Topic: Minexcoin - A new era of payments - page 171. (Read 646785 times)

i warned a long time ago that this coins only works as long as there are people that hope to earn something with parking. and this only works when the parking reward can be sold. and now anybody is buying and parking is useless.

and as long as they dont disclose the name of the bank i dont believe that these cards will ever be sent out.

Your project sounds good, the structures, concepts, creative ideas and the professional team work all are very good. Its like a new idea to invention. So keep it up guys and good luck for the future.

What can you say about the instabuy,what is it effect on the price

they dont have answers to these questions my friend
dont try to ask any normal question becouse you will get the answer:
"stop with fud "
"dont cry like baby"
"you expect a quick profit" (after almost a year of patience)
"soon "...

When plan to finish White Paper update? Is it possible that it lasts so long?
What happen with MinexBank if we take into account that goal from the Memorandum not reached? What is next step in next Memorandum?
When bank will react on price? I think this is urgent situation, or still not? then can you explain urgent situation?

The rates were brought to the maximum values and are now even higher than indicated in White Paper.

In addition, the MinexBank Memorandum is revised every six months depending on the realities of the current market.

Here you can check detailed explanation "How is it works": https://minexbank.com/memorandum

I think you've misunderstood the nature of stabilisation, and the cause and effect on price.

It is not a real-time mechanism.

Yes, any coin would be the same, which is why the unrealistic expectations are so... Well... Unrealistic I guess.

The difference with this coin is the project itself, and the stated ideas and intentions of the team to build up an infrastructure around use of the coin. That's seems to be the most misunderstood part.

What has me most interested in this project is the direction its heading. I would wager that blockchain technology was not the original idea from the projects founders. Rather a private bank that pays dividends on savings and uses the most regulatory flexible type of fund available (an ETF) to enable international payments was always the original idea, maybe years ago. Recently public acceptance of blockchain technology explodes and it becomes the perfect mechanism to bolster the idea. That's the clever part. That's what I'm investing in.

When this is achieved (which is not just when the cards are live... More is required)... Then we will have something really cool and really worth something and thats when the coin used to facilitate it will be high value.

Thank You, bcfkm,
that was a good reading next to my morning coffee!

Kazugi007,
MinexBank parking rates are at maximum level since May.

https://www.picz.in.th/images/2018/09/06/fQH0ra.png

Why parking rates does not change since 11th May ?

White paper explain how the mechanism sustain the MNX price. (Sell High - Buy Low system) to reduce pressure.

Unfortunately it does not seem to work and make investor lose their trust.

If we have to wait for market correction for the MNX price increase,what's the point to invest for MNX ?

Any coin would be the same.

There is plenty of trolls around! This thread is an easy target.

We had too many inexperienced investors attracted by the short term strategy with high returns to launch the project. Of course it was never sustainable and the negative comments were completely right.

But what the trolls failed to acknowledge was that this was just the beginning. The development team has announced their intentions and we are starting to see some of it come to fruition. We are still far away from the real targets of the team.

At this time, the trolls are having much fun pointing out they were right. Of course they were! It was obvious we would hit this stage. I'm having fun daily making jokes with my close friends who have also invested in mnx... But we are laughing along with the project, not at it. It's always good to enjoy your adventures, enjoy the ride.

Any investment which makes or breaks your wealth is a bad, bad idea. You are gambling with your future and security. Having read the publications from the Dev team, experienced their responses to questions and heard some of their ideas... It's convinced me this will be a decent project to invest in. An investment is not something that returns in weeks or months... That's gambling. A reasonable expectation should be a few years.

Looking forward to the visa cards. That will be fun. Not looking forward to the rebranding so much... I'm not quite sure why this is necessary and rebranding always carries an implicit lack of confidence with it. But... It doesn't sound so bad yet that I plan to move on.

I'm most looking forward to late next year when I expect natural market forces will finally have enough clout to take effect.

Absolutely the wrong time for such a strategy I'm afraid. One look at the recent performance will turn away all but the most serious long term investor willing to invest the time to read all the publications in full.

No, the media drive should start Spring 2019 at the earliest. Late 2019 would be better when things have stabilised.

Minex ponzi about to bitconnect your arses.

 

As mentioned in my earlier post, the release of the visa cards will not have a significant effect on the price of MNX.

The timing of their release is (I think unintentionally) going to coincide with the tail end of the first round of quarterly parkings. This will be fun to see... The natural market correction as sell pressure is reduced will cause the price to rise a little, and people will very incorrectly attribute this to the release of the visa cards. When the price dips again soon after there will be much alarm and I bet a weeks worth of posts claiming the project has failed.

Those people, myself included, who are excited about these cards and keen early adopters will no doubt already have sufficient holdings of MNX to fulfill the cards' minimum balance requirements. I would bet further that most of the 1000 odd people already fully signed up, ready to go, are holding back that reserve of minex from their long term parkings.

In short, most of the people who are ready to go already have the MNX required. We don't need to buy any more MNX when we get the card.

The next group of card users will be those already in knowledge of what's going on, already expressing interest and enthusiasm on the forums... Already holding decent amounts of MNX waiting to pull the trigger. These people also won't need to buy any significant amount to get up and running.

Now let's think about the spending action of the cards...

After users have dropped on a bit of MNX to price it works and we are all up and running... We want to spend some of our hard earned crypto right?

Well... The go-to coin for anything cross exchange is BTC. Everyone knows it and is familiar with it and has had to use it in some form.

If I want to flip any of my crypto holdings on to the card balance, I will use BTC directly. And so will anyone else. Why would I bother to FX it again in to MNX, pay trabsfer and exchange fees to do so, and hold a balance in a coin which is performing poorly (right now, see my earlier post). It would make far more sense to drop BTC straight on to the card instead.

The % incentive of charging and spending in mnx compared to btc is simply not enough right now to counter the (artificially) poor performing mnx and overheads required to do so. One day it will be, but right now it's certainly not.

So we won't have the big surge in buy volume required to raise a market price. Not yet.

An argument often put forward in previous discussions is that more people will learn of the cards, want to get involved, will require MNX to do so. But I don't think it will be so much. The requirements of a regular (blue) or gold card are not so significant in value.

And not everyone in the crypto community (which is still in its entirely a very small and niche market) will jump on board. Those that do will not be all at once. It will be naturally distributed over time... Which is exactly the behaviour we need on the sell side also but don't have.

So we will have a bit of a stabilising force which will be good. But it won't be a big enough force to drive the market. First we need to wait for the artificial mechanisms mentioned in my first post to dwindle and stop taking effect. The cards will help to reduce the decline, but not counter it.

It seems that we have a lot of people complaining about the low price, because of unrealistic expectations.

In order to understand what's going on, let's detach ourselves emotionally for just a few minutes and analyse what's going on...

Firstly, we must understand that the parking mechanism at its current interest rates is unsustainable. Let's explain this further...

The previous, ridiculously high, interest rates (they were up to 15% a month!) was to encourage earky adoption. Which they did very successfully. But if you think about it objectively it is obvious that it could not continue long term. I'm surprised they continued as long as they did. (full disclosure, I also took advantage of them for a nice little earner).

Funds/cryoto/assets/cash can not simply be magic'ed out of think air. There was a reserve fund put aside to pay this high interest.

Those high rates served their purpose. They generated the rapid enthusiasm required to get the coin trading and liquid. Then the rates were lowered to (still high) levels. At that time the team obviously had the private Bank and visa card products nearing completion. In retrospect it was essential to lower the rates at that time and the correct decision. There is no way the reserve interest fund would have been able to cover the super high rates and cope with a surge in interest due to visa cards. The current rates can last a bit longer, but are still ridiculously high. They will have to be lowered again some time in the future because they are still far too high to sustain long term. Again, be reminded that the asset/funds required to pay the interest has to come from somewhere.

For the record, on a regular financial investment I would regard a promised return of 5% to 10% per year an adequate return on investment. 15% per year would make me very interested but cautious... It's a bit too good to be true. 20% would make me very suspicious and anything quoting a higher expected return than that I would not even entertain and dismiss.

Please can the forum take heed of this. Do not be unrealistic with your expectations.

So I fully expect the rates to be lowered to a maximum of 10% per year in the future. This is still very generous! Thankfully, some of the details mentioned by the team reveal how this will be funded. As was stated in the beginning, interest was paid from a reserve stock of coins. Fees from block chain transfers helps a little bit, but certainly will not be sufficient on their own. So how will they manage to keep paying a generous interest of 5 to 10% a year in the future? Well, it was revealed that the main mechanism for minexpay will be an ETF. This should reassure us immensely. A big concern for the future was how the team would maintain its promise of providing any parking interest at all.
(if you are not familiar with ETFs, please Google and read up on how they work and the regulatory requirements for fund managers and investors. Its a very clever idea by the team to use one of the most flexible financial investment mechanisms available with the least regulatory requirements to enable the use of global payments and provide a return at the same time to fund their project).

If you've had the patience to stick with me this far, we've explained why the interest rates were lowered and why they absolutely must be lowered again. Only if the rates are not lowered in the future will I doubt the sincerity of the project.

So now we understand that part, we can start to analyse why the price is falling so much. The short answer is some unrealistic expectations and jumping ship. The longer explanation might provide some reassurance to those of you on the fence...

When the first rate drop was announced, we very clearly had the get-rich-quick crowd drop off. That's fine, it was their strategy all along. No experienced investor seriously expected those ridiculous launch payouts to continue.

By now everyone here should be familiar with the basic forces on a market. If there are more people trying to buy something than there are selling... It drives the price up. There is more buy demand than there is availability. Conversely if there are more people trying to sell something than there are interested buyers... The price goes down. There is over-availability and little demand for it.

This glut of sell volume allowed the low-ball buy orders to start executing some of the market sells... And the price starts to dip down. This dip in price triggered the next vhigh volume of selling... Those people who base their value on their immediate portfolio. This type of investor is long term, but has no particular allegiance or interest in any single product. This is how the majority of financial investors operate across all asset classes. They have a portfolio of assets (stocks, currencies, real estate) and regard the value of the portfolio as their worth. If any member of that portfolio is losing money, sell it and buy something rising in value instead.

So now we have a bit of a snowball effect causing a rapid drop in price. This is the initial 'crash' we had around May/June. (Google the definition of a crash, while there is no single numerical definition it's usually regarded as a significant drop in value of several days). This no doubt triggered a bit more panic selling.

This is no different to any individual financial instrument crash in history. Or indeed, any market crash in history.

So now the burning question... What happens next? Well... Here is where it gets really interesting. Because of the huge volume of sell orders we have going on, the price is staying low and continuing to decline. The massive amounts of parking interest being accumulated is not helping this. Right now, we are in the month period where all of the first quarterly parkings are completing. We have some people selling the interest to claw back some money invested... And others dumping everything and jumping ship now that they got their big quarterly payout. While I regard both of these as a little bit short sighted, it's not fair to belittle then completely... It is their right to do so. What's happening in the background is some people are taking advantage of this.

Another factor influencing the low price is the small number of exchanges. The market as a whole is not yet liquid enough to cope with a large dumping of supply. This is very very obvious where daily we can see huge differences in value between our 3 or 4 exchanges. A dump on one will cause the price to drop at that exchange and for up to a few hours there can be a price difference of 5 to 10% with other exchanges! Certainly we are dealing with a fledging market.

The good news, for the brave, is that this certainly will not continue long term. Natural market forces will even this out... When we finally get to a time when the regular market mechanisms can take effect and correct things. Then, and only then, will the price climb back up.

So what are these market forces? Well... Firstly we need to wait until we are live on a few more exchanges. Right now we just don't have the liquidity. But it will come, when there are a few more exchanges which will distribute the market out a bit more. Right now, any single action on one exchange is having too big an impact.

Secondly, we must wait until the sell volume is more evenly distributed across the whole year. Starting late September the impact from the first round of quarterly parkings will have finished and there will be a small rise in price. Around late December to early Jan there will be the second round of quarterly parkings expiring and an over-supply of sell again. The price will dip. But, it won't be quite so severe as the current round. Give it another few rounds... And by summer 2019 peoples behaviour will be fragmented enough it won't all coincide in the same few short weeks.

Thirdly, the interest rates must be lowered further. I bet this is not what you want to hear... But if you read and understand what I've written you'll see it's essential to stabilise supply.

Now... This all sounds very hypothetical and know-it-all. I get that. But, very fortunately we have had a totally unforseen and unrelated incident that supports what I have written. A short time ago, livecoin made an error in the system which halted the deposit and withdrawal of MNX in to their exchange. What was the effect? The effect was, for a short time, the over supply was suspended. The low-ball market orders completed and trading continued, with good volume... And the price gently but steadily rose, as it should and always would.

As soon as livecoin resumed deposits and withdrawals a high volume of sell returned and we have the same snowball effect.

The price of minex is artificially low because of the higher volume of sell compared to buy. Maybe now you can see why the interest being lowered in the future will be a very good thing. But not a good thing on its own of course. More exchanges, more marketing to raise enthusiasm with new investors and waiting for the cyclical behaviour of monthly/quarterly parkings to become evenly distributed. Then the artificial mechanisms suppressing the price will be replaced by regular market behaviour.

What we have here is bitcoin style surge in value with inexperienced get rich quick investors... Then a crash... Then a natural market correction. Its just that we have a few more factors in play here and the market correction is some time away yet.

Finally there is one more point to mention... Please please do not be too disappointed in a few weeks when the release of the visa cards does not have any significant effect on the price. It won't. If you are hoping it will and relying on it you will be very disappointed and there will no doubt be much moaning.

The visa cards and the banking mechanism thought up to support them are a very very clever idea and I'm super excited to start using the card. But I'm under no illusion that it's going to cause a significant rise in value of minex. I've written a lot in this post already... So I'll do a second post about this part and try to explain my reasonings.

It was good, but the team must pay more attention to the little things like this as an update of applications and improve the quality of service to customers. one of the ones in need by customer is good service.

Finally Livecoin's MNX wallet is back online and I'm able to go shopping - nice... 

Minexcoin was $57 at the end of 2017. As of right now on CMC it is valued at $2.89

You can see the explanation, few months ago they drastically changed the parking rates and that is why price is constantly dropping. If you think about the project, what you can do with your MinexCoins? Parking and that is everything. And people are loosing patience in this project . And MinexCoin is still only promising...

Of course, shitposter and what he wrote is pure nonsense. Reported and added to my ignore list. This helps a lot when you put this spammers on ignore, you don't see this spammy posts anymore.

Back to the topic.
Something bad is going on with Minexcoin because we have steady volume a bit higher from other tokens but somebody is selling constantly and the price goes down. Only in the last 2 months price spiked to 7$ and goes back to 3,5$ which is a 50% drop.

I was attracted to this project because of parking and this magic formula. As we see parking rates are constantly going down and the super algorithm doesn't work at all. I would like to hear an explanation from the team.

Please calm down, guys. it's just only FUD to weaken your faith and so They can collect more cheap coins before Visa cards will be sent to registered users.
I don't care about this price but it's good time to get more cheap coins for parking coins .

previous interest rates probably were not sustainable. 5.83% monthly is quite correct, but a lot of people got on minex on $20+ price and the current situation is very worrying.
In any case, we are now in September, so there is not too much time to wait. Maybe half of next month maximum.
I do not expect too much after visa card launch.