Quote from: mempko on November 05, 2018, 07:32:18 AM

Quote from: CryptoRobert on November 04, 2018, 09:36:47 AM

Quote from: AppleSauced on November 03, 2018, 10:48:48 PM

So what happened to this project? Grin

The net hash rate has gone down considerably since I last was around. The price has taken a dive, and the mining rewards have been reduced even more!!!! It used to be 10 coins went to the miner and 10 coins went to some growth rewards. But now it is 5 coins goes to the miner and 15 coins goes to growth rewards. This new change was the result of POG3, which basically screws over the miners, the people who keep the blockchain going. They only get 5 coins for solving the work on the blockchain, while people who hold the most coins, gets the rest of the 15 coins from the block solved.

Before, growth rewards were given to people who held at least 20 coins in their wallet. Now, you basically have to be a top 1% Merit holder to earn rewards. On top of that, you also need to have a network of people under you to boost your score. The problem, as noted before, is the ability to get invites. You have to mine on certain pools, or straight out buy them in order to get them. Also, people constantly spamming their links and fake applicants wasting peoples invites. A very strong barrier to entry for this project.

They made hundreds, if not a thousands test(fake)wallets to test their new pog3 fork. However, this test was done on the live blockchain, and not on their test network. These test wallets, have been gaining growth rewards and basically robbing real users from gaining any rewards. On top of this, they plan a sale of 15 million coins from their 20 million genesis block in a just a few days further flooding the market with coins, basically going to hurt the price of this coin.

You have to buy a lot of coins from their in-house exchange(the only exchange) in order to gain these so called growth rewards. Forget mining this coin anymore, because only 25% of the block is rewarded to actual miners, while the rest of the block(75%) is given to top Merit holders. It is not profitable at all to mine this coin, unless you get free electricity.

They're basically saying, you have to buy a ton load of coins from their exchange, if you want to partake in these growth rewards, because screw the miners. This project feels like a ponzi/pyramid type scam even more than before!!!! BEWARE!!!!

This is a very interesting point you make. The concept behind Merit is super-cool, but the practic implementation quite sucks. As a latecomer I'm personally totally stuck as far a "proof of growth" is concerned (for the reasons I've explained in a previous post of mine) - and this applies to every newcomer so in other words the network CANNOT really grow this way. The "proof of growth" should be renamed "proof of whale" since only people with their bags full of Merits will eventually get more. I've also given a try to mine Merits with the wallet but as a result I've ended only in wasting electricity and getting ZERO merits. On top of that the news that coins will be sold by the team to people makes it really look like just another Ponzi. The only realistic way to get the coins is to fucking buy them? WTF? So you guess what? Good project on paper - but in the real world it has probably no future.

"The only realistic way to get the coins is to fucking buy them?"

I'm curious, you are promoting EOS ex. What's the only realistic way to get EOS coins? Aren't they delegated proof-of-stake?

In terms of mining Merit, one GPU gets probably around 15 MRT per day. Whether that is profitable depends on the price and people's costs. Within a little over a day of mining, you can start getting growth rewards. You don't need to buy if you don't want to, you can mine, unlike say EOS.

The Merit wallet does not see my GPU, Nvidia 1060 - it tell me "You do not have any GPU device yet" even though of course I have - I don't know why, didn't see any help or tutorial which would help me understand how the wallet should start seeing my GPU. Therefore only CPU mining possible and even though I have a powerful 8-core i7 processor, one day of CPU mining didn't produce a single Merit, but of course it wasted a lot of electricity.
But anyway, what supposedly makes Merit a different coin is its (on paper) brilliant Proof of Growth concept, but if in the real world that does not work at all (for sure it doesn't for me and the few friends which I have involved) than all the special and unique value of this coin is just a delusion.