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[ANN] - ELEMS - 1st Mintable Scrypt Coin - NO INITIAL SUPPLY - FAIR DISTIBUTION singapore
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Author Topic: [ANN] - ELEMS - 1st Mintable Scrypt Coin - NO INITIAL SUPPLY - FAIR DISTIBUTION  (Read 53038 times)

madmartyk

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I really don't understand about selling ELEMS for NXT, I found currently exchange ELEMS for NXT is around 0.05, so meaning 1 ELEMS for 0.05 NXT, am I right? Then why we set minting ELEMS with nxt.mint.unitsPerMint=1? I really confused, anyone can explain this to me? Thanks!

I set mine to 10, that way I have to mint 10 ELEMS before they are transfered.
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tnyw

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I really don't understand about selling ELEMS for NXT, I found currently exchange ELEMS for NXT is around 0.05, so meaning 1 ELEMS for 0.05 NXT, am I right? Then why we set minting ELEMS with nxt.mint.unitsPerMint=1? I really confused, anyone can explain this to me? Thanks!

I set mine to 10, that way I have to mint 10 ELEMS before they are transfered.

If you set to 10, you still lose based on the exchange of 0.05. It should be 20 to set off, more than 20 to make profit. But I see post somewhere that value set above 10 will be difficult to mint, am I right?
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mnporter2001

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I really don't understand about selling ELEMS for NXT, I found currently exchange ELEMS for NXT is around 0.05, so meaning 1 ELEMS for 0.05 NXT, am I right? Then why we set minting ELEMS with nxt.mint.unitsPerMint=1? I really confused, anyone can explain this to me? Thanks!

I set mine to 10, that way I have to mint 10 ELEMS before they are transfered.

If you set to 10, you still lose based on the exchange of 0.05. It should be 20 to set off, more than 20 to make profit. But I see post somewhere that value set above 10 will be difficult to mint, am I right?

I'm thinking about this, the highest buy is set at 0.051 so you would need to mint 20 ELEMS to make 1.02 NXT so less the 1 NXT fee that would leave you with 0.02 NXT profit

Is that right ? or am I missing something, it's not really worth burning out your CPU for that is it ?

I had my comp mining this for the last 24 hours set on "nxt.mint.unitsPerMint=20" and I didn't get any ELEMS ?

Any advice would be most welcome

Thanks
Mark
« Last Edit: January 29, 2015, 04:15:41 pm by mnporter2001 »
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madmartyk

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I set mine to 10 and overnight minted over 70 ELMS with an i7.  Thinking about bumping it up to 15 and trying again tonight.
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tnyw

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I saw a post somewhere mentioned mscoin is worth to mint if it is new, but ELEMS is not even a month old...
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mnporter2001

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I set mine to 10 and overnight minted over 70 ELMS with an i7.  Thinking about bumping it up to 15 and trying again tonight.

Yes but that would have cost you 7 NXT mining at 10 and your 70 ELEMS arn't worth 7 NXT ?

tnyw

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I set mine to 10 and overnight minted over 70 ELMS with an i7.  Thinking about bumping it up to 15 and trying again tonight.

Yes but that would have cost you 7 NXT mining at 10 and your 70 ELEMS arn't worth 7 NXT ?

mnporter2001 is right, you will not profit even if you set to 15, or maybe should say you rather loss some NXT, the only profit should set to 21 as the exchange rate now.
« Last Edit: January 29, 2015, 11:55:37 pm by tnyw »
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Daedelus

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Setting the 'unit' to the lowest/break even number isn't a great strategy in my opinion. You will always only be on the cusp of breaking even and you have the risk of the exchange rate moving against you in the mean time.

Rather than doing 7 x 21 mints costing 7 Nxt in, say, 12 hours, plan for 3 x 50 mints or 2 x 75 mints or 1 x 150 mint. Each ELEM with then have a much lower cost in Nxt fees and you are more likely to be profitable if/when you resell. The electricity will be the same as you ran your rig for 12 hours in both instances.



TL:DR Consider how long your current minting session will be, then plan to mint 1-3 times in that period. It is the most efficient use of your Nxt transaction fees.
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cr7yp

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Consider to use the NXT faucet on http://188.226.197.131/nxtfaucet
You'll receive 2, 3 or 4 NXT (random decided).


With tears in her eyes please send me some NXT  here:
My NXT Account ID
5370717325448874998
My NXT RS Address
NXT-P4ZQ-YH48-779B-6Y64P
My NXT Public Key
81e201dce20456ba205e47fa25b7936574180135420b744979a6fc42a9761d13

Bicoin collapse at cryptsy made me lose a lot of money.

Thanks friends who understand the disaster that passing ...
Maybe a donation here to me from a philanthropist friend , who understands  would be very welcome:
15MQdAFAaUz2G9hEf82MB36qkFveZh4nqD

Thanks from the heart and from the soul, in advance!
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Vyazhan

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Maybe it's also interesting to understand that nobody really is there actively buying a coin that has no inherent value and mintin for the sole purpose of selling will destroy this coin very soon.

I think it's more economical to only mint this coin if you want to hold right now and not destroy the coin before it even started, think about it :)
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Wakasaki808

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Maybe it's also interesting to understand that nobody really is there actively buying a coin that has no inherent value and mintin for the sole purpose of selling will destroy this coin very soon.

I think it's more economical to only mint this coin if you want to hold right now and not destroy the coin before it even started, think about it :)

I have to agree with this.

The NXT devs have worked real hard in creating this but for now there is not much demand for ELEMS or any MS coin in general because there is no use for it. Right now most people are probably minting this just to make some fast money rather than looking for a new currency to build up. Which in terms of money is barely anything since there is very little liquidity in the exchange. In the early days it was something new and interesting to at least test out but since then its slowed down.

MS currencies are secured by NXT so there is no use for securing by mining(in this case minting) like other PoW currencies. I feel that the only thing MS currencies have going for it atm is the fact when minting it gives NXT forging some value because of all the tx fees made.

Until demand and value can be made the sell pressure will continue since there is barely any buying pressure. Marketplaces, games, etc. have to be made to get any use out of any of these currencies where they can be exchanged with as little reliance on NXT being used.

A reason for minting has to develop so these currencies can gain real value to the average crypto user if not then MS currencies have very little chance of succeeding on its current path. In my opinion :)

I've just started to test out counterparty(was bored at school :p) and it feels just the same basically as MS Currrncies(at least so far) where it relies on BTC for fees and also piggybacks on the BTC blockchain to confirm transactions and such. Maybe I'm wrong ??? Maybe a new MS dev can create a new MS currency that one sends NXT to the genesis in return for MS currency... Lol

Tldr;;...feel that MS Currencies have no use for now even though devs put great work. Need new ideas to get use of Currencies if not doesn't look bright for future. MS Currencies feel like XCP in my view.
« Last Edit: January 31, 2015, 06:32:48 am by Wakasaki808 »
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jl777

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Maybe it's also interesting to understand that nobody really is there actively buying a coin that has no inherent value and mintin for the sole purpose of selling will destroy this coin very soon.

I think it's more economical to only mint this coin if you want to hold right now and not destroy the coin before it even started, think about it :)

I have to agree with this.

The NXT devs have worked real hard in creating this but for now there is not much demand for ELEMS or any MS coin in general because there is no use for it. Right now most people are probably minting this just to make some fast money rather than looking for a new currency to build up. Which in terms of money is barely anything since there is very little liquidity in the exchange. In the early days it was something new and interesting to at least test out but since then its slowed down.

MS currencies are secured by NXT so there is no use for securing by mining(in this case minting) like other PoW currencies. I feel that the only thing MS currencies have going for it atm is the fact when minting it gives NXT forging some value because of all the tx fees made.

Until demand and value can be made the sell pressure will continue since there is barely any buying pressure. Marketplaces, games, etc. have to be made to get any use out of any of these currencies where they can be exchanged with as little reliance on NXT being used.

A reason for minting has to develop so these currencies can gain real value to the average crypto user if not then MS currencies have very little chance of succeeding on its current path. In my opinion :)

I've just started to test out counterparty(was bored at school :p) and it feels just the same basically as MS Currrncies(at least so far) where it relies on BTC for fees and also piggybacks on the BTC blockchain to confirm transactions and such. Maybe I'm wrong ??? Maybe a new MS dev can create a new MS currency that one sends NXT to the genesis in return for MS currency... Lol

Tldr;;...feel that MS Currencies have no use for now even though devs put great work. Need new ideas to get use of Currencies if not doesn't look bright for future. MS Currencies feel like XCP in my view.
How are MS coins any different than the zillion gen1 clones?
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jl777

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Maybe it's also interesting to understand that nobody really is there actively buying a coin that has no inherent value and mintin for the sole purpose of selling will destroy this coin very soon.

I think it's more economical to only mint this coin if you want to hold right now and not destroy the coin before it even started, think about it :)
What about FuelCoin?
does it have any inherent value?
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Wakasaki808

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Typing on a phone is hell...

But yeah..

I agree it doesn't feel much different. Its features each coin gives which creates value.

What gen1 clones had is that most didnt rely on other currencies to make more of a gen1clone currency and a unique little wallet. (Maybe im outdated for current times...dont follow many other than NXT, BTC, and a few other '2nd-gens' now :P). Along with thing like being able to hard-fork and change its algorithm if I'm not mistaken... Also wish there was the 'staking' feature many of the clones have nowadays.(unless there is and I didn't notice).

I remember all them coins like FlappyCoin, Corgi, COINYE even DOGE when it came out during MEME hell.... I think what attracted many is the need to just set their miners to a coin and start mining away either solo or through a pool without needing to use another currency to do so; or it was in some way 'new' algorithm or new PoS+PoW currency that followed Peercoin. Which is why I feel MS Currencies are like XCP in a way.

I got in late to the game and first coin I mined was Protoshares. Didn't have a BTC to my name but a partial btc after mining a few days. Missed the original NXT investors list...if only I looked on bitcointalk forums rather than protoshares...(at least BCNext was nice enough to send my money back after sending and not reading a post that wasn't in the OP :P) but used what I had and bought what i could from the original investors at the time.

With MS Currencies you need some NXT to start minting anything.

Of course I'm probably wrong on many fronts haha. I'm in no way a dev or anything like that...
« Last Edit: January 31, 2015, 07:22:50 am by Wakasaki808 »
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futurist

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I think Amazon accepts FuelCoin at at their gas station

malekbaba

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I have a intel Quad core processor. 2.66ghz 4 core processor. May I mint with it ?
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cr7yp

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That's okay for minting. Just set up the nxt.properties file as previously described and start mint.sh

I have a intel Quad core processor. 2.66ghz 4 core processor. May I mint with it ?
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Vyazhan

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Maybe it's also interesting to understand that nobody really is there actively buying a coin that has no inherent value and mintin for the sole purpose of selling will destroy this coin very soon.

I think it's more economical to only mint this coin if you want to hold right now and not destroy the coin before it even started, think about it :)
What about FuelCoin?
does it have any inherent value?

What about NXT or BTC, does it have any inherent value? :)

Truth is, value is created by trust into something, nothing more and nothing less. You can argue now that the inherent value of any PoW coin is the time and energy it took to mine the coin but if you are the only one mining it, there is your crypto clones, I don't think there is any exception to this, it's how all currencies and all money operate, including gold, silver, the dollar, a rare art painting, bread, flour and about every other commodity on the planet and the universe ;)

But that is just my take on it, everything is useful for one thing or the other, as long as there is someone or many that are in need of that thing. If nobody is in need, then there is no reason for it to be here in the first place. (Which is, in my honest opinion, what the problem of the entire Monetary System is, at least as long as it's not properly decentralized or pegged to smart enforcing contracts or rules that will yield me the inherent and intrinsic value of other commodities or coins that are currently being developed hopefully :))

Have a great time,
Vya
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jl777

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Maybe it's also interesting to understand that nobody really is there actively buying a coin that has no inherent value and mintin for the sole purpose of selling will destroy this coin very soon.

I think it's more economical to only mint this coin if you want to hold right now and not destroy the coin before it even started, think about it :)
What about FuelCoin?
does it have any inherent value?

What about NXT or BTC, does it have any inherent value? :)

Truth is, value is created by trust into something, nothing more and nothing less. You can argue now that the inherent value of any PoW coin is the time and energy it took to mine the coin but if you are the only one mining it, there is your crypto clones, I don't think there is any exception to this, it's how all currencies and all money operate, including gold, silver, the dollar, a rare art painting, bread, flour and about every other commodity on the planet and the universe ;)

But that is just my take on it, everything is useful for one thing or the other, as long as there is someone or many that are in need of that thing. If nobody is in need, then there is no reason for it to be here in the first place. (Which is, in my honest opinion, what the problem of the entire Monetary System is, at least as long as it's not properly decentralized or pegged to smart enforcing contracts or rules that will yield me the inherent and intrinsic value of other commodities or coins that are currently being developed hopefully :))

Have a great time,
Vya
Fuelcoin was having a LOT of tradevolumes, but it made no sense. then recently the true volumes showed, less than $1K per day. now the market is revaluing it:

28   FuelCoin FuelCoin   $ 881,282   $ 0.008795   100,206,032 FC2 **   $ 4,240   -42.21 %

There a lot of coins that are just promoted and never really used. BTC is used, NXT is used (around 5% of BTC by tx volumes), DOGE is used. So if an MS coin gets some good promotion and usage, it can also obtain value.

But a sleeping stone will gather moss

James
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Vyazhan

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Fuelcoin was having a LOT of tradevolumes, but it made no sense. then recently the true volumes showed, less than $1K per day. now the market is revaluing it:

28   FuelCoin FuelCoin   $ 881,282   $ 0.008795   100,206,032 FC2 **   $ 4,240   -42.21 %

There a lot of coins that are just promoted and never really used. BTC is used, NXT is used (around 5% of BTC by tx volumes), DOGE is used. So if an MS coin gets some good promotion and usage, it can also obtain value.

But a sleeping stone will gather moss

James

Yes, I wholeheartedly agree with this :)

I think BTC and NXT has the offering of me being in charge of my investment because of it's inherent decentralized nature. Everyone can stake, mine and run nodes to secure their own currency. With the Asset Exchange and all the MS coins, we are still stuck in 1.0 fiat land where I have to trust a single or multiple entities to not mess up the contract I put my trust into. Of course the degree of trust varies with the name you take assets from (for instance, trusting you more than not-as-recognized members) but in the end, it's still a trust-based system and this is not what Bitcoin or the entire ideology is built upon and never was so I think the first true 2.0 movement will be the decentralized smart enforcing contracts that will put NXT or another crypto that implements this into the light it truly deserves.

Looking at Bitshares, even there you have the same problems you have currently with the fiat currencies, you are buying and exchanging assets in a decentralized fashion but still have a rich elite that rules over the platform and makes a lot of money from it. If NXT would have the possibility to trade, for instance, silver and gold with a proofen reserve, it would already be 10 times more appealing to many than Bitshares currently are, imho. NXT has great potential in this matter as it doesn't delegate their shareholders and I for once, will go and stick with the platform that allows me to own real commodities in the real world with a proof-like system where I know my value is protected and cannot be abused, hopefully the course NXT and other 2.0 cryptos will take this year!

Even voluntary and beneficial projects that don't carry inherent value, like NSC or ELEMS, could enforce certain Kickstarter like milestones that reward participators with physical or digital goods after a certain contribution, percentually funded by their own donations, which would make assets like this much more interesting for the sake of being a good guy ;)

Vya
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