1) Not wasteful. It is the ONLY algorithm which facilititates a fair distribution of coins
2) Also isnt centralised when changes are made to force such
3) Is as secure as anything else


Ahmed

1 Vote here for keeping POW Running

AhmedBodi

can someone please pass me the nodes is not updated portfolio me, or I can say as I update thanks

The old thread is still available ofcourse to read history of developments. Perhaps worth noting in OP.
https://bitcointalk.org/index.php?topic=245086.0

On Reddit, someone asks:
Is there a paper on the PoSP algorithm?
https://www.reddit.com/r/CryptoCurrency/comments/3fa1s0/cryptobullion_announces_posp_algorithm_and/

And a question, how is the CBX priceticker going. I've created @CBX_Pricequote but it's not used.

this is CGB right? just changed it's name? been a way for a while.

http://bitcoinprbuzz.com/over-2-years-old-valuable-bitcoin-alternative-cryptobullion-cbx-announces-unprecedented-posp-algorithm-and-expansion-into-chinese-markets/

You can also track it going viral
on twitter with this link
(keep scrolling down!):

https://twitter.com/search?q=%22Valuable%20Bitcoin%20Alternative%20CryptoBullion%20%22&src=typd&vertical=default&f=tweets

Should be on Bitcoin Magazine
and Boston.com etc within 24 hours.

Thanks Elambert!

I had another thought related to this too, in relation to auto-detecting if a backed wallet address is used to send funds and therefore the backing is effectively voided. If we retain a list of all the CBX addresses currently backing metals, we could periodically scan this list to detected new sends from those addresses and discover any 'voided' backings. This would work with the data in a centralized database for the first iteration (database on a server rather than a decentralized blockchain). This opens us some extra functionality such as automatically voiding invalid backings (that have had funds removed) and updating the central list. We could even notify the associated backer or even a mailing list of all backers. A weekly/monthly summary email to everyone currently backing would be pretty neat. This could contain some statistics and graphs for the month and other information that backers may be interested. Still thinking this over and seeing what sticks, but I think any automation/ease-of-use changes we can make would be very useful.

raizor

Having just been through the process, it's given me a few ideas on adding some related functionality to the wallet. I think we should be able to auto-generate and print the certificates within the wallet. We could even have a 'create backing' function, that we could make available from a context menu when clicking one of your own addresses in the wallet. Something along the lines of 'back this address', perhaps. We could also have a 'create backing' menu item in the main wallet menu that takes you through the process. As I think about this, it becomes clear that we need to be able to lock the coins within the local wallet. Anyone not using Coin Control to send funds may inadvertently transfer their 'backed' funds without realizing it and void the backing. I think we should be able to mark wallets as in use for backing and avoid them being selected for transactions. If we add a 'create backing' option, this could create a new named address in the local wallet and transfer the backing amount to the new address without excessive user interaction.

raizor

Haha, I just realised I used less silver to back my CBX than you guys, sorry!

Unfortunately these 5 poor little maple leafs are the only precious metals I own (besides my treasured Finite by Design Cryptogenic Bullion Bar). I hereby endeavour to correct this sorry state of affairs next time the opportunity arises.

Anyway, all done and correct?

Good one elambert.

You have placed an extra space before the (I) in the message field above (currently).

However, the message will verify properly when the additional space is deleted, 'as is'.

Looks like you may have done this in a similar way to FiniteByDesign (using the document template provided) and probably copied the text over from the document directly into the CBX software message field, for convenience. Hence the extra paragraph settings.

It will be best to try and format the messages in plain text (with say notepad) without extra paragraphs, indents or spaces etc., anyway as long as the messages match the printed text and can be verified then we are good. No need to re-do at this stage, however when this starts to be done on mass and/or the data is being machine read and verified then this might well become more relevant. At least this helps to highlight some eventualities.

It will be best to start verifying posted messages with return screen shots of the verified message from the CBX software. So, Proof-of-Value Network Verification.

Anyway, once we have at least one more participant in the CBX Proof-of-Value Network Certification then I think we have the start of our fully decentralized network and thus can commence with Phase 2.   

Hey, I sort of slept on this and am just now getting started mining/etc. I'm having an issue trying to download the vault, or even visiting the website.

I keep getting an "Error 1010: Access Denied" and it states below that "The owner of this website (cryptobullion.io) has banned your access based on your browser's signature (2080ddff1e132018-mh5)."

I'm using Chromium Version 46.0.2456.0 (64-bit). I tried again using Firefox (not sure what version - its a couple months old), and got the same Error page.

Any ideas?

Elambert, do you have an official login on this site? Perhaps you can copy the OP here:

http://altcoinsfoundation.com/forum/ann-altcoins

This part just opened last week I think, 500 views per thread already. Good to have an early presence.