Why Masternodes.online Why!!!!
themastercrypto last edited by
Just posted this article about MasterNodes.Online
Thanks for posting, I'll ping @Cryptosandwich , he can adress your points better than me. However, Im pretty sure I can safely say that the fee for collateral increase is not "new" and has been a long standing practice at MNO.
However, and I apologize because that is a bit out of topic, I must say that on a personal level, I was disappointed to see JD (Graph's lead dev) deciding to quit. I must say the timing is very awkward. Just after announcing that GRPH was going to increase MN colateral he quits? What was that? It feels like that increase was a last ditch attempt to boost price so that he could quit with a few bucks. I have no proof and really don't want to think that this is what he was doing, but that timing couldnt have been worse
Despite that, Beam is a nice platform, I personally really like it and I hope it succeeds. JD seems like a solid dev that knows what he is doing with his code. Did it all become too much for him?
I'm Cryptosandwich and I manage communications at Masternodes.online. MNO provides the coins Masternode Stats, Monitoring w/ Notifications and a Masternode Explorer for a .25 BTC one-time, lifetime listing fee. MNO charges a .05 BTC fee for ALL collateral increases, chainswaps & rebrands. These fees have been in place for over a year.
Why does MNO charge these fees:
Chainswaps and rebrands require significant time and are effectively new coins for our dev team.
Collateral Increases change the contract between a coin & community. It also changes our contract with our coin clients. Collateral changes require less time than Swaps and Rebrands but I feel our small fee may be a deterrent to collateral increases.
What is the impact of a collateral change?
1). It forces every existing masternode investor to tear down every masternode and set it back up again.
2). Many will need to purchase more coins to maintain a masternode following the increase.
- Masternodes are supposed to be relatively passive investments. Where you can set it up and just let it earn.
- Collateral increases require significant work from the investor.
Collateral increases are often quiet - posted only discords/telegrams and not well-publicized and investors are not notified.
I have observed first-hand that a significant percentage of coins change collateral in order to get their investors to buy more coins to continue to run their masternode while the devs put their coins on the market to dump the coin. We make no assumptions on any collateral increase but believe our small fee may act as a deterrent for such increases and the devs that are planning an exit have often taken the biggest issue with the fee.
On GraphCoin specifically
- The dev raised the collateral by 10X. This makes all masternodes on the network invalid. Graph investors now need 10X the previous collateral to now run a masternode.
- Dev accuses MNO of extortion for the $190 fee for the collateral increase and demands an exception be made. (BTC was $3800 at the time so .05 BTC = $190)
- Dev puts out series of anti-MNO tweets
- Dev exits his project
- Dev puts out 2nd round of anti-MNO tweets