If there is going to be a swap / hard fork / new chain / etc then lets make sure the new chain can cleanly sync from block zero to present without issue - downloading a bootstrap database file has security implications - better to allow the coin to sync from start to finish, it may take a while but if CBX is worth $2000+ USD some day a BIG chink the security model will be that bootstrap auto downloader / inability to sync solely from peers...
FR
Agree. Syncing from genesis block will be an option. |
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CBX Creative Contest Deadline!Hello fellow Bullionnaires As we had agreed, October 15th was the final day to send in your CBX project for this contest. We have three entries to this contest: CBX Bet http://cbx.bet/Crypto Services https://cryptoservices.net/en/Mycoinsbot https://mycoinsbot.com/If I forgot anybody, please kindly remind me of your CBX project; these entries will be sent to jury and private sponsor for evaluation. There can only be one contest winner, result will be communicated shortly; however keep in mind that when adding services to CBX economy, we all win! Congradulations, and good luck! Thank you and good luck to the participants! |
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will a wallet update be released for this bpn/masternode thing??
this is my only coin out of 17 that i keep on an exchange due to continued bootstrap/rescan issues on the 2.4.3 release
Yes, there will be a new Vault (wallet) with fork. |
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I do not understand why the annual interest (1% and 3%) is calculated on 500 000 and 500 000  and the participation rate over 750,000 and 250,000  This is to better enhance the earning potential for BPN (masternode) operators. |
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If I understand correctly, there will be 2 percentage participation at the same time.
For exemple :
If the participation is 25% for the classic POSP. the staker wins 4%.
And at the same time
If the participation is 33% for the BPN POSP. the staker wins 9%.
Tell me if I'm right.
Not quite. Yes on 2 percentages but your calculation is incorrect. In your example: PoSP stakers would be looking at roughly 3% BPN runners would be looking at roughly 18%
In this example all MNs earn 18% and PoSP earns 3%. MN can earn between 9-18%. MN can actually earn between 6% and 750% The 9-18% for MN earnings is an educated estimate. The lowest an MN can earn is actually 6% (this is if all 125 MN are full and operational). The highest would be 750% in the case of only 1 MN operating. So what has to happen to the numbers for 18% to drop to 9%? Could you show another example? I'm unsure of which variables will change. If 66% of all MN positions are full, then the owners will experience 9% earnings. Remember that the coins tied up in MNs are not eligible for PoSP. And coins sitting on exchanges, lost or on locked wallets are not eligible for either. Presently we have 30% network participation in PoSP. In the scenario of 100% participation, we would experience PoSP earnings equal to inflation at 2%. This has never, will never and frankly can never occur. Even if the current 30% participation level were to grow significantly, the participants would be split between MN (BPN) and PoSP. MN takes more work to set up, requires more responsibility and has more overhead cost associated with it justifying substantially higher earning potential relative to PoSP. If the earnings from BPN are not high enough, the network will experience migration away from BPN toward PoSP. As BPN participation decreases, BPN profits will increase and PoSP profits will decrease causing a balance point to be reached. We do not know where that point is but project it in the ranges outlined in the whitepaper excerpt provided in previous post. I outline this in the whitepaper excerpt and elaborated on it. Perhaps this explanation will need some more work if the idea is not being conveyed. I desire to make this clear and convey it succinctly in the whitepaper final draft so this conversation will be very beneficial in determining how to relay this information to the community... |
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If I understand correctly, there will be 2 percentage participation at the same time.
For exemple :
If the participation is 25% for the classic POSP. the staker wins 4%.
And at the same time
If the participation is 33% for the BPN POSP. the staker wins 9%.
Tell me if I'm right.
Not quite. Yes on 2 percentages but your calculation is incorrect. In your example: PoSP stakers would be looking at roughly 3% BPN runners would be looking at roughly 18% |
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1) Why do we still need PoSP if we have BPN?
2) I can see the team and positions on the website but are you able to list the team's real names?
3) When is the MN network expected to go live roughly? What day, week or month is that happening?
4) Will we have a website for MN proposals/voting and do it through console to start?
5) Is there any plans for roadmap for 2018 yet or does this entirely depend on what people vote for and the direction people want to take CBX?
6) What date roughly will the new wallet be released?
Thanks cookiehunt, excellent questions! 1) This is an involved answer, I will try to make it as clear as possible - the white paper will break this down better once released. Masternodes will max out at 125 total (2k CBX per mn). This will account for 1 quarter (250k) of the overall CBX supply (~ 1 million). The remaining 750k of CBX in circulation will not have to operate without incentive. They will be able to still be staked and rewarded based off PoSP (granted at a much lower rate than masternodes but still anticipated to be multiply better than overall 2% inflation rate). This allows all CBX owners to continue to participate regardless of investment level helping to maximize decentralization while still rewarding larger investor/supporters. 2) I will discuss this with the team. I am okay with this yet still sensitive to team members having some semblance of privacy even though this is purely illusionary at this point imo. 3) We are in the process of coding something from scratch. This is a massive task which was projected to have already been completed, however things are not always so cut and dry in coding as in life so sometimes 'shit happens' for lack of a better term. We are working through the unanticipated obstacles and planning to deliver the product as soon as possible while still adhering to quality standards. Sorry, I know I danced around the answer here but in short, we do not know but we are very close and trying our utmost to meet the timeline deadlines. 4) Are you referring to Masternode voting privileges? If so, this would be handled through the Vault itself. 5) There will be a 2018 road-map and we have very ambitious plans for that year. However, we will not formalize that and projected deadlines until we are close to completion of the current road-map. 6) Please refer to answer in 3. We will announce fork date as soon as we can. 1) When will the updated Whitepaper be released. I have read your old one already. 2) Coding delays are unforeseeable and understandable. No problem here  3) Yes I was referring to masternode voting privileges. You mentioned a 2018 roadmap might be released before any voting is done. So is the future of CBX not up for voting or do you mind explaining further? 4) After the HF, is there a max percentage cap of coins that can be staking PoSP style? 5) So if i own 2000 coins and have a MN running. Can I still get the PoSP rewards as well by keeping wallet open too or can you only receive 1/2 rewards at a given time? 1. Whitepaper will be released around the same time as the new wallet. The majority of it is complete already, just needs some more tweaking, adding lines of code, graphs, etc - but the back bone is there. 2.  3. Masternode implementation is stage 1 of the current 4 stage 2017 roadmap. 2018 road-map will be prioritized and published close to the completion of the current 4 stage plan so masternode voting will be involved in the creation process. 4. No max on PoSP staking coins. All coins are eligible as long as they are in an online staking wallet and not committed to a BPN. 5. You will not be able to double-dip (earn BPN and PoSP on the same coins) Below is an excerpt from the whitepaper draft in the hopes that this assists in clarifying the new design. Bullion Participation Node (BPN) - Implementation CBX network security and transaction confirmations (at time of writing) are handled exclusively by CBX’s PoSP protocol - Vaults (wallets) that are online and unlocked for staking. As a reward for this service to the network, the overall inflationary rate of 2% per year is shared among only the staking, service providing Vaults (offline vaults forfeit their potential stake earnings to those online and ‘participating’ in the network functionality). Since only a fraction of the network is staking at any given time, the reward to the service provider (staker) is exponentially greater than CBX’s overall 2% per year annual inflation rate and has over the 1.5-year history of PoSP implementation in CBX shown to reward roughly 3-6 times the inflationary rate (or 6-12% interest earnings per year). The quandary with implementation of masternodes into the CBX protocol is how to provide adequate compensation for node operators within the limits of 2% annual inflation; while also continuing to provide enhanced rewards to PoSP staking claims. The solution to maintain the inflationary rate while adding in the new variable of Bullion Participation Nodes (from here on in this document referred to as BPN), begins by splitting the total coin supply into 2 halves. One half dedicated to rewarding PoSP claims at 1% per year inflation, while the other half is dedicated to rewarding BPN claims at 3% per year inflation averaging out to the desired 2% annual inflationary goal. Notice that the earning potential for operating a BPN is substantially higher and this is justified due to the additional services being provided by these owner/operators (coin-mixing, instantaneous transaction and voting). The PoSP methodology of rewarding based on contribution level continues to be the standard, even with this new implementation. Additionally, to ensure that BPN operation remains lucrative for the owner/operators, a limit is placed on the total number of BPNs to max out at 1/4 of the network’s coin supply (approximately 250k CBX in exampled metrics). To receive the maximum incentive, one must operate a BPN. This will lure a portion of CBX investors into becoming BPN runners thereby shrinking the pool of PoSP staking competition and allowing the 1% inflationary rate allotted to that half of the network to pay out an estimated 3-6% yearly interest earning potential. Furthermore, as the operation of a BPN requires the owner to lock away a sum of 2,000 CBX, implementation will result in upward price pressure as CBX are removed from circulation by investing parties looking to maximize financial reward from their respective network contribution. As previously stated, the network yearly inflation rate will be split in half between BPN and PoSP. The half allotted to BPN is set to 3% annual inflation per year. This 3% per year from half the coins in circulation (500k CBX in our example metrics) will be split among a capped maximum limitation of 125 BPNs, each requiring 2,000 CBX for operation. 125 BPNs at 2,000 CBX per node totals to 250k CBX. This means that if all the BPN slots are full, the absolute minimum interest earnings rate would be 6% per year, per BPN. However, based off our historic participation levels with PoSP, we can assume that the return will be 3-6 times higher than the inflationary rate (3%) therefore rewarding in the projected range of 9-18% interest per year for BPN operators. The net resulting earnings opportunity to participating CBX holders is estimated as follows:  A balancing act will occur organically via market determination between PoSP and BPN. If PoSP rewards get low, more investors will opt to operate a BPN to earn higher compensation. If BPN rewards become too competitive and diminish, some operators will move to PoSP staking minimizing their required efforts while simultaneously reducing the competition on the BPN side. In this manner PoSP and BPN will have a symbiotic relationship where the reward structure will react to the decisions of the network participants. |
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1) Why do we still need PoSP if we have BPN?
2) I can see the team and positions on the website but are you able to list the team's real names?
3) When is the MN network expected to go live roughly? What day, week or month is that happening?
4) Will we have a website for MN proposals/voting and do it through console to start?
5) Is there any plans for roadmap for 2018 yet or does this entirely depend on what people vote for and the direction people want to take CBX?
6) What date roughly will the new wallet be released?
Thanks cookiehunt, excellent questions! 1) This is an involved answer, I will try to make it as clear as possible - the white paper will break this down better once released. Masternodes will max out at 125 total (2k CBX per mn). This will account for 1 quarter (250k) of the overall CBX supply (~ 1 million). The remaining 750k of CBX in circulation will not have to operate without incentive. They will be able to still be staked and rewarded based off PoSP (granted at a much lower rate than masternodes but still anticipated to be multiply better than overall 2% inflation rate). This allows all CBX owners to continue to participate regardless of investment level helping to maximize decentralization while still rewarding larger investor/supporters. 2) I will discuss this with the team. I am okay with this yet still sensitive to team members having some semblance of privacy even though this is purely illusionary at this point imo. 3) We are in the process of coding something from scratch. This is a massive task which was projected to have already been completed, however things are not always so cut and dry in coding as in life so sometimes 'shit happens' for lack of a better term. We are working through the unanticipated obstacles and planning to deliver the product as soon as possible while still adhering to quality standards. Sorry, I know I danced around the answer here but in short, we do not know but we are very close and trying our utmost to meet the timeline deadlines. 4) Are you referring to Masternode voting privileges? If so, this would be handled through the Vault itself. 5) There will be a 2018 road-map and we have very ambitious plans for that year. However, we will not formalize that and projected deadlines until we are close to completion of the current road-map. 6) Please refer to answer in 3. We will announce fork date as soon as we can. |
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some update about progress of roadmap?
Please see most recent update below: Roadmap 2017 status report!
Well, the new BPN Vault 3.0 cannot synchronise with the old CBX blockchain, which is something we did not anticipate, and after some debugging we have found out that we need to review how the Vault 2.4.3 is hashing for the PoSP block targets, and incorporate this into Vault 3.0.
Naturally, this is what we are working on right this moment, we will keep you posted as developments arise, following our commitment to transparency.
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Thank you. For my understanding 2% inflation rate is the same as 2% more CBX every year? So the supply of CBX is increasing 2% a year? Does that mean to counterfait the devaluation of the price of CBX we get 2% interest. But in this case the 2% interest is being distributed amongst the people who are actively staking which are 1/4 of the network, thereby receiving 4 times that amount, thus 8%.
Do i understand it correctly or not?
It sounds as though you have it my friend. Although I do not quite understand your once sentence (below), but this is probably just due to terminology used. "Does that mean to counterfait the devaluation of the price of CBX we get 2% interest." CBX inflation rate is 2% per year on overall money supply. CBX interest earnings rate (via PoSP) is the distribution of this 2% inflation among the actively staking wallets at any given time. |
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1. delete everything is appdata/roaming/crytobullion folder except wallet. yes i have deleted everything in de cryptobullion folder expect wallet.dat file
2. download the latest boostrap and extract in that dir. can someone explain step by step what i should do? I dont understand this lol
3. if you using wifi connection make sure your router supports UPnP and its enabled.(sometimes its not enabled by default)
4. start the vault, first it might show no connections but keep it open for sometimes.. it took me about 30-40 mins to get connections.
5. Dont unlock wallet for staking before complete sync.
also did you try out the cbx tool where they have the option of starting the vault with some pre defined nodes.
Sure Smoothmold! we are a helpful bunch, here 1) The link to download the latest official bootstrap is always in the OP, which is managed by the officials; we don't post it in the thread because people with bad intentions could technically try to fish people to use a tricked bootstrap - but here it is again for simplicity: http://node.alex4j.cryptobullion.io/bootstrap.zip2) You have deleted all files in your Cryptobullion folder except wallet.dat, good. 3) Next thing is have you locked (encrypted) your CBX Vault? If your balance is zero then you don't have to, but if your balance is any number above zero you must encrypt your Vault (start Vault, use the Settings menu, "Encrypt Vault" - and careful not to forget the password you pick! 4) Close Vault. Keep the Roaming/CryptoBullion folder window open, and make sure it has not regenerated new files - delete any files there except for wallet.dat. 5) Decompress the bootstrap file (right-click the .zip file, decompress), and move all the decompressed files to the .../Roaming/CryptoBullion folder. 6) Restart Vault; do not unlock it if you have a positive balance, let your Vault sync itself - it should not take more than 2-3 hours 7) Once synced, you will see a green checkmark on the bottom right of the Vault window - unlock it (click on blue padlock, for staking) and begin to benefit from the lucrative CBX staking! Leave your Vault open and synced; staking pays 8% yearly, these days (while CBX inflation is 2%). Can't wait for Vault 3.0 to come out with all these syncing issues resolved! Welcome to the CryptoBullion family... Thanks! Its synchronizing to the network now. So it will almost good to go i think Question about staking, you say staking pays 8% yearly. Does it mean that you have to have your wallet open 24/7? So you dont close your pc or laptop? Yes, you must keep your Vault (wallet) open and unlocked for staking in order to receive the interest earnings. The way PoSP is able to pay out a higher interest rate (currently 8% per year) than the rate of inflation (2% per year) is because only active staking Vaults are eligible to earn interest at any given time. So essentially what is happening when the interest earning rate is 8% per year is that only 1/4 of the network is staking and therefore they are earning the entire 2% inflation rate amongst themselves. The other 3/4 of the network that is not actively staking is forfeiting their potential interest earnings. Please note that the earnings rate can and does fluctuate based off network participation. |
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Hi guys. Masternodes with Zerocoin anon are all part of the coming hardfork for which coding is scheduled to complete this month.
have you got exactly day? We do not have the exact day yet, but we will give advance notice once we do. |
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Hi guys. Masternodes with Zerocoin anon are all part of the coming hardfork for which coding is scheduled to complete this month.
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Please remove YoBit from CryptoBullion exchange list. They have not allowed CBX withdrawals for over a year now. Thank you in advance!
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what is the minimum ammount of cbx for a normal staking and how much and how often does it pay?
There is no minimum. PoSP blocks occur about every 65 seconds and each one is currently worth 0.04123 CBX. The block size is based off 2% annual inflation on overall money supply. PoSP is designed to take the overall 2% annual inflation and pay it out in these blocks to only online and unlocked for staking CBX Vaults that have been so for at least 1 hour. Note: Vaults with a CBX balance that are locked or offline forfeit their potential earnings to those Vaults participating in the network. Interest earnings are therefore based off level of network participation (Vaults actively staking at a given time) and historically have ranged between 6-12% annual earnings. The more CBX you have in your Vault and staking, the more often you will be awarded PoSP blocks but in the end it will range between that 6-12% interest earnings over the course of a year. |
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I have seen an article on Steemit that states you require 10,000cbx for master nodes but this is not true. Have you ever considered joining the Steemit community to spread awareness about the coin. I woiuld highly recommend this and would be happy to be of assistance. I have Pmed you with my Steemit profile.
PM'd a reply thank you! I see on homepage the poll for number of coins for masternode but I don't see an option to vote or see current results? Is this closed now?
You have to have a certain number of posts to participate in polls, I am not sure what the threshold is here. However, 2k CBX for a masternode is the present leader so that is the most likely at this late stage of the process. |
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I would definitely appreciate detailed instructions for newbs on how to setup a BPN.
We will provide these, don't worry. Any update regarding block 393 yet? I'd lie to know if your able to continue work on the roadmap and how long you expect this issue to last?
The block issue is being worked on, as the most recent update has stated. Redesigning of the Vault is progressing now as well, so yes, road-map work continues. As far as time is concerned, it is hard to tell with regard to coding issues like these but we are still confident in the date estimates provided on the published road-map. We will continue to provide weekly updates (early in the week) as we have been. |
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Can multiple BPN's be run on the same:
1- wallet
2- PC
Yes and yes No problem, I understand you're busy. Since it won't be automatic, will there be a detailed instruction set for those of us that are not tech-savvy, but would like to set up a node?
Also yes |
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Hi, can anyone answer my first question about the vault taking care of the master node setup and operation?
Hello BitcoinCharlie, Sorry for not getting you a response quicker to this. I have been travelling the past couple days and couldn't access bitcointalk via my cell phone due to an issue with the new captcha system. Anyhow, no, the Vault will not handle the masternode setup and operation. This is certainly something we can look into but it will have to wait until the 2018 development plan. |
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I'm not understanding the ins and outs of the PoSP system, but I noticed the daily staking rewards have decreased dramatically for having the wallet running. I used to receive 40 to 50 bits in a day and now its down to 15 to 20 bits.
What is the cause of that?
The 2% annual network inflation is split among all online staking wallets. More online staking = lower reward and vice-versa. So basically more have their wallet online staking now so less reward to go around. That makes sense. Still liked the days at over 13%!  Well this is comparable if you view it in fiat terms. 13% cbx earnings at ~.50 cents usd per (before) versus 6% cbx earnings at > $1 per (current). With new algo, PoSP will most likely drop to 3-6% projected annual earnings rate (currently 6-12% projected) and BPN will be a 9-18% projected earning rate. So yes, locking up your 2k CBX for a BPN while price is low before release may be a good idea. |
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