I have a proposal.
We remove the counterparty burn address and replace it with the dev donation address.
We treat all donations to the dev address as burnt funds.
If we get a consensus could we not do this?
Which pretty much defeats the whole concept of proof of burn? Its not gonna happen.. The proof of burn concept was to remove the burden of trust. The devs have already demonstrated a working product. We have demonstrated our support for this system by burning almost 1,600 BTC. At this point there is less than 10 days to claim stake, what little is left should be put toward bounties, not destroyed.It will only help the project succeed. If we can put this to a vote, I think we would be hard pressed to find anyone who thinks that it would be better to burn the BTC than to put it toward community bounties and dev support. Even though I like your argumentation, I think it destroys the reliability of the first real proof of burn project. But maybe the developers can tell their point of view Let's not pretend that proof of burn is something that should be glorified. We have already wasted 1.5 million dollars, yet the devs have received a little over 3 btc ($2,400). You want this to succeed? Lets pay their bills for a few months so they can devote their time to this. Agreed. MasterCoin has 8 to 10 Million Dollars. Protoshares is raising Millions, so will ethereum and others. We have burnt 1.5 Million dollars, but our development fund has only $2,400. If we are to succeed long term we need to set up a fund or set aside 2% of inflation for paying bounties, marketing etc... The funds would be controlled by a community foundation, which can at a later stage switch over to proof of stake voting. |
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The Joy of Mining
The emergence of scrypt-based coins, popularized by Litecoin, has made it profitable to again earn bitcoin on my dusted-off graphic card mining rigs. I am running three rigs with a total of six 5770 cards. The operating system is Ubuntu, I run cgminer 3.7.2 and achieve about 144 KHs per card. The conversion to bitcoin is handled automatically by the pool software which heuristically chooses among various exchange-traded crypto currency coins and mines a particular network until it becomes unprofitable to mine when compared to other candidate crypto currency coins. I use TradeMyBit as its operator posts frequently on the pool forum. It is an easy upgrade from the obsolete 5770 cards to expensive but currently in stock R9 280x cards. My first one is on its way - yay!
The coinwarz web site gives a great profit calculation of daily dollar profit on each ranked crypto currency coin given hashing power and price of power. When I input the figures for a single R9 280x card, 700 MHs and 250 watts respectively, the projected Revenue / Profit (per day) for my local power usage is projected to be $15.24 / $14.54 for Tagcoin at rank number one, and $8.70 / $8.00 for Neocoin ranked five. The actual profit is lower, chiefly due to fees and the effects of periodic coin network switching that result in stale shares and rejects.
When bitcoin prices eventually explosively rally again as suggested by the logistic model trendline, it is very likely that the most-popular-at-the-time scrypt-based coins will exceed the price acceleration of bitcoin, i.e. have a higher beta. I look forward to manually selecting coins to mine from TMB at that time for postponed exchange into bitcoin.
Are you really getting an ROI, when you figure in the time you spend setting it up and dealing with issues to etc... Just Curious to know. |
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PhantomPhreak and xnova are there any plans for a user friendly client shortly after the burn period is finished? If not should we as a community start discussing and possibly set up a bounty for this? I would be happy to donate some BTC or XCP for a client.
Thanks for all the great work you guys have been doing on this. I’ve donated to the dev fund and intend to donate more.
As a third-party dev, I've started work on a user-friendly client that should be done in about 4-5 weeks working part-time. However, if there were a significant bounty, I could probably justify working on it full-time (I'm a freelancer) and have it done in probably a week or less (at least a beta version). I'd also love to get input from users on what you want. At the moment, it's designed as a client with two tabs, one for your wallet (with the usual wallet features) and one for the market. You will be able to filter the market transactions by type. Probably a third tab for broadcasts. Any other ideas? Edit: Also, depending on user feedback, I could fairly easily change the tabs to a more traditional toolbar-driven interface, if that's what more people want. We want a gui -_- Thanks for working on this, this is exactly what the community needs. |
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I'm interested in this coin.
Sent a 5$ donation to support the cause as well.
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Same here. Also, when will you release a Windows client? Not everyone can use UNIX, Linux etc.
+1 Windows client, with automated installer. |
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Forgive the question if it is too basic,
How is the time determined, what prevents the spender from adding an earlier time to the message.
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If I understand it correctly:
The founders receive:
a) All the BTC raised via the fundraiser
+
b) Their share of Ether at launch
What about the product, is it still under development? What it the ETA for this.
Will there be a working prototype at launch, even if it is at the Alpha/Beta stage.
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What exactly does a mastercoin style (exodus address) fundraiser entail?
Everyone sending their Bitcoin to an address controlled by the founder/developer. |
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*If* every newly mined coin were immediately sold then the exchange rate won't be as high as if they are held instead.
*If* the Bitcoin exchange rate runs up to $1,000,000/BTC then I sincerely doubt a significant fraction of newly minted coins are being sold at that time.
Can we measure the proportion of newly minted coins being moved through an exchange?
Thanks for pointing that out. Trade Volume vs Transaction Volume Ratio @ https://blockchain.info/charts/tx-trade-ratio is something I'm going to start watching. A detailed explanation here: http://codinginmysleep.com/measuring-bitcoin-speculation/ which I've only given aa quick read. That might help? Newly minted coins would likely be originating from the large mining pools but they change those addresses. Receiving addresses of miners are less likely to change and probably exhibit specific behaviors that might help to quickly identify the pool addresses. I agree, especially when the hashing power race is mature, the more Bitcoins are worth, the more likely people want to hold them. A bit off topic, but his site has many interesting statistics not tracked anywhere else: http://www.bitcoinpulse.com/Excellent collection of data for measuring Bitcoin economy fundamentals, however it is worth point out that the Blockchain info - trade to transaction volume only measures USD volume. You should also take into account that the China volume went from a small fraction to double the US volume over the last 6 months. |
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Yes, you can but you have to follow the instructions carefully. If you make a mistake like using two input addresses or sending more than 1 BTC from an address the transaction will be invalid. |
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I would say the total coins coming into the market = Mining supply + Divestment of existing holders.
Divestment of existing holders / per year - I would say is around 20%. (can be higher or lower that this).
Lets say there are 12 million coins =
20% of this = 2.4 Million coins
Mined coins per year = 1.3 Million
Total Supply = 3.7 Million
at 1000$ price -> you need 3.7 Billion/year just to hold the price.
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The bigger the bet is, the higher is the fee paid to the operator.
The question isn't whether or not a feed operator could screw people over for money. The question is whether or not he would make more money by being honest. A good reputation will be very valuable, as it is on the Silk Road.
I understand what you say. But it's not convincing enough for me to use your betting system. 'certainly not the only one. Sure an honest feeder will make more money as time pass, reputation increase, ++money as bet rise higher. So thousands of people will want to become feeder. Random guy must choose randomly which feed chose, or after 2 month, choosing the one with the best reputation (discovered through hard research, nothing easy). Might work for let's say 5 honest guy. Creating a tiny feeder elite. Yet if bet start to be REALLY huge, at one moment one of the top 5 have a choice: A: continue to be honest, I already made x$, if I continue in 2 month I might have 2x! B: months of time spent to build a reputation (hard to find), made y$ in 6 month. Do I wait 4 month more, playing nice, to perhaps reach 2y$ ? or do I screw them all and take 16y$ now? Supposedly 16y$ = 1'000'000$, temptation is huge He could make more, but 'need +1yr and result is uncertain. As is BTC&XCP value as time pass. Big Big now? or moderately great over very long time? 'arrive one point for many... Tony had a very good reputation on SR I heard... Agree with your point. However, centralized feeds seem to be the only workable option right now. Protoshares has proposed an alternative model, based on bid/ask prices for their BitUSD, however that model seems a little bit naive to me. That just because we call something BitUSD, the price of that will track the USD. If you have an alternative model, please feel free to propose it. |
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Burning bitcoins seems like such a stupid counterintuitive idea. I like it!
If you were to burn coins from an armory wallet, would there be any problems different from burning from a blockchain.info wallet as described in the instructions?
I woudn't try it , unless armory provides a way to manually control the transaction details. |
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Innovative coin.
Potential investors would like to know further details on:
a) Total number of coin
b) Percentage held by developers/founders
c) Initial pricing/distribution of coin
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I was so looking forward to the IPO  Very sad +1 |
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Sounds more like an excuse to close the sale before it even happens - NXT all over again.
I was looking forward to the presale for a couple of months now, checking the emunie forums everyday. It is kind of disappointing, that a select group of founders and beta testers get to take part in the pre-sale, while others won't. |
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I don't think it's a scam.
If it is a scam, he will be encouraging people to invest and promising high return. He has been doing quite the opposite - delaying the public presale launch and letting people know that the price appreciation is going to be limited due to the price/demand stabilization mechanism.
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Another one of these scams.
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