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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 52396 times)

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 :)
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

I agree. Mostly everyone thought DOGE (at least in the early days) was going to be rendered useless and it was a joke currency (I was there in the few days of mining it just for fun and my .1 btc invested ended up becoming around 2 btc a few months later :P). Yet, now it has high volume and a lot of trading volume even though its a supply that won't ever reach cap (unless I remember wrong)..

Right now the Monetary System just needs to find a boost in the right direction. Where a Currency will be able to hold its value and people will rather hodl their Currency than just mint and sell at the soonest moment.
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Wolf0

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Is there a working Scrypt GPU minter?
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Wakasaki808

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Is there a working Scrypt GPU minter?

I believe the one ScripterRon made supports scrypt.
https://nxtforum.org/monetary-system-153/nxtmint-java-minter/
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Wolf0

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Vyazhan

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Is there a working Scrypt GPU minter?

I believe the one ScripterRon made supports scrypt.
https://nxtforum.org/monetary-system-153/nxtmint-java-minter/

Only crashes the GPUs.

I think there is only CPU for Scrypt so far :)
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Wolf0

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Is there a working Scrypt GPU minter?

I believe the one ScripterRon made supports scrypt.
https://nxtforum.org/monetary-system-153/nxtmint-java-minter/

Only crashes the GPUs.

I think there is only CPU for Scrypt so far :)

Okay, I'll continue working on that, then. I could do the GPU miner, but it's less fun.
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Vyazhan

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Okay, I'll continue working on that, then. I could do the GPU miner, but it's less fun.

I am sure the NXT Community will appreciate it a lot having your skills on board for this currency experiment!

Hope you are doing well and hello on the NXT Forums!  ;)
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Wolf0

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Okay, I'll continue working on that, then. I could do the GPU miner, but it's less fun.

I am sure the NXT Community will appreciate it a lot having your skills on board for this currency experiment!

Hope you are doing well and hello on the NXT Forums!  ;)

Well, the CPU implementation of scrypt can do with some major work, as long as there's no GPU miner.
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vinotinto

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I have mined Elems for a while but dont see any rewards at my wallet, how can I check this? or does it take a while, like a number of confirmations and so on?
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Wolf0

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Minting 100 ELEMS at 0.0668MH/s is gonna take a while...
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Vyazhan

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Minting 100 ELEMS at 0.0668MH/s is gonna take a while...

Getting only a sixth of that rate, what magic did you use wolf? :D

Would be nice to get some wolf miner for this ;)
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Wolf0

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Minting 100 ELEMS at 0.0668MH/s is gonna take a while...

Getting only a sixth of that rate, what magic did you use wolf? :D

Would be nice to get some wolf miner for this ;)

It's a six core, and double speed miner.
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Daedelus

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Is there a market in ELEMS?
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Erkallys

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Can the ELEMS be exchanged against NXT ? Also I don't understand the system of needing some NXT to mine ELEMS. Can you explain me ? If I could understand I could mine !
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Daedelus

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Can the ELEMS be exchanged against NXT ? Also I don't understand the system of needing some NXT to mine ELEMS. Can you explain me ? If I could understand I could mine !

Registering your mined/minted ELEMS on the blockchain is a transaction and each transaction requires a fee to be paid (1 NXT) to prevent people spamming the blockchain and bloating it for free.

You can only swap/sell ELEMS for Nxt if there is buyer out there. So you should check how active the market is before you mine, if you are only looking to mine and dump. If you believe an MSCoin might have value in the future, for whatever reason, then you could just hold the MSCoin and wait until you are right.
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Erkallys

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Can the ELEMS be exchanged against NXT ? Also I don't understand the system of needing some NXT to mine ELEMS. Can you explain me ? If I could understand I could mine !

Registering your mined/minted ELEMS on the blockchain is a transaction and each transaction requires a fee to be paid (1 NXT) to prevent people spamming the blockchain and bloating it for free.

You can only swap/sell ELEMS for Nxt if there is buyer out there. So you should check how active the market is before you mine, if you are only looking to mine and dump. If you believe an MSCoin might have value in the future, for whatever reason, then you could just hold the MSCoin and wait until you are right.

I'm not part of those who mine and next sell it for some Bitcoins/USD. If I mine some ELEMS it's to keep ELEMS. But I don't like to mine something that has no value and cannot be exchanged for something that can be used to buy something.
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Daedelus

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Can the ELEMS be exchanged against NXT ? Also I don't understand the system of needing some NXT to mine ELEMS. Can you explain me ? If I could understand I could mine !

Registering your mined/minted ELEMS on the blockchain is a transaction and each transaction requires a fee to be paid (1 NXT) to prevent people spamming the blockchain and bloating it for free.

You can only swap/sell ELEMS for Nxt if there is buyer out there. So you should check how active the market is before you mine, if you are only looking to mine and dump. If you believe an MSCoin might have value in the future, for whatever reason, then you could just hold the MSCoin and wait until you are right.

I'm not part of those who mine and next sell it for some Bitcoins/USD. If I mine some ELEMS it's to keep ELEMS. But I don't like to mine something that has no value and cannot be exchanged for something that can be used to buy something.

If it were easy to tell if ELEMS will have any value in the future, then everyone would be here minting and filling their boots!  ;) That's the risk/reward each person has to do. You might mine and only ever have sunk costs to show for it/

As crypto is so unpredictable, I might aim to mine a small percentage of as many MScoins as I can when they are easy to get up to a pocket change cost limit for each ($5-10) not expecting to get anything back for a long time, perhaps never on most of them.

Then all you need is to be holding 0.01% of the one that pops to make your money back and some profit. All the better if you can mine one that your can sell to cover your costs on the others.

But this still might be too high risk for many.
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Erkallys

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Can the ELEMS be exchanged against NXT ? Also I don't understand the system of needing some NXT to mine ELEMS. Can you explain me ? If I could understand I could mine !

Registering your mined/minted ELEMS on the blockchain is a transaction and each transaction requires a fee to be paid (1 NXT) to prevent people spamming the blockchain and bloating it for free.

You can only swap/sell ELEMS for Nxt if there is buyer out there. So you should check how active the market is before you mine, if you are only looking to mine and dump. If you believe an MSCoin might have value in the future, for whatever reason, then you could just hold the MSCoin and wait until you are right.

I'm not part of those who mine and next sell it for some Bitcoins/USD. If I mine some ELEMS it's to keep ELEMS. But I don't like to mine something that has no value and cannot be exchanged for something that can be used to buy something.

If it were easy to tell if ELEMS will have any value in the future, then everyone would be here minting and filling their boots!  ;) That's the risk/reward each person has to do. You might mine and only ever have sunk costs to show for it/

As crypto is so unpredictable, I might aim to mine a small percentage of as many MScoins as I can when they are easy to get up to a pocket change cost limit for each ($5-10) not expecting to get anything back for a long time, perhaps never on most of them.

Then all you need is to be holding 0.01% of the one that pops to make your money back and some profit. All the better if you can mine one that your can sell to cover your costs on the others.

But this still might be too high risk for many.

I'll take the risk :) !
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Erkallys

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I would start to mint ELEMS. Can you send me some NXT to pay fees ? Also if I set that it withdraws at 10 minted do I need to mint 10 coins in one time ?
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