Topic: [ANN]🚀🚀🚀Merit🚀🚀🚀[Proof-of-Growth][PoW][Vaults][Aliases][Escrow][No ICO] - page 5. (Read 33370 times)

Have you tried this procedure? https://merit.disifi.com/wiki/unavailable-gpus

1. Update your graphics drivers
2. Save and record your 12 word passphrase somewhere safe
3. Click on "Settings" in the left hand menu of the wallet
4. MAKE SURE YOU HAVE COMPLETED STEP 2. Click on the red button at the bottom to "Clear data and logout".
5. Reload your wallet using your 12 word passphrase
6. Happy mining!

the miner only allows setting the cpu. The GPU is always used to the maximum if active.

You should be able to control GPU using software like MSI Afterburner. In the wallet, you should be able to control the amount of cores being used by the miner.

i'm mining with the lightwallet. Is it possible to reduce the gpu power utilization? as for the cpu?

The Merit wallet does not see my GPU, Nvidia 1060 - it tell me "You do not have any GPU device yet" even though of course I have - I don't know why, didn't see any help or tutorial which would help me understand how the wallet should start seeing my GPU. Therefore only CPU mining possible and even though I have a powerful 8-core i7 processor, one day of CPU mining didn't produce a single Merit, but of course it wasted a lot of electricity.
But anyway, what supposedly makes Merit a different coin is its (on paper) brilliant Proof of Growth concept, but if in the real world that does not work at all (for sure it doesn't for me and the few friends which I have involved) than all the special and unique value of this coin is just a delusion.

This PoW Reward Switcharoo is a major deal breaker.

"The only realistic way to get the coins is to fucking buy them?"

I'm curious, you are promoting EOS ex. What's the only realistic way to get EOS coins? Aren't they delegated proof-of-stake?

In terms of mining Merit, one GPU gets probably around 15 MRT per day. Whether that is profitable depends on the price and people's costs. Within a little over a day of mining, you can start getting growth rewards. You don't need to buy if you don't want to, you can mine, unlike say EOS.

i need unloking of my wallet

https://wallet.merit.me/?invite=Maicol792

thanks to all for use my invite and unlock my wallet. 

the distribution of the invites and quick wallet activation

https://wallet.merit.me/?invite=Amityvill

This is a very interesting point you make. The concept behind Merit is super-cool, but the practic implementation quite sucks. As a latecomer I'm personally totally stuck as far a "proof of growth" is concerned (for the reasons I've explained in a previous post of mine) - and this applies to every newcomer so in other words the network CANNOT really grow this way. The "proof of growth" should be renamed "proof of whale" since only people with their bags full of Merits will eventually get more. I've also given a try to mine Merits with the wallet but as a result I've ended only in wasting electricity and getting ZERO merits. On top of that the news that coins will be sold by the team to people makes it really look like just another Ponzi. The only realistic way to get the coins is to fucking buy them? WTF? So you guess what? Good project on paper - but in the real world it has probably no future.

So what happened to this project? The net hash rate has gone down considerably since I last was around. The price has taken a dive, and the mining rewards have been reduced even more!!!!  It used to be 10 coins went to the miner and 10 coins went to some growth rewards. But now it is 5 coins goes to the miner and 15 coins goes to growth rewards. This new change was the result of POG3, which basically screws over the miners, the people who keep the blockchain going. They only get 5 coins for solving the work on the blockchain, while people who hold the most coins, gets the rest of the 15 coins from the block solved.

Before, growth rewards were given to people who held at least 20 coins in their wallet. Now, you basically have to be a top 1% Merit holder to earn rewards. On top of that, you also need to have a network of people under you to boost your score. The problem, as noted before, is the ability to get invites. You have to mine on certain pools, or straight out buy them in order to get them. Also, people constantly spamming their links and fake applicants wasting peoples invites. A very strong barrier to entry for this project.

They made hundreds, if not a thousands test(fake)wallets to test their new pog3 fork. However, this test was done on the live blockchain, and not on their test network. These test wallets, have been gaining growth rewards and basically robbing real users from gaining any rewards. On top of this, they plan a sale of 15 million coins from their 20 million genesis block in a just a few days further flooding the market with coins, basically going to hurt the price of this coin.

You have to buy a lot of coins from their in-house exchange(the only exchange) in order to gain these so called growth rewards. Forget mining this coin anymore, because only 25% of the block is rewarded to actual miners, while the rest of the block(75%) is given to top Merit holders. It is not profitable at all to mine this coin, unless you get free electricity.

They're basically saying, you have to buy a ton load of coins from their exchange, if you want to partake in these growth rewards, because screw the miners. This project feels like a ponzi/pyramid type scam even more than before!!!! BEWARE!!!!

It's usually because you don't have have the latest CUDA installed. Once that is updated, lightwallet should be able to detect your GPU. Also make sure that your GPU has at least 2 GB free so that it can participate in mining.

It's currently traded on an internal exchange (market.merit.me). And yes, there are plans for other exchanges. As per the last AMA, timeline for new exchange is Q4 of this year. But no updated news on that yet.

Do you have plans to be listed on any stock exchange ?

 
There is one invitation and it is still valid

https://wallet.merit.me/?invite=Abduraxman

I will give a look at Parachute Pool. I've also made a little try to mine with my very limited resources since indeed the wallet seems very friendly for doing that, but the wallet didn't detect in my system any GPU card it could mine with, and I have a 1060 nvidia card. Which could be the reason for that?

I mean, I can understand your point, but invites are given out both by mean of PoW (mining) and PoS (as growth rewards themselves), which are the two metrics in the chain to determine who is actively contributing. As Kamo said, you don't even have to be a big miner, Parachute pool distributes invites not based on hash power (for reference, more than 5 invites were given to each miner last month), just need a CPU and dedicate some of its time to the mining. Or you can trade and stake, as is for other coins, this way invites are much less frequent but still there, and you can pay for them if you don't want to beg anyone.

If invites were equally distributed around it'd be too much incentive for people to create fake wallets and centralize the invites on themselves, that is not in doubt just look at every referral system ever. So, while balance could be discussed, I don't think this chain is unfair to newbies, nor that the mechanism is based on the wrong criteria. It's still a PoW chain, along the way you can increase your earnings by increasing your community, but the usual work to optimize the process is yours to be done (as above, chosing the best pool for yourself to get more invites).

I'm not saying the system is good or can keep going on long term, nor denying your point of view, just that this is "just like bitcoin" because it wants to be, but making it more rewarding for those who dedicate to it more than the average.

Joined Merit 3-4 months back. Never had to "beg" for INVs ever. The reason for this being, I "mine" in the Parachute Pool. To be honest, I can't PoW mine much because of limited hardware (I have an ageing CPU for crypto work). Most mining pools distribute their own MRTs and INVs based on the hash contributed by a miner. Parachute Pool has taken a different way to distribute its MRTs and INVs. They also consider if you helped folks on Telegram, been active in the community, invited others etc. Every single factor makes you eligible for the pool MRT and INV distribution at month end. Though, people who tick more boxes get more. But everybody qualifies for some MRT and INV even if they satisfy only a few conditions. More information on the pools here: https://merit.disifi.com/pools

Weeks have passed and "without begging" for merits I'm stuck, which raises in me some major questions about the functionality of this system. Yes, true, I've got 3 invites from the person who has first invited me and I've used them to invite friends, to whom of course I'm now unable to give any invites to help them grow the network since I have none any more. So that's a dead end, since we're not miners. My friends already forgot about this project and soon will I too.

FREE Invite Active User!
Fast Activated
https://wallet.merit.me/?invite=Alexander45

Hello wonderful community,

I still have some invites to give if anyone needs them

https://wallet.merit.me/?invite=tcm8982

I will check periodically to approve so that you can get up and running quickly.