Topic: [ANN] MetalCoin MTC - BACKED BY PRECIOUS METALS, RELAUNCH SOMETIME IN Q3 - page 8. (Read 24456 times)

i see your pow is scrypt. in the summer for most miners. X-11 is way cooler (temp) or even scrypt-n or x-13. X-11 is easiest on hardware and energy cost though. Strongly consider this change.

Thanks NoxX, what I said was "each mined coin in circulation will still be worth around $1.50 in precious metals".

144 coins mined per day
X
16 days from June 15 to July 1
=
2,304 coins mined by July 1

If the reserve value doesn't change in 16 days, then every coin will be backed by $1.64 in metals.

I know people may argue that there would be 720,000 + 2,304 in circulation but please consider this, the meaning of the word circulation means to circulate, movement throughout an area, if the premined coins are not moving and are in the developers assigned premine wallet, then the coins are not in circulation, until the time comes when the do get sold to the public. For example, if the Bank of Canada minted 1 million $1 coins, but only released 800,000 of them to the banks/public, the Canadian government, Canadian Revenue Agency and the Bank of Canada will only recognized the 800,000 coins made available to the public as the coins in circulation, and would not include the 200,000 that are packed away as stock. Also, from a legal stand point, If I have to file taxes with my local tax office, I would only taxes off of the coins that are in circulation and not the ones that are in my premine wallet, those coins would fall under a different category, unsold stock, considered a cost.

That being said, I suppose I could "dump" the pre-mine and take off, but I'm hoping that there is enough community to help get this coin going as I have long term plans for this coin and would benefit much more financially if I stuck around rather than making a few bitcoin in the short term.

Wait, you have around 3,300$ in metals and think that more than 1 million MTC are worth at least 1.50$ in metals? How does that work out?

I appreciate the criticism, it just shows how saturated the market is. People are so sick of mining senseless coins that when coin does come around that actually offers real world value, people's knee jerk reaction will still be “shit coin”.

People need to realize that it doesn't matter if your coin has a nice logo, nice name, special algorithm, pos or “no pre-mine”, no coin will succeed in the end if it doesn't pay the bills or doesn't provide any real world value along with their fancy features. Every single crypto struggles with this reality, because their true nature is that they are not worth anything more than the speculation that the crypto community gives it. We all mine crypto because we're sick of fiat, but at least fiat currencies have of some real world value. The general public outside of the crypto community haven't even adapted to Bitcoins, do you really think that they will care if someone donates 1 million [fill_in_the_blank] coins to their cause? Let alone, paying for real world items with [fill_in_the_blank] coins?

I admit that this coin is being released at a bad time, but that doesn't mean that it's a bad concept, which I haven't even released yet! I am offering a commodity that has been in high demand since the beginning of civilization, as well as an original concept that, with support, will lead to this coin being accepted both inside and outside of the crypto community, in addition to also providing the features that other cryptos offer.

Again, I appreciate all criticism as I am here to help build this concept. In response to crypto4jan's comments, I chose the 30% pre-mine because it works well with the concept. There will be large lump sum payments made in the future and wanted to have the liquidity to pay from one source, instead of approaching the community for donations or ipo investments. I can offer an ipo, but this would mean that the concept would have to change and that reserve growth would spike and peak in a very short time and limit growth in the future.

Do you think an ipo, pos or hybrid is the way to approach this?

This thread is making me reconsider the concept. What does the community suggest? And please no “shit coin” comments, because with the exception of a few coins, we are all “shit coins” 

Stop making shit coins.

If you are doing an auction for the premine you can build trust.
Think of a certain amount of BTC that you really need, and that it must surely yield.
The 10kg bar gold is to much I think, but a littlebit more realistic then it can succes.
Succes.

Wow, were did that come from? No bud, this is not my 3rd gold backed coin.

Isn't this like the third "gold backed" coin that you tried to release? I forgot the other two names... Each time flopped with zero interest and never really launched? A new website and a new name will not get you miners who are going to mine and give value to your premine. People are not stupid.... even a 3% premine is a hard sell these days. Start with building trust. Announcing with your real BTCTalk is is a start.

Thanks for the support.

I have to sign off now, but I'll be back tomorrow to answer any question anyone may have.

Start post looks good.
I go Follow this coin.
Succes.

30% is the minimal amount needed in order for this coin to function according to it's business model. Beleive me, I really didn't want to pre-mine it, but there's no way around it. Unless of course , someone wants to donate a 10kg gold bar, then we have a different story. 

ok lets mine this on release good luck

but 30% premine 

TO BE RELAUNCHD SOMETIME IN Q3


Release Date:
June 22, 2014 @ 12:00 GMT-7


Website:
www.metalcoin.org


Social Media:
Twitter.com/MetalCoinMTC
Reddit.com/r/MetalCoinMTC/
[email protected]

Other:
http://www.reddit.com/r/CryptoCurrency/comments/295k0k/metalcoinprecious_metal_reserves/
http://ftp166085.host183.web538.com/forum-718-1.html


Wallets and Source Code:
Wallet:  TAKEN OFFLINE UNTILL RELAUNCH
Source Code:  TAKEN OFFLINE UNTILL RELAUNCH  
Configuration File:  TAKEN OFFLINE UNTILL RELAUNCH


RPC Port:
21020


Addnodes:
addnode=54.194.99.126


Block Explorer:
http://metal.explorer.ssdpool.com:9008/


Technical Specs:
Name: MetalCoin
Ticker: MTC
Algorithm: Scrypt
Block Reward: 1 MTC
Block Target: 600 Seconds
Difficulty Retarget: 30 Blocks
Coin Maturity: 2 Blocks
Pre-Mine: 30%
Maximum Coins Minted: 2,400,000
Maximum Coins Minable: 1,680,000
Maximum Pre-Mine Allocation: 720,000

Block Reward Will Reduce in 15 years
Mining will last around 30 years

Mining Pools:
http://mtc.pool.mn
http://coin-miners.info:8080/getting_started
MetalCoinPool.com Coming Soon


Exchanges:
https://www.allcoin.com/vote
http://www.ecoinfund.com/vote
https://www.kingcoiny.com/landing/index.php?page=voting
MetalCoinEx.com Coming Soon


Bounties:

- New official logo, only chosen logo will receive the bounty,
- First two block and wallet explorers, must be capable of detailed wallet and transaction analysis,
- New official mining pool website design for www.metalcoinpool.com,
- First three mining pools that host MetalCoin mining, ONE SPOT AVAILABLE
- New website design for www.metalcoin.org,
- New website design for www.metalcoinex.com, must include a functioning alt-coin exchange that trades at least BTC and MTC,
- Paper wallet generator,
- Addnodes
- New original MetalCoin specific fork, energy efficient, new wallet design,
- Android wallet
- Apple wallet
- Media support, videos, blog/news articles


What is Metal Coin?
Metalcoin is a minable cryptocurrency, backed by tangible assets. Miners will be able to mine MetalCoins with their computers and trade them in for actual gold, silver and copper coins (minted by MetalCoin), if they choose to sell. MetalCoin will also hold a derivative value based on future franchise  performance.

MetalCoin is designed to work like a community operated hedge fund, with the objective of financing our own franchise. By regulating the index ratio, investors can buy MetalCoins which will create growth for the bullion reserve and generate cashflow for capital investments. Early investors will pay a higher index rate but see returns sooner.

MetalCoin will fund itself by slowly selling off it's premined coins, around 2,000 coins per week, which should end around the beginning of 2017. This amount could change with high demand and would result in us achieving our objectives sooner than the projected period of 2.5 years. Our final objective is to attain a reserve value of around $8,000,000, then to finance the setup of four franchise locations (operated by the premine administrators) by liquidating half of the reserve value. Franchise concept and details will be released near the end of the premine sell off, in order to incorporate the latest cryptocurrency developments into it's business plan. Each franchise location will act as an independent, locally operated entity, responsible for it's own accounting, trading of MTC, minting of MTC as well as operating other profit generating services. Each MTC will be backed by the cumulative reserve value of all the franchises, allowing users to easily transport their precious metals safely around the world.

In order to attain this goal, a set amount of MTC will be listed on an exchange every week, and will be indexed to the weekly or daily demand. By selling 2,000 MTC per week to the public, the precious metal value of each coin should increase from $0.50 to around $18.00 and the reserve from $3,300 to $8,000,000 by January 2017, based on a BTC/Gold ratio of around 2.15. The remaining premine coins will be used by the franchises to help cover operational costs in the future. Any revenue from MTC sales will be immediately converted into precious metals. Website and online documentation will be updated shortly after. Each coin will be back by 50% in precious metals and 50% in franchise stock. Mining will continue for around 30 years and reserve growth will come from future franchise sales.

Download investment projections here: Temporarily Offline


Short Term Goals;
- Pay to have a new asic resistant algo incorporated, will be paid for by using a portion of the reserve,
- Choose premine administrators,

Long Term Goals;
- Create franchise sales package, including legal documentation and financial guidelines,
- Fulfill bounties, which will be valued on an individual basis, indexed to BTC


July 5, 2014 Status,
Will be listed on EcoinFund.com within the next 24 hours, I'll be listing 4 weeks worth of coins (8,000 MTC) at the exchange rates listed in the investment projections. Any revenue from coins sold at these rates will be converted to precious metals asap and all financial documentation will be provided shortly after.


Pre-Mine Wallet Address:
LUotRiPh92hSMfx8vndZCTuqt4FJ7QjPSa


Bullion Reserve:
www.metalcoin.org/reserve.html

Precious metals will be purchased from SilverGoldBull.com as they accept Bitcoin and offer local pick up in Calgary. All receipts and financials will be available to download at metalcoin.org. At the beginning, until we build our first depository, the reserve will be verified by pictures on the website. Once we build the first depository, we will have an online webcam recording the reserve and the video will be streamed live on metalcoin.org 24/7. We plan to have a public opening with lots of media, hopefully in a few months time.


Legal Security:
Aside from having security through community involvement, MetalCoin will also offer security through legally binding, short and simple business contracts that will be written in accordance to international trade law and binding in most countries of the world, most importantly legally binding in Canada, MetalCoin's headquarters. Signed copies of all contracts will be available to download on metalcoin.org and videos of all relevant signings will be posted as well.