Mjollnircoin Meeting results of 12th June, 2014 #MNRCOIN @FreeNode IRCDuring the Mjollnircoin meeting we discussed Cayar's idea to generate funding to get us to Bittrex Exchange (Bittrex will take us for 1.0 BTC)
The basic idea is to generate "Vault blocks": blocks with a high reward that are immediateley payed to the
Mjollnircoin Vault when mined. Once the block is payed to the Vault, it will be auctioned and the highest bidder wins the vaulted block which is then payed out to the winner either directly or through an Escrow Service. The assumption here is, that when Mjollnircoin hits the Bittrex Exchange the value goes go up (which would then not be a bad investment)
The reward of such a vaulted block should be high enough to make it worthwhile and the starting bid should be such that we only need a scarse number of
these blocks (perhaps as few as 10, with a reward of 25.000 MNR for example).
Obvisoubly, everything MUST be in the open of course (transparent and verifiable accounting records)
The benefits are:
- Vault blocks will help increase interest
- We have a decent chance of getting onto Bittrex
What is not set in stone yet:
- Exact step by step process of the Auction and its rules (must be verifiable)
- Exact number of Vault blocks and frequency of release
- Exact block reward of a vault block
- Miner reward for mining vault block
- Starting bid price in BTC
Total coin supply is not affected (but it reduces end of mining-life for Mjollnircoin by a number of days)
Prerequisite:
- Community Approval (Poll acceptable or does it require a voting system?)
So, it would be most excellent if we can all discuss this idea to find out if its a good idea or not (it could be the worst of all ideas! we need your thoughts!)
The next couple of weeks we would learn how the feedback is and decide from there.
