I am concerned why Blackcoin tanked, would the same thing happen to MINT?
I think people are still just beginning to understand PoS. Just look at r/mintcoin. No one knows how to work their wallet. I think Blackcoin is going to spike once a bunch of people realize they missed the mint train, so I picked some up while their price is in the gutter.
Maybe someone should explain it then? Maybe in the 1st post? Maybe in some simple words that everyone can understand?
Everything is explained in first post and it's explained really carefully.
It is not as it leaves alot of people puzzled
Because after 5 weeks it is basically a pure PoS coin, it does not need to be intensively mined, as the PoW payout will remain the minimum. Most coins will be generated through PoS, thus it is a coin that will save a lot of energy compared to other coins.
Its basically saying "stop mining you won't get anything anyhow, just keep x million in your wallet and never spend it.
Cryptocoins without mining are dead cryptocoins because miners provide most hashrate.
Cryptocoins that are kept are extremly deflationary, that means you won't spend your coin because if you don't you have more tomorrow. But a currency that is not spend is worthless.
Is this news to you? You knew this was a proof of stake coin, right? Of course mining will stop now, that is the whole point. No more mining, no more wasting electricity. Miners can move on to mining other coins, if they wish, while still making more mintcoins and contributing to the network through the proof of stake process. The network will be supported by minting and any miners that decide to stick around to take advantage of the extremely low difficulty.
edit: And just because there is no more mining does not mean that there will be no more spending. It does mean that there will be no more multipool dumping, though.