Re: [ANN][MUN] Muniti: Malta's national cryptocurrency

Quote from: sonysasankan on March 29, 2014, 02:41:30 PM

Quote from: sonysasankan on March 29, 2014, 05:30:47 AM

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

Quote

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.

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 Wink

Especially when the math is not really adding up. But who cares... one does not question logistics with Santa Clause Tongue

^ That.

Impossible to distribute country coins properly. PoW is the only fair way.