Post
Topic
Board Announcements (Altcoins)
Re: [ANN][MAG] X11 POS/POW+Masternodes MAGNET / magnetwork.io
by
idev
on 15/11/2017, 11:29:48 UTC
OP says "No Premine"

Already at block 9900+ and 250 GH/s.  Minutes from launch.

Scam.


We have been setting up the masternodes (and actually still are) for the network to be stable from the start. This is the standard procedure for setting up networks.
The same goes for the hashrate - this is needed for the network to be safe from outside attacks.

Most of the coins that were mined during testing the mainnet period will be sold cheaply on the exchange once its established.

Dead on arrival i guess. This huge premine, your hidden mining for around 10k blocks and 250Gh/s mining power from start killed your coin.

With such methods you can't build a community around your coin. No community = dead coin.


Great comment to reflect on.

Your kind of people are the main FUD creators and it is sad to see that bitter comments are almost always the result of lack of knowledge on the subject.



We have had 2 recorded DDOS attacks on the pool already in 24 hr. Other community established Pools have had their attacks as well. This was the direct reason we had that much mining power engaged on the network when we came out - TO SECURE the network from attacks and difficulty spike creators. As people can see - DDOS and cyber security in the start of a chain are a real threat and all the people who try to say that we were doing tests to premine etc.. are actually dead wrong.

Next big topic is the HUGE premine. In total the amount we extracted during the mainnet tests was around 1% out of the whole network. Big chunk of it goes to the exchange to have something in the cold wallet and people to trade with. If You ask whatever developer in crypto - this a very common practice in setting up the exchange. Once again the lack of knowledge creates FUD and people will follow. We corrected the premine senctence in the ANN when we saw the mistake and this should show our honest intentions to all.

Another big topic to dwell on - developers getting profits from their own work. This is a BIG misconception in crypto and needs to be addressed as well. FUD creators have pushed it to the levels where people who work to bring community a worthy network and support are somehow not welcome to benefit from their work at all. For a chain to grow, the developers need the wealth as well. We are people too. We need to eat and pay our bills. If we are the reason to bring forth a decent network that hasnt been totally exploited by premines and personal gain.. i personally think that every sane person will say that we are allowed to benefit from the venture.

Last topic is the community. The community does not start from a coin that has no premine. It starts from supporting the peers who are involved in the network. Resolving issues as the network grows. This is what we have been doing since the start and continue to do until the network is stable.. after this we have ALOT of ideas we want to implement to the network so we will consentrate on them more.



There is so much misinformation going on. We are here to change that. We are always on our slack and ready to answer any questions. I personally try to pop in here as much as i can to target peoples lack of knowledge and bring some light to the table.