sdf

In this thread, I hope to lay out a concept for a way to exchange MNC for giftcards redeemable both online and at physical store locations.
 
It is my opinion that exchanging MNC to giftcards would provide the quickest, most legal way to redeem an alt-currency for something rather identical to fiat.
 
Q: Why is it the quickest?
With a little bit of automation, it is possible for a customer to send MNC- either from a client or from user to user on mcxnow- within a few minutes. Once this transaction is verified, an Amazon giftcard could be purchased in fiat by the business and emailed to the customer. The customer could then redeem that giftcard and spend it at a USD value equivalent to a person paying with a debit card.
 
This has multiple implications.
 
1) A bank account is not required on the customer's end.
No centralization, no arbitrary waiting periods and fees, no personal information, no seizing of assets.
 
2) Since giftcards are not "true fiat" (more below), the business operating this exchange should NOT be required to register with the gov't as a money exchanger.
This is because when you pay $25 for a "$25 gift card", you are paying for a "ticket" to purchase the equivalent of what the store values to be $25. You don't own $25 USD that are backed by the FDIC and a bank when you purchase a gift card. You own a piece of plastic redeemable for whatever is printed on it- it's up to the merchant to accept it or not. Since they were the ones who printed the card, it's probably in their interest to accept it!
 
As a result, this service would be of interest for anyone who is looking to go from MNC -> fiat -> physical goods, as I suspect very few of us out there are interested in holding fiat for a long period of time as a wise investment decision.
 
Q: Why not just make stores that accept MNC?
You do it, then. Until someone has the resources to match the distribution of Amazon, or Applebee's, or Newegg, this system makes the most sense in my mind. It is nice to have small shops that accept crypto, of course! But I don't see these ideas as mutually exclusive.
 
Q: How high would the premium have to be?
That is up to the business risking their fiat short-term to decide. I think while MNC's price remains unstable (0.0015-0.0029 is not stable), a reasonable premium would be 5-15%. It depends on the orderbooks, the status of whales in the market (pumping or dumping?), and the need for the business to cover expenses. There is no overhead in this business model, unless the business is doing some of this on credit. Then they would need to dump a percentage of their coins to cover expenses.
 
When MNC price is stable (whales identified, mining hashrate stable, more competition among services and exchanges), then the premium should be as close to face as possible.
 
Please reply/pm/email me if you have any questions about this content!
 

The legal and financial framework are in place, all we need now is network security and for me to automate it

In this thread, I hope to lay out a concept for a way to exchange MNC for giftcards redeemable both online and at physical store locations.
 
It is my opinion that exchanging MNC to giftcards would provide the quickest, most legal way to redeem an alt-currency for something rather identical to fiat.
 
Q: Why is it the quickest?
With a little bit of automation, it is possible for a customer to send MNC- either from a client or from user to user on mcxnow- within a few minutes. Once this transaction is verified, an Amazon giftcard could be purchased in fiat by the business and emailed to the customer. The customer could then redeem that giftcard and spend it at a USD value equivalent to a person paying with a debit card.
 
This has multiple implications.
 
1) A bank account is not required on the customer's end.
No centralization, no arbitrary waiting periods and fees, no personal information, no seizing of assets.
 
2) Since giftcards are not "true fiat" (more below), the business operating this exchange should NOT be required to register with the gov't as a money exchanger.
This is because when you pay $25 for a "$25 gift card", you are paying for a "ticket" to purchase the equivalent of what the store values to be $25. You don't own $25 USD that are backed by the FDIC and a bank when you purchase a gift card. You own a piece of plastic redeemable for whatever is printed on it- it's up to the merchant to accept it or not. Since they were the ones who printed the card, it's probably in their interest to accept it!
 
As a result, this service would be of interest for anyone who is looking to go from MNC -> fiat -> physical goods, as I suspect very few of us out there are interested in holding fiat for a long period of time as a wise investment decision.
 
Q: Why not just make stores that accept MNC?
You do it, then. Until someone has the resources to match the distribution of Amazon, or Applebee's, or Newegg, this system makes the most sense in my mind. It is nice to have small shops that accept crypto, of course! But I don't see these ideas as mutually exclusive.
 
Q: How high would the premium have to be?
That is up to the business risking their fiat short-term to decide. I think while MNC's price remains unstable (0.0015-0.0029 is not stable), a reasonable premium would be 5-15%. It depends on the orderbooks, the status of whales in the market (pumping or dumping?), and the need for the business to cover expenses. There is no overhead in this business model, unless the business is doing some of this on credit. Then they would need to dump a percentage of their coins to cover expenses.
 
When MNC price is stable (whales identified, mining hashrate stable, more competition among services and exchanges), then the premium should be as close to face as possible.
 
Please reply/pm/email me if you have any questions about this content!
 

BTC in my opinion is in full bubble mode right now. If you were to buy alt coins instead of 1 BTC, the amount you would have spent on BTC would make you a prince right now in an altcoin...
 
1 graphics card = 1 BTC? I think we are overbought here. Adding more people to a coin does not make it exponentially better. In fact, it makes it crowded, slow, and can draw unwanted attention on a coin with questionable legal status.
 
If you have any faith in altcoins, it would be wise to hold. If you don't, just sell so that you can hold onto an increasingly centralized coin.
 
Good luck!

In this thread, I hope to lay out a concept for a way to exchange MNC for giftcards redeemable both online and at physical store locations.
 
It is my opinion that exchanging MNC to giftcards would provide the quickest, most legal way to redeem an alt-currency for something rather identical to fiat.
 
Q: Why is it the quickest?
With a little bit of automation, it is possible for a customer to send MNC- either from a client or from user to user on mcxnow- within a few minutes. Once this transaction is verified, an Amazon giftcard could be purchased in fiat by the business and emailed to the customer. The customer could then redeem that giftcard and spend it at a USD value equivalent to a person paying with a debit card.
 
This has multiple implications.
 
1) A bank account is not required on the customer's end.
No centralization, no arbitrary waiting periods and fees, no personal information, no seizing of assets.
 
2) Since giftcards are not "true fiat" (more below), the business operating this exchange should NOT be required to register with the gov't as a money exchanger.
This is because when you pay $25 for a "$25 gift card", you are paying for a "ticket" to purchase the equivalent of what the store values to be $25. You don't own $25 USD that are backed by the FDIC and a bank when you purchase a gift card. You own a piece of plastic redeemable for whatever is printed on it- it's up to the merchant to accept it or not. Since they were the ones who printed the card, it's probably in their interest to accept it!
 
As a result, this service would be of interest for anyone who is looking to go from MNC -> fiat -> physical goods, as I suspect very few of us out there are interested in holding fiat for a long period of time as a wise investment decision.
 
Q: Why not just make stores that accept MNC?
You do it, then. Until someone has the resources to match the distribution of Amazon, or Applebee's, or Newegg, this system makes the most sense in my mind. It is nice to have small shops that accept crypto, of course! But I don't see these ideas as mutually exclusive.
 
Q: How high would the premium have to be?
That is up to the business risking their fiat short-term to decide. I think while MNC's price remains unstable (0.0015-0.0029 is not stable), a reasonable premium would be 5-15%. It depends on the orderbooks, the status of whales in the market (pumping or dumping?), and the need for the business to cover expenses. There is no overhead in this business model, unless the business is doing some of this on credit. Then they would need to dump a percentage of their coins to cover expenses.
 
When MNC price is stable (whales identified, mining hashrate stable, more competition among services and exchanges), then the premium should be as close to face as possible.
 
Please reply/pm/email me if you have any questions about this content!
 

I've read a bit on scrypt, but this paper is extremely informative, even if some of us goes over my head.  Still though, just like after reading Brian Greene's "The Elegant Universe", I have a much better understanding of it than I did before.  And, as Greene's book inspired me to learn more about theoretical physics, so too did this paper inspire me to learn more about, not just scrypt, but cryptography in general, something I've been meaning to do for a while but just haven't gotten around to.
 
Thanks for the post bro.  It's insane how powerful scrypt is relative to other encryption algorithms.  Let's just hope P!=NP lol (normally I would feel awkward making a math joke, but I feel very comfortable doing one here...plus, if it's proven that P does equal NP, well...that's the day I'm selling every coin I own and changing every password I have on every website and then going totally offline until I figure out what to do lol...)
 
PS.  Your top two links are both to the PDF.  The one that says main site is the same link as the white paper - the PDF.  I think you were probably trying to go for http://www.tarsnap.com/scrypt.html

Text pasted from my article here: http://josephshanahan.com/howtospotpumpanddumps.html
 
Two Simple Rules to Spot (and Exploit) Pump-and-Dumps!

Taking a look at the charts at mcxNOW or cryptocoincharts, you can quickly see patterns which resemble the classic pump-and-dump. Here's how to make some money during the frenzy!

The alternative cryptocurrency market (altcoins for short) is rife with what predatory traders make their living off of: pump-and-dumps. If you've ever bought an altcoin on the advice, news, or analysis of someone you don't know very well, there's a good chance that the price quickly dove below what you just paid for it. Why is that?

You likely fell victim to a pump-and-dump, which is a manipulation of the price of a coin based on shaky news, orderbook wizardry, or a big owner taking a payout. Don't worry- it has happened to all of us, even though most people won't admit it. In fact, most traders love seeing the early signs of a pump-and-dump, or even go out of their way to manufacture one themselves to make money off of you!

So, how do you make money in a market that might be rigged against you? Here's a list of tips and rules I follow when buying a coin:
 
Rule 1: "A coin is as strong as its development team".

This rule is so amazingly true that it defies all technical analysis ever made. This is because altcoins are a bit like stocks: you have to trust that the leadership and community supporting a coin are constantly thinking of new services and code to make a coin more useful compared to others.

Take for example Litecoin, a coin that in my opinion is not scarce, not fast, and no longer "innovative". There are hundreds of thousands of Litecoin made each day, which requires many new traders to support the current price. The blocks are slow compared to WorldCoin or MinCoin, which safely support block times of 30 seconds to 1 minute. And the only major innovation the development team offered- the scrypt algorithm- has been copied by tens of other coins. Further, the development team have publically asked for money to continue to develop the coin. This sounds incredibly weak to me.

So, if you see an upward movement on Litecoin, be wary! What is the news that spurred the buying? Is it a new service that is coming out (fiat exchange? TOR marketplace?)? Is a new big buyer (a "whale") buying coins? If you buy on the uptick, the people selling to you are likely taking a profit. If too many people decide to take a profit, you will be left "holding the bag", i.e., the overpriced coins you just bought!!!!
 
Rule 2: "Buy on silence, sell on rumor, buy again on delivery".
In this market, there is no news. There is only silence, speculation, and the actual delivery of a service. Those who buy on silence stand to make the most gain, because they are risking the most money without any indication anything positive is planned for the coin.

Then, when a new idea is proposed to the community as "news", people will quickly start buying. The classic example we all know is "Litecoin will be on Mt. Gox soon!". Every LiteCoin pump revolves around this, almost like a joke. And yet new buyers continue to lose money on it, because the rumors never materialize.

If Litecoin ever does end up on Mt. Gox, however, it would be wise to buy. Once a service is delivered, the person providing that services has the intention of keeping it going. This is because it makes him money- and gives him recognition.

So there you have it! Two simple rules that you should always follow when considering buying a coin during a high volume frenzy. Sometimes it is better to miss the boat than hold the bag. If you aren't confident in spotting high and low prices, it is better to get in on the bottom through the above scouting tips.

Text pasted from my article here: http://josephshanahan.com/howtospotpumpanddumps.html
 
Two Simple Rules to Spot (and Exploit) Pump-and-Dumps!

Taking a look at the charts at mcxNOW or cryptocoincharts, you can quickly see patterns which resemble the classic pump-and-dump. Here's how to make some money during the frenzy!

The alternative cryptocurrency market (altcoins for short) is rife with what predatory traders make their living off of: pump-and-dumps. If you've ever bought an altcoin on the advice, news, or analysis of someone you don't know very well, there's a good chance that the price quickly dove below what you just paid for it. Why is that?

You likely fell victim to a pump-and-dump, which is a manipulation of the price of a coin based on shaky news, orderbook wizardry, or a big owner taking a payout. Don't worry- it has happened to all of us, even though most people won't admit it. In fact, most traders love seeing the early signs of a pump-and-dump, or even go out of their way to manufacture one themselves to make money off of you!

So, how do you make money in a market that might be rigged against you? Here's a list of tips and rules I follow when buying a coin:
 
Rule 1: "A coin is as strong as its development team".

This rule is so amazingly true that it defies all technical analysis ever made. This is because altcoins are a bit like stocks: you have to trust that the leadership and community supporting a coin are constantly thinking of new services and code to make a coin more useful compared to others.

Take for example Litecoin, a coin that in my opinion is not scarce, not fast, and no longer "innovative". There are hundreds of thousands of Litecoin made each day, which requires many new traders to support the current price. The blocks are slow compared to WorldCoin or MinCoin, which safely support block times of 30 seconds to 1 minute. And the only major innovation the development team offered- the scrypt algorithm- has been copied by tens of other coins. Further, the development team have publically asked for money to continue to develop the coin. This sounds incredibly weak to me.

So, if you see an upward movement on Litecoin, be wary! What is the news that spurred the buying? Is it a new service that is coming out (fiat exchange? TOR marketplace?)? Is a new big buyer (a "whale") buying coins? If you buy on the uptick, the people selling to you are likely taking a profit. If too many people decide to take a profit, you will be left "holding the bag", i.e., the overpriced coins you just bought!!!!
 
Rule 2: "Buy on silence, sell on rumor, buy again on delivery".
In this market, there is no news. There is only silence, speculation, and the actual delivery of a service. Those who buy on silence stand to make the most gain, because they are risking the most money without any indication anything positive is planned for the coin.

Then, when a new idea is proposed to the community as "news", people will quickly start buying. The classic example we all know is "Litecoin will be on Mt. Gox soon!". Every LiteCoin pump revolves around this, almost like a joke. And yet new buyers continue to lose money on it, because the rumors never materialize.

If Litecoin ever does end up on Mt. Gox, however, it would be wise to buy. Once a service is delivered, the person providing that services has the intention of keeping it going. This is because it makes him money- and gives him recognition.

So there you have it! Two simple rules that you should always follow when considering buying a coin during a high volume frenzy. Sometimes it is better to miss the boat than hold the bag. If you aren't confident in spotting high and low prices, it is better to get in on the bottom through the above scouting tips.

Have no fear man! These lessons are all ones that can only be learned the hard way There are many ways to continue to earn BTC without risking any fiat- let me know if you ever want to work together ^.^

Ugh, this thread makes me so upset.  I started mining BTC back in 2011, and I stopped as difficulty made it so I could only mine one BTC every week.  I stopped when I had around 50 BTC, and sold 40 of them at $20
 
When I came back several months ago, I used some BTC to purchase newer scrypt coins in hopes that their relative values would increase long term.  However, while I've made some great bets, there's a few trades that I wanted to do, but didn't for one reason or another, that would have resulted in >10,000% increase in value just a few short months later.

amazing article joseph, up!

"Olen siellä mistä kaikki alkaa uudelleen"
 
I am there when everything starts anew

Hey guys,
I'm new here. Thought I would stop in and introduce myself. I've always been interested in crypto currencies, but have only recently taken serious interest.
 
In my research on Mincoin, this forum kept coming up. 
So I thought I would come by and join.
 
My name's Sammy.
I run a small web development and mobile app shop in Kansas City. We've recently started taking cryto currency for invoices.
 
This stuff is awesome, and I want to learn more about it.
 
So over the next couple weeks, I'll be lurking and probably asking at least a few ignorant questions on the subject.
 
Bear with me, my intentions are good.

I had a feeling from the beginning that we would get along; my suspicions have been entirely confirmed now!!

That's where I'm at with MC.  That being said I'm still trying to aquire more and more SC =)
 
Agreed!  And Agreed!

we need #damoney$$$ and some faith in a good coin

Reading your the OP I first thought to myself......  "Metal?"
 
MoonSorrow FTW!  I do believe most of my favorite music comes out of Sweden or Finland. 
Nothing better in my ears than some Scandinavian Folk Metal.        \m/    

He needs to do a whitepaper at this point I think. Sunny King is great at releasing white papers, but bad at keeping his coins from inflating. RS and Sunny should figure out a compromise lol

Welcome to the forum and the coin, and thank you for taking a liking to the quote!
 
I came across it in a song from the Finnish band Moonsorrow- it's called "Kuolleiden Maa". If it has further reach than that song, I'd like to hear about it.

Wise words to think about. Makes one think about the future. Thanks for posting this proverb.

Heh.  I like that; I feel as though I've heard it before in reference to something else, but it certainly applies to cryptocurrencies.  It's still so young, and yet its community is vast and ever growing.
 
That and, it's great to get in day one of a new coin lol.

Your massive dump came, but I don't think prices will stay this low for long now that US govt wont default and Baidu doesn't really change the game very much!
 
Once there are too many businesses accepting BTC, people will come to altcoins like they did Bitcoin in 2012.

RIP our MNC wealth
 
#MNCforummoderatorsPOVERTYFUND
 
I am 25 on the rich list ((((

The whole "default / debt ceiling" scenario is just a giant farce.
 
Most US debt is owed to themselves, a country with a soverign currency effectively can't "default" since they can print all they like.
 
The debt ceiling gets lifted all the time, but for some reason even now and again they make a big deal over it.  Last one I remember was in 2011 when the world was going to end and Gold/Silver rocketed...and guess what - last minute deal!
 
IMO this can kicking will go on for decades more.

MNC = crashes and recovers in 5 days due to community effort in pumping/taking risk
 
Dow Jones = crashes and recovers in 5 years due to federal government pumping/taking risk on taxpayer behalf
 
LOL
 
(I took the average MNC price because it isn't fair to expect a coin with 10s of supporters to compete with the world's major economic index...)