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The bitcoin train continues to build steam, I love it!
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A few seem to have potential but there does appear to be a lot of suspect coins with no dev support. Be careful and do your due diligence research before investing.
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There is already an Ebay/Bitmit type store in the works. If it was a Newegg type store, we would have been up and running a month ago.
I sure wish it was live. I would love to start listing stuff on there for MEC all day long. I remember when FTC got their auction site, and I think it was a real boost for them. We are doing our best to try and present something that will set the standard for all auction sites, and this one will only use crypto-currency. I can't spill any details yet, or even make any promises other than say we have been working on it since early April and still have a lot to do. One thing I will say is the site will use only Megacoin, Bitcoin, Litecoin, and possibly CGB. Please let us know if we can assist in any way. Thanks! |
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I felt compelled to upgrade the website today. The translation links all point to the English version for now, but I'll fix them within the next 48 hours. Cheers! http://cryptogenicbullion.org/index.html-Merc Looking good Merc, well done! |
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Current PoW subsidy will continue to halve after every 50k blocks until it reaches a baseline of .01 CGB per block, where it will remain in perpetuity. We are researching and testing the possibilities of discontinuing PoW and running solely on PoS, but no decision has been made on this at this time.
Ok, but IMHO many people like me can too afraid to 51% attack, please note our view too... As a fellow investor in CGB (countless hours and a portion of my families financial savings) please rest assured that we will not make any changes that would potentially be detrimental to CGB. Your concerns are noted and shared by the dev team. Thank you for your support!  |
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Guys, have a one question. Do you plan to continue POW-mining in the algorithm of coin (even if there is 0.00000001), or disable this option and continue with the only POS?
Current PoW subsidy will continue to halve after every 50k blocks until it reaches a baseline of .01 CGB per block, where it will remain in perpetuity. We are researching and testing the possibilities of discontinuing PoW and running solely on PoS, but no decision has been made on this at this time. |
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As an "altcoiner" I do not find this as suicide inducing. After being thru the $260 - $50 crash of BTC, this is a leisurely stroll in the park. As history has proven time and again in the crypto-currency markets, these crashes are excellent opportunities for those not yet invested to get invested at an amazing price point. Just talk to those who bought BTC under $70. The promising alts will rebound, others may die - but I truly hope these events do not push anyone to thoughts of suicide. If they just look at history and the big picture, they will see that this is simply a bump in the road and crashes are traditionally temporary situations fed by frenzy of panic. Once the panic subsides you are left with those who regret getting caught up in the panic and those who benefited from those poor souls who got caught up in the mob mentality of chicken little. Pick your side wisely! |
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Day traders dump and when BTC corrects, you better believe they will dump just the same. I have said from the start that CGB is designed for long term holding. It is a quality product - speed, interest bearing, hybrid design for 51% resistance and energy efficiency, rarity, top notch difficulty adjustment algorithm, phenomenal community, solid dev team, services and initiatives, etc. CGB will be fine. No one said this would always be an easy journey, but we will be successful, that is for sure. Still a top 10 market cap currency at this point so little has changed other than BTC flexing - and as we all know, BTC is the key to the door of mass adoption. Let BTC do its thing and open the door, then CGB will slide in behind it. Personally I am invested in CGB to get out of the day-trading game and thus far the results are phenomenal. Try not to get caught up in the swings. I have done that in the past and it never turns out good. Hang in there and I think you will be very pleased with the result Edit: Lets assume a truly parabolic explosion occurs with BTC - even to $1000! That is about 500% growth from current standing and involves another $10 billion of new money. In order to match the same growth, CGB only has to have $1.5 million of new money injected and jump from a price of .35 cents to $1.75. Not sure which you think is more likely to be met and exceeded, but I feel confident in my analysis. |
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The rate of CGB/BTC was about .0025-.0026 when BTC/USD was around $150 - $160. And when BTC/USD hit $195 (about a 20% increase), CGB/BTC hit .0021 (about a 20% decrease). So the net value is nearly unchanged, as Killiz said.
The correlation with BTC is accurate and I suspect it will stabilize and be less pressured with each subsidy halving going forward, which was the point of the design of accelerated subsidy halving. I have said all along to those who know me (and a couple times in these forums) that I expect BTC/USD to be over $1000 within a year. And as BTC/USD tests the $200 level, suddenly accelerated subsidy halving looks like a bright idea. Plus, couple that with future project developments of mine as well as a developing economic web ecosystem and continued marketing initiative, then you truly have the potential to--wait for it--multiply the value of your bitcoins over time.
Try not to get caught up with the daily price movements...it will drive you mad.
In the meantime, I believe BTC/USD over $200 will soon have a rising tide raises (most) boats effect and I'm doing my best to make sure CGB is one of those boats.
-Merc
Very well said my friend! One must keep things in perspective. Only 3.5 short months ago CB was born. We have come so far in such a short time. CB has established itself as a top 10 market cap currency and has done so despite being ignored thus far by the big exchanges (BTC-e, MCX, Mt Gox, etc.). As a matter of fact, CB is the highest market cap coin that is not currently traded on one (or multiple) of the afore mentioned exchanges. Truly remarkable indeed! It is simply a matter of time and staying the course. Thank you for all that you do Merc! Truly a pleasure and honor having you in the lead dev role! That being said, we have huge plans for CB and despite how far we have already come, we have only just begun the journey! CB community, take a minute to step back and enjoy the astonishing growth we have experienced so far. The joys in life are not the reaching of the goal, but rather in the journey! Enjoy the ride! |
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Couple quick announcements for the community: - CB is no longer advertising on the main banner of CryptoCoinNews. We have decided not to renew and instead to redirect the funds that were being used for advertising on CCN to the Google Ad budget as this strategy is proving to get CB exposed to a far larger cross-section of people and businesses. - Don't forget about the annual contest to reward CB innovation from the community: https://bitcointalk.org/index.php?topic=295534.msg3171405#msg3171405- Behind the scenes work continues and we will be making a big announcement soon... |
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Great news! Thank you for squeezing this project into your queue Merc!!! |
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... This giveaway still available? It hasn't been touched in a few months.  Nevertheless "correlate" 5Wc7uZ1yX7Duq54i847beoLiZLMBYtDNMV Sure, why not! This is an old one, good find! All paid to this point. Xanis - I gave you 1 assuming you meant "that would" instead of "ty"  |
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A picture is worth a thousand words  |
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Looks like BCT is back after taking a brief vacation. Couple quick updates for the CB commuinity: |
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I've just realized this might be the first currency in history that's 100% inflation free.  Close to, remember though, there will still be minimal inflation due to PoS generation. |
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As initially planned, we are presently researching the possibility of changing this design and becoming the first PoS only crypto commodity and phasing out PoW completely, sorry miners. In such a scenario all transactions would be confirmed via PoS blocks making CGB the most energy efficient crypto commodity.
I like competition. You should do the phasing by the end of this year otherwise you won't be the first PoS only crypto. https://bitcointalk.org/index.php?topic=303898.0Very interesting project you have going there. We will certainly be watching. Good luck! |
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As the CGB community is aware, CGB PoW subsidy has been decreasing at a rapid rate as we approach the minting of 1 million CGB. The next subsidy halving to 1.25 CGB per block is scheduled to occur at block 145k - estimated to take place this coming Sunday. This PoW subsidy halving will continue, approximately every month, until the baseline subsidy of .01 is reached.
Phasing Out PoW
As initially planned, we are presently researching the possibility of changing this design and becoming the first PoS only crypto commodity and phasing out PoW completely, sorry miners. In such a scenario all transactions would be confirmed via PoS blocks making CGB the most energy efficient crypto commodity. One of the concerns is consistency and regularity of PoS block generation as this would be the apparatus for confirming transactions. In a quick analysis of the last 6 days of CGB's blockchain (blocks 129889 thru 137962) we have identified the following:
- 977 PoS blocks occurred during this time frame
- Average time between PoS blocks was 8 minutes ranging from less than 1 minute to 2h 36m
- Only 3 of the 977 blocks were spaced by > 1hr (69 min, 70 min and 156 min respectively)
- 25% occurred within 2 minutes of the previous PoS block
- 52% occurred within 5 minutes of the previous PoS block
- 72% occurred within 10 minutes of the previous PoS block
- 83% occurred within 15 minutes of the previous PoS block
- 89% occurred within 20 minutes of the previous PoS block
- 96% occurred within 30 minutes of the previous PoS block
Based off of this data sample set, we can assume that almost all transactions (96%) would be confirmed within 30 minutes with an 8 minute average confirmation time based on running off PoS alone. As time goes by of course, PoS blocks will continue to become more prevalent and confirmation time will thereby continue to accelerate.
Guaranteed PoS Blocks
We have 30 wallets that will be incrementally deposited with 1 CGB every 8-12 hours for a span of 90 days, which will remain untouched, forever. This ensures a lower bound in the frequency of PoS blocks found in the future. And as these wallets create stake rewards, this lower bound will increase over time.
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Was block subsidy not meant to half around today or so? The current block is around ~136k and isn't it meant to half at around ~145k? Please clear this up for me  Should halve around Sunday per my estimation. Your easiest method of calculating, although not 100% due to PoS blocks not being considered is take the block reduction cut off (145k) and subtract the current block (136k) = 9k. Divide this number by 24 (hours in a day) and then again by 60 (minutes in an hour) = 6.25 (estimated days till next halving). |
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Seriously doubt it will/would happen. But if it did, it would coincide with a sharp rise in precious metals and cryptos.
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UPDATE: Updated CryptogenicBullion wallet to 1.1.6.3. Note that the About box says 1.1.1.3; that's a typo in the source code. It's really 1.1.6.3.
Source has been cleaned up, sorry about that. |
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