So all alt-coins are scams now?

Honestly, it looks to me like you're just a pessimist who has been burnt from another alt-coin in the past. This guy hasnt even said any details about this currency and you've already equipped the flame thrower.

No need to try and bring everyone else down because you have a problem.

1. MemoryCoin is a scam

2. FreeTrade (MMC developer) is dodgy

3. Your math is based on variables

4. Power Consumption will be more like 80-84 watts using an i7-4770K (and you haven't included *any* power prices in your estimations)

5. If you think a $335 CPU is going to be worth $200 in 12 months, you're probably not very familiar with a thing called "depreciation"

6. "Total Investment" doesn't include Motherboard, RAM, PSU or HDD - your "Total Investment" is based on ALREADY owning 12 systems capable of handling an i7-4770K


Next time you want to promote a shitty coin - make sure you use a "Self Moderated" thread like the other devs do - so you can delete anything you don't agree with - like the MemoryCoin devs do.

As an Australian, with friends who work for banks and major accounting firms - I *honestly* can't see this being approved by our government. The big banks here flag all BTC transactions as possible fraud, and ASIC (the government body that regulates companies) hasn't got many good things to say about BTC.

The problems I can see with using BTC for Credit Cards and Loans, is the differences and movement between BTC and AUD, as well as interest and taxes. Here's some scenario's which might need to be worked out.

----------------

Our GST is at 10% - so currently, selling 1 x BTC (~$750 AUD today) - would require the company/customer to pay $75 GST - which means the total cost for the customer would be $750 + $75 = $825. Who would buy a BTC worth $750 for $825?

----------------

Exchange rate vs income tax. Any money a person makes from BTC will need to be taxed, how are they going to tax it? Are they going to calculate your net worth from your holdings of BTC like they do with shares? If you buy 10 coins at $1000 AUD - and they jump to $20,000 AUD each around tax time - do we need to pay capital gains tax on $200,000 AUD - even though the bitcoins haven't been sold for AUD?

----------------

Interest Rates - If someone gets a BTC credit card or loan - how do they pay the interest on that or deal with huge price increases? Same figures again, imagine we get a loan for 2 x BTC ($2000), and the price jumps from $1k to $20k - without direct access to BTC, does it mean their debt will have gone from $2k to $40k ? How does a customer obtain the ~0.01 BTC required for interest? do they need to buy BTC and pay the bank with that - or do they need to pay in AUD for the hugely inflated interest price?

----------------

I'm no financial expert - but I can see things like this being a problem when trying to get ASIC and APRA approval

.....or maybe its the government and banks

*slips on tin foil hat*

My partner is a university qualified and AU/NAATI accredited translator and interpreter, in written both Simplified and Traditional to English, and with both Cantonese and Mandarin to English - I will ask her when she's done talking to her family for Chinese New Years

Oh sorry I should re-word it

Is he likely to stop supporting MemoryCoin like he did with PTS, then steal the code to make yet another alt-coin - unless the community bows down to his demands?

I couldn't really care about Newmine, I care about FreeTrade's attitude because he marketed the coin on here - and mislead the public with false information, and he's censored my comments in other places just because he refuses to answer questions.

Your response makes basically NO sense at all - you are trying to act like a corporation however you refuse to follow the rules of a corporation, one of the major rules with a corporation is disclosure of information - ie: to tell share holders about the CEO's financial holdings in the company. MemoryCoin has refused to do that and blatantly mislead consumers with things like "CPU Only Coin" and not releasing the source code, and FreeTrade is part of the deception.

How many coins does FreeTrade hold?

and

Is he likely to quit MMC like he did with PTS?
 

When did Judaism become a race, and not a religion?

Cryptocurrency already gets enough shit from banks, governments and federal authorities, the last thing we need is the community ruining it's own image

MemoryCoin 2.0 (MMC) is a scam, we all know it now

FreeTrade (ex CEO/CTO) has a HUGE amount of coins, and he deceived the community by advertising as CPU only coin, which turned to a GPU coin with an explanation from the developer of why GPU is good for MemoryCoin.

The coin was developed with SHA-512 and AES (both capable of GPU decryption), and the source code wasn't released until well after the original coin launch.

Furthermore, FreeTrade would either delete posts from users or just ignore questions he was asked.

There is no confidence in MMC anymore. 

I want Bitcoins and Altcoins to be here in the future, I believe there is a whole new financial market opening here for people to embrace.

With crap like this coming out - it makes the community look bad, which means investors and professionals wont take it seriously at all, it also takes away from the integrity of  announcements made by other developers.

huh?

so this means nothing to you?

https://bitcointalk.org/index.php?topic=409281.msg4438562#msg4438562

What's that?

Cryptsy refused to put your favourite coin up on the exchange?
and
You have been getting chummy with r3wt from openex ?

I personally, think you should be banned from the forum for spreading false information in an effort to promote your own product.

Just to add to the scam

http://memorycoin.info/ is for sale- looks like the dev team (belltown in particular) is looking to capitalize on *anything* they can get their hands on.


https://bitsharestalk.org/index.php?topic=2123.0

SO - The devs want YOU to pay for the domain, and, you must say good things about MMC on there.....

When will this coin die!

16,000 MOL for sale

Price
4 LTC
OR
100 SRC
OR
0.15 BTC

Want to SELL
 
16,000 MOL

Price
4 LTC (Litecoin)
OR
100 SRC (SecureCoins)
OR
0.144 BTC

PM me

Also listed on http://newchg.com/

(edit : updated BTC price from 0.15 to 0.144 to align with newchg.com)

FreeTrade / MemoryCoin 2.0 is dodgy

Didn't see that coming.......

Here is FreeTrade's blog post on MemoryCoin's website

http://memorycoin.org/gpu-miner/

Since there is no point posting in FreeTrade's thread because posts get deleted - I want to point out



The reason coins use a complex algorithm, is so that people *cant* create a GPU miner for it, it's not because it takes longer for them to develop it, it's because the GPU's aren't capable of handling the instructions and calculations in the algorithm any faster than a CPU.

"Short-Term" is having a GPU miner released the day after the source code gets released (which was 2 weeks after the mining started)


Wait... so you knew this algorithm was able to be mined with a GPU *BEFORE* you wrote the code - but still marketed it as a "GPU Resistant" coin - because it required 1 gig of RAM to do the encryption?


Once again, more bullshit! It's in the official MemoryCoin 2.0 thread (until you delete the post of course) that people are reporting 10x higher hashrates using GPU than CPU - I think you should be saying ASIC instead of GPU farm, because people already have these farms from bitcoins/litecoins/doges/moon and will use them to mine the next big thing - then dump it on the market a few days later with high profits.

Why are you still presenting false/misleading information to the community about your coin?