Bitcoin Forum

http://www.bitcommoditiz.org/wp-content/uploads/sites/1053/2014/01/bitcoin2561.png

NEW AND DIFFERENT ! NOT JUST AN OTHER SERIE OF COINS. A full network of ten virtual crypto commodities for which hashing  difficulty varies with the price of a real underlying commodity !

****** UPDATE (Feb 26 2014): Now reporting hashrate at http://www.bitcommoditiz.org/where-to-mine/ *******
****** UPDATE (Feb 13 2014): We now have a nice dedicated forum: http://chiznillen.net/forum/bitcommoditiz *******
****** UPDATE (Feb 6 2014): Latest build 0.8.6.3 fixes unclean wallet shutdown for Windows users *******
****** UPDATE (Feb 1 2014): We have our first rate! 0.0001 BTC per XAUz, thanks Jerry! *******



Example: diffculty for mining Oilz (ticker CLz) varies with the price of real crude Oil on the market (quote provided by finance.yahoo.com)

As a miner: you have more stable revenues. If the real oil price is up, it gets harder to get Oilz but what you mine is more valuable. If the underlying price is down, Oilz value is down but it becomes easier to mine, so you receive more shares to compensate.

As a trader: you can apply to BitCommoditiz the volatility rules you already play with in the real world.

As a Crypto coin owner: BitCommoditiz are a safe haven for your coins, BitCommoditiz future value is tied to its underlying real commodity value.  No need to buy gold, buy Goldz and stay in the crypto world.

BitCommoditiz is more than 10 other altcoins, it is a full class of new crypto assets with difficulty volatility correlated to a real commodity price volatility (currently gold, platinium, palladium, silver, crude oil, wheat, corn, cotton, coffee and cocoa). Approx 15K blocks have been mined today.

This announcement concerns the first 10 BitCommoditiz, more virtual commodities to come....

More detailed information: http://www.bitcommoditiz.org

Worldwide P2Pool Network (1% fee):
- USA
- CANADA
- EUROPE

Full list on http://www.bitcommoditiz.org/mining/


Common characteristics

Bitcommoditiz software is a fork of Litecoin using scrypt as a proof-of-work algorithm.
    each bitcommoditiz – and its unit – ends with ‘z’ to differ from real commodity
    birth date (genesis block): 2013 Nov. 12
    difficulty varies according to underlying price on the market
    quote provided by http://finance.yahoo.com
    5 minutes block targets
    1 coin per block
    subsidy halves in 420k blocks (~4 years)
    ~42 million total coins
    1008 blocks to retarget difficulty
    

....so how long have you been premining this? lol

Approx 15K blocks have been mined today (as said in the annoucement).

Ha!  Good luck.

good bye

 birth date (genesis block): 2013 Nov. 12

So what is the point of this coin? It seems to be to be an attempt to centralize they currencies. So I get that the mining difficulty is controlled by arbitrary IRL trading price of those commodities?
Who controls the diff rating? Is it automated somehow or do devs have control over this?

How do you mine for specific commodities? There is very little information here, clearly developing this took quite a lot of effort, you need to do a better job of explaining exactly what you are developing here.

dif way low..
when will it move explain more

Gold Stats XAUz


{
"blocks" : 23127,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.00367721,
"errors" : "",
"networkhashps" : 111992,
"pooledtx" : 0,
"testnet" : false
}

No centralization, only a third party needed to provide the quote of the underlying commodity. This third party (the quote provider) is Yahoo. This is in the source code of each BitCommoditiz.

The retarget mechanism is built in the code (available on GitHub). Retarget happens each 1008 blocks.

For each BitCommoditiz this mechanism is the same (only the the underlying real commodity varie of course : gold of Goldz, palladium for Palladiumz and so on...)

Each time a a block is found the quote of the underlying commodity is pulled from yahoo. At the time of the retarget, each 1008 blocks (3.5 days approx.) the new diffculty is computed according to the following:

new difficulty = (standard difficulty x underlying commodity price) / initial commodity price
Where:
- standard difficulty is the primary difficulty retarget, only function of the network hashing power, this value is not function of the underlying commodity.
- underlying commodity price is the average value of the last 50 prices of the underlying commodity from finance.yahoo.com
- initial commodity price is the price of the real commodity at the time of the genesis block (November 12, 2013).

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So you want us to leave the real coins for your premined coins? I don't get it, why would anyone do that?

Worse than that guy with 5 coins, this one has 10!! lol

I am not sure to get what kind of use can be done with the 'mining value indicator' you just published ?

BitCommoditiz is an attempt to "plug" crypto coins into reality.

Why mine BitCommoditiz ? Each day a new altcoin pops up, so why thoses onces ?

Ask yourself what will remain at the end of the rush ? The best coins for sure.

What are the best coins ? Coins that ring some bell in people's mind either because their are historicaly well known and give purchasing power in the "real world" (Bitcoin, Litecoin...). Also, coins that are closed to people's primary friendly pictures (you know, the coin with the Dog, the Cat, the Car... no limit), AND - and that is where I wanted to drive you to - coins that are associated  in our mind with some real value we all know and acknowledge automatically as such.

So why would you mine BitCommoditiz ? Because this is the first attempt to do that in the altcoin community. Gold, platinium, wheat, corn, barrel, ton, pound, ounce... we all know that!

You would mine because the whole network is at its earliest days, as such difficulty is low and all the ten BitCommoditiz are still "baby coin". Nothing much to loose.

And finaly because *by design* BitCommoditiz will speak to people and will reproduce the volatility of the real underlying commodity. So they will remain in people's mind.

(to "bottacoin")

Thank you for your question regarding the 'mining value indicator'. BitCommoditz has been made by miners for miners.

As explained in a previous post, BitCommoditiz is - by design - the first attempt to correlate crypto coins to underlying well known valuable assets (Goldz for gold, Oilz for crude oil, Platiniumz for platinium, etc..)

Why sould you mine BitCommoditiz ? See the previous post.

Once your decision is made the next question is « which BitCommoditiz should I mine? »

Here comes the mining value indicator.

In the real life, you know that gold worths better than cocoa, OK. Now please pay attention that, on the real commodities market, the base unit for gold is troy ounce - today USD 1,269 per ounce – whereas the  base unit for cocoa is ton (today USD 2,755 per ton). So if the amount of work to produce each unit of real commodity was the same, better run a cocoa plantation than mine for gold.

In the BitCommoditiz world base units are the same than thoses in the real life... but what about the « amount of work »?

In the crypto world the « amount of work » is the  difficulty . It is function of the hashing power of the network. This makes the decision to choose which BitCommoditiz to mine more complex, but not so much.

The 'mining value indicator' gets the computation for you and helps you for the right decision. Each BitCommoditiz value indicator reflects the “value produced per unit of BitCommoditiz difficulty“, the higher the indicator the better the mining reward. Finaly, yes, it’s that simple... follow the indicator.

When the network has reached its natural equilibrium (which is not the case today: it is only the very beginning  as we speak, diff is quite low so all the values are not mature at all), each BitCommoditiz mining value indicator should get approx the same value and reflect a constant value / effort ratio.

BitCommoditz has been made by miners for miners.

• the retarging design rule gives miners more stable revenues. If the real cocoa price is up, it gets harder to get Cocoaz but what you mine is more valuable. If the underlying price is down, Cocoaz value is down but it becomes easier to mine, so you receive more shares to compensate.
  
• the Mining Value Indicator  gives you in real time a classification of the BitCommoditiz to mine ranked from the most « profitable » to the less « profitable ».
  

One could object that no BitCommoditiz has no real value right now either in the real world, nor on any e-market. Yes that's the truth, I would better talk about « potential value » and « potentialy profitable », real value will come with miners. It is not a serious objection to say that a just-born crypto coin has more « potential » than real value.

thanks for the explanation, I think I understand.

Really nice feature. If it works, it seems to be a rather innovative concept.

+1

Its good that somebody tries to tie cryptos someway to physical assets. Maybe it cant be done reliably but we'll see...

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As you can see, I can't seem to be able to connect to any of the servers..

http://s15.postimg.org/dkinrbqij/11111111111111111111.png

Is this a problem with my configuration, or a problem on your end? Thanks.

This is what I get when I close any of the wallets...

http://s12.postimg.org/63eey7fql/22222222222222222.png

All these errors crashed my computer...

Hi Chris180Z,

I see an "unexpected extra command line argument" at the bottom of your GUIminer window so it seems that the problem is on your end (but I must admit I can not see what is such "extra argument"). Any parasit space character somewhere in arguments you typed in, can you please check ?

Please send your XAGz minig address to p2poolsupport@bitcommoditiz.org we will try with a command line version of cgminer.

Hi again Chris180Z,

Regarding the second message you posted : this is a known problem actualy. Under Windows the windowing system bugs when you close the wallet. Be sure it is only a windowing problem with no deeper impact in the code.

We have to fix that in the background - it is a bit dirty I must admit - but, once again, only the windowing part of the software is concerned. This has absolutely no impact on the wallet files that are store on your computer hard disk.

In other words you will no loose any coin or any transaction due to the fact that the windowing system closes dirty on Windows.

This problem is on our todo list, indeed. We do apologyze for the inconvenience in the meantime.

"LITECOINS" ? :-)

http://s2.postimg.org/9p7mzk6nd/xauz.png

like many scrypt coins its a fork of litecoin, he's just missed a rename is all :)

Yes indeed, the node sotware is a fork of Litecoin 0.8.5.2 that's why you saw some "Litecoins"out of the box (thank you for your message anyway, we will correct that with the next release).

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I don't see the european pool at this time  ???

Hi bottacoin,

The European pool is currently under maintenance (upgrading to BitCommoditiz 0.8.6.3). You can see the maintenance announcement on www.bitcommoditiz.org (a shut down is always announced on our web site by a short news).

Not all the pool is down. Each node is updated on a rotating fashion, so that the downtime per BitCommoditiz must not exceed 15 minutes. You always have 9 out of 10 BitCommoditiz up on the European pool.

I would advise you to configure your miner in failover mode (if not).

For example if the European pool is your primary mining pool, you can define the Canadian pool and then the US pool as your secondary and third mining pool. Which such configuration you will never loose a share of Bit !

Cheers.

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Hi BitCommoditiz miners,

So that everybody knows: today Canadian pool is under maintenance. Please switch to Europe or US pool if you encounter any difficulty.

Cheers.

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Maintenance completed on Canadian pool. All systems are back to normal.

Cheerz !

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To the OP and/or Dev(s), PLEASE relaunch this coin with 2 Things!:

1. No Premine
2. Invest (if you cant code it yourself) in getting a multi-coin client made up for all of these. TBH i was all amped as shit when I finally heard about it, and downloaded the client, and was like WTF!. It's overwhelming at first sight. But it would really polish if you invested in  getting a multiwallet for this.

A multiwallet and a good promoted launch, you would have a fucking army mining this shit.

I can help you out with the promoting if you want. I really REALLY love this concept and see a LOT of potential in it, but it reeally needs a few fixes frist.

PM me if you wanna chat more.

--GoR--

We loved your "fucking army" concept  ;D

You won a special giveway! Check your PM.

Hi guy,

I want to invest in new coins. Why should I invest on your coin ? Why is your coin so "new and different"?

Publishing our daily Mining Value Indicator

What BitCommoditiz better deserves mining power today?

NEW ! starting today a new percentage indicator with gold as reference and a direct link that points to our page which contains all the real time datas


click here: http://www.bitcommoditiz.org/where-to-mine/ (please allow 10 seconds for the page to load)

Shows that today Cocoaz is 534.98% more profitable than Goldz.

BitCommoditiz is the first attempt to tie a crypto currency price variations to a real well known asset price variation. The innovation is built in the code by design: the hashing difficulty of the BitCommoditiz is function of the price variations of the real underlying commodity (goldz for gold, oilz for oil, cocoas, ..).

As a result BitCommoditiz are very interesting for miners, traders and investors.

As a miner: you have more stable revenues. If the real oil price is up, it gets harder to get Oilz but what you mine is more valuable. If the underlying price is down, Oilz value is down but it becomes easier to mine, so you receive more shares to compensate.

As a trader: you can apply to BitCommoditiz the volatility rules you already play with in the real world.

As a Crypto coin owner: BitCommoditiz are a safe haven for your coins, BitCommoditiz future value is tied to its underlying real commodity value.  No need to buy gold, buy Goldz and stay in the crypto world.

We do beleive that BitCommoditiz has a great future due to its innovative design. Join the army ! Invest.

Let's make a deal: 0.1 BTC for 1000 XAUz + if you give me some some free bonus I'll advertise our deal on forums.

Please contact us PM.

Publishing our daily Mining Value Indicator

What BitCommoditiz better deserves mining power today?


Click here for the full real time classification:
http://www.bitcommoditiz.org/where-to-mine/ (please allow 10 seconds for the page to load)

Today Cocoaz is 535.34% more profitable than Goldz.

Where can I change XPTz?

Please contact us PM.

Publishing our daily Mining Value Indicator

What BitCommoditiz better deserves mining power today?


Click here for the full real time classification:
http://www.bitcommoditiz.org/where-to-mine/ (please allow 10 seconds for the page to load)

Today Cocoaz is still +588.96% more profitable than Goldz.

We were quite surprised it is up from a yesterday +455.26%. We searched and found the explanation for that,
 it is not due to a lack of interest for Cocoaz but an increase of interested for Goldz!! (hardly mined, difficulty has increased).
You said "psychologic" ?

So..

You've basically released several currencies, and centralised it to your own pool? It's a fun idea, especially if you release your own exchange.

There needs to be a connection to the outside world, a currency that can be bought or mined centrally within the system, and then traded externally on the various exchanges. Naturally Gold/XAUz would be the obvious choice.

My major concern is the centralisation of this. Basically right now you control the pools and the currencies. Is the source available? Will it be available? How can we verify the mining calculator isn't biased?


How much has been premined? The network is 7 weeks behind when I start the wallet.

You should use something better than yahoo finance for quotes. Get Think or Swim. They have DDE capability live. Not sure the dynamic of how the block grabs quotes, but I cant imagine that yahoo finance is going to take yo anywhere you want to be.

Just my thought.

Doesn't matter anyway. The wallets actually crash when I try to solo mine, and seem to randomly crash out regardless.

Hi Nullu,

Thanks you for your comment.

We have released 10 cryto-commodities for which the main characteristic is that their mining difficulty is tied to a real underlying commodity price.

There is no centralization, we do NOT control the things, is it a standard p2p network, built from a Litecoin source code. The main difference is the need for an external source of quotation (for the real commodities price). The quotes come from http://finance.yahoo.com

See here for the details: http://www.bitcommoditiz.org/all-commoditiz/

This is built in the source code, you can check by yourself as the whole code is public on GitHub: https://github.com/bitcommoditiz/

As for the difficulty you can check it any time by a getmininginfo command on any node (this is the same check you can do with Bitcoin, Litecoin and so on...)

Regarding the pool, we provide a "ready to mine" pool service with a 1% fee but you can run your own BitCommoditiz pool. The mining pool software, Bitcommoditiz p2pool is also on GitHub: https://github.com/bitcommoditiz/P2Pool

We really wish to see some independant pools on the market in the hope they will attract more miners. We can help you to run your own pool by providing you with technical support if you want (contact us PM for that).

We do not want the control over the pool and the currencies. We do not plan to release our own exchange.

We look forward to see BitCommoditiz on independant trading platform so that you may freely exhange them with others cryptocoins.

On Windows the node badly quits when you close it or when you make a typo error on the console. It is a known problem, we are working on it but be sure it does not crash "randomly".

If you want to solo mine you have to wait 50 blocks (approx 250 minutes) before mining your own, this is due to the fact that the difficulty retarget accounts with the average of the last 50 underlying real commodity quote. The sync is done this way: each block a quote for the underlying commodity. A time of retarget the average value is computed.

Hi Newmine,

Thank you for your interest with BitCommoditiz.

We do not need high real time five digits quote provider like the Forex ones (I have been personnaly a Forex player for some times, I know what you are talking about).
With BitCommoditiz difficulty retarget happens each 1008 blocks (3.5 days). Each block a quote is pulled from Yahoo.

At time of retarget the average of the last 50 underlying quote is done, that' enough.

We have an outside quote provider nobody can suspect to have any private relation with us.

Yahoo does this job.

More profitable? Are you going to pay me USD for my "Cocoaz"? How are you going to pay me: Paypal, Skrill, SEPA transfer...?

Thank you for your question.

No, of course not, we do not buy back BitCommoditiz. The mining value indicator is the ratio of the real underlying commodity price on the market by the network difficulty.

When all the BitCommoditiz will reach their equilibrium, the indicator should be approx the same value for all BitCommoditiz.

In the menatime it helps to find arbitrages in between BitCommoditiz. To get a detailed explanation of the Mining Value Indicator click here:

http://www.bitcommoditiz.org/what-is-the-mining-value-indicator/

BitCommoditiz are not yet quoted on any public platform as it is a quite recent running crypto network.

Cheerz.

xptz and xagz look to be down on p2pool usa, xauz is running ..

Thank you, this problem has been fixed in the meantime.

For a quicker answer please mail to p2poolsupport@bitcommoditiz.org

Today a new build in the download section fixes the ennoying wallet unclean shutdown issue for Windows users.

Earliest BitCommoditiz adopters on Windows should download and run the latest version (existing wallet datas are 100% compatible with this new build).

BitCommoditiz_win32_0.8.6.3.rar is available on  http://www.bitcommoditiz.org/download/

Just download, unpack with winzip or winrar and launch the new wallet (answer "yes" if Windows firewall prompts you to open the p2p port).

Great to see you're improving / fixing things, thanks, good job!

Your vision and idea with these coins are really interesting and promising, I have the feeling that it will take some time to reach its full potential but it definitely will.

And you definitely need more visibility !

Yeah you're right. That's definitely our opinion here.

We are more tech & finance than communication guys. Do not hesitate to talk about BitCommoditiz around you and in your Facebook... that's how we will become more visible.

Cheerz !

Can I make real money to trade them?

Can I trade them for BTC、 ltc or others?

Not yet, but soon hopefuly you will be.

BitCommoditiz is quite new and innovative. When a sensible number of guys have them in their wallet we will apply for quotation on public trading platform.

In the meantime take advantage of the low diff: mine and save.

Cheerz

Maybe you should publish a hashrate indicator, too  :)

This can earn you

This concept would have been massively popular with a different reward structure even premined.

Yop, good idea. We add that in the todo list.

Done.

http://www.bitcommoditiz.org/where-to-mine/

Now includes global real time BitCommoditiz hashrate plus detailed per BitCommoditiz hashrate.

Today 2Mhash for BitCommoditiz.

Cheerz !

Project is die?  >:(