Topic: VIRTUAL MINING COIN [VMC] | OUR MINED 410 PAYCOINS [XPY] IS ARRIVED!!! - page 29. (Read 146071 times)

Details of VMC Reedeming process and calculation:

Dear VMC Community


Let me summarize what You need to know about reedming VMC (for the new arrivals)

In nutshell:

VMC is Scrypt-N coin, launched on 3rd of May 2014
Coin is backed by Collateral Security which is actually a BTC cloud mining peformance in the background.

Originally it was launched on CEX.IO
We have had 2200GHS until the time it was became no profitable anymore (few weeks ago) so we have switched to zenminer.com  (They are attached to gawminers.com)

We have turned our 2200 GHS into 186 MHS in hashlet (Exactly ZenHash)
http://gawminers.com/pages/hashlet-solo


Now it is valued as 4000 GHS (on CEX.IO) at current GHS price.
CEX.IO is not profitable anymore, so GHS price is dropping.
We have just turned into a profitable investment in the last minutes. Only a few hours before GHS price was halved !!!
So we have just saved our investment and doubled its value ! ("Our" means: VMC Community)


As reedeming VMC for GHS (on CEX.IO) was a feature for VMC owners, we make it possible here on zenminer.com as well.

Unfortunately transferring MHS is not possible on the site, but we have found a solution for You to reedem your VMCs.
We pay for them in BTC.

Calculation method is the same as it was on CEX.IO


All the MHS we have, divided by actual amount of VMC.
Originally 100.000.000 VMC were available in the system.
6.280.000 VMC are reedemed already, so now  there are "only" 93.720.000 to calculate with:

186000KHS / 93.720.000VMC
1VMC = 0.00198463 KHS
1VMC = 0.00000198463 MHS

Actual price of 1 MHS on zenminer.com is 20.95$ at this time.

so:
0.00000198463 MHS  * 20.95$ = 0.00004157$
1 VMC = 0.00004157$
1 BTC = 400$ at this moment
1 VMC = 0.00004157 / 400 = 0.00000010(3925) BTC  

That means we will reedem 1 VMC for 0.00000010 BTC during next week !
2014.09.29, 00:00h  - 2014.10.05, 24:00h

To protect our investment and ensure we could increase MHS amount on a weekly basis, we LIMIT the amount of REEDEMABLE VMCs for every week.

Current LIMIT: 2.000.000 VMCs reedemable this week !
Limit will be announced every week on sundays...

You can download the CALCULATOR for VMC REEDEM from here: https://mega.co.nz/#!IB0Rwb6T!4qRZ0EvbKRQeCF8VeT1bhLD3TM0AabBN-3i6G2GSRSw

With this calculator You can easily calculate the current reedem price for VMC at any time in the future.
Set the actual BTC price, MHS price, weekly reedem limit and actual MHS amount to get the correct price at any time.



Method is the same:
Send a mail to:  [email protected]  with the amount You want to reedem.
Will contact You with the addresses You have to send those VMCs. (Try to keep 24H respond time)
We will need Your BTC address to pay You out...


With this reedeming option VMC always will have a stable price (at least for the weekly limit amount) so You dont need to DUMP your VMCs anymore...
We'd like to have Your trust and also Your patience as well Guys.

We still have the IPO amount, cloud mining is ON, and the DEVS are NOT GONE, so You can trust us, we make it fair way !


To have and keep Your trust we plan to let You know about details once in a week.

- Amount of MHS (Collateral Security)
- Weekly average income by the MHS
- Amount of reedemed VMCs


Still looking for a solution to DESTROY reedemed VMCs in public to have trasparency !
Let us know if any working solution...


As collateral security is for backing ALL VMCs (included IPO amounts) Your investment will worth more and more after each reedeming week...!!!
The longer You HOLD Your VMCs, the more they will be valued...

Thank you for the info Sir.

Hi!

I want to release a new whitepaper which is contains the redeem process this weekend, or maybe today.

Please be patient xinwao!

Sorry but again - words only. No answer for questions about working blockexplorer, any informations how many owned hashpower earns and how it is spent!, no information how to redeem this days.
Additionally: homepage and first post at this thread are not actual, please update it because it loks its abadonned. There are many not actual information about working exchanges, mining pools block explorers, not much mentioned there is working.

Maybe anybody form the IPO holders reads it so please enter this thread and give your opinion. Or maybe all of them sold all VMC in VMC-Bittrex days and even not reading this...

How to redeem?, please!

Just a small note: if the DEV team didn't left the CEX.IO in time, the IPO would now very little. Until now no one took it, then no one will ever take it.
xinwao: I do not remember to see your name on the list of the investors of the IPO. Isn't it?
It seems to me that the IPO investors trust the DEV team, because everyone can see that we are still here. So you should trust as well. We're trying to preserve and increase the value of the IPO. Yes, sometimes you have to wait even few days until we can answer, but that's because everyone has a real life, work and family as well.
A little more understanding would deserve for the team and definitely more confidence.

Not believe it will be higher. Too much about marketing and too less communication from DEV, waiting the whole days for answer No serious exchange, no blockexplorer, problems with multipool and the most important - we dont know how they spent currency received from CEX GHS / Hashlets - zero transaprency. Sometimes it looks DEV received BTC from ICO and now it is DEV private mining power without any details how it is used, how much it earns. Every weekend there should be report about earned btc and how it was spent and should be set maximum amount of time for answering our questions.

DEV, please help to redeem my VMC.

Anyone willing to sell me VMC @ 5 satoshi? Just PM me thanks

xinwao: Why change VMC to BTC, when the price of VMC so low?!

My proposal: I send you VMC, you sell ZenHashlets based on actual ZenCloud price. You send me btc received from Hashlet sell.
Is this ok? VMC address to send VMC the same as in the first post I hope.
Currently want to redeem 1.800.000 VMC.

Thank you Sir.
We know general strategy but more detail weekly /or once per two weeks/ reports should be good for VMC.
We know you own 186MH ZenHashlets bought by money from IPO. It pays at ZenPool 0.00059845 BTC per 1MH daily and 1MH ZenHashlet costs 20.95USD. But it not answers my questions good enough. Will wait for samogyipeti and hope he will post regular weekly od biweekly reports.

_____
BTW, I recommend to every trader exchange trading VMC: https://coin-swap.net/market/VMC/BTC
Using it for many months, it works great and also like their support team!

Any details will be given by somogyipeti...

In a nutshell:
Tactic and schedule is the same as it was on CEX.IO
Most of the earned BTCs gonna be turned back into some more MHS to backup VMC. (so called: Collateral security)

Some of the BTCs ofcourse will be spent occasionally to buy up some VMC on the market to save the price.
Now its very cheap so its not needed at this moment, however we wont let it down below current level !

We are working on getting some merchants convinced to accept VMC for their product and/or service.
Its quite close to finish line, but it is not easy i can tell ya.
Some ppl dont even have trust for BITCOIN yet, hard to make 'em believe to trust in VMC or any other altcoin...

Could you also present each weekend report that informs:
- how much mining power we have
- how much btc this mining power earned
- how this btc is spent
?

Guys, it's good to hear from you! I hope we can increase the price of the VMC with this movement.

We have another ideas BTW (some marketing part) we will announce this steps if we can do that.

I still hold all VMC too..

It is better to talk about it here.
What are redeem options? I have 1.500.000 VMC to redeem

I still hold all my IPO VMC, what should I do, dev?

Our hashlet type is Zenhash now.

Sorry mate, I cannot answer You, for this type of question.
somogyipeti is the person, who managing it.


Peti

Could You plz answer this question ?

Not a bad idea.
At least transparency could come true

We put it as a "B" plan...

However, Public destroying would be the perfect solution. In this case we would have some extra publicity for VMC and build some trust...!

We need to trust VMC developers. Thus you shall create new VMC address in yout private wallet. First few letters of your password should enter one person from your team, several subsequent letters the other person, and a few more next person. In this way a betrayal of one person is not enough to kill VMC. At this address you can redeem VMC. In any blockexplorer we can verify if nobody is spending VMC from this address. But first we need working blockexplorer.