in a user-friendly way? What about the blockchain torrent search engine? Is that also available?

The scammy part of this whole thing seems to be that the dev went AWOL and sold his coins and didn't put up a buy wall like he originally promised in the OP.

I know that it is possible to embed torrents in the Bitcoin blockchain so it isn't a huge technical leap to create a coin specialized for this purpose. I'm more of a Java guy but if the essential stuff has already been written, then this might be enough for me to work with and build upon.

This is, of course, assuming that the dev isn't coming back. It seems strange that a dev would abandon such a promising project so early for a quick buck.

I wish I knew how to code.. although I've got the marketing thing down. Maybe we'd make a good combo? lol Magnetz is a terrible name for a project like this though.

To be honest, I'm actually a terrible coder... I'm currently taking it as a minor for college and we mostly use Java. I'll be learning more C++ in the following months along with the more advanced programming stuff.

[sony87]

Just a gentle reminder for all new members in the forum and all greedy ones - listen what people tell you, we here for more time than you and this is not the first scam we have seen. Now you lost you BTC and you are angry, this should be your lesson to learn more before investing in anything (including in the real life). Cheers and sorry again for your lost.

[leigh2k14]

Check out vTorrent, no scammy ICO just PoW: https://bitcointalk.org/index.php?topic=889481.0

Now let the topic die.

[EleynaJin]

MGT TO THE MOON!

[waszurHölle]

MGT TO THE MOON!

 

[Stormspirit]

to da moon

[netrex]

To The Shit ! 

[chicken65]

Despite those blaming investors saying they didnt research are wrong.
They didn't read that a buy-wall was promised after ICO end (and then edited to state 3 days later).
A buy wall was promised after ICO end
 
CCEX were informed multiple times over a three day period about this thief before they supposedly paid the him.
This is a lie because it was an inside job and they have done it before and they will do it again and again.
 Sink that corrupt BS exchange. Stop trading there Period!

[franckuestein]

Despite those blaming investors saying they didnt research are wrong.
They didn't read that a buy-wall was promised after ICO end (and then edited to state 3 days later).
A buy wall was promised after ICO end
 
CCEX were informed multiple times over a three day period about this thief before they supposedly paid the him.
This is a lie because it was an inside job and they have done it before and they will do it again and again.
 Sink that corrupt BS exchange. Stop trading there Period!

In that case, could be interesting to know the ones that sent a message to c-cex about the MGT ICO.
If they're a huge amount of users, a new thread has to be opened to discuss about that supposed inside job in C-CEX.

I don't know if they're an exchange that develop that kind of activities but… who knows. If they didn't replied to your support messages, maybe it's because they want to save something secretly 

[Poly#Crypto]

MGT TO THE MOON!

  But Christmas is over, sorry.

[unusualfacts30]

Despite those blaming investors saying they didnt research are wrong.
They didn't read that a buy-wall was promised after ICO end (and then edited to state 3 days later).
A buy wall was promised after ICO end
 
CCEX were informed multiple times over a three day period about this thief before they supposedly paid the him.
This is a lie because it was an inside job and they have done it before and they will do it again and again.
 Sink that corrupt BS exchange. Stop trading there Period!

Ccex: 1
Investors: 0

 

[franckuestein]

ICO 773 sat 

and now 14 sat @c-cex


SCAM

SCAM

MANTAP ANZENG

That's what happens when people believe in Newbie accounts developing a cryptocurrency and not using their real bitcointalk account 
Hope you didn't invest too much. In my case I didn't invest anything.

1st because if they have a torrent search engine ready, they have to announce it with the coin, not promises… facts 
2nd because the first day of ICO someone invested 4BTC in 1 order… very suspicious, maybe dev… 

And many many more things related with the comments that dev said in that topic.

[NoobKidOnTheBlock]

ICO 773 sat 

and now 14 sat @c-cex


SCAM

SCAM

MANTAP ANZENG

That's what happens when people believe in Newbie accounts developing a cryptocurrency and not using their real bitcointalk account 
Hope you didn't invest too much. In my case I didn't invest anything.

1st because if they have a torrent search engine ready, they have to announce it with the coin, not promises… facts 
2nd because the first day of ICO someone invested 4BTC in 1 order… very suspicious, maybe dev… 

And many many more things related with the comments that dev said in that topic.

And people thought 2014 was the year of the scam coins well I have a sneaking suspicion that 2015 will take the shitcoin storm by surprise

[EleynaJin]

Lets hope GP is not a shiny new turd! lol

Most likely will be.

[NoobKidOnTheBlock]

Lets hope GP is not a shiny new turd! lol

Most likely will be.

Well most coins nowadays are shiny turds but so far the GP coin has held a pretty steady floor in the 7.5k to 10k a coin and it's been on an exchange for more than a day so the miners haven't started dumping as of yet anyways But I don't think that it will dump very quickly because it is a decent idea for a coin and if they deliver like they are supposedly intending on doing then that coin will be worth more than 10k a coin But anyways what's the deal with Magnetz then? Did the Dev abandon the coin? Or did the ICO turn out to be a scam? I'm just curious

[Bizmark13]

Lets hope GP is not a shiny new turd! lol

Most likely will be.

Well most coins nowadays are shiny turds but so far the GP coin has held a pretty steady floor in the 7.5k to 10k a coin and it's been on an exchange for more than a day so the miners haven't started dumping as of yet anyways But I don't think that it will dump very quickly because it is a decent idea for a coin and if they deliver like they are supposedly intending on doing then that coin will be worth more than 10k a coin But anyways what's the deal with Magnetz then? Did the Dev abandon the coin? Or did the ICO turn out to be a scam? I'm just curious

I don't know the full story but from the few posts I've read, I think the dev promised to set up a buy wall for his investors after the ICO. Instead, he dumped all his coins, never put up the buy wall like he promised, abandoned the project, and disappeared.

There is a similar project called vTorrent that has many of the same functional aims as this one. It's worth a look if you're interested in these types of things. I can't say for sure whether it will turn out to be a scam like this one and Torrentcoin (a similar scam where the dev also ran away) but it seems to be the most promising one of the bunch.

By the way, I'm considering reviving/relaunching this coin too if there is any interest although unfortunately, history suggests that relaunched coins usually don't end up very far. Plus, the logistics of putting a torrent repository in a blockchain is giving me a headache. The code is still up on GitHub in case anyone is interested. It seems to be a 1:1 copy of Torrentcoin so perhaps forking that might be more ideal.

[NoobKidOnTheBlock]

Lets hope GP is not a shiny new turd! lol

Most likely will be.

Well most coins nowadays are shiny turds but so far the GP coin has held a pretty steady floor in the 7.5k to 10k a coin and it's been on an exchange for more than a day so the miners haven't started dumping as of yet anyways But I don't think that it will dump very quickly because it is a decent idea for a coin and if they deliver like they are supposedly intending on doing then that coin will be worth more than 10k a coin But anyways what's the deal with Magnetz then? Did the Dev abandon the coin? Or did the ICO turn out to be a scam? I'm just curious

I don't know the full story but from the few posts I've read, I think the dev promised to set up a buy wall for his investors after the ICO. Instead, he dumped all his coins, never put up the buy wall like he promised, abandoned the project, and disappeared.

There is a similar project called vTorrent that has many of the same functional aims as this one. It's worth a look if you're interested in these types of things. I can't say for sure whether it will turn out to be a scam like this one and Torrentcoin (a similar scam where the dev also ran away) but it seems to be the most promising one of the bunch.

By the way, I'm considering reviving/relaunching this coin too if there is any interest although unfortunately, history suggests that relaunched coins usually don't end up very far. Plus, the logistics of putting a torrent repository in a blockchain is giving me a headache. The code is still up on GitHub in case anyone is interested. It seems to be a 1:1 copy of Torrentcoin so perhaps forking that might be more ideal.

Ya thanks and I've already been looking through the vTorrent thread and it seems like it could be a pretty successful coin if the Dev delivers But that is pretty unfortunate that apparently the Dev of this coin just dumped and abandoned everyone on this coin.  Pretty sad and Pussy if you ask me.  But until there is some regulation on Alts and people who rip people off can face criminal charges for their actions then they will just keep happening which is also sad.  All I can say is for people to really research all their coins before investing into them because you will save a lot more BTC than you will lose if you do Cheers

[coinmaster222]

Despite those blaming investors saying they didnt research are wrong.
They didn't read that a buy-wall was promised after ICO end (and then edited to state 3 days later).
A buy wall was promised after ICO end
 
CCEX were informed multiple times over a three day period about this thief before they supposedly paid the him.
This is a lie because it was an inside job and they have done it before and they will do it again and again.
 Sink that corrupt BS exchange. Stop trading there Period!

In that case, could be interesting to know the ones that sent a message to c-cex about the MGT ICO.
If they're a huge amount of users, a new thread has to be opened to discuss about that supposed inside job in C-CEX.

I don't know if they're an exchange that develop that kind of activities but… who knows. If they didn't replied to your support messages, maybe it's because they want to save something secretly 

Sorry an exchange is not there to do your research,if there are buyers and sellers they will allow it to go ahead.Think an exchange has to be more rigorous in vetting coins before they list them but c-cex is russian owned now and really dont care

[katarinaaa]

Hi. Any updates about this coin? Looking forward for what this coin is about to offer

[laggedtugofwarbh]

Is this project much-needed funds? How long will it receive a bonus? Hope you update the latest post more details about this project.