“We don’t exactly know what happened at Mt.Gox,” explained the creator of MtGoxCoin.”But they screwed over hundreds of thousands of people who put trust in them. We’re pissed and we want to make it good.”
The concept is to introduce a new altcoin based on Litecoin and dedicated to relieve the pain the crypto community suffered from Mt.Gox closing down. The unit is labeled GOX.
The creators have designed incentives to get miners and the community on board, giving away coins to people who help create the infrastructure and promote the coin. They write on the MtGoxCoin website:
We pre-mined the coin to be able to compensate every person who lost coins on Mt.Gox. We want to give every person as many MtGox Coins as their last balance was on Mt.Gox when they closed shop. But of course it can not be guaranteed we will reach this goal within a reasonable time frame. We are working on getting the coin on as most exchanges as possible so everyone can trade early and safely. But first, we will give donations to all who help us grow the coin in some way or another.
There has been resounding support from the community on the Bitcointalk forum, and several mining pools signed up right away, including hardcoreminers, Coins for Everyone, RobMoneyPool, crypto-hamsters, Sumpool, OkayPool, WTFPool, and Mine Big.
Popular alt-coin exchange NXT-E enabled trading of MtGoxCoin, and it looks like Crypto Rush will be adding MtGoxCoin to its list of altcoins today after a popular vote placed GOX above other altcoins.
Background
Mt.Gox, the first and once biggest Bitcoin exchange went out of business. We don’t exactly know if it was gross incompetence of losing private keys, an inside job, or theft but they lost more than 750K BTC and lots of cash from hundreds of thousands miners and investors who put their trust in them. This is not OK. WE ARE PISSED! And we want to do something about this.
Idea
If you’re one of those many who lost money on Empty Gox or you didn’t lose any but want to help us recoup what was lost please help us grow this new coin. This is our chance for all of us to win the lost money back. Mine and invest early in MtGox Coin to get back what you lost and more!
Premine and Compensation for Mt.Gox losses
We pre-mined the coin to be able to compensate every person who lost coins on Mt.Gox. We do this by giving away lots of MtGox Coins (GOX) so everyone who lost money on Mt.Gox exchange will have free coins and get partially compensated.
We are also using some of the premine for bounties for coin infrastructure (such as blockexplorers, pools, etc.) promotion, maintenance for vps node servers, hosting premium servers, daily giveaways, paying rewards for people that payed BTC to enter exchanges and more.
Disclaimer: MtGox Coin is not affiliated with MtGox Co., Ltd. in any way. We don’t have, nor do we intend to acquire the user database with balances from Mt.Gox or anybody who may have stolen it from them because we consider that private information.
We need your help
We strongly believe this could work, but we can’t do it alone. We need volunteers to make it happen. We need miners, pools, exchanges (ironic), blockchain explorers, marketing ideas, blog posts and social media mentions. Every little thing counts and small actions will add up to make this coin a huge success.
ありがとう Arigatō
Tech
Start date: Mon, 10 Feb 2014 11:00 PM GMT
Algo: Scrypt – Proof Of Work
Coins per block: 25 GOX
Block time: 1 Minute
Difficulty retargeting: 10 Minutes
Total coins: We will not run out of coins ( around 1B / 83 years )
Premine: 0.09%/972k
Unit: GOX
Birth of genesis block: Fri, 28 Feb 2014
Code: Based on 0.8.6.2
Rpcport: 9988
P2port: 9977
source: http://onbitcoin.com/2014/03/14/goxxed-enter-altcoin-mtgoxcoin/ & http://mtgoxcoin.com/about
Goxxed? New Altcoin MtGoxCoin erupted to the scene
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