Topic: [ANN][LAUNCH] GINcoin | One-click masternodes LIVE (Read 102029 times)
BIG PUMP! <3
the network has stopped 
why ?
Who can help restore network ?
why ?Who can help restore network ?
Any News??
news?
.
Question, why did they delete their discord. One of the main ways they were communicating to us, just gone.
How do you know they spent 10s of thousand of dollars, did you see the receipts or just take their word for it?
Anyone can make a fake LinkedIn account.
Not saying it is a scam for sure and I do not think they failed, they quit because they did not have any financial knowledge or experience to stay afloat.
Maybe it has become too toxic in their Discord channel that they chose to just close it out. The problem with that move is that now, people don't have any way of communicating with the development team. How do you know they spent 10s of thousand of dollars, did you see the receipts or just take their word for it?
Anyone can make a fake LinkedIn account.
Not saying it is a scam for sure and I do not think they failed, they quit because they did not have any financial knowledge or experience to stay afloat.
Also, the other reason that I can think of is that they gave up with the project and will just vanish in the abyss of this bear market.
Question, why did they delete their discord. One of the main ways they were communicating to us, just gone.
How do you know they spent 10s of thousand of dollars, did you see the receipts or just take their word for it?
Anyone can make a fake LinkedIn account.
Not saying it is a scam for sure and I do not think they failed, they quit because they did not have any financial knowledge or experience to stay afloat.
How do you know they spent 10s of thousand of dollars, did you see the receipts or just take their word for it?
Anyone can make a fake LinkedIn account.
Not saying it is a scam for sure and I do not think they failed, they quit because they did not have any financial knowledge or experience to stay afloat.
-Yeah, it was real scammy of GIN being part of the 1% of crypto projects coming to the table with a working viable product/platform essentially day one while creating a viable revenue streaming business with a coin.
-Yeah, was real scammy of GIN spending 10's of thousands of dollars on legal opinions, representation and accountancy while providing clients with legitimate invoices for services rendered each month.
-Yeah, was real scammy of GIN providing all of its LinkedIn's, faces and names.
-Yeah, was real scammy of the GIN founders to not take any salary or renumeration and work for free for 18 months reinvesting everything back into the business.
-Yeah, was real scammy after the platform became insolvent, a common happening amongst 90% of small businesses, to stick around for the last 4 weeks and face the music.
-Yeah, was real scammy for Bredex to still commit to continue developing GEA Protocol without any compensation.
Believe it or not when people go into business they don't set out to fail. Serves none of us any purpose to have the coin not do well.
We're not the ones hiding anonymously behind a fake name and avatar.
-Yeah, was real scammy of GIN spending 10's of thousands of dollars on legal opinions, representation and accountancy while providing clients with legitimate invoices for services rendered each month.
-Yeah, was real scammy of GIN providing all of its LinkedIn's, faces and names.
-Yeah, was real scammy of the GIN founders to not take any salary or renumeration and work for free for 18 months reinvesting everything back into the business.
-Yeah, was real scammy after the platform became insolvent, a common happening amongst 90% of small businesses, to stick around for the last 4 weeks and face the music.
-Yeah, was real scammy for Bredex to still commit to continue developing GEA Protocol without any compensation.
Believe it or not when people go into business they don't set out to fail. Serves none of us any purpose to have the coin not do well.
We're not the ones hiding anonymously behind a fake name and avatar.
Why is the situation so anonymous? Where do you guys live? Where do you live? Which profiles are your Facebook? Twitter? Twitter?
My guess is that they’ll just abandon the ship.
When they announced that shared nodes wouldn’t happen it should be clear that the project would fail...
Tradeoffs
I know its kinda impossible to have shared nodes wothout keeping custody of the coins but this was a strong point for creating expectation.
When they announced that shared nodes wouldn’t happen it should be clear that the project would fail...
Tradeoffs
I know its kinda impossible to have shared nodes wothout keeping custody of the coins but this was a strong point for creating expectation.
Where are GINcoin team? They don't care to create a post to announce officially about their platform shutdown. This is very important information for their customers, but they did respected their customers by ignoring announcements, weeks after they announce in their Discord channel. Price has kept falling after the shutdown announcement in Discord. I think if GINcoin team seriously to keep their project moving forwards, despite the shutdown of their masternode hosting service, they should come back to release announcement here for community.
No. They didn’t.
GIN is the perfect example to make altcoin holders alert.
Really should have sold more at the top...
GIN is the perfect example to make altcoin holders alert.
Really should have sold more at the top...
Well, its seems that they just didn't have any backup strategy altogether. It was obvious for some time now that masternodes cannot pay all the expenses especially cheaper ones that are flooding the market with their high emitting amounts that only deprecating value of all holders. If you calculate expenses for infrastructure you can easily see that they were bleeding money for some time but i really expected some kind of progress on other fields so when the time comes to pull the plug they would eventually be ready, it seems they just didn't have enough energy or money to do so.
They didn't stated what are their future plans if any, because if you are just shutting down business of hosting masternodes then there is no big deal because people will find anther service provider, but in their case they are also leaving their GIN coins as a currency on the open market and this coin now doesn't have any purpose whatsoever.
Did they mentioned something about using GIN coin for anything on their platform or any new project where this coins can be capitalized?
Did they mentioned something about using GIN coin for anything on their platform or any new project where this coins can be capitalized?
No. They didn’t.
GIN is the perfect example to make altcoin holders alert.
Really should have sold more at the top...
Hello community,
We are really sorry to see the fact, but if you are still need another masternode hosting service,
please check out our platform : https://www.mymasternodes.host
We have been operating for about 1 year and our price is very competitive, and of course we will do our best to support you.
Thank you, best regards.
We are really sorry to see the fact, but if you are still need another masternode hosting service,
please check out our platform : https://www.mymasternodes.host
We have been operating for about 1 year and our price is very competitive, and of course we will do our best to support you.
Thank you, best regards.
They didn't stated what are their future plans if any, because if you are just shutting down business of hosting masternodes then there is no big deal because people will find anther service provider, but in their case they are also leaving their GIN coins as a currency on the open market and this coin now doesn't have any purpose whatsoever.
Did they mentioned something about using GIN coin for anything on their platform or any new project where this coins can be capitalized?
Did they mentioned something about using GIN coin for anything on their platform or any new project where this coins can be capitalized?
GIN Platform Important Announcement
@everyone This is an official notice regarding the GIN Platform suspending of masternode hosting services as of Aug 01, 2019
https://docs.google.com/document/d/179vlWwUZgsDKEoNXppUWoFtjwacvLsAddFi1M2FD-y4/edit?usp=sharing
Posted on Discord by (mlvnl) Emil Muthu
Discord Link: https://discordapp.com/invite/RTgVNxR
@everyone This is an official notice regarding the GIN Platform suspending of masternode hosting services as of Aug 01, 2019
https://docs.google.com/document/d/179vlWwUZgsDKEoNXppUWoFtjwacvLsAddFi1M2FD-y4/edit?usp=sharing
Posted on Discord by (mlvnl) Emil Muthu
Discord Link: https://discordapp.com/invite/RTgVNxR
Quote
Dear Client,
This is an official notice regarding the GIN Platform suspending of masternode hosting services as of Aug 01, 2019.
Why?
The recent drop in number of hosted nodes while at the same time GIN Platform using a scaled-up infrastructure, became a huge red flag on this business line profitability. Basically it became financially impossible for the platform to keep up operations. As the monthly margin was reinvested in the company, there are no buffers that could allow us to maintain operations at a daily loss. We have seen this coming recently and we tried to keep afloat the masternodes service as much as we could by optimizing masternode allocations, trimming down all non-essential indirect costs etc. We reached this unfortunate day when we need to take a sorrow and tough decision for us and for the community.
Why not keep it up at a loss until the market recovers?
We think the masternode landscape changed a lot in the past year. Blockchain technology is moving fast, staking appeared as a new promised consensus mechanism. The masternodes market proved to be quite resilient during the alts winter. While some thinkers in the space opine that there are signs that the masternodes space is getting some traction again, we cannot assume anything on our end. We have been bootstrapped from the beginning and what played as a great way to be flexible, did not help us now when a cash flow injection was needed.
As you know, we looked for fresh money for GIN Platform through a strategic investor, but the downtrend of the market and the complexity of the business did not favour us.
At the same time, our service is more expensive than the competition's which does not perform very well in a market where customers at this stage of the masternodes space will almost always choose the cheapest. While we set the standards in the industry, we did not adapt well to the cheap price strategy as we saw and believed beyond the hosting service for the masternode spaces. This time, we might have been proven wrong.
Why the urgency in closing?
We are making all endeavors to return all the customer balances and prorated payments for committed nodes to minimize the impact on the customer. The only way we can do this is if we eliminate all costs immediately and start the refund procedures.
What happens with the nodes you paid for in advance?
Your GIN Platform balance shall be credited with the prorated GIN amount for the remaining days of service. E.g. for a 30 GIN payment for 30 days, you shall be credited 10 GIN if only 10 days of paid service remain. To be eligible for this refund, do not delete the committed nodes.
How to get my balance back?
Send an email to [email protected] from the same address you use to login to the platform by Sep 01, 2019, containing your GIN address where to receive the funds. Refunds shall be processed in maximum 30 days.
Is there any alternative to closing down the platform?
We evaluated all possible scenarios, it is with great pain that we have decided on this. If anyone from the community thinks they can do a better job and keep the service running, we are open to a handover to a different entity.
Even today, at this hour, we stand ready to discuss with any potential buyer for the GIN Platform if this can help maintain the customer base and the service unaffected, with the hope that the market will get well soon.
Email [email protected] if you are interested.
What happens to Gincoin & GEA?
It is important to note that GINcoin and GIN Foundation have a different activity. While the Platform and the Coin where operationally interconnected, GINcoin and GEA Protocol will be the focus of our remaining activities related to GIN. We aim to take the GEA plans towards the public beta as per the roadmap that we announced from early stages.. The required assets that were part of the GIN Platform shall be handed to the GIN Foundation which will continue receiving funds and will try to make the best in promoting GEA and GIN.
On a personal note, we are also exhausted by the whole situation. We had a year of great achievements together with our clients and community. We believed that a project that aimed at providing huge utility in a coin ecosystem cannot lose. We created the first platform, had the first utility coin to pay for its services, notarized GIN blockchain, never incurred a serious 51% attack and we grew fast in just a couple of months. This is a sad moment, but we believe that while one maintains the right compass of honesty, transparency and hard work, there is always a second chance at some point in time.
We would like for all our masternode holder clients for trusting in our services.
We will continue in this space, even though we will take some time to digest the whole year and understand the crypto business better. We understand the frustration of many, and we want to transparently discuss any issues related to the masternode hosting service provided by GIN Platform. Thus, we aim to organize an AMA session with the community. A proposal date will be announced very soon.
Thank you,
GIN Platform Team
This is an official notice regarding the GIN Platform suspending of masternode hosting services as of Aug 01, 2019.
Why?
The recent drop in number of hosted nodes while at the same time GIN Platform using a scaled-up infrastructure, became a huge red flag on this business line profitability. Basically it became financially impossible for the platform to keep up operations. As the monthly margin was reinvested in the company, there are no buffers that could allow us to maintain operations at a daily loss. We have seen this coming recently and we tried to keep afloat the masternodes service as much as we could by optimizing masternode allocations, trimming down all non-essential indirect costs etc. We reached this unfortunate day when we need to take a sorrow and tough decision for us and for the community.
Why not keep it up at a loss until the market recovers?
We think the masternode landscape changed a lot in the past year. Blockchain technology is moving fast, staking appeared as a new promised consensus mechanism. The masternodes market proved to be quite resilient during the alts winter. While some thinkers in the space opine that there are signs that the masternodes space is getting some traction again, we cannot assume anything on our end. We have been bootstrapped from the beginning and what played as a great way to be flexible, did not help us now when a cash flow injection was needed.
As you know, we looked for fresh money for GIN Platform through a strategic investor, but the downtrend of the market and the complexity of the business did not favour us.
At the same time, our service is more expensive than the competition's which does not perform very well in a market where customers at this stage of the masternodes space will almost always choose the cheapest. While we set the standards in the industry, we did not adapt well to the cheap price strategy as we saw and believed beyond the hosting service for the masternode spaces. This time, we might have been proven wrong.
Why the urgency in closing?
We are making all endeavors to return all the customer balances and prorated payments for committed nodes to minimize the impact on the customer. The only way we can do this is if we eliminate all costs immediately and start the refund procedures.
What happens with the nodes you paid for in advance?
Your GIN Platform balance shall be credited with the prorated GIN amount for the remaining days of service. E.g. for a 30 GIN payment for 30 days, you shall be credited 10 GIN if only 10 days of paid service remain. To be eligible for this refund, do not delete the committed nodes.
How to get my balance back?
Send an email to [email protected] from the same address you use to login to the platform by Sep 01, 2019, containing your GIN address where to receive the funds. Refunds shall be processed in maximum 30 days.
Is there any alternative to closing down the platform?
We evaluated all possible scenarios, it is with great pain that we have decided on this. If anyone from the community thinks they can do a better job and keep the service running, we are open to a handover to a different entity.
Even today, at this hour, we stand ready to discuss with any potential buyer for the GIN Platform if this can help maintain the customer base and the service unaffected, with the hope that the market will get well soon.
Email [email protected] if you are interested.
What happens to Gincoin & GEA?
It is important to note that GINcoin and GIN Foundation have a different activity. While the Platform and the Coin where operationally interconnected, GINcoin and GEA Protocol will be the focus of our remaining activities related to GIN. We aim to take the GEA plans towards the public beta as per the roadmap that we announced from early stages.. The required assets that were part of the GIN Platform shall be handed to the GIN Foundation which will continue receiving funds and will try to make the best in promoting GEA and GIN.
On a personal note, we are also exhausted by the whole situation. We had a year of great achievements together with our clients and community. We believed that a project that aimed at providing huge utility in a coin ecosystem cannot lose. We created the first platform, had the first utility coin to pay for its services, notarized GIN blockchain, never incurred a serious 51% attack and we grew fast in just a couple of months. This is a sad moment, but we believe that while one maintains the right compass of honesty, transparency and hard work, there is always a second chance at some point in time.
We would like for all our masternode holder clients for trusting in our services.
We will continue in this space, even though we will take some time to digest the whole year and understand the crypto business better. We understand the frustration of many, and we want to transparently discuss any issues related to the masternode hosting service provided by GIN Platform. Thus, we aim to organize an AMA session with the community. A proposal date will be announced very soon.
Thank you,
GIN Platform Team
I still don't know why Gincoin team have not officially announced their coming shutdown here. Ann thread should be one of the main channel to release such a very important announcement for their customers. I will copied and pasted main part of their announcement here, when I connect to my laptop later.
Dear Community
Today the GIN team made an official announcement that they are going to interrupt their service from 01-08-2019! The reason is financial issues!
The long bear market took his heavy toll on many POS & MN service providers. Stakinglab& Clicknode.Io have one of the most secure and efficient staking and hosting platforms that ensure we will be standing long after all others have gone.
The GIN Team has set definitely the standards in the pure Maternode Hosting industry! We as a Platform operator can definitely sign this!
We wish good luck and all the best to the Gin Team.
We are going to help the $GIN community out for finding a new platform for hosting their nodes, we will offer some free trial service until you guys decide how to manage your $ GIN or other Nodes! We have also some idea how u can move your nodes without losing your maturity time! More information u will find on our Discord or Telegram channel or follow our social media.
From 01-08 to 31-08 all https://clicknode.io/ "ALL" Masternode Servers will be for free!
Please inform your friends and use your referral link. later one u will get some more free hosting due to your referred users. for each $CLIX that your referred user spend u will get 0.2 $CLIX on your account
Keep in mind, so more hosted nodes we have, so more $LABX coins we will burn. Its a great support for the LABX coin!
Company: https://stakinglab.io/
One-Click Hosting: https://clicknode.io/
Stakinglab Coin: https://labcoin.io/
Today the GIN team made an official announcement that they are going to interrupt their service from 01-08-2019! The reason is financial issues!
The long bear market took his heavy toll on many POS & MN service providers. Stakinglab& Clicknode.Io have one of the most secure and efficient staking and hosting platforms that ensure we will be standing long after all others have gone.
The GIN Team has set definitely the standards in the pure Maternode Hosting industry! We as a Platform operator can definitely sign this!
We wish good luck and all the best to the Gin Team.
We are going to help the $GIN community out for finding a new platform for hosting their nodes, we will offer some free trial service until you guys decide how to manage your $ GIN or other Nodes! We have also some idea how u can move your nodes without losing your maturity time! More information u will find on our Discord or Telegram channel or follow our social media.
From 01-08 to 31-08 all https://clicknode.io/ "ALL" Masternode Servers will be for free!
Please inform your friends and use your referral link. later one u will get some more free hosting due to your referred users. for each $CLIX that your referred user spend u will get 0.2 $CLIX on your account
Keep in mind, so more hosted nodes we have, so more $LABX coins we will burn. Its a great support for the LABX coin!
Company: https://stakinglab.io/
One-Click Hosting: https://clicknode.io/
Stakinglab Coin: https://labcoin.io/
To support the $Gin community through difficult times Stakinglab will provide $Gin masternode holders with one month free hosting on the Clicknode.io platform. Stakinglab and it’s subsidiary Clicknode.IO have a long established reputation for staking, shared masternode and 1 clicking masternode hosting service.
https://discord.gg/NyQ2rXf
https://discord.gg/NyQ2rXf
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