Re: [ANN] Minereum - First Self Mining Smart Contract - TOKEN SERVICE NOW LIVE
Hi All,
Just to clarify why we are adding ETH to the ICO, and why that is important:
1. We are discussing with partners for the ICO, these partners need to get paid. If we pay them in MNE this will create an incentive for them to sell MNE and therefore it will be bad for the MNE ecosystem as lots of MNE will be in few hands.
2. While Minereum launch was an isolated announcement on bitcointalk, Artemine will be much bigger than that, and with bigger audience we need to facilitate the way people can join, for new comers ETH is the option in (all) ICOs.
3. By adding ETH it doesn't mean at all that it's bad for MNE, for the contrary:
First, there is more likely wood for new people to join Artemine, and new people that know about Artemine will also know about Minereum for the first time.
And second, All received MNEs will be burned in any case, so the more MNE join Artemine, the less supply there will be in Minereum which is good for the ecosystem.
4. In Artemine, we are allowing users to put their Genesis Addresses for Sale (Automatically), that means, if you are a MNE holder you will have the option to create one (or more) Artemine Addresses, and if you convert your MNE into ART, you will not only get ART but you will also get access to this new market we are trying to create.
About the conversion of Genesis Addresses:
- Users will be able get Artemine by participating with MNE, this includes Genesis Address Holders. They will be able to send the (available) coins from their address and convert into Artemine.
I hope it clarifies, we know it's not easy to please everyone but after the long discussions we had in our team this is what was decided.
Just to clarify why we are adding ETH to the ICO, and why that is important:
1. We are discussing with partners for the ICO, these partners need to get paid. If we pay them in MNE this will create an incentive for them to sell MNE and therefore it will be bad for the MNE ecosystem as lots of MNE will be in few hands.
2. While Minereum launch was an isolated announcement on bitcointalk, Artemine will be much bigger than that, and with bigger audience we need to facilitate the way people can join, for new comers ETH is the option in (all) ICOs.
3. By adding ETH it doesn't mean at all that it's bad for MNE, for the contrary:
First, there is more likely wood for new people to join Artemine, and new people that know about Artemine will also know about Minereum for the first time.
And second, All received MNEs will be burned in any case, so the more MNE join Artemine, the less supply there will be in Minereum which is good for the ecosystem.
4. In Artemine, we are allowing users to put their Genesis Addresses for Sale (Automatically), that means, if you are a MNE holder you will have the option to create one (or more) Artemine Addresses, and if you convert your MNE into ART, you will not only get ART but you will also get access to this new market we are trying to create.
About the conversion of Genesis Addresses:
- Users will be able get Artemine by participating with MNE, this includes Genesis Address Holders. They will be able to send the (available) coins from their address and convert into Artemine.
I hope it clarifies, we know it's not easy to please everyone but after the long discussions we had in our team this is what was decided.
So what will the exchange rate be for purchasing ART with MNE?
From the whitepaper it says, "For example assuming the exchange rate between ETH and ART is 1 to 1000, users
contributing 1 ETH will get 1000 ART in their Genesis Address. This amount will then be
automatically mined for X amount of years. (The same applies for MNE contributions)"
Does that mean 1 MNE is also worth 1000 ART
? The way it's worded makes it seem that way, that's a big deal if so. It would be much better to buy MNE for ART than to use ETH in that case. I believe a price hasn't been set yet. That was just an example
Yes, but his question is if 1 MNE will give you the same amount of ART as 1 ETH. While it could be interpreted that way, based on the wording, I think you can safely assume that is not what is meant. A better way to word what they meant would be something like this: For example, Depending on the value/price of the coins, the amount of ART received will vary. At the current prices 1 ETH will get you 300 ART while 1 MNE will get you 1 ART since Minereum is currently worth 300 times less than ETH.
Obviously since ETH is valued so much higher than MNE, it will always be the case that ETH will get you more ART than MNE. However, I think we all agree that it would better if using MNE also came with an incentive, even a small one. For example, every 100 MNE used to swap for ART, you will be rewarded 20 extra ART. Or if you took the actual dollar amounts. For every 1 dollar spent using ETH you receive 1 ART but for every 1 dollar spent using MNE you get 2 ART.
Yep, exactly. I wasn't as clear as I wanted to be but you get the point now
