The Burstcoinist has featured another piece about Burst mining and Proof of Capacity. It tells you why its better for energy consumption, decentralization and hardware reusability. The Burst mining process explainedAll that wasted energy on useless altcoins are becoming too impractical. Read these other articles and know more about the only green mining alternative available.
How Burst puts Bitcoin to shame
Why Proof of Capacity should be taken seriously (2015)
Heres a short description of the PoC process. - Step 1 – Plotting
Plotting is the process through which miners miners pre-generate on their HDD chunks of data called «plots», containing all the computations necessary to forge blocks. Plotting is a long and energy consuming process that is done through your CPU or GPU. The good news is: it has to be done only once! Then your plot files are stored on the HDD and ready to be used to mine Burst. In a Proof-of-Work system, this is done continuously for each and every block.
- Step 2 – Reward assignment
Setting a “reward recipient” for your Burst account allows you to define a beneficiary who will get the BURST reward should your miner find a block. A pool miner sets this recipient to the pool’s address while a solo miner uses his or her own address. In the first case the miner will only get paid when “forging” (winning) a block but with the entirety of the block reward. In the second case every miner in the pool gets a portion of the reward when another forges a block.
- Step 3 – Mining
Once plots are generated and stored on a drive and the reward assignment is set, the miner just has to launch his mining software. It will read through his plots in order to come up with an amount of time (called the “deadline“) necessary to forge the current block. Once the deadline is submitted, the HDD becomes idle until the next block appears. This is the reason why mining Burst is so energy efficient and easy on the hardware: your HDD is idle most of the time and reading through the plot files only for a few seconds for each block. The best deadline submitted among all miners is the one forging and establishing the duration of the block.
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They seem to be overloaded.
However I have been reading more and more negative comments about then lately. I'm not sure if it's a good idea to keep using them.
Yeah they are really overloaded with the recent wave of questions and requests from the people who are new to cryptocurrencies. The best move is to be patient and update your ticket every 48 hours. It will be resolved. Bittrex has never left a customer unsatisfied or a concern unresolved. But it will take time. |
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Wall street grows ever more certain Bitcoin is a bubble. I can't even say they're wrong. Flirting with $6000 per coin and low economic utility? For as dumb as Jamie Dimon sounds every time he says anything about Bitcoin, the tulip bubble analogy looks less and less inappropriate all the time.
But the tulip bubble analogy IS inappropriate. How can you compare tulip bulbs to one of the biggest inventions of this century? Did you actually try to understand how BTC works? Do you realize how really big this breakthrough is? |
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It is finally that time of the week! This week is a little more silent than the past how many updates, but be guaranteed that the Burst developers are hard at work. The improvements behind the scenes will translate in the market value of the project. Let us keep the faith and believe. Weekly Burst Report #7 – 10/15/2017- The PoCC mobile wallet has been updated two times this week. It now includes 10 new languages: German, French, Russian, Slovak, Chinese, Spanish, Hungarian, Italian, Polish and Swedish, along with 30 new currencies and some bugfixes.
- The 1.3.6cg version of the wallet is going to be released in the very short future. I have been given the chance of seeing a preview and it will bring many exciting features, as well as strong foundations for future versions.
- A new process similar to Bitcoin and Ethereum’s respective BIP and EIP have been introduced for Burst: the Capability Improvement Proposals (CIP). The goal is to define a formal process to suggest improvement for Burst. A CIP is a design document providing information to the Burstcoin community, or describing a new feature for Burstcoin or its processes or environment. CIPs are described here: https://burstwiki.org/wiki/CIP.
- @Quibus wrote a very interesting technical paper on how the plot files are created with Burst’s Proof-of-Capacity. It should help many understand the process.
- @Zohtar launched a new service to monitor your wallet. The software will monitor your wallet and notify you if it get out of sync via e-mail. Zohtar is also the creator of the Burst Payment Notification System.
- On wednesday the Burst blockchain was 100,000,000 seconds old – with more than 100,000 wallets created and 6,000,000 transactions this is only the beginning for Burst!
- We exceeded 9000 followers on the @burstcoin_dev twitter account. Next target: 10,000!
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That is crazy. But there should be updates to that story by now. I dont see how Changelly themselves would take this sitting down. A customer losing that large of an amount is the type of thing that lawyers specializing in tort law will be looking for. |
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that is why Stop-Loss was invented  you either use some kind of automation to place stop loss orders or you just do it yourself when you reach your limit. for example if the altcoin you have invested in loses 5% you dump it before it grows bigger. that way you prevent huge losses like 60% that someone mentioned above! Some people actually always do the long term trading and try to buy more at more dips but this one was just pretty too fast and crazy. I made the same mistake too, bought some at dips, never used the stop loss and set a sell order, until the whole altcoin started crashing down really bad. It was very hard at first to take the decision but man! A man gotta do what he has to do.  Maybe the secret is to keep buying. Seriously, they cant fall forever and BTC's boost in price cant keep going. It will plateau at the top and that will be the best time for some of the altcoins to catch up and try to equal BTC's % increase. |
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I would say that Japan is creating economic movement because its really preparing for war. North Korea is a growing threat and they need to manufacture weapons, grow their army and reinforce their defenses. They have also lifted their self ban on sending troops outside their country which indicates they are planning something.
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2) Exchange rate is very slightly better,
This depends on what time and what coins you trade. There are instances when Shapeshift is cheaper especially in times of high volume when theres plenty of movement in the market. What kind of problems have you experienced with shapeshift.io to make you say you have had enough? I use them and I have not had any problems. |
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Theres really no need for a cryptocurrency debit card if the merchants start accepting BTC. Online merchants could also integrate shapeshift.io to automatically do the job for them to convert everything to BTC.
But too bad most of them want or need fiat currency. Maybe that will all change if BTC reaches $10,000?
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The only altcoin I am holding is Burst and I will keep holding no matter how low the price goes. Nothing hurts more than seeing your coin go down in market value. I was tempted to sell but I believe in the Proof of Capacity Consortium's ability to deliver some good for Burst that I have decided to buy more.
What about you, what altcoin are you loyally holding and why?
some altcoins require you to hold them for years and years before they are worth anything. Thats true and thats what I think of Burst. But PoCC developer rico666 really trusts that it will jump to BTC.00001 by December of this year. He also claims that it wont be for the same reason that most would think. I tried to ask some more information on what he knows but he didnt reply. |
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I do not care about JP morgan, he has been cheating and now he may be sorry. I focus on Bitcoin and now it can not be stopped by anyone including by him "JP". Even China can not stop Bitcoin. Errr ... John Pierpont Morgan died in 1913. Jamie Dimon is a pansy. You can't even compare the two. Yeah, theres another report in CNBC's website saying that he thinks the technology behind the blockchain is valid. He clearly doesnt understand how BTC works. Bitcoin's blockchain, PoW and BTC the coin cant be separated. A blockchain by itself, without PoW and the incentive is lame. |
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The only altcoin I am holding is Burst and I will keep holding no matter how low the price goes. Nothing hurts more than seeing your coin go down in market value. I was tempted to sell but I believe in the Proof of Capacity Consortium's ability to deliver some good for Burst that I have decided to buy more.
What about you, what altcoin are you loyally holding and why?
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What a clown. He should stay away from BTC and stick to the things he is good at, creating bubbles and popping them.
These bankers want to keep calling BTC a bubble or a fraud because they cant control or regulate it. I cant wait for the day when other cryptocurrencies start having their own drive in mainstream adoption as well. Lets see how they react to that.
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...
BTC is far better than banks in terms of privacy, security, freedom.if i am not wrong, most users get profit through trading,mining etc. and what are other the sectors that BTC can contribute/already contributed? Though it has no central authority, in where the most bitcoins go into and what kind of business are run by bitcoin? Most of the bitcoins are generated from mining or all of it or through trading? Investing bitcoins in different sectors [like infrastructure] and holding it are two different things. investing bitcoin should be more fruitful isn't it? because it can create some scope of work.
BTC does NOT have better privacy than banks. Lets get that one thing clear. For security, ok sure, it can be argued. For freedom, most definitely yes! I can send BTC to whomever and where ever. For your question, if you want to invest in BTC's infrastructure then invest or start a business that increases the demand for its use case. Two main use cases for BTC are darknet markets and gambling sites. |
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It will reach to more than 1000sats don't worry about it because once bitcoin settles the price of Burst will automatically move up words. Already it touched nearly 932 sats may be next target more than 1000sats. It may happen within a month or so.
It will reach 1000 Sat by end of 2017, but the reasons are completely different than what you lay out here. The pump to 932 Sat was something ... not sure if orchestrated or by the oblivious market. In any case it had no foundation in anything BURST offered at that time. The infrastructure was broken, wallets had lots of potential security issues and - inevitably - got squashed away in the July spam attack, so that the exchanges had to halt BURST trading. If you think about it, these 900+ Sat was completely oblivious and I tend to believe that's what markets are: completely oblivious. In any direction, because as unjustified-high Burst was before the July attacks, as unjustified-low it is now. Network is stable and robust as never before https://explore.burst.cryptoguru.org/tool/observe (percentage of valid nodes in July was like single digit...), we do have a true mobile wallet now https://play.google.com/apps/testing/org.icewave.burstcoinwallet, a better main wallet, easy-to-install for Linux users: http://package.cryptoguru.org/And even for Windows-Noobs: https://forums.getburst.net/t/windows-cg-burst-wallet-launcher-released-the-most-stable-wallet-for-windows-users/608In general, for about 6 weeks, BURST is gaining tremendous development momentum. And it's not just another crypto. It is the only crypto using Proof-of-Capacity for mining (transaction confirmation). And no, storj and similar shit doesn't count. So yes, BURST will reach 1000 Sat - I believe even rather quick by the end of 2017, because it is right now ridiculously undervalued (conservatively I would say it should hover at 400 right now) and should FOMO kick in - hell knows what price we may see. Hi Rico. Forgive me for doubting your projection of BTC.00001 for Burst. Its now very close to impossible for that to happen. But thats not a real concern for me. I still believe in what the PoCC is doing. What troubles me is this could have a negative impact on the miners' sentiments, and some of them might start leaving. The holders should start mining and should be willing to mine at a loss for the sake of Burst's security. As a mining newb, whats a good brand for a hard drive and how many TB should I get? |
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Thomas, but you have to see the benefit of Burst's PoC mining to the whole community. Its something very unique and no other project has done it in practice. I have heard about Proof of Space and Time suggested by Bram Cohen but where is the code? In theory its better, but in practice we have only Burst team's experience. They are the true pioneers in hard drive mining.
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Payment received. Ty Atriz! |
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An ICO will only be as good as the people running the project. No matter how unfair the distribution is but as long as the team is capable, competent and honest, then the project will have more chances for success.
Think of an ICO that has a fair token distribution but has a team of scammers behind it, like in most cases. Its just a more efficient way of stealing BTC from the community.
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Instead of sending your ETH from exchange to exchange, why dont you send all of them back to your wallet and store them there, and then trade only the amount you need.
Its much safer than what you're doing.
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Xapo has made an announcement regarding their Segwit2x policy: https://blog.xapo.com/about-the-bitcoin-segwit2x-update/ Basically, they will call the chain with most accumulated difficulty "bitcoin / BTC". The minority hashrate chain will be called "BC1" if it has a 1MB consensus rule and "BC2" if it has a 2MB consensus rule. The minority chain will be available for withdrawal and conversion but they will not offer long term support for it. So they are basically just following the miners here. Thoughts? This doesnt look good for the community. Are the merchants with the most customers going to play with what the miners want now? This will further centralize BTC's development and it could now be pressured by the government because theres a single point of failure, almost. If you care about BTC, withdraw your coins from Xapos. |
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