Re: [ANN][MUN] Muniti: Malta's national cryptocurrency - promoting tourism! X11 algo
Ummmm... Who bears the cost of sending 150,000 registered posts?
As I explained in the distribution part, the Logistics will be funded through a very small part of the premine
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The total number of coins will be 76000000. 32% of them will be premined, i.e. 24320000. 1% of the pre-mine will be reserved for l-Istrina, which amounts to 243200 Muniti. That means 24076800 will be left.
According to the latest census, there are 153235 private households. Each household will be receiving 156 Muniti. That means that there will be 172140 Muniti left for Bounties and Logistics.
According to the latest census, there are 153235 private households. Each household will be receiving 156 Muniti. That means that there will be 172140 Muniti left for Bounties and Logistics.
How is that going to even work?
1. A registered mail costs EUR 1.16. So for 150,000 mails, it could cost about 175,000 EUR.
2. Mass printing of the paper wallets along with instructions and envelope. Lets say, you could magically bring it down to 0.5 EUR each. So that's 75,000 EUR right there.
3. Labor. I don't even know how to calculate this one. I'm pretty sure it cannot be automated.... Is there a database of the 150,000 addresses that fell from the sky into your lap? And somebody's gotta stuff the envelope with the goodies right? Lets also assume this is all done through magic for free.
Of course im assuming the post office, stores and labor is not going to accept payment in muniti. So then essentially, the plan is going to cost 250,000 EUR and some magic. You would then need to dump ALL the premine and keep the value to a BTC value high enough to cash out BTC worth 250,000 EUR? Really? So you can post letters and distribute it to the people of Malta? Well then, that's one Interesting coin eh
Especially when the math is not really adding up. But who cares... one does not question logistics with Santa Clause 
First of all, registered mail does not cost that much over here. It costs 47c. That amounts to 70,500 euro. Our local postage company, Maltapost, offers subsidised rates for bulk mail, so that would bring the cost further down. The cost of printing is around that amount, so that one is correct. The database of addresses is freely available from the Maltapost site, without revealing the residents of each house. I stated that we would be distributing to each household, not to each person. So the cost is closer to ~130,000 EUR rather than your stated amount.
As also stated further up in this thread, the details of our company will be revealed after everything is in place and stability is ensured. If you have any other questions, please feel free to ask.
The website says the cost of registered post is .90 EUR + .26 EUR (regular post charge). But you could be right.... I don't live in Malta. And now that I saw you mentioned the premine is going to be split into three "land drops", does that mean three times the postal charge, printing and labor costs? Don't you think that's a bit insane? And its very evident that even you selling the coins for the EUR is going to make the coin worthless for other investors and miners, so what's the incentive? But more importantly, you still haven't addressed the elephant in the room... what about the labor costs involved?