We have talked about Minerals, a new Crypto, a little while ago. In case you haven’t heard about it, you might want to check out this article. It appears there is quite some controversy going on, so let’s take a look at who’s stirring the pot. The result might surprise you….
One of the major points of concern when it comes Minerals was the fact there are no exterior mining pools. The development team offered multiple MIN mining pools, but they were all owned by the team themselves.
There would also be no release of the source code, or any working desktop clients, before the mining phase was over. While this rubs a lot of people the wrong way, there is also a good side to this,but people fair to realize that.
Last but not least, there was a limitation on mining speed. Each pool account could only create one worker, and that worker’s speed would be limited to maximum 50 MH/s. This also ticked off a lot of people, and I will tell you why right now.
When new coins launch, people want to throw massive hashpower at it so they can mine a ton of coins, and dump them the second they hit an exchange. This is what makes coins “pump-and-dumpable” , the fact that people can throw any amount of hashpower at it.
Minerals decided to take a different approach to mining, not only by limiting the mining speed per worker, but also to host the mining pools themselves. There is an asterisk to be made as to why no other operators created a Minerals pool though.
The code to host a Minerals pool was available to any pool operators on request, but they had to play by Minerals’ rules. That means limiting hashpower, one worker per account. Guess what, pool owners don’t like to play by rules that aren’t set by themselves that much.
No one ever said there couldn’t be other pools where you could mine Minerals. The pool owners just didn’t like the ruleset and decided to stay away from it. I felt this deserved some clarification, as I’m seeing a lot of BS out there at the moment.
What Minerals did perfectly though, is create an actual fair distribution model. One worker per account and capping mini speed, all of this gives every miner a fair chance to mine some MIN. And for some reason, people still complain.
You have to ask yourself : do we really want fair distribution, or do we want to have all the coins for ourselves, because that’s what seems fair to us? Minerals created a fair distribution, as in fair for everyone, and people are upset because they didn’t get the largest piece of the pie. Grow up.
Another comment I come across fairly often says “But I have such a big farm, the way Minerals handles things is not fair to me!”. Yes, it is. You can still use 50 MH/s of your farm to mine MInerals, and point the rest somewhere else. I bet you never thought of that, did you?
The Minerals developers also announced a MIN Multipool even before the Proof-of-Work stage was over, but it was only available for usage after PoW ended.. The best part about the Minerals multipool? It doesn’t limit your hashpower per worker, so you can play with your bigger toys.
When Minerals didn’t release the source code to miners during its Proof-of-Work phase, which is a fact that was announced before launch, it took a while for exchanges to addthe coin. This caused another round of controversy, during which people claimed there was “something wrong with the code if no exchange wants to touch it”.
Newsflash : Minerals clearly stated they would gladly give the source code to exchanges so they could look at it and decide on whether or not to add a MIN/BTC trading pair. There is nothing wrong with the code, get your heads out of your….You can fill in the blank yourself.
As it stands right now, Minerals has been added on several exchanges : KingCoiny, C-Cex and Coins-E all have MIN/BTC trading pairs. BitTrex is currently looking over the code, and we might see a trading pair sooner or later.
TLDR version : The “big boys with big toys” were pissed off because Minerals provided an actual fair launch by limiting hash power per worker. No pool operators wanted to play by Minerals’ rules to set up their version of a MIN pool. This coin has had a proper fair release, and people are still complaining.
Minerals donations are welcome to : MPLquHrQAwDSon4UmAT63syBoiPzXmrUhG
Minerals website : http://minerals.pro/
Minerals on BitcoinTalk : https://bitcointalk.org/index.php?topic=641057.0
Minerals on Twitter : https://twitter.com/Minerals_dev
Minerals on Reddit : http://www.reddit.com/r/MineralsCurrency/