Re: MNode Investment Fund NO ICO Premine to buy MasterNode Coins [ANN][MARCO]
I was super excited for this... like really really excited. I was a bit confused about when you will launch the chain so I joined the discord and found out that the POW phase is already over? =(
Was a post made here for the chain launch? You should link it if so...otherwise it doesn't look very good. I'll give you the benefit of the doubt and assume that you just now came up with this masternode idea late? If I was less generous I would assume that you had the idea all along but kept it hush hush so you could mine without competition.
This Question will never go away...but truth be told the idea to add masternodes only came about after the coin was launched and in later discussions the idea of using the Premine to buy other Masternodes came up both of these ideas came from the community as suggestions
Either way, though, its a total bummer to announce this after POW phase. Unfortunately, its a pass for me on that basis alone. I'm extra disappointed because this is the type of project I would like to really get involved with and help grow.
Well, even if I'm not a holder, I still want this project to do well so I'll give my constructive criticism: You want 20 different types of masternodes and lets say you will have 50 different masternode owners fairly early...thats 1000 addresses you have to get from people, manage, make sure are sent the proper amount each week, and address the mistakes that are inevitably made by the people sending the coins and the people receiving the coins. Plus you are basically making each masternoide owner download 20 wallets...god forbid one of those wallets has a virus, as has been known to happen (this keeps me up at night when I'm only responsible for myself, let alone a bunch of holders!). That is a huge time sink and liability for the admins and the masternode holders. I just don't think its sustainable. I seriously recommend rethinking this part of it. A few different ideas to address this: convert all masternode gains to btc and distribute that, convert all gains to btc and buy back MARCO tokens on the open market, maybe just select 3-5 masternodes instead of 20 until you can automate the system.
Uhh, yes yes and yes....we are aware of all of these issues and a few you haven't thought of as well. as stated elsewhere we are starting small so as to not totally dump the price of MARCO hopefully the manual payouts will be automated quickly to accommodate growth (we have spoken to other developers with similar payout mechanisms and it is pretty straight forward)
Also, I recommend having someone inspect all of the wallets for viruses and then offering them all for download on your website.
Solid Idea Thanks!
So the masternode owners only have to trust you guys, not all 20 devs of the coins they are getting. Just some ideas.
I'm super interested in this project and am very curious to see how the future goes. Its right up my alley to be honest, except that I usually mine my masternodes. I just really wish I would have caught the pow phase! =( I'll hang around in your discord anyways and see if I can help in any way. I'm happy to chat about some of my above ideas if anyone wants to. At least if I stay involved, maybe I'll catch the mining phase of the next copy cat that pops up, haha
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Me Too, and thanks hit us up on discord!
Was a post made here for the chain launch? You should link it if so...otherwise it doesn't look very good. I'll give you the benefit of the doubt and assume that you just now came up with this masternode idea late? If I was less generous I would assume that you had the idea all along but kept it hush hush so you could mine without competition.
This Question will never go away...but truth be told the idea to add masternodes only came about after the coin was launched and in later discussions the idea of using the Premine to buy other Masternodes came up both of these ideas came from the community as suggestions
Either way, though, its a total bummer to announce this after POW phase. Unfortunately, its a pass for me on that basis alone. I'm extra disappointed because this is the type of project I would like to really get involved with and help grow.
Well, even if I'm not a holder, I still want this project to do well so I'll give my constructive criticism: You want 20 different types of masternodes and lets say you will have 50 different masternode owners fairly early...thats 1000 addresses you have to get from people, manage, make sure are sent the proper amount each week, and address the mistakes that are inevitably made by the people sending the coins and the people receiving the coins. Plus you are basically making each masternoide owner download 20 wallets...god forbid one of those wallets has a virus, as has been known to happen (this keeps me up at night when I'm only responsible for myself, let alone a bunch of holders!). That is a huge time sink and liability for the admins and the masternode holders. I just don't think its sustainable. I seriously recommend rethinking this part of it. A few different ideas to address this: convert all masternode gains to btc and distribute that, convert all gains to btc and buy back MARCO tokens on the open market, maybe just select 3-5 masternodes instead of 20 until you can automate the system.
Uhh, yes yes and yes....we are aware of all of these issues and a few you haven't thought of as well. as stated elsewhere we are starting small so as to not totally dump the price of MARCO hopefully the manual payouts will be automated quickly to accommodate growth (we have spoken to other developers with similar payout mechanisms and it is pretty straight forward)
Also, I recommend having someone inspect all of the wallets for viruses and then offering them all for download on your website.
Solid Idea Thanks!
So the masternode owners only have to trust you guys, not all 20 devs of the coins they are getting. Just some ideas.
I'm super interested in this project and am very curious to see how the future goes. Its right up my alley to be honest, except that I usually mine my masternodes. I just really wish I would have caught the pow phase! =( I'll hang around in your discord anyways and see if I can help in any way. I'm happy to chat about some of my above ideas if anyone wants to. At least if I stay involved, maybe I'll catch the mining phase of the next copy cat that pops up, haha
. Me Too, and thanks hit us up on discord!
Thanks for the quick and thoughtful response. An automated system addresses the admin side of the time/liability burdeon, but not really the holder's side. Granted, the people that are going to invest in a coin like this are obviously deep into crypto, so maybe this isn't a big deal, but I could see a situation where, when people evaluate this coin for potential investment, the necessity to manage all of these wallets in order to claim their full reward could be a disadvantage. We all know how hard it can be to manage a bunch of wallets...there's the periodic upgrades to install, the common syncing or chain splitting issues these coins have, etc. Even if things go perfectly, it will probably take a couple hours to send 20 different coins to a few different exchanges to liquidate them all every couple weeks. For some people, this may sound enjoyable, but for others I'm sure it sounds dreadful. And out of 20 coins, how many will the average person be working on accumulating? I would guess not more than a few for most people.
This definitely sounds like a love it or hate it sort of a feature, which isn't necessarily bad, except that by limiting the potential buying pool, your limiting demand and therefore price. Obviously the ideal scenario is that each masternode holder could decide which coins they want to accumulate and which they would rather relieve MARCO, but thats more admin burdeon. Plus, it is actually better for everyone if you as the admin liquidate all of the other coins and buy MARCO with the proceeds because that provides a constant source of demand on the exchanges for MARCO. Granted, many of those masternode holders would probably turn around and sell the MARCO again, but a portion of them would hold (and if they sell, its still additional liquidity/volume).
That said, I'm not an economist, so I might be missing something here =P