Bitcoin Forum

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 There are currently only two of us on the team, myself and a close friend. We always have open doors and are always looking for additions to the team. With our ghost launch and pre-ann, early adopters will be rewarded with the coins from our POW phase. This will not only ensure distribution to users with rapport and build our community but also enable us to secure the network for the POS phase and reward those that join us in doing so.

 The basis of our coin? It's in the name. What's the problem with other altcoins? There's nothing there to back it! The only thing backing altcoins is bitcoin. Our approach includes backing the coin with bitcoin yes but also with services. At the moment the Backit project only has the ability to offer webhosting and blockchain services. However, we have plans to offer more in a later stage. BAK will have it's very own BTC/BAK exchange so users may buy and sell coin. The exchange will set it's own buy and sell orders. The buy and sell prices will be a dynamic variable determined by other variables such as total coin supply and current BTC in exchange.

Backit will also support features like SWIFTX for quick transactions verified in less blocks and zerocoin for added privacy and clean coin minting. Also it's very own burn address, faucet (daily airdrop) and LEGAL market.

You should move this to altcoin announcements (https://bitcointalk.org/index.php?topic=5220906.0). Good to see old fashion mineable coins to come back, but it would be even better if you would plan something new, ambitious and original.

 I've been lurking the forums recently and I knew this was the kind of response I would receive. From the forum I remember in back in 2015. My old account got hacked :(. The overall consensus with altcoins has changed. I'd be lying if I said mine hadn't while browsing some of the ANN's. I do agree something original would be nice and I have some wonderful ideas that would bring this coin to a whole new level. However, I'm not a crazy coder that can develop these ideas just yet. So until I get there or have the wonderful opportunity to work with a super skilled team. These coin specs and features will work great. (Fuck it I'll hardfork in the future if it comes down to it) I'm proficient in html, css, php, working with databases and a little bit of javascript. Thus alot of my huge plans for the project revolve around website integration.

Nonetheless, I appreciate your constructive criticism and thanks for the first post in my topic! :)

P.S If you're looking for something original check out what the boys over at Idena (https://bitcointalk.org/index.php?topic=5194871.0) are doing.

 As stated in the OP, the use cases in the start will be blockchain and web development services. A Canadian IPTV service hosted by myself is also scheduled for production as well as a market with web wallets built in. Similar to the deepweb markets, but with handpicked moderators given the ability to remove illegal items.

 Does the actual idea behind the coin not interest anyone!? Having a coin backed by bitcoin? I guess in theory every coin has this attribute but my approach is different. As stated BACK will only be listed on one exchange. Call it "Exchange BACK". You will have the option to "Buy BACK" or "Sell BACK". The price will be determined by and equation for example the buy price (b/c)+((b/c)*t) or the sell price (b/c)-((b/c)*t).

b= Bitcoin in official exchange backing BACK. Similar to when gold backed fiat currency.
c= Total coin supply.
t= Backit network tax. (.05 for 5% - .1 for 10%) Not to sure what I will set it at. Thinking of a way to implement tax as a variable affected by last recorded price.

 In the begging the coin will be worthless. But you see, as I exchange above services the coin will become more valuable as people will need to purchase BACK to purchase these services. If you look at the inflation graph above you will see I have very carefully planned out BACK to have a low supply with a very slow inflation curve. As time progresses and more services are offered by the team the value will go up. To the average user they might purchase BACK purchase something on our market, then the seller will go sell it BACK. Even this will slowly deflate the value of the coin because of the network tax.

 Lets put this into an example. Let's say there's 500,000 BACK in circulation. There is exactly 1 BTC in "Exchange BACK". I set the market tax to 5%. Now lets say someone would like to purchase an IPTV package from me that costs $10 CAD (Canadian dollars) a month. How much BACK would they need to pay?

(1/500,000)+((1/500,000)*.05) = 0.0000021 = 1 BACK
0.0000021 in BTC is equivalent to 0.025 CAD
0.025/10 = 400 BACK

User would have to pay 400 BACK for the IPTV service. The entire equation consists of dynamic variables so the price will constantly be changing.

 I hope this explains the use cases and helps shed a little more light onto the idea behind Backit. Appreciate your post and thanks for taking interest in the project!


 Thanks for the support man. Appreciate it. I currently have a wallet compiled and a network in place but I'm keeping it private. Between my friend, myself and three VPS's. When I release to the public I will be removing all wallet data and mining a new genesis block. As you said you're interested I will add you to the list of miners to notify on release!  ;D

Edit: Added you to the list (https://docs.google.com/spreadsheets/d/1Ra3_7KzcbyGOaQKDK64POfmMEm79jlLklloHFX6kKow/edit?usp=sharing). Notifications will be sent through BCT pm's.

I am interested in setting up a pool for you, if you are interested.

I am interested in mining in myself. I am not sure if I can mine with quark but add me to the list I will check it out. How do you plan to go about getting the Bitcoins to back backit? Also is there an ETA as to when mining will begin?

Hey Saltpool. I do appreciate the offer but it's entirely up to you! The mining phase will be short and sweet. But if you do wish to make a pool for the 17 days of the POW I won't stop you  ;D. I also have the capabilities to build my own official pools for both POW and POS. Now that you mention it. I've added both POW and POS pools onto the project list.


 That's great to hear! If you have a graphics card or good CPU you will be able to join the official pool and mine some Backit for sure! Also I make good money. I will be investing my own hard earned money and spare time into the project to make it what it will be. I also have some plans for coming up with capital to fund the project but I'm trying to stray far away from the initial coin offering approach. As stated before, I intend to offer blockchain, webhosting and IPTV services as well, also backing Backit with BTC.


 As for the ETA! There's is quite the list of things to do. The coin will not be rolled until everything is finished. I could release the coin tonight if I wanted to jump the guns. However core coin services, functionality and funding are not complete and Backit would fail. If I could place a timeline on release... May 1st Backit will %100 have gone live. This is just an ANN thread while the project develops

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quoted

Main network started? How can I participate in mining?

 :P