...or how are we going to stop that panic sell and increase our platform effectiveness
The whole week Midas team has been working hard on different problems, that suddenly popped up together, which created a bit of chaos. I will break down each of them: platform issues, price issues, buybacks, and Fline. Please be patient and read till the end to understand where are we and where are we going.
Currently, we have one main developer: @Mike - midas.investments#0305. At the moment we will not allow any other developer to work on our back-end, because of the security reasons. However, we are in the process of hiring additional stuff to outsource some of our back-end tasks, which will help to increase the speed of development.
Also, we have one person managing masternodes, @Seb - Midas.investments#1031. For similar security reasons.
The last two weeks were hard for the platform, because of the enormous interest to it. More users, more masternodes, and much more updates. First of all, we needed to increase our server memory and launch a couple more to stabilize it. Then every wallet had to be updated due to the PoS exploit attack. Seb spent hours on that. Some wallets got multiple updates or errors after the bug fix, which caused more troubles.
Meanwhile, some of the wallets are creating an immense debug file — more than 50 GB, which hurts our servers a lot.
Overall it caused a tremendous amount of problems during this time. We fixed all the bleedings now. However, we still have some minor issues with a couple of wallets that will be fixed tomorrow. Also, on Monday we are going to implement radical changes to our inner masternode optimization. We needed to do it long ago but were busy with other stuff.
- First of all, we are transferring all the masternodes to our new automated docker system. It allows us to make updates on all masternodes with a couple of code lines, monitors if the masternode is enabled, and adds flexibility on our administering system. We will migrate all masternodes during the next week, which means they will be reactivated, which implies a reward drop on a day or less. Still, this feature allows us to scale our platform for a long time forward, so it is a must thing.
- Then we will create the work timeline within our team to monitor the platform 24 hours, all the coins, all the masternodes. That increases the stability of the platform.
- The new system will increase ROI for many coins because it will spread rewards to PoS address with the right stake value.
Overall, we expect the platform to be far more stable and profitable, which is excellent. For the possible rewards decrease, we will not take the Midas fee for the week, which we need to implement this system.
Meanwhile, Mike is working on the "BTC in" system, which allows buying coins directly on the platform. We plan to launch it that week, which will add additional liquidity for this market. Later on, we plan to launch "BTC out" which will allow you to sell your coins and automatically and put sell orders that coins during the trading.
Midas coin revive
Next step in Midas v2.0 is the actions to increase the price of our currency.
The few things were crucial in the Midas coin life.
- We had a high ROI period, which was a mistake on the start. We did not need it to bring new investors, but we wanted to reward our long-term users with a high ROI period.
- PoS fake attack. I did not know what those transactions on our explorer were. Now we know. We created a fix, while this chaos was popping out. It was not effective. That is why we will have another wallet update on Monday. This solution showed excellent results on other coins. Fline will have this fix too. Currently, we see the market selling pressure from the PoS exploit abusers. Those guys sold over four nodes on that price during the last week. And they had many coins since we got a high ROI period. So, overall their selling pressure during the five months of Midas coin history is estimated at 25k coins.
Now let me concentrate on the things that will help the Midas coin grow in the following weeks and months.
- We are implementing the transparency structure on our buybacks. Now the buybacks will be done each week in the random time. We will create a special channel dedicated to it, where we will tell how much we earned during the previous week and how many coins we burned. That will apply constant buying pressure from us, and you will be able to monitor the growth of our business.
We will start tomorrow, today we made a buyback of 4614 coins.
- We are developing new sources of income, which includes "BTC in" system, where we will take a small fee on coin sells, Incubator programme that will make "BTC in" even better and, of course, Fline coin, where we earn a part of bot trading profits, and from coin itself, since Midas team will have a few masternodes bought.
Currently, our average income is 4 BTC/month, which is enough to feed our eleven people team. Our goal is to have 1 BTC per week for buybacks; this requires us to increase our income four times, which is achievable with "BTC in - BTC out" system and Fline bot investments.
- We will list on one more exchange and then on coinmarketcap. I refused to list on Cryptopia because it had withdrawal issues, which means they did not have funds to back up every balance. So after they scammed, we concentrated on the platform and business, which took our attention from the coin development.
- I will get back to YouTube videos right after we finish with the platform optimization and Fline launch. I have too many things to say about masternodes, but so little time. I believe content marketing can be great on this local market.
- Speaking of marketing, our new marketing manager is doing a great job of formalizing our marketing strategy for all kind of users. His work reflects on the platform users increase.
This was a tough two weeks for Midas, but we became much stronger afterward. Hope you are ready for the journey that is coming ahead. Soon I will post a report on what we achieved in the past couple of months to show you how long path we walked.