Topic: [ANN] MonetaryUnit [MUE] - POS. MasterNodes. Funding. Governance. Services. Devs - page 216. (Read 450711 times)

Yep, I thought it was the right thing to do for openness and transparency..plus it's also really interesting!

I think it is a reasonable sacrifice to help the coin on it's journey.  Plus, while cryptex might not have the volume of the biggest exchanges, we could also be part of helping to grow the exchange, which in turn benefits us again.

great! good choice to buy a block explorer with rich list, this gives confidence.

I like the slow way of your coin in combination with your steady development.
The premine is pretty large... but you gave me the feeling you'll use it wisely for a long period of time.

While I think a small user give a way (100 mue per user, per day) should be ok @the current diff, I'm not that happy with 3.000.000 buck's for cryptex. That's a quite large slice of the cake. Not for this exchange, not for their small volume - is my personal feeling about this.

I agree with this also..it still gives us a chance to also collect the 100 per day, and doesn't destroy the value of the coins we all worked so hard to mine in the early days...Personally I look forward to trading on a new exchange, as I am mostly on Polo and Ccex right now (mainly because that is where the coins I have interest in are).

hi Cryptex! as a user of your site and MUE i think that your proposal is GOOD.it will assure a fair,equitable and large distribution of the coin.it will not bring a big amount of the coin too and not ruin the market.Big up to you

Well its up to you really, i was thinking like 100 per user, per day

Hi Mue!!! i'm glad that my cryptex proposal took the interest of this exchange.surely MUE has the potential to be a big coin in the market and should stay with the same configuration like his growing block reward.some innovations will be welcome and cryptex will assure a good stability to MUE in the market.
dev don't change anything in the coin.don't change the block reward.spreading huge amount of coins in the market will kill your project and only big miners or whales will dump it and go away and then MUE will be ruined as many coin in the market.
surely you know how many coin are dead or in the revival phase now.i don't want to see MUE in the same list

An independent 3rd party block explorer has been purchased and is currently live (though data still propagating)

https://chainz.cryptoid.info/mue/

Hi Cryptex, thanks again for your willingness for discussion in this open forum.

Could you please give us an idea of how you would potentially roll out the give away of the 50% of the MonetaryUnit?
Would this potentially be 3000 MUE to 1000 users, or 30,000 to 100 users, or 300 to 10,000 users...can you give us an idea please of quantity and timescale?

Many thanks

Mue

See above post, I will make sure all miners are looked after.
The fact remains, you have been mining this coin whilst it has "nil" value, and moving forward, we should look at giving it "some" value, so even more incentive to mine.
Bring that old Nvidia box back to MUE, and continue the discussion

Thanks for the feedback.
Yep, took some staying power to mine for 0.025 block reward, and that is appreciated.

Although not ideal using 6 million MUE, Cryptex needs to make sure there is liquidity in the market, be able to offer promotions (as they say, they are not as big as cryptsy, and so have to have a slightly different product offering) and also make some money to make it worth getting up in the morning to make sure the servers are on.

Unless MonetaryUnit becomes some kind of bartering token, then it is has to be listed on an exchange, and in doing so in many ways it is do or die for the coin.  Well, I think MUE can only go for so long as it is, and there has been increasing pressure to get it on exchanges, and here is an opportunity for us (and also, I think a great opportunity for Cryptex as well).

With nearly 30 million MUE left of the pre-mine (post this deal should it go ahead), there is still plenty of availability to do the giveaways & promotions that are being done, and also to make sure those that have been with the coin longest are also looked after.
I would happily consider doubling the wallet balance of all long term miners (would probably be about 1 Million MUE as a quick random guesstimate).

There is no incentive to mine this coin and those that have mined at these extremely low rewards are holding such a small percentage of the coins in circulation that their coins will not have any value.

Too many coins are being given away.  Giving away six times the amount of coins that have been mined to get listed on an exchange is ridiculous.  It dilutes any possible value and removes any possible incentive to mine this coin.  Why would anyone mine this coin for such low rewards when so many are being given away?

The best thing to do would be to stop giving away so many coins, burn a significant amount of the premine, and hardfork to increase the block rewards immediately.

I've had an old Nvidia box mining for awhile now but I'll switch that to something else because mining this coin is a complete waste of time.   

I'm going to post this on both forums as I think it is fair. Having it on an exchange would be nice but considering I have mined from almost day one and have accumulated about 50 k coins give or take a few thousand. The weeks it took to get to 1000 was painful etc etc. Giving away 6 mil coin to an exchange to hand out to the users is nice but however I would like to know how many they are planning on handing out. If they give each user 10 k that is a month of mining for myself and several other people who stuck with this coin from moment 1. I feel that is a bit unfair. Personally I only sell about 20 % of the coins I have mined and the rest goes into storage for whatever the coins future may hold.

This has worked out well for me at times and it's also slightly depressing when I look at the 600 plus wallet.dat files sitting in storage with no nodes.No-one knows the future, they might be reborn and become useful or they could stay the same data filling space takers. But I digress. I would vote yes but on the hope that the exchange holds off the giveaway and volume maintenance for 2 weeks just to see where the coin will go. I would like the coin I have mined for ages to stand on it's own 2 feet however I feel it might crash if more than what has been painfully mined is given away.

Just my 2 cents...

Thanks for being such a long term supporter & giving your feedback.
I think those are essentially my thoughts too.
Also, giving away 15% of "nothing" to help give the coin "something", I think is a small penalty, with plenty of benefits.
I think the time is right for the coin to go to market and flourish.

I would vote yes to adding it to cryptex! This would establish a baseline value for the coin (which is important). I have had 3 cpu's dedicated to mining this from day 1 (before the origina thread was taken down) and am also regularly using the mobile wallet (which is working fine too). I would really like to see this go to an exchange and see what kind of turnout the community will have on trading it...

We have to remember, this is a long term coin (relative to the quick pump coins that are mostly out now). This is not a coin for quick BTC traders, who dump right after POW and move on. This is definitely more of a community coin that is easy to mine, and should be fun to trade and build up the actual use of crypto!

Thanks for taking the time to do this.
I think it is a good indication of the ethics behind cryptex to be happy to co-operate and post here.
Look forward to seeing what feedback there is.
Personally, I have a good gut feeling about this.

Hey pimps,

We were submitted MUE to Cryptex, which normally is free to be listed if voted in, but since there a large premine, and a seemingly small (but confident) community.   I purposed that we will add it to the exchange, only if we are paid 15% of the premine, of which half will be given away to users, and the other half used to maintain volume on the markets sell orders (not all at the same time ofcorse).

The giveaways, allow every Cryptex member to collect free coins everyday. Currently we have 20 coins on offer. including popular ones like WSX, LOT, RED, NET and others, and the amounts range from 1 to 1000. Although many are donated by users themselves, the rest are either purchased by us, or given to us by the developers.

Cryptex may not have the volume of Cryptsy, but it will give your coin a Value, and allow to be listed on Coinmarketcap etc.

This one is a little risky, Because I want Cryptex members to be confident that there investments are safe for long term trading and we do not want to be going the route of frequently delisting coins, and only listing the latest fads. But at the same time we have limited spaces, and many submissions.

So anyway after discussions with the developer, he suggested I post my proposal here, and let MUE holders decide whether or not 15% should be spent this way

If you want MUE on Cryptex or not, just say YES, or NO

http://cryptex.biz

 

No, none at all.
3 Million MUE have already been used/given away and this will continue.
Has the coin made promises it can't keep, pumped and hyped, gone to exchange within days of launch and dumped?  No
Could this be a long con?  Sure, it "could" be..I could be a criminal mastermind evil genius...so genius that my first ANN was deleted by the mods because I didn't realise I couldn't do in thread give aways! 

I'm not going to try to convince you of the motivations behind this coin, and the pre-mine.
You can read it in the ANN, and you can read it in the FAQ, and you can spend a bit of time trying to understand where I am heading with this.

"IF" the little MUEminer project works, which you can see on the blog, then once again, the pre-mine will be sensibly used.

Also, to confirm, when block reward is a full speed in a couple of months it will be 40 MUE per block (every 40 seconds) so about 86,500 coins per day.. i.e 5 x the current output....

Currently the coin is at approximately block 191500.

At block 200000 there will have been 601000 coins mined.

You have a premine of 40000000 coins which is 6655% of the total coins mined so far.  And the block rewards don't get much better.

You don't see anything wrong with this?

Hi, you're not the first to ask this question (and you won't be the last )

In a nut shell;
To afford the coin some protection (from market price manipulation & pump/dumps)
To offer the MUE users some protection
To increase the speed of adoption
To help pay for developments

Please have a read of the FAQ http://www.monetaryunit.org/faq/

Let me know if there are still questions that remain unanswered and I will try to answer them.
That said, some people will just not "get" this coin, and that's fine, I'm not going to evangelise about MonetaryUnit to try to sway people.

How do you justify such a large premine when the mining rewards are so low?  It's just ridiculous.