Topic: [ANN] MetalCoin MTC - BACKED BY PRECIOUS METALS, RELAUNCH SOMETIME IN Q3 - page 7. (Read 24529 times)

There is already an MTC

https://www.swisscex.com/market/MTC_BTC

Ok, I have a pre-update. We've modified the concept, and changed the pre-mine to a hybrid of POS, IPO and “publiclly secured premine”. This means that the original concept has changed. I will explain the changes and how it effects the original concept. I'm going to spill all the beans on pretty much everything and will release the wallet 24 hours after posting the update. We'll let the public decide the fate of this coin and it's concept.

Stay tuned for detailed update in a couple days, I need some time to type out the new concept as well maybe put together some flow charts or something.

Met with my parter today, we'll be meeting a potential third partner tomorrow, stay tuned for an update in a day or two. Follow us on Twitter to stay up to date. 

twitter.com/MetalCoinMTC

30% premine with nothing new that your coin offers only give you this:

[/b]

Due to the public response, we are delaying the release of the wallet and source code, in order to build more public confidence. We'll be releasing more information about the developers, general security design, pre-mine security and pre-mine allocation. We'll reveal a portion of our new concepts but will withhold the information regarding our financial/economic concept.

We have reached a point in the crypto world where ideas are saturated, reward systems are saturated, everything has been done, all while cryptos are gaining more and more ground in the tangible/physical world. Ever wonder why “MetalCoin” has never been done and does it not create little curiosity within you, when someone comes around at this stage with a MetalCoin, screaming new concept?

We are entering a new area in alternative currencies and MetalCoin can to be at the forefront and it's concept widely adapted, if supported by the community. We are much more than just an algorithm!

That being said, community is a crucial part of MetalCoin's success, both from a tech and security point of view, MetalCoin will not succeed without support, which is what we are trying to earn.

Stay tuned for an update, I should have one in 24 hours. Wallet and source code will be delayed for a day or two, while we try to create more confidence.

In the mean time, check out this well researched analysis of questionable altcoins, which lists some of our favorite coins. Keep this in mind when considering MetalCoin and it's concept. We understand that pre-mining a coin is a popular way to scam people, which is why we are open and upfront about our pre-mine and also why we are putting most of our efforts into resolving this issue.

Article: http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins

Are you still on schedule for this Launch time?

Sunday June 15 @ 19:00 local Calgary, Canada time. GMT - 7

Getting warmer

I realize that I will have to eventually release my identity, but how about this, you guys fulfill the bounties and I'll release my full identity, however you want me to prove it.

I apologize for the typos, but I've been on this forum for most of the day, responding to posts.

I can't say much more about the how the coin will increase in value. I have posted all the info one needs to crunch the numbers for themselves, use a spreadsheet. Also, the metals will increase the value of the coin, not visa versa.

Why should you trust me? For starters, I'm trusting the community first by offering my metals, free of charge, just just to mine my coin. I'm offering real value upfront, and all you have to do is mine it. Is my offer really that offensive? Would it make a difference if I dug deeper into my stash and offered a few more gold coins?

I can't comment too much on the security of the reserve other than there being several levels of public checkpoints, both online and in real life.
 

accurate time is when?

your metal is worth 3350 dollars thats not alot for your premine. give us your real identity

Thanks Doc for your feedback. I will definitely consider a new algo.

I would like to see Metal Coin on either of those algo's as well, X11 or X13.  Then I would mine it.

stop shit in this forum .30% premine ,scypt algo ,meaningless

first, learn to use a spell checker.  2nd why should we trust you with the asset that backs the coin, and how are you going to get more gold/silver etc to make the "Metal coin" worth more.  

Agreed with Shogun47,

Seeing this coin x11 would attract lots of GPU miners which is most of the people mining. +1 vote on the change

To elaborate further, I'll try to defend the premine in comparison to an ipo.

MetalCoin is designed to increase a minimum of 50% per annum in real value, gain market value steadily, while taking 30 years to reach it's pinnacle. In a perfect world, MetalCoin's coin to weight ratio should never decrease. This means the earlier you obtain coins, the more profit you will make. If MetalCoin had 30 years to market this sales pitch, imagine the speculative value the coin could create. At a 50% compounded growth rate, MetalCoin could easily reach 1-2 oz of gold per coin in 20 years, after than point we may have difficulties finding enough gold. Bottom line is, this coin will increase in real value for 20-30 years and all the public have to do is continue mining it and buy in at the reserve indexed rate.

In comparison, if we offered an IPO, in a best case scenario, we would have a group of investors who pool their bitcoins together to buy the premined coins. I would go out and buy some gold with everyones money and at that point, every coin would be backed by a certain amount of metals. From that point onward, the coin will only diminish in value, while people continue to mine it. The coin would need regular cash injections to buy more gold, just to maintain the coin to weight ratio. Alternatively, if there was a coin that was 100% POS or anything similar, the coins would be split up amongst a few hundred or a few thousand people, who then own a coin that is backed by a gold reserve that will never increase. It would be up to the coin holders to convince the public to accept their coin that has minimal distribution and is as expensive as real gold. POS only benefits a select few in the short term, whereas a premined coin will grow in time, if managed properly.

I'm trying to explain as much as I can without revealing too much secret info.

  i will try to mine 

Thanks Shogun, I was considering going with an x11 algo, however, I was thinking that a clean unique fork of Litecoin would be the best choice for the future, in order to include MetalCoin specific features.

I wonder why this coin reminds me to the original GoldReserve coin: https://bitcointalksearch.org/topic/anngoldreservexgrx11-unique-stabilizer-fund-backed-by-gold-now-641064
...
... which have been using X11 already.

... and the premine was significantly smaller: 10% vs 30% (and a part of that was sold as IPO).