Thanks everyone, I know this is an up side down, contrarian idea.  Even die hard crypto fans don't get it. I'll try to explain. I really do not understand this so-called decentralized stablecoin.
The price of Bitflate won't be very stable, but somewhat stable. It's not a pegged currency. Long term, I think it will be relatively stable. The tradeoff is digital native and decentralization. No central authority controls Bitflate. You don't have to worry about audit and fraud. All records can be verified on the Bitflate public blockchain. a 7% inflation target is way too much.
I intentionally set the inflation rate high. First, a high rate will make the coin not behave like a Store of Value. Second, if the coin succeeds, a high inflation rate will issue coins fast enough to prevent price rise. Even with 7%, it will take about 30 years to reach 100 million coins. Its value may rise for years. I think high inflation is dangerous when it is not known. When we have a fixed inflation rate, we can devise methods to prevent value loss. For example, users can have Bitflate saving account with interest rate. Secondly, how are you going to guarantee that this fork is going to keep its value better than BTC?
Bitflate (BFL) is not a Store of Value. Long term, BFL token will lose value to BTC because of inflation. But short term, its token value is stable. People can use BFL for transaction. I expect in the future, people will have 2 kinds of wallets: BTC wallet for Store of Value, and BFL wallet for transaction. Of course, they can spend their BTC. But they may not want to. And for anyone wanting a stablecoin, this is not pegged to any stable currencies even in the short run.
The tradeoff you gain is digital native and decentralization. Inflation is something which is pretty subjective it can change with the economic condition of the country
Fiat inflation is not in our control. Bitflate inflation rate is known. We are in control. |
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Bitflate is a cryptocurrency with constant inflation. Bitflate is an experimental coin with the goal of becoming a digital native and decentralized stablecoin. Original post: https://bitflate.org/post/2019/10/10/the-next-big-thing-in-crypto-using-inflation-to-create-stablecoin.htmlThis is my view of the next big thing in crypto. Bitcoin is digital gold. It has a limited supply of 21 million coins. Therefore, its price fluctuates. Stablecoins are cryptocurrencies designed to avoid price volatility. Existing stablecoins are issued by centralized authorities. This mechanism defeats the ethos of cryptocurrency. In order to access decentralized cryptocurrency, we need to rely on centralized authorities to issue digital stablecoins. A New Look at InflationCryptocurrency has started and become successful by embracing Austrian Economics. Bitcoin’s limited supply means every person on planet Earth can only own a small fraction of a bitcoin. When Bitcoin reward reaches 0 around year 2140, there will be no coin. If there is still demand for Bitcoin, its price will be: buyer demand / supply = infinite. How do we address this conundrum? There is currently no easy way. For cryptocurrency to gain adoption, we can’t have a money system with limited supply. That is not how the world works. Even our universe inflates. To solve this paradox, we need to explore the role of inflation. People lament about inflation robbing your purchasing power. But historically, economies tend to grow with currency inflation. It is hard to find past record of economies thriving with deflation. Inflation is bad when it is high and/or when money is printed without people’s knowledge and approval. Otherwise, it can be a force for growth. With cryptocurrency, we can design a currency with a known and deterministic inflation rate. Deflationary versus InflationaryEconomies always have deflationary and inflationary assets. People often overlook this. Gold, real estate, moat, competitive advantages are some examples of deflationary assets. Inflationary currencies serve as a medium of exchange. They are used for transactions. Bitcoin was created in response to the 2008 economic crisis. It exists and thrives because of quantitative easing, a type of inflating monetary policy. Existing stablecoins are inflationary digital currencies. They are pegged to fiat currencies. In the future, there will be two kinds of cryptocurrencies: deflationary and inflationary. For cryptocurrency to gain more adoption, we need a better kind of inflationary digital currency. Bitflate - Digital Native Decentralized StablecoinBitflate is a new kind of cryptocurrency. It is a Bitcoin fork with an inflation rate of 7% per year. In its first four halvings, Bitflate blockchain will create 19.3 million coins. After that, its supply will inflate at 7% per year. Here’s the block reward schedule for the first 10 halvings: 0: 50 1: 25 2: 12.5 3: 6.25 (end of halving) 4: 6.65 (start of inflation 7%) 5: 7.02 6: 7.51 7: 8.04 8: 8.60 9: 9.20 10: 9.85 With inflation, there will not be a pressure to push price up too high. Bitflate blockchain uses Proof of Work. It issues a deterministic and limited number of new coins. Therefore, price will not drop too low. The goal of Bitflate is to create a digital token that people can use for transactions. Bitflate price will not be as stable as pegged stablecoins. It has significant advantages: digital native and decentralized. Bitflate will be more suitable for transactions than deflationary cryptocurrencies. It opens a new gateway to financial possibilities. In this future, we, the people, are in control. PS: Bitflate is now trading on Unnamed Exchange ( https://bitflate.org/exchange/). Join our discord community ( https://discord.gg/utnEyp8) for update. |
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I suggested some ideas before: Original post: https://bitflate.org/post/2019/08/24/short-story-bitcoin-apocalypse.htmlNote: This story is a fiction of the future. It’s not exactly what will happen to Bitcoin. The year is 2140. A apocalyptic disaster hits planet Earth. Human civilization is wiped out. Humans die of starvation and disease. Bitcoin mining network is down. Bitcoin satellites are still flying around Earth. But nobody communicates to them. Hashrate dropped to 0. No new block is created. Pockets of human survivors are trying to make through their days. Bitcoin is dead. Except, it isn’t. It’s just silent. Its enormous difficulty is still waiting for someone to mine the next block. But nobody can. Much of the mining infrastructure is destroyed. Bitcoin death prediction was wrong. Civilization can collapse but Bitcoin is still there. Without sufficient hashrate, nobody can attack the Bitcoin blockchain. Fast forward 100 years. The year is 2240. Humans rebuilt their infrastructure. They are about to reach mining hashrate before the apocalypse. Some groups of humans are able to recover bitcoins from exchanges. Having centralized exchanges can be useful for recovery effort. The network is about to produce new blocks. But this time, Bitcoin splits into 2 chains. Some people want to soft fork and restart mining rewards since so many coins were lost. The total theoretical supply limit of Bitcoin will be 42 million. Other people want to stick with the original supply limit of 21 million. The first group achieves majority. They took the domain name, social media handles. They anoint new leaders and proclaim themselves to be the true Bitcoin. The second group is angry. They rename their chain to Bitcoin Apocalypse to remind people that they are the Bitcoin chain before the apocalypse. And they also vow to bring apocalypse to the self-proclaimed true Bitcoin chain. Just like the forks that came before, Bitcoin Apocalypse will fade in memory. Bitcoin is still not dead. It continues to live along with humans. It adapts to the majority consensus. It’s sneaky and controlling. It feeds and survives on human’s desire to fight and control. Bitcoin sheds its old self if necessary. It rules over the world of cryptocurrencies. Its existence seems to immune to human’s suffering and will. The End. This comes from two things I learn recently: 1. Hashrate drop to 0 is not going to kill Bitcoin. The network just goes to sleep. 2. Bitcoin doesn’t have to be completely decentralized. |
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The next thing for Bitcoin is to become what it was set out originally: a p2p electronic cash system. Bitcoin has turned into digital gold instead of digital cash. I think Satoshi made a mistake when he/she/they designed the reward system to have limited supply. People blindly worship this feature. Changing Bitcoin is impossible. There is a market for digital gold. BCH was an attempt but it too failed because it also has the limited supply feature. We should start to think about how to make digital cash. My proposal is to add a fairly high inflation rate into the reward system. I outline the problem in this article. https://bitflate.org/post/2019/08/26/bitcoin-missing-link-to-the-world.html |
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Thanks TillKoeln, Unnamed Exchange is proven to be a good exchange with affordable fee.
As always, please proceed with caution.
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Bitcoin will have some mix use as Store of Value and Medium of Exchange. Based on its features, I think it'd be 80-90% Store of Value. Some people think Bitcoin as a speculative asset. But if you look at the daily trading volume, it's about less than 1% of coin supply. So very few coins are being used for trading. Most of the coins sit as Store of Value. SoV handicaps Bitcoin. It doesn't work very well as a Medium of Exchange. This is an area that needs new ideas. I outline the problem in the below article. I believe we need a parallel chain that has constant inflation rate. https://bitflate.org/post/2019/08/26/bitcoin-missing-link-to-the-world.html |
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My experience with Bitcoin includes 2 use cases. The first one is trading and price speculation. The second one is to support the altcoin economy. The second use case is somewhat surprising. Altcoins are converted back/forth through BTC. I believe Bitcoin and altcoins have mutually beneficial relationship. I think recent price slump has something to do with altcoins. They are not performing as expected. That leaves Bitcoin a lonely king. Traders are closing their books.
Short-term, I don't see change in situation. There're really very few altcoins that have any success. So the entire market may be heading into another winter.
Long-term, I think it's positive. Crypto space needs to go back and do real work. Pumping and dumping will not make crypto the next big thing. We need to make it usable by normal people.
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Yes, we're on altmarkets now. First exchange. I was involved with the listing process representing the Bitflate community. However, I do not endorse any exchange. Please do your own research before sending your coins and proceed with caution. Onwards! |
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I create and launch an altcoin. I find that bitcointalk is the most welcoming and diverse community. Other communities are plague with extreme views, tribal and herd mentality. I got down voted on reddit and mostly ignored. Some Bitcoin Core developers are scammy and dumb just like everyone else. People moving off bitcointalk to other communities has an advantage. There's less scam on bitcointalk.
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I think the privacy talk for Bitcoin is overstated. There are other blockchains that handle privacy. If Bitcoin adds more privacy features, it'll only compete with those privacy coins. I don't think the problem with Bitcoin adoption is in the technology.
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Bitcoin by itself is handicapped. Bitcoin community is often hand-waving the problem to some distant future: Adoption will happen at some point, in some form, but we don't know  . Bitcoin is a Store of Value. It needs to pair with spending tokens. We need to experiment with better forms of spending tokens. I analyze the issue in my post: https://bitflate.org/post/2019/08/26/bitcoin-missing-link-to-the-world.html. |
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In terms of technology, Bitcoin is an over-engineered product selling at premium. It hides weakness in sophistication. People fiercely debated block size increase from 1 MB to 8 MB vs. 2-4 MB and SegWit/off-chain. The difference to user is very little. It's proven to be be true. BCH transaction number is low. BTC SegWit adoption is slow and low. Lightning Network seems dead. Bitcoin is able acquire some kind of intelligence, self-consciousness. It could be a form of self-conscious AI. It is able to live on its own. It feeds on its believer. It anoints new leaders to be its slaves. Despite these or maybe because of these, Bitcoin is a decent financial bet. I see Bitcoin leaders constantly pronounce their belief and optimism on Twitter. It's so tiring to be like Bitcoin. I run an altcoin, https://bitflate.org. I think my altcoin has some interesting differentiation and adds value to crypto space. The technology is permissionless and open source. I can do what I want with it. I don't argue with people on the internet. I have a life to live. Bitcoin is the king because we are either too lazy or too afraid to do something. |
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I'm experimenting Lightning Network on Bitflate blockchain. Yes, it's possible to use Lightning for altcoins. Original post: https://bitflate.org/post/2019/09/07/bitflate-lightning-network-with-c-lightning.htmlJoin our discord channel: https://discord.gg/utnEyp8Bitflate is a Bitcoin fork with constant inflation. Since it is updated frequently with Bitcoin Core code base, it has Lightning Network support. Bitflate mainnet activated SegWit at 28k block. In this article, we describe how to use c-lightning on Bitflate testnet. You can use it on mainnet. Note: Lightning Network is an experimental protocol. c-lightning is experimental software. Please use it with caution. Always run on testnet first. Contact us if you have problem.To run Lightning Network transactions, you will need at least 2 machines (send and receive). You first need to build or download Bitflate Core and c-lightning software on both machines. https://github.com/bitflate/bitflate/releaseshttps://github.com/ElementsProject/lightning/blob/master/doc/INSTALL.mdhttps://github.com/ElementsProject/lightning/releasesSend MachineOn send machine, start bitflated and lightningd. # You may also need -maxtipage=864000000 option to avoid stale tip on testnet
./bin/bitflated -testnet -rpcuser=sender -rpcpassword=sender
# Start c-lightning daemon
./lightningd/lightningd --bitcoin-rpcuser=sender --bitcoin-rpcpassword=sender --bitcoin-rpcport=17332 --bitcoin-cli=[path to bitflate-cli]
Create new address in c-lightning and send coin to c-lightning address: # Create lightning address
lightning-cli newaddr
# Send Bitflate coin to lightning address
bitflate-cli sendtoaddress <address> <amount_in_bitflates>
After this, you need to mine a block to process the transaction. If you need help with mining a block on testnet, please send us an email: contact@bitflate.org. After your transaction is mined into a block, you should see the amount in c-lightning: ./cli/lightning-cli listfunds
On receive machine, start bitflated and lightningd. # You may also need -maxtipage=864000000 option to avoid stale tip on testnet
./bin/bitflated -testnet -rpcuser=receiver -rpcpassword=receiver
# Start c-lightning daemon
./lightningd/lightningd --bitcoin-rpcuser=receiver --bitcoin-rpcpassword=receiver --bitcoin-rpcport=17332 --bitcoin-cli=[path to bitflate-cli]
After lightningd start, copy the server public key. It’s a string that look like this: 0284a33b6286d9647b9e2fa4c7e2f71f0bd78b97c78b49726c8d04c204648fed36. Send CoinsWe are now ready to send some coins from sender machine to receiver machine. On sender machine: # connect to receiver machine
./cli/lightning-cli connect [receiver public key] [receiver ip address]
# fund channel with coin (unit is in satoshi)
# amount cannot be too small but should not exceed 16777215 satoshi
./cli/lightning-cli fundchannel [receiver public key] [amount]
# create invoice
./cli/lightning-cli invoice [amount] "test_invoice" "test invoice description"
# invoice command generates a bolt11 string, copy it to use for pay command
./cli/lightning-cli pay [bolt11]
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I'm experimenting Lightning Network on Bitflate blockchain. Yes, it's possible to use Lightning for altcoins. Original post: https://bitflate.org/post/2019/09/07/bitflate-lightning-network-with-c-lightning.htmlJoin our discord channel: https://discord.gg/utnEyp8Bitflate is a Bitcoin fork with constant inflation. Since it is updated frequently with Bitcoin Core code base, it has Lightning Network support. Bitflate mainnet activated SegWit at 28k block. In this article, we describe how to use c-lightning on Bitflate testnet. You can use it on mainnet. Note: Lightning Network is an experimental protocol. c-lightning is experimental software. Please use it with caution. Always run on testnet first. Contact us if you have problem.To run Lightning Network transactions, you will need at least 2 machines (send and receive). You first need to build or download Bitflate Core and c-lightning software on both machines. https://github.com/bitflate/bitflate/releaseshttps://github.com/ElementsProject/lightning/blob/master/doc/INSTALL.mdhttps://github.com/ElementsProject/lightning/releasesSend MachineOn send machine, start bitflated and lightningd. # You may also need -maxtipage=864000000 option to avoid stale tip on testnet
./bin/bitflated -testnet -rpcuser=sender -rpcpassword=sender
# Start c-lightning daemon
./lightningd/lightningd --bitcoin-rpcuser=sender --bitcoin-rpcpassword=sender --bitcoin-rpcport=17332 --bitcoin-cli=[path to bitflate-cli]
Create new address in c-lightning and send coin to c-lightning address: # Create lightning address
lightning-cli newaddr
# Send Bitflate coin to lightning address
bitflate-cli sendtoaddress <address> <amount_in_bitflates>
After this, you need to mine a block to process the transaction. If you need help with mining a block on testnet, please send us an email: contact@bitflate.org. After your transaction is mined into a block, you should see the amount in c-lightning: ./cli/lightning-cli listfunds
On receive machine, start bitflated and lightningd. # You may also need -maxtipage=864000000 option to avoid stale tip on testnet
./bin/bitflated -testnet -rpcuser=receiver -rpcpassword=receiver
# Start c-lightning daemon
./lightningd/lightningd --bitcoin-rpcuser=receiver --bitcoin-rpcpassword=receiver --bitcoin-rpcport=17332 --bitcoin-cli=[path to bitflate-cli]
After lightningd start, copy the server public key. It’s a string that look like this: 0284a33b6286d9647b9e2fa4c7e2f71f0bd78b97c78b49726c8d04c204648fed36. Send CoinsWe are now ready to send some coins from sender machine to receiver machine. On sender machine: # connect to receiver machine
./cli/lightning-cli connect [receiver public key] [receiver ip address]
# fund channel with coin (unit is in satoshi)
# amount cannot be too small but should not exceed 16777215 satoshi
./cli/lightning-cli fundchannel [receiver public key] [amount]
# create invoice
./cli/lightning-cli invoice [amount] "test_invoice" "test invoice description"
# invoice command generates a bolt11 string, copy it to use for pay command
./cli/lightning-cli pay [bolt11]
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Update: we just passed 2 million coins. I'm excited about this milestone. The coins are getting distributed into many wallets. We want to increase decentralization. https://explorer.bitflate.org/richlistReminder: Bitflate mining rewards early adopters with more coins. First 10 halvings' rewards: 0: 50 1: 25 2: 12.5 3: 6.25 (end of halving) 4: 6.65 (start of inflation 7%) 5: 7.02 6: 7.51 7: 8.04 8: 8.60 9: 9.20 10: 9.85 Block explorer: https://explorer.bitflate.org |
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Update: we just passed 2 million coins. I'm excited about this milestone. The coins are getting distributed into many wallets. We want to increase decentralization. https://explorer.bitflate.org/richlistReminder: Bitflate mining rewards early adopters with more coins. First 10 halvings' rewards: 0: 50 1: 25 2: 12.5 3: 6.25 (end of halving) 4: 6.65 (start of inflation 7%) 5: 7.02 6: 7.51 7: 8.04 8: 8.60 9: 9.20 10: 9.85 Block explorer: https://explorer.bitflate.org |
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Recent price decrease seems to drop hashrates everywhere. Good time for mining. Bitflate difficulty: 985k (down from 1.2 million). Coin supply: 1.9 million. Block number: 38402. Reminder: Bitflate mining rewards early adopters with more coins. First 10 halvings' rewards: 0: 50 1: 25 2: 12.5 3: 6.25 (end of halving) 4: 6.65 (start of inflation 7%) 5: 7.02 6: 7.51 7: 8.04 8: 8.60 9: 9.20 10: 9.85 Block explorer: https://explorer.bitflate.org |
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