now that Mincoin is on it's way to being re-branded and re-launched with a whole new look and feel, part of this initiative will be to ensure we have wallets that are compatible with both Android and iOS, and having a simple Android price ticker (widget) tied to MCXnow (the home of MNC) would be nice too - but wallets are priority.
Do we have anybody here that's capable of coding something like this, starting with the wallets? I can help with design and graphics if need be.
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!
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MinCoin (Min is short for minimalist) has CPU/GPU based scrypt mining 1 minute blocks and only 10 million total coins. Only 2880 MinCoins are mined each day for the next 10 years. A low total amount and fast blocks make MinCoin a good long term prospect for a Crypto-Commodity project.
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So any time I start the desktop wallet in Windows, this starts happening about 30 minutes later:
The number of blocks went down by about 10 over the course of 4 hours. The strange thing is, I'm positive the most recent blocks have been indexed. I can see them being index through the log file. But this gets better! Now this is what I'm seeing:
I could be wrong, but I think the block chain has fewer than 300k blocks.
I'm using MinCoin v0.6.5.0-g498f5d1-beta on Windows 8.1.
I think this Community Forum Software is the sleekest, prettiest, easiest, clearest forum interface I've ever used. Am I wrong to be so impressed with it?
