Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained] - page 102. (Read 1369788 times)

@Derek492

and that's why we spend $10/month so we can have this great explorer

https://chainz.cryptoid.info/mint/#!extraction

I guess we will have to see if they are trustworthy. Building trust takes time but if they are smart they won't scam. ...the Long-term profits they would receive for being legit would pay off far more in the long-run, than to scam. They definitely need checks and balances in place, controls, so that no 1 person can just take all the coins or whatever.

As for the % staking, how do you come up with staking 25% of supply? If you do the math of how many coins have minted in the last year, it is about a 10.5% increase in the total coin supply. 10.5/15 = 70%. Looks to me roughly 70% are staking?

Hmm that makes sense, @steakcloud can you confirm that?

but it is least of my worries. I am more worried about centralization and handing over of your coins for months to someone else. They have a penalty for withdrawing the coins. I have seen such behavior only when people want to scam you, once you put your coins in there is a natural resistance to taking them out & scammer has a lot of time to build trust & finally get away when when people become complacent. This seems very standard model for scamming. Also at current we are staking only ~25% of supply so if they get anywhere between 10-15% of supply staking they can fork the network either willingly or unwillingly. How can you be sure that they will not sell your coins on exchange & say someone hacked the exchange & sold all the coins.

I am not saying this is a scam but there are too many concerns which can only be solved by using multisig & forking is not solvable even by that. This is too much trust to be put in such a coin supply/network centralizing service. I would trust such a service more if it was coming from official team as they have a reason to be honest.

And to end this post, i would say that problem they are "solving" can & will be easily solved when wallet development will reduce resource usage. This makes me more skeptical because this is the wrong way of solving this problem & its not a long term plan. You should go to blackcoin reddit & read about multi-sig & cold staking if mintcoin want to have such a service. I hope you know David Zimbeck(dzimbeck).

Take my rant for its worth to you but i dont like the look of this, i hope they turn out to be good guys.

Another unrelated coin's thread showed a similar concern around the same time.  They discovered that the +1 posts were deleted after comparing a cached version to the deleted posts.  Perhaps this is a similar situation.

What happend to this forum? All of a sudden 20 pages gone. Some user deleted all his messages or something?

It is interesting you bring up the heat issue. I think mining is really getting to a dangerous point, IMO.

In my area, we have cheap electricity, and there have been several stories in the local newspaper about people doing bitcoin mining in the area, and in commercial buildings. The local Utilities companies really don't like it, because is sucks so much power, they are afraid they will have to charge everyone a higher cost of power to supply enough (supply and demand you know?) and right now they will not allow people to set up large mining farms on a large scale but they are talking about building MASSIVE mining facilities in the surrounding regions, but right now they are trying to decide what to do. Some are thinking to charge higher rates if they find out you are mining Bitcoins.

One commercial building in my town actually caught on fire because they had filled the room with miners, and overloaded the capacity of what the building was able to handle. The building actually started to catch on fire and the fire department had to come and shut it down and such. IMO, this is mining thing is really getting out of hand, and now the time we need to switch everything over to Mintcoin, and invest in "minting" instead of "mining". How long until people see the light? Mining is actually at the point of getting physically dangerous to our livelihoods. I mean what if you are living in an apartment or something, and some dude in your apartment complex  who you don't even know, burns the place to the ground because he fried the wires, people lose their home, lives could be lost, and people's lives could be ruined. It is just a matter of time, before something like this happens IMO.

I used to be a bitcoin miner, and thought it was great at first too, it is a great hobby, but every few months, you need to upgrade to bigger and better...But it never ends, and it is a rat race with exponential growth demand that will eventually destroy you. It is incredibly wasteful, not just in electrical power, but in worthless parts of outdated technology. Proof of Work is basically proof of wasting resources.

This image captures it completely:



Never again. Never again will I go the mining route.

Eventually antminers will be worthless too...

You are rewarded more by the more energy and resources you burn through. What good is a kind of system is that? I eventually came to despise mining altogether, and embraced what Mintcoin has to offer. I truly believe in it that it will be highly successful in time and coming years.

Keep on minting my friends 

I think you are misunderstanding it a little bit. The way I understand it, the fee would be 10% of whatever coins are minted. So for example: Let's say that over the next few years, when the minting reward is 5% per year, if you have 1,000,000 coins then you would mint 50,000 coins, and the fee would be 10% of the 50,000 which would be a total fee of 5,000 coins for the year. So if you started with 1,000,000 and you used the Steak Cloud pooled minting service, you would receive about 45,000 in minted coins per year which is effectively 4.5% of the original 1,000,000 you started with. So instead of receiving the full 5% rate, if you used their service you would receive 4.5% per year.

I think most "big" and serious stakers/minters probably won't use the service, as they would prefer to get the extra .5% per year. The people I imagine that would use it are people with lower balances anyway. It will help people with lower balances have more consistency in successfully minting. Right now, it is fairly easy for almost anyone to mint coins but with time, assuming the prices continue to rise, $100 worth of value might only be the equivalent of 15,000 Mintcoins or something. 15,000 Mintcoins might be more challenging to consistently stake on the network with, so a pooled service like Steak Cloud is offering could help people get in on the minting action.

Make sense?

I reakon MINT is getting due for another moon soon =)

Just for fun I pointed an antminer s3 averaging 435.37 GH/s at steak cloud. The first payout was from a partial shift and small. My first full shift payout was 10833.39825300 mint. I like to stake mintcoin with the wallet they provide and plan on sending any coins I mine there. I live in Los Angeles and electricity cost is very high. If you calculate the cost for mining mintcoin or any other coin in LA you will find these are the most expensive coins you will ever purchase. It makes much more sense financially to purchase coins of any type rather than spend the same amount on miners. If you don't get electricity free or very cheap forget about profit from mining. You'll never even break even on your miner cost. If you get free power from a dorm room or rental and run miners the landlord will notice the spike in the utility bill and start looking for the culprit. 4 antminers can easily fully load a 20 amp circuit and pop breakers. If you pull the plug when fully loading a circuit with miners you'll be surprised at how hot the metal blades on the plug are. The wires in the wall are that hot too.

That said I love mining. I sold most of my mining hardware but still run a small group of different miners. It's a hobby and people blow money on hobbies all the time. I have a couple of antminers pointing at steak cloud mining different coins for fun. I'm fascinated by mining equipment and crypto coins in general. I run the antminers and 4 different types of scrypt miners. The electricity cost versus return is ridiculously bad but I enjoy tinkering with the hardware and software.

If you want to mine with a cpu, try minergate. They provide the software to download and it's very easy to setup and run. I like to mine bytecoin there. When you cpu mine your cpu will get hot so your computer needs to dissipate heat well. Not generally a good idea on a laptop. Lots of fans are a good idea. I bought a cheap workstation on Ebay and use it to run miner software and stake a few different coins.

I like to to tinker with mining and have to point them somewhere and getting some mintcoin in the process is a bonus. Good luck checking out mining it's a good thing to stake and mine. It supports the coins network and it's a lot of fun to learn about it all.  Grow your hoard of coins and don't sell any. Who knows, maybe someday they'll be worth something significant. ;-D

Slightly offtopic, does Steakcloud accept vegans?

Hi sambiohazard,

I'm glad you don't like the idea as Steak Cloud caters to individualism, not everyone is going to like the same things or understand things in the same way and that is perfectly okay. With that said it's very important to bare in mind that just as you do not like the idea of staking coins with us or the fact that we will charge a fee there are people out there who cannot stake and are not able to run a wallet 24/7, so in theory you are more than likely not our target audience. Those that do see the value of Steak Cloud and how staking coins in the cloud will benefit them based on what we will offer, will have a different view and that is okay also.

As far as the fees goes, we take a 10% fee for providing a service to people that would not be staking in the first place so really there is no shock, horror or wow behavior being represented by Steak Cloud in any way.

I am swaying towards the idea that you are misunderstood about what we will be offering, individuals questioning our moral intent however is something that we are expecting to deal with and have been able to reassure users through providing a genuine service coupled with great support.  

Thank you for your thoughts.

Regards

Steak Cloud Support

My perception is that if I want to put my SHA miners (in my possession) to work and receive mint, I can now do that without the extra step of selling btc for mint.  Steak does that for you if your too lazy or busy to make the btc to mint conversion at an exchange.

The possibility of cloud mining thru Steak is a bit more concerning when taking the history of cloud mining into account.

Let's remain cautious.  While I'm not suggesting that I have any direct knowledge of Steak and it's values, we shouldn't endorse a service like this too directly so it's associated with mintcoin's leadership and the coin itself.  It is a third party service.

Regardless, I remain optimistic and I wish Steak the best.  I hope this service will add value to the community and an earned trust will be mutually beneficial to both MINT and Steak.

STAY MINTY! 

i dont like the idea of pooled staking, its just one more central point of vulnerability. Mining for MINT is good for current miners although purchasing is always a better option. I thought we learned our lessons with Mintpal. Unless there is multi-sig & 2FA security putting a lot of coins in one place in a hot wallet is just suicide. Also while minting on a "pool" you loose control of your coins to the pool which isnt what crypto is about. I wouldn't trust anyone to handle my coins let alone for 6 months. Also there is a 10% fee? if i am earning 10% interest & soon 5% and paying 10% fee then how is it better than staking on my PC for 10% interest while keeping control of my coins? I was surprised to see people are excited about this. WOW!

Also pulling off large amount of coins from exchange will reduce liquidity which will make coin more prone to huge price swings. I am not saying we should keep a lot of coins on exchange but if there are less coins it will be hard to create a market with enough volume so that investors can buy easily.

I am not sure if i am misunderstanding something or this is just plain BS/scam.

Hi Flyskyhigh,

You are correct in what you are saying here and it is not our intention to have anyone out there go out and invest large someone of money in mining equipment, we are however appealing to those who already have mining equipment and want to be able to mine any supported coin without the algo barrier imposed and as a result unlocking miner options across a broader spectrum of choice such as the ability to mine BTC with a scrypt rig. Although I will say that mining on Steak Cloud will always help raise the price of any coin that does not suffer at the hand of a community that offloads large amounts of coin into sell orders and as such communities need to be looking at the long term prospects of mining MINT now in order to raise the price long term, this will ultimately result in a good return over investment.

We are in the process of finalizing a deal with a mining farm that will provide Steak Cloud with wholesale hashing power across all algos, this will be provided from a country with the lowest electricity cost giving Steak Cloud users a truly profitable mining experience. I cant share too much on this subject just yet however, I am sure everyone will be excited about the prospect of making mining profitable.

As far as our POS Minting pool is concerned, we are delighted to see the positive responses.


Regards


http://steakcloud.com/

Honestly, I am not sure how many mintcoiners (if that is a word), would be interested in utilizing the mining functionality on steak cloud.

I mean if you already have some profitable mining gear this makes sense to do, and turn your mining operations onto steak cloud to essentially mine MINT. But if you are not already heavily involved in mining, and you are serious about the long-term prospects and sucesss of Mintcoin, it makes sense to just invest in buying Mintcoins directly, vs buying mining gear, and then trying to mine them.

I think I can speak for some others too, in the fact that that is one of the main reasons we got into Mintcoin - because mining is a waste of resources. Speaking from experience, I used to be a miner and have some rigs, but the problem is that your return decreases with time.

For example, let's say that you buy $1,000 of mining equipment today and put that to work for you mining, do the math for how many coins you will be able to obtain from that over the course of 3 years. Subtracting out the $1,000 costs of the equipment, electricity, and such...because in all likelihood after about 3 years, your mining rigs will become completely unprofitable (unprofitable = worthless). So let's say they have 3 year lifespan (being generous here I think).

Now, let's say that you buy $1,000 of Mintcoins (minting equipment so-to-speak) today and put that to work for you mining, do the math for how many coins you will be able to obtain from that over the course of FOREVER. You don't subtract out the cost of the $1,000 of the Mintcoins, because they are always going to be re-useable and salable (they don't go bad like mining gear). Basically zero electricity cost too, basically just cost enough to run a decent computer with internet connection. In all likelihood after 3 years, your mintcoins will be worth MORE. Since the coin's don't rust or go bad or anything, they stay in mint condition, you could just keep minting for many more years to come, basically forever! Mintcoins don't go worthless like mining gear would eventually do. Mining gear eventually stops mining, while Mintcoins will never stop minting. This is a huge paradigm shift.

This is why I am much more excited about Steak Cloud's pooled staking & minting development. It is like mining pool without any downside, IMO. Hoping to tell my friends and family about it if it works good, because a lot of them are so "un-techy" they need a service like this, because they won't even take the time to figure out how to run a mintcoin wallet for staking and minting. However it's easy for people to buy coins and send them over to a minting pool to just park them like in a bank account, and leave them to mint new coins without any effort on their part. This is really fantastic development.

How many MINT would a 280x bring in per day?

Okay thanks.

Edit:

Took me a while to find it. the Kiwiirc.

if you join IRC i'm sure someone will gladly help you. It's just too many questions that would flood pages of the forum so it would be easier to join IRC

is there like super beginner instructions for how to even set up mining. I am new to mining at all. Like do I need a special program for it or what? I really don't get how it works. I have a windows 7 OS. I would like to try mining some mints but I need some help. I already watched the video on steak cloud but how do i mine from my computer or something like cpu? I don't think I want to pay to rent mining rigs from some website, because would that even be profitable, since then id have to sell my mints for more btc to rent the machines.

Great news! I've switched over my GPU to add some x11 hash