Bidding changes the purchase dynamic significantly from the exchange model, where the spot price often doesn't mean much if you want to buy or sell in any volume. I suspect this will play out in our favour.

I've been playing with the model a bit, I'll see if I can knock up a little graphed projection utility if I get some free time this weekend. I think the view a little ways down the y axis will please early investors and hopefully help illustrate for others just what a difference direct backing is going to make.

Why anyone runs Windows is beyond me, and if you think asking Win 10 politely to stop spying on you is really going to stop it spying on you...    Android and OSX/IOS should also be considered zero-privacy environments. Linux alone isn't going to protect you but it's a hell of a head start. The DASH crowd in particular are hilarious, running a privacy centric currency on proprietary black box OS's... idiots.  


Anyway, for purely comedic value I present some idiocy of my own, a crude, assumption-laden, and mathematically unsound little lunchbreak script; I was wondering what effect money being used to support BCR might have on the market price, instead of that money being pissed away on useless PoW...


I added the halvings at lines 31 and 35 because the initial results were frankly outrageous. As it is it yields this:


The glaring problem with this supersimplistic model is the discrepancy between MarketCap and BTC Backing, but then, BTC has a large (in cryptognat terms) Market Cap and exactly ZERO backing... and each US$ in existence is backed by $5000 or something of outright debt...

These numbers are not meant to be taken seriously, it doesn't take into account future supply curve reductions, and I certainly don't think all BCR assets should be held as Backed-By-Bugger-All-BTC, but I think it does help show just how much money is wasted on PoW, which could be backing the currency instead.

Alasdair Macleod, who's working with Bitgold / Goldmoney, which I see in some ways as a future competitor to BCR, talks a bit about it on the latest Keiser report, about 08:20 to 11:30. He says that Bitgold doesn't allow direct transfers of Bitgold between users due to regulatory issues. If we can find a way around that with BCR then we're leaving toytown behind, this is a big real world market and there's a place in it for a working, secure p2p framework for easy and near-free transfer of real assets, whatever they may be.

https://www.youtube.com/watch?v=FiJOTmk0ECc

I think showing the bidding data (as live as is feasible, hourly would be fine, the temporal rez can be adjusted later if needed) would be great.

Definitely think it's best to move the heavy lifting to the daemon and have the GUI (and user-made tools)  pull data from it as needed.

Think I should buy some more BCR.

Some musings on the assets that BCR is about to start being backed with...

While allowing users to acquire BCR easily, by simply downloading a wallet and bidding with other cryptocurrencies or fiat, I am not sure that we should be maintaining much in the way of those currencies as "assets," particularly not the cryptocurrencies, which are backed with nothing but hot air from the ASIC/GPU farms and speculative hope. "Backing" BCR with something that is itself intrinsically worthless in tangible terms defeats the whole point.

I think we should keep maybe 10% (tops) of the assets in BTC/LTC/DASH, another 25% max in fiat, and the rest in PMs. Other asset classes are all deep in bubble territory currently, although there are exceptions, but without a full time coven of finance witches on your side you're overwhelmingly likely to get burned playing the current rigged markets.

There are a lot of stackers out there and there's a lot of mutual distrust between them and the very notion of cryptocurrencies, but I think we can take this existing Venn diagram of two distant and distinct circles and bring them together, with the overlap being BCR as an easily transferable token of real physical metal, stored in multiple locations with fully insured and well armed outfits that have been doing such things for a long time.

Until now there hasn't been any vehicle to bring stackers and crypto enthusiasts together.

Consider https://www.bitgold.com - they had 100,000 new accounts opened in the last few months. There is clearly a very big maket for this, but bitgold appears to be a centralised setup, with user access through a web site, BCR can be a far more robust system by its very nature. The rest of their model is pretty sweet though, we could aim for something similar, open accounts with a few of the big gold/silver storage outfits in various jurisdictions, and build our tangible reserves that way.

A few emails or youtube comments in the right place and I'm pretty sure we'd get some positive attention from the stacker community, who unlike the average cryptognat, actually have some money to spend and have an attention span longer than the latest BCT pump'n'dump shitcoin.

Remember too that real world assets and real world contacts and relationships are going to open a lot of doors for existing and future Banknode operators to do profitable business. The current global financial system is fundamentally flawed and some sort of correction is inevitable. The smart money is positioning itself to take advantage of that, I think we should be thinking the same way.


A lot of people are going to get burned as the current shambles implodes... go ask a Greek right now how they feel about things. Go ask a Greek if they'd like to trade one insane vapourware system (fiat) for another (Bitcoin/PoW)...

We should consider all these people as future partners.

The QT client has a 'use custom change address' option but I'm not sure there's an RPC call for it, or if there is I missed it. Maybe one can be added, it would be useful in a number of ways.

New improved ad for my hot-selling MyCrypto app 

Sounds about right. Bitcoin would have attracted far more confident investment and would now be a useful tool of commerce, not still languishing as an irrelevant toy for small time gamblers to play with.



If there's eg. one daily superblock of fresh BCR mintage and asset addition, could the asset data (or some of it) be built into that block so that other clients could share it, and not have to recalc all of it themselves, just calc the additional daily running totals of bids? Of course, the client should be able to independently verify the superblock data if wanted, but it could default to the block record.

This assumes that any asset expenditure also comes out of / is accounted for in the daily superblock.

Thread quality up 7000% in last page or so...  

I watched the Agents of SHIELD episode this lovely was in, uh, more than once.

Shows the balance of whatever address it is, if you look closely you might recognise one of the example addresses...

I just get the BTC price of whatever currency it is from Bittrex. BTC/US$ price I get from either Bitfinex or Bitstamp.

I shall submit my application to the pentumvirate tomorrow, after I've built a Bitcoin Core BTC and LTC wallet, as I have my doubts about multisig working with HD derived pubkeys. (I use electrum for BTC and haven't had a use for LTC since about a week after I got into crypto.)

Everyone else, don't forget to dumpprivkey for the addresses you're submitting and keep those privkeys safe, offline and in multiple locations. For example, 3 of 5 multisig means that if 3 of the 5 have lost their privkeys then all 5 are buggered because the remaining 2 privkeys aren't enough to access the loot.  

edit: Lordy, I had forgotten how ugly the standard QT wallets are.

It's one conf per BN currently.

When bitcreditscc gets a spare second I'm sure he'll get the banknode.conf multi-BN thing working. Does any DRK-derived currency have that working? I know Crave doesn't, or not last time I checked. It would be super handy.

I wrote a simple android app to help me keep track of my various crypto holdings, here it is with some example addresses:



It's free on Google Play, some of you may find it useful. Works with BTC, LTC, DASH, and any alt with a Chainz block explorer and a Bittrex trading pair, so it can get the ALT/BTC and US$ value for you. If there's some alt that doesn't work, if it has a working public block explorer and exchange its traded on with public API access then I can add it.

Just updated to v3 which is much faster, if you install it in the next couple of hours you'll probably get v2 and an upgrade message when v3 has settled in.

Might add some email/alarm type notifications for masternode / servicenode / banknode / whatevernode payments when I get the chance.

https://play.google.com/store/apps/details?id=org.crouton.lone.mybanknodes&hl=en

Splendid. Three+ orders of magnitude better tx throughput than Bitcoin then.

You have it exactly backwards, MN subsetting is tens of thousands of times more secure than PoW.

If there are 600 compromised nodes out of 3000, and you need 10 of those 3000 to beat the system, the chances that all of the 10 needed nodes for any one IX will be among the 600 compromised nodes are miniscule.

Roughly, (600/3000)^10 = 0.000000102

Evil-Otoh will be waiting a long time to bugger up a single IX.

There's a reason hierarchical structures arise in nature and society - efficiency. Societal hierarchies are easy targets for compromise because they are essentially static, they provide fixed targets. Pooled mining is a good example of an this, it's a vulnerability, not an asset.

Overlay networks like Masternodes are a fluid hierarchy and vastly more resilient to attack.

If 10 MNs are needed for each IX then with 3000 MNs you'd have theoretical capacity for 300 simultaneous IX's. There are going to be overheads, and some MNs may be tied up doing DS or something else, but you get the idea.

I don't know if or how the concept of MN multithreading/multitasking applies, but there's probably room to squeeze a shitload more efficiency out of the system yet.

IX capacity has always been better than PoW capacity, as you're not having to wait for the whole lumbering Proof-of-Waste farce, you're getting consensus from a much smaller group of nodes, with the main constraint being network latency (milliseconds), not arbitrary Watt-burning make-work (minutes+.)

Not quite right, the entire Bitcoin network handles a maximum of 7 txes per second. Each IX only requires a tiny subset of the 3000 MN total to work. You're looking at tx throughput two orders of magnitude+ better than BTC, each one in seconds, not minutes/hours.

For anyone thinking of taking up proletariat on his offer, there's a bot on Bittrex that has a better offer for you. Apparently.   

It refreshes itself every 20 secs or so.



I don't think there will be any more Win binaries until the next official release, and there's a lot of changes going on under the hood right now, I don't know when that will be.

If you're on Win maybe you can set up a linux VM inside Windows and build in that? It might take half an hour to set the image up with the right dependencies...
...but after that you just open a terminal and paste..
...into it, then wait five mins or whatever for it to spit out the binaries, which you can run in the VM, eg...

That all looks like hard work but really it's just 11 cut'n'pastes.