[ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained] - page 567.

loambet1

newbie

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Quote from: thisisit on March 18, 2014, 02:09:56 PM

explain the current sell pressure then? while pow is over?

There have only been 60 million coins minted since proof of work stopped. This is not the sell pressure you're looking for.

It's probably the guys who were saying "4000 btc pump inc" a few weeks ago - they wanted to prop up the price long enough to sell off their mining horde. Why else would you announce something like that? The only reason is so they can do the opposite of what their posts suggest.

moderndezigns

newbie

Activity: 56

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I think it's someone or a group with a large market share trying to get a larger market share by shaking the tree. A few days ago the person with a billion coins had about 5% of the coins now they have about 6.5%

I agree. Who do you think this entity is?

I have an idea of who it is but would rather not say. I have enough faith that this person or persons are smart enough to know what they're doing and I'm willing to invest more money and get friends and family to invest because of that.

thisisit

full member

Activity: 224

Merit: 100

its same as multipool behavior. i remember mintcoin was also hit by mp. if it are not the exchanges. then it will be middlecoin. same behavior.

first some smaller sells, then a couple large sells, rinse repeat.

that is mdlcoin behavior.

rmoraos

sr. member

Activity: 452

Merit: 250

Quote from: thisisit on March 18, 2014, 02:09:56 PM

explain the current sell pressure then? while pow is over?

People fear, whales, or people wanting enter in another coins, the explications can be many, don't speculate.

mgburks77

sr. member

Activity: 364

Merit: 250

Quote from: moderndezigns on March 18, 2014, 02:11:01 PM

I think it's someone or a group with a large market share trying to get a larger market share by shaking the tree. A few days ago the person with a billion coins had about 5% of the coins now they have about 6.5%

I agree. The questions is who do you think this entity is?

mgburks77

sr. member

Activity: 364

Merit: 250

Quote from: thisisit on March 18, 2014, 02:09:56 PM

explain the current sell pressure then? while pow is over?

every sell order on the books under 60 represents someone dumping their holdings either for profit or out of panic

This creates enormous sell pressure. It will force the coin to 1.

rmoraos

sr. member

Activity: 452

Merit: 250

Quote from: sidhujag on March 18, 2014, 01:59:01 PM

Quote from: rmoraos on March 18, 2014, 01:47:32 PM

Quote from: sidhujag on March 18, 2014, 01:42:20 PM

Quote from: thisisit on March 18, 2014, 01:37:24 PM

Quote from: mgburks77 on March 18, 2014, 01:34:17 PM

I removed all my holdings from all exchanges and doubt I'll be putting any back on unless there is some significant change in how that business is conducted.

I'm still bullish on MINT, and crypto in general, because digital currency is no more going away than firemaking or tool use are going away. It's a valid technical innovation and it is here to stay. MINT is a superior form of crypto because of the green nature of PoS and the minting process. It's scalable for mass adoption so I think it is a good contender for becoming a currency of actual utilitarian value some day.

One thing standing in the way of that day is all of the scammers, manipulators, pump and dumpers etc that create volatility in the market. But that is the nature of risk. Marco Polo went to the see the Great Khan, that's taking a risk in trading. Putting a few thou into crypto to see if it works out down the road is nothing in comparison. Grin

it has no future if the flaw isnt addressed. it generates too many coins without cost.

At 10 sat's it would take about 2 months to overturn the current supply at about 30 btc vol a day... so I would say its gonna take 2 months to weed out the weak holders... and then that is if any new alt hasn't come and taken mint's position in the market by then... alot of new coins doing the same thing as mint, mining early to hoard and then block inflation to minimum... I don't see how its gonna be bullish long term as no true investor will buy to hold it when there are people holding billions at almost no cost, why would a smart investor be the pig when hes made a living slaughtering dumb money? I do think you can make money off of swings though... just unless there are major breakthroughs in development I don't see it going anywhere... there is still the technical challenge of proving that POS itself can work on its own that the bitcoin community hasn't proven yet...

PPC was the first that proved that POS works. What is your point ?

POS has many issues on its own including breaks anonymity of transactions... PPC is POS+POW. It hasn't been proven that it can work on its own yet... NXT tried to solve some of these problems not sure if they were able to do it in a decentralized fashion. I highly doubt any of these new flavours of POS have solved the original problem(s)... thus it is untested.

Problem with PPC I see is that it introduces an incentive inherintly to game the algorithm to create favourable conditions for miners/speculators etc.... because the POS /POW reward is dynamic according to difficulty... I think the coin to be used as a USD replacement for everyday tx will have either 0 inflation (bitcoin) or have a known steady inflation or have inflation tied to GDP... but we kinda already tried that and it didnt work (fiat)

Look minting as a form of mining without the energy waste, and in a known rate. Bitcoin is inflationary until is mined completely, because every day is created (mined) coins.

moderndezigns

newbie

Activity: 56

Merit: 0

I think it's someone or a group with a large market share trying to get a larger market share by shaking the tree. A few days ago the person with a billion coins had about 5% of the coins now they have about 6.5%

mgburks77

sr. member

Activity: 364

Merit: 250

Quote from: moderndezigns on March 18, 2014, 02:02:55 PM

If an exchange were selling minted coins wouldn't the minting process for the wallet reset after each withdraw?

These exchanges are operating fractionally with large reserves held in either hot or cold wallets. 20% compounding is huge so I'm sure they are taking advantage of that as well as they are able, these activities are the behavior we have been observing.

thisisit

full member

Activity: 224

Merit: 100

explain the current sell pressure then? while pow is over?

rmoraos

sr. member

Activity: 452

Merit: 250

Quote from: thisisit on March 18, 2014, 01:55:29 PM

Quote from: ahbartsch on March 18, 2014, 01:44:45 PM

I wouldn't necessarily call that a flaw. The average user is only going to have Mintcoins on the exchange for a short period of time to either buy or sell. It is the day traders who take this risk more than anyone that benefits the exchange. They are taking the risk that they can make more money day trading than to take the coins off and receive interest.

By your words, any Proof of Stake coin is doomed to fail because of this "flaw". I will have to respectfully disagree with your way of thinking. Granted that yes, the interest is rather high right now, benefiting large stake holders, which is causing the market to discover the right price. This should balance out as market forces take effect.

it doesnt matter if the average user does withdraw or not. it matters how much an exchange ( or bagholder ) has in its wallets ( hot and cold ). and what they do with the minted coins that were generated using these large amounts. if they decide to autosell the mints ( free btc )... you get a constant sell pressure. bad for price. it looks very similar to a multipool dump. without the cost of mining. free money for them since they didnt pay btc/mine it. yahoo.

Not true, each deposit have its own maduration age, which is 20 days. No way a last deposit could begin to gain interest if it is in the same wallet that an old deposit without reach the 20 days minimum.

thisisit

full member

Activity: 224

Merit: 100

Quote from: sixteendigits on March 18, 2014, 01:59:27 PM

I highly doubt Cryptsy give 2 shits about mining a few extra MINTs. Cryptsy did 3000 BTC of volume yesterday. Correct my math if I am wrong but 3000 BTC of volume x .5% trading fees (for the buy and sell) = 15 BTC a day income for Cryptsy. Do you really think big vern is worried about a few million MINT here or there? I am sure the whole process of moving coins back and forth between hot and cold wallets as needed would regularly destroy coin days. Don't you think he has bigger fish to fry?

Now I've heard a lot of FUD, but worrying that Cryptsy is secretly using the MINT held on their exchange to gain extra coins, is the most unintelligible, ignorant, illogical piece of FUD I have heard in quite some time.

its a very simple program. its about ROI.

moderndezigns

newbie

Activity: 56

Merit: 0

If an exchange were selling minted coins wouldn't the minting process for the wallet reset after each withdraw?

mgburks77

sr. member

Activity: 364

Merit: 250

Quote from: DougB62 on March 18, 2014, 01:56:04 PM

Quote from: dragonseer on March 18, 2014, 01:41:04 PM

So... Why are people keeping it in exchanges? I just bought some at 0.00000012 and it's going straight to my wallet

Day trading... I had some "extra" on Mintpal for this purpose. But when I saw the current trend, I yanked it down into my wallet. Not a lot to be made there until things have stabilized for a while.

And for the record, I was a "late adopter". I mined a few in the second to last stage, saw the community in this thread, and bought in @38. I'm not doing anything with my mint until it's at least 380... and even then I'm not sure. If I'm wrong, I'll go down with the ship. No big loss, since I didn't buy that much. (But I have been mining various other coins and converting, and have quadrupled my holdings.)

But I'm betting it won't fade into oblivion. I'm willing to take that risk, because I believe that eventually it will rebound... and rebound big.

Quick money is great. Long term profit is better.

I'm with you.

sixteendigits

sr. member

Activity: 462

Merit: 250

I highly doubt Cryptsy give 2 shits about mining a few extra MINTs. Cryptsy did 3000 BTC of volume yesterday. Correct my math if I am wrong but 3000 BTC of volume x .5% trading fees (for the buy and sell) = 15 BTC a day income for Cryptsy. Do you really think big vern is worried about a few million MINT here or there? I am sure the whole process of moving coins back and forth between hot and cold wallets as needed would regularly destroy coin days. Don't you think he has bigger fish to fry?

Now I've heard a lot of FUD, but worrying that Cryptsy is secretly using the MINT held on their exchange to gain extra coins, is the most unintelligible, ignorant, illogical piece of FUD I have heard in quite some time.

sidhujag

legendary

Activity: 2044

Merit: 1005

Quote from: rmoraos on March 18, 2014, 01:47:32 PM

Quote from: sidhujag on March 18, 2014, 01:42:20 PM

Quote from: thisisit on March 18, 2014, 01:37:24 PM

Quote from: mgburks77 on March 18, 2014, 01:34:17 PM

I removed all my holdings from all exchanges and doubt I'll be putting any back on unless there is some significant change in how that business is conducted.

I'm still bullish on MINT, and crypto in general, because digital currency is no more going away than firemaking or tool use are going away. It's a valid technical innovation and it is here to stay. MINT is a superior form of crypto because of the green nature of PoS and the minting process. It's scalable for mass adoption so I think it is a good contender for becoming a currency of actual utilitarian value some day.

One thing standing in the way of that day is all of the scammers, manipulators, pump and dumpers etc that create volatility in the market. But that is the nature of risk. Marco Polo went to the see the Great Khan, that's taking a risk in trading. Putting a few thou into crypto to see if it works out down the road is nothing in comparison. Grin

it has no future if the flaw isnt addressed. it generates too many coins without cost.

At 10 sat's it would take about 2 months to overturn the current supply at about 30 btc vol a day... so I would say its gonna take 2 months to weed out the weak holders... and then that is if any new alt hasn't come and taken mint's position in the market by then... alot of new coins doing the same thing as mint, mining early to hoard and then block inflation to minimum... I don't see how its gonna be bullish long term as no true investor will buy to hold it when there are people holding billions at almost no cost, why would a smart investor be the pig when hes made a living slaughtering dumb money? I do think you can make money off of swings though... just unless there are major breakthroughs in development I don't see it going anywhere... there is still the technical challenge of proving that POS itself can work on its own that the bitcoin community hasn't proven yet...

PPC was the first that proved that POS works. What is your point ?

POS has many issues on its own including breaks anonymity of transactions... PPC is POS+POW. It hasn't been proven that it can work on its own yet... NXT tried to solve some of these problems not sure if they were able to do it in a decentralized fashion. I highly doubt any of these new flavours of POS have solved the original problem(s)... thus it is untested.

Problem with PPC I see is that it introduces an incentive inherintly to game the algorithm to create favourable conditions for miners/speculators etc.... because the POS /POW reward is dynamic according to difficulty... I think the coin to be used as a USD replacement for everyday tx will have either 0 inflation (bitcoin) or have a known steady inflation or have inflation tied to GDP... but we kinda already tried that and it didnt work (fiat)

mgburks77

sr. member

Activity: 364

Merit: 250

Quote from: sidhujag on March 18, 2014, 01:49:06 PM

Quote from: mgburks77 on March 18, 2014, 01:46:07 PM

Quote from: sidhujag on March 18, 2014, 01:42:20 PM

Quote from: thisisit on March 18, 2014, 01:37:24 PM

Quote from: mgburks77 on March 18, 2014, 01:34:17 PM

I removed all my holdings from all exchanges and doubt I'll be putting any back on unless there is some significant change in how that business is conducted.

I'm still bullish on MINT, and crypto in general, because digital currency is no more going away than firemaking or tool use are going away. It's a valid technical innovation and it is here to stay. MINT is a superior form of crypto because of the green nature of PoS and the minting process. It's scalable for mass adoption so I think it is a good contender for becoming a currency of actual utilitarian value some day.

One thing standing in the way of that day is all of the scammers, manipulators, pump and dumpers etc that create volatility in the market. But that is the nature of risk. Marco Polo went to the see the Great Khan, that's taking a risk in trading. Putting a few thou into crypto to see if it works out down the road is nothing in comparison. Grin

it has no future if the flaw isnt addressed. it generates too many coins without cost.

At 10 sat's it would take about 2 months to overturn the current supply at about 30 btc vol a day... so I would say its gonna take 2 months to weed out the weak holders... and then that is if any new alt hasn't come and taken mint's position in the market by then... alot of new coins doing the same thing as mint, mining early to hoard and then block inflation to minimum... I don't see how its gonna be bullish long term as no true investor will buy to hold it when there are people holding billions at almost no cost, why would a smart investor be the pig when hes made a living slaughtering dumb money? I do think you can make money off of swings though... just unless there are major breakthroughs in development I don't see it going anywhere... there is still the technical challenge of proving that POS itself can work on its own that the bitcoin community hasn't proven yet...

So in other words, keep trading.

Cheesy

lol yes and we all know how hard trading really is, the best of traders struggle to reach the 1% edge over the long term... so you can simply just buy when there is fear and hope the price will go up so you can sell... the probability of rising enough to justify a reasonable profit here is quite low unless the multi-pool takes off suddenly... that is why I would like to see a 100% supply turnover until a floor is reached... and by then in crypto-time we might have all moved onto something else.

Well if you want to day trade go ahead. Even legitimate forex trading is basically a scam that only benefits exchanges or institutional players, so this just handing your money over to a shady operator who has total informational awareness of all trades being conducted and is engaged in manipulation on all of the very few public forums relating to crypto trading.

Someday a coin will become a valid utilitarian digital currency and break that paradigm. I think MINT is a good contender to do that.

I hope the price will crash to 1 so we can shake the fleas out of the blanket.

DougB62

hero member

Activity: 672

Merit: 500

Banned: For Your Protection

Quote from: dragonseer on March 18, 2014, 01:41:04 PM

So... Why are people keeping it in exchanges? I just bought some at 0.00000012 and it's going straight to my wallet

Day trading... I had some "extra" on Mintpal for this purpose. But when I saw the current trend, I yanked it down into my wallet. Not a lot to be made there until things have stabilized for a while.

And for the record, I was a "late adopter". I mined a few in the second to last stage, saw the community in this thread, and bought in @38. I'm not doing anything with my mint until it's at least 380... and even then I'm not sure. If I'm wrong, I'll go down with the ship. No big loss, since I didn't buy that much. (But I have been mining various other coins and converting, and have quadrupled my holdings.)

But I'm betting it won't fade into oblivion. I'm willing to take that risk, because I believe that eventually it will rebound... and rebound big.

Quick money is great. Long term profit is better.

thisisit

full member

Activity: 224

Merit: 100

Quote from: ahbartsch on March 18, 2014, 01:44:45 PM

I wouldn't necessarily call that a flaw. The average user is only going to have Mintcoins on the exchange for a short period of time to either buy or sell. It is the day traders who take this risk more than anyone that benefits the exchange. They are taking the risk that they can make more money day trading than to take the coins off and receive interest.

By your words, any Proof of Stake coin is doomed to fail because of this "flaw". I will have to respectfully disagree with your way of thinking. Granted that yes, the interest is rather high right now, benefiting large stake holders, which is causing the market to discover the right price. This should balance out as market forces take effect.

it doesnt matter if the average user does withdraw or not. it matters how much an exchange ( or bagholder ) has in its wallets ( hot and cold ). and what they do with the minted coins that were generated using these large amounts. if they decide to autosell the mints ( free btc )... you get a constant sell pressure. bad for price. it looks very similar to a multipool dump. without the cost of mining. free money for them since they didnt pay btc/mine it. yahoo.

sidhujag

legendary

Activity: 2044

Merit: 1005

Quote from: mgburks77 on March 18, 2014, 01:46:07 PM

Quote from: sidhujag on March 18, 2014, 01:42:20 PM

Quote from: thisisit on March 18, 2014, 01:37:24 PM

Quote from: mgburks77 on March 18, 2014, 01:34:17 PM

I removed all my holdings from all exchanges and doubt I'll be putting any back on unless there is some significant change in how that business is conducted.

I'm still bullish on MINT, and crypto in general, because digital currency is no more going away than firemaking or tool use are going away. It's a valid technical innovation and it is here to stay. MINT is a superior form of crypto because of the green nature of PoS and the minting process. It's scalable for mass adoption so I think it is a good contender for becoming a currency of actual utilitarian value some day.

One thing standing in the way of that day is all of the scammers, manipulators, pump and dumpers etc that create volatility in the market. But that is the nature of risk. Marco Polo went to the see the Great Khan, that's taking a risk in trading. Putting a few thou into crypto to see if it works out down the road is nothing in comparison. Grin

it has no future if the flaw isnt addressed. it generates too many coins without cost.

At 10 sat's it would take about 2 months to overturn the current supply at about 30 btc vol a day... so I would say its gonna take 2 months to weed out the weak holders... and then that is if any new alt hasn't come and taken mint's position in the market by then... alot of new coins doing the same thing as mint, mining early to hoard and then block inflation to minimum... I don't see how its gonna be bullish long term as no true investor will buy to hold it when there are people holding billions at almost no cost, why would a smart investor be the pig when hes made a living slaughtering dumb money? I do think you can make money off of swings though... just unless there are major breakthroughs in development I don't see it going anywhere... there is still the technical challenge of proving that POS itself can work on its own that the bitcoin community hasn't proven yet...

So in other words, keep trading.

Cheesy

lol yes and we all know how hard trading really is, the best of traders struggle to reach the 1% edge over the long term... so you can simply just buy when there is fear and hope the price will go up so you can sell... the probability of rising enough to justify a reasonable profit here is quite low unless the multi-pool takes off suddenly... that is why I would like to see a 100% supply turnover until a floor is reached... and by then in crypto-time we might have all moved onto something else.

Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained] - page 567. (Read 1369778 times)