Quote from: tokyopotato on October 13, 2014, 12:52:59 AM

As I pointed out in the original article I published at CoinJoint, this coin was clearly a scam until the the developers had transparent vaults and transparency behind the coins that were being mined through Proof-of-work/mining.

http://coinjoint.info/midascoin-launches-gold-backed-proof-mining-pom-blockchain/

Everyone was warned these developers were using your hashing power to mine other coins. I hope the crypto world has finally learned their lesson about demanding transparency FIRST AND FOREMOST.

I regret not coming here and telling people to get out of this coin, but I probably would have been labeled a troll anyways.

You know, I said the same on Twitter and the dev told me to stop spreading fud and harassing customers.

I have an honest question though: how can anyone in this climate believe the dev's claims WITHOUT PROOF of any kind?
1. Dev had no proof of gold. Ever. And price based on 333g increase in gold stores daily. So 700oz + 333g daily but no proof of this means 0g/on gold
2. How can a dev claim his scrypt mining is triple in profitability with a given hashrate? It's impossible and furthermore it was opaque.

Re 1) I posted here showing the bank emailed me denying any safe deposit boxes were at an investment/portfolio only branch
2) If you mine the only way to triple profit is to triple hashrate. You're not mining money, it's needs to be exchanged!

I am not trying to rub salt in the wound; I want to understand why people would believe this dev. If someone came up to them on the street and said "I've got a fortune in gold and you'll be working for free but will get paid eventually" would you back them? It's an honest question.

I'll share with you what is happening to the dev; he's going to be arrested for commodities fraud as complaints were made to the relevant authorities. This is not trivia at all and there will be recourse for this. If not today then for another scam. Take this is a lesson and please, share with everyone how you got convinced and it'll help humanize this scam and help others later on given your responses.