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1  Alternate cryptocurrencies / Altcoin Discussion / Re: Long-term investment projects ? on: March 04, 2021, 01:54:26 AM
Bitflate developer here. I'm running the project since 2019. I guess it's considered long-term now. Smiley I believe Bitflate has a story. We're searching for crypto that people can use for transactions, digital cash. I'm still excited about it. See our website for more info:

https://bitflate.org/

We recently released a whitepaper:

https://bitflate.org/bitflate.pdf
If you want more attraction and market engagement, I think you need promotion and ads.

And another thing is that you need to show that your project is really worthy of their money. Investors and traders will particularly be looking for a potential project with good liquidity(at least) and they know that they are secured. When we say assurance, people were able to see a sustainable market demand, not being a dead one.

Thanks for the suggestions. Being a decentralized crypto is kinda weird. There's no central authority to coordinate marketing. Some members of the community are more enthusiastic than others. If someone spends money on ads, they'd need to recoup the costs. It is a chicken-and-egg problem.

I'm personally taking a slow approach. We still have a couple of years of mining before inflation starts. I have a hard time convincing bitcoiners that Bitcoin can't be a Medium of Exchange. Volatility is inherent in Bitcoin. The Lightning Network is not going to drive payment adoption. But most of them still think that hyperbitcoinization will happen. Then, the problem solves itself. Smiley Rather than bombarding people with ads, I think it's best to let the market do the education.
2  Alternate cryptocurrencies / Altcoin Discussion / Re: Long-term investment projects ? on: March 03, 2021, 10:45:17 PM
Bitflate developer here. I'm running the project since 2019. I guess it's considered long-term now. Smiley I believe Bitflate has a story. We're searching for crypto that people can use for transactions, digital cash. I'm still excited about it. See our website for more info:

https://bitflate.org/

We recently released a whitepaper:

https://bitflate.org/bitflate.pdf
3  Economy / Economics / Re: The Bitcoin Price Paradox on: February 12, 2021, 09:37:36 PM
Nassim Nicholas Taleb just wrote on Twitter that he thinks Bitcoin is a failure.

https://twitter.com/nntaleb/status/1360276917992230919

He highlights the problem with volatility. Bitcoin's volatility originates from this paradox. When supply goes to zero, we'd get a divide by zero. The price could be 0 or infinite. It is whatever the narrative the market is following.
4  Economy / Economics / Re: The Bitcoin Price Paradox on: February 10, 2021, 02:29:54 AM
Let's say there's 0.1 bitcoin on an exchange. Someone bids $1M for it. That's $10M / bitcoin. If supply continues to shrink, for example, to 0.01. That's $100M / bitcoin. Infinite price is possible.

$100M per bitcoin is not infinite, and even if the supply shrinks to a single satoshi, which would imply a price of $10 trillion per bitcoin in your world, that is still not infinite.

Here's a more grounded example:

Let's say it's 1914 and there's only one known passenger pigeon left in the world. How much would someone pay for one more? I'll let you look up the answer, but I'll tell you now that it is far short of infinity.

Furthermore, now that there are 0 passenger pigeons in the world, what is the price of 1? Well, there are proposals to recreate passenger pigeons through genetic engineering and selective breeding. In your terms, supply is 0, and demand is positive, but do you really believe that someone will pay an infinite amount for that one passenger pigeon?

Your model is clearly broken.

I discuss a paradox, not a model. The current models of Bitcoin's price are broken. For example, the Stock-to-flow model. It runs into this paradox. S2F is a model that references itself. It has no grounded reality. I think it's broken. If Bitcoin's price is about supply and demand, any model is a self-referencing model.

I read the pigeon story. The pigeon is worth as much as someone is willing to pay for it. The same logic applies to Bitcoin. Bitcoin is worth as much as someone is willing to pay for it. How should we determine the price? Bitcoin uses Proof of Work mining. This translates to how much energy we spend on mining Bitcoin. Is it 10%, 20%, 50%, 80% of the world's energy? The paradox is the energy is limited and we can't determine Bitcoin's price.
5  Economy / Economics / Re: The Bitcoin Price Paradox on: February 09, 2021, 06:30:29 PM
Ah! You disappointed me. Reading all way down, I thought you were going to put some interesting economic flaw in bitcoin pricing. But in the end, it turned out that the thread was just a shill for Bitflate and you were advocating the inflationary supply of bitcoin all along. You do realize that your argument is hilarious, right?

The market always finds its way. Crypto is inflationary through altcoins. But altcoins also have their own very limited supplies. They are deflationary like Bitcoin. They're volatile like Bitcoin. I think an inflationary crypto is what we need. It breaks the trend and creates new use-cases.
6  Economy / Economics / Re: The Bitcoin Price Paradox on: February 09, 2021, 06:25:05 PM
Bitcoin supporters mostly agree that Bitcoin has no intrinsic value.

Au contraire. I'll contend bitcoin has intrinsic value in the form of its supply limiting algorithm, construction and design.

If Bitcoin’s price continues to rise, we’d be spending more and more energy to mine it.

The majority of electricity for bitcoin mining is derived from surplus energy. Which does not affect or strain existing grids.

The productivity of mining hardware increases over time due to moore's law. While the energy consumption of mining hardware decreases for identical reasons.

When supply reaches zero

Correction: mining rewards reach zero.

Supply does not necessarily follow the trend.

If Bitcoin’s price is infinite, we’d be spending an infinite amount of energy to mine it.

If bitcoin's price is infinite.  BTC = ∞

There isn't a scenario where any of us complain about it.   Cheesy

We simply build a dyson's sphere around the sun with a fraction of bitcoin's value.

Bitcoin has no intrinsic value. Its price is a narrative. Mining is driven by price narrative. Bitcoin is deflationary. It sucks up more and more energy. At infinite price, we'll spend all energy on mining Bitcoin. It doesn't sound like a good world to live in.
7  Economy / Economics / Re: The Bitcoin Price Paradox on: February 09, 2021, 06:20:56 PM
Bitcoin Price = Demand / Supply

Did you just make that up? Here is the correct formula: D(q) = S(q)

To find the price, you solve for q and then evaluate D(q) or S(q).

When supply reaches zero and demand is a positive number, Bitcoin’s price is infinite.

The price when the supply is 0 is D(0). D(0) is not necessarily infinity.

Let's say there's 0.1 bitcoin on an exchange. Someone bids $1M for it. That's $10M / bitcoin. If supply continues to shrink, for example, to 0.01. That's $100M / bitcoin. Infinite price is possible.
8  Economy / Economics / The Bitcoin Price Paradox on: February 05, 2021, 07:03:30 PM
I came across a discussion on Hacker News: Bitcoin still makes no sense. I see it as an honest assessment from someone open-minded about Bitcoin. The article’s author, Evan Kozliner, made some interesting observations. Bitcoin supporters claim that they understand money better. Bitcoin is THE money. Bitcoin supporters mostly agree that Bitcoin has no intrinsic value. It’ll be the mother of all assets. In the future, values will be based on Bitcoin. But this future has a problem. If Bitcoin’s price continues to rise, we’d be spending more and more energy to mine it. Since Bitcoin has no intrinsic value, its price cannot be determined. We can spend an infinite amount of energy. We don’t have infinite energy.

A lot of confusion about Bitcoin originates from a fundamental problem. I call this problem the Bitcoin Price Paradox. It works like this:

Bitcoin Price = Demand / Supply

When supply reaches zero and demand is a positive number, Bitcoin’s price is infinite. If Bitcoin is not grounded in some physical reality, we have no way to price it. Bitcoin is a narrative-driven asset. People compare Bitcoin to gold. In this narrative, its market cap should be something around 10 trillion dollars as of 2021. But after that, we’d have the real estate market, the bond market, the equity market. If Bitcoin’s price is infinite, we’d be spending an infinite amount of energy to mine it.

The Bitcoin Standard and Hyperbitcoinization

Some Bitcoin supporters advocate for the Bitcoin Standard or Hyperbitcoinization. In this future world, everything would be denominated in Bitcoin. When this happens, Bitcoin’s price would become stable. This logic seems to make sense if we assume the world is stable. But what if the world is unstable? We see the world as unstable. We want to base it on Bitcoin for its stability. For Hyperbitcoinization to happen, the world needs to become stable on itself. Bitcoin is a reflection of the world’s value and vice versa. There are two possibilities:

  • The world is unstable and Bitcoin is unstable. This is where we are.
  • The world is stable and Bitcoin is stable. This is Hyperbitcoinization.

The question is which stability happens first. We really can’t know. Bitcoin depends on the world. The world depends on Bitcoin. We have a circular dependency. Hyperbitcoinization is also a paradox. Hyperbitcoinization does not solve the Bitcoin Price Paradox. It is another paradox sitting on top.

Turtle All The Way Down

The Bitcoin Price Paradox is the origin of confusion in Bitcoin. We attempt to solve it by reasoning on top of it. These efforts lead to more paradoxes. They are circular. We just go around in a loop. Bitcoin’s price cannot be infinite. We don’t have an infinite amount of energy. Physical reality is bounded. Humans are finite. Energy is finite. The Fed only prints so much money, not infinite. Bitcoin cannot be priced if it exists only in the virtual world and has no connection to physical reality. Basing money on Bitcoin is like putting reality on top of ungrounded reality. We’ll keep making ungrounded reality. Bitcoin cannot lift itself from gravity.

The Bitcoin Price Paradox is the mother of all paradoxes in Bitcoin. It is a version of Turtle All The Way Down.

Solving The Paradox

I believe the solution to the Bitcoin Price Paradox is inflation. Let’s say we have a hybrid crypto that has inflated supply. The price equation becomes:

Hybrid Crypto Price = Demand / Supply

In this case, the supply is never zero. So the price is never infinite. It is the way to get out of the Bitcoin Price Paradox. This is where an inflationary crypto is useful. Bitflate is an experiment in this direction. It has a moderately high inflation of 7%. It is the opposite of Bitcoin. Another way to think about this solution is through the philosophy of Yi Ching. Money Yin and Yang are Deflation and Inflation. They’re complementary to each other.

Original Post: https://bitflate.org/post/2021/02/05/the-bitcoin-price-paradox.html
Hacker News - Bitcoin still makes no sense: https://news.ycombinator.com/item?id=25319849
9  Alternate cryptocurrencies / Announcements (Altcoins) / Re: Bitflate - crypto with inflation on: January 25, 2021, 07:18:04 PM
Hi everyone,

We have a new release for the Bitflate Core client, v0.20.2. This is a required upgrade. In this version, we changed the pchMessageStart parameter. This change prevents Bitflate clients from connecting to Bitcoin clients. But it also prevents connection to older Bitflate clients. Please upgrade your client to get new blocks. Instructions for upgrade.

https://bitflate.org/post/2021/01/24/bitflate-binaries-v0.20.2.html
10  Alternate cryptocurrencies / Mining (Altcoins) / Re: Bitflate (crypto with inflation) Mining on: January 25, 2021, 07:17:56 PM
Hi everyone,

We have a new release for the Bitflate Core client, v0.20.2. This is a required upgrade. In this version, we changed the pchMessageStart parameter. This change prevents Bitflate clients from connecting to Bitcoin clients. But it also prevents connection to older Bitflate clients. Please upgrade your client to get new blocks. Instructions for upgrade.

https://bitflate.org/post/2021/01/24/bitflate-binaries-v0.20.2.html
11  Bitcoin / Development & Technical Discussion / Re: Why check for pchMessageStart in blocks? on: January 24, 2021, 06:32:37 AM
ranochigo, thanks for the quick response and link.
12  Bitcoin / Development & Technical Discussion / Why check for pchMessageStart in blocks? on: January 24, 2021, 01:36:06 AM
I notice there's a check for message_start in the function ReadRawBlockFromDisk.

https://github.com/bitcoin/bitcoin/blob/master/src/validation.cpp#L1207

If I understand correctly, message_start is used to identify Bitcoin Core clients.

https://bitcointalk.org/index.php?topic=2997687.0

Why does the function ReadRawBlockFromDisk check for message_start? Does that mean message_start is also written into blocks?

Thanks.
13  Alternate cryptocurrencies / Mining (Altcoins) / Re: Bitflate (crypto with inflation) Mining on: January 15, 2021, 06:40:40 PM

Eth has no limit on supply.
Grin has no limit on supply.

Nothing you have offered is not already covered.   

You have almost no real info on the website.  Everything you have to say about this is covered in the first post you made.  The chart of emission makes it clear.  The deafening silence (no market / no miners) with it being around since 2019.  The complete lack of development on its github.  Its dead ...quit beating it.


ETH, Grin, Doge have constant tail emissions. The constant emission will be smaller and smaller relative to the circulating supply. It's the same as Bitcoin.

14  Alternate cryptocurrencies / Mining (Altcoins) / Re: Bitflate (crypto with inflation) Mining on: January 15, 2021, 01:28:28 AM
Call it what ever you want.  It is garbage.  Nothing new except you changed emission rate ....as stated on the website.  So no real code no real innovation,  We changed emissions....when there are literally thousands of real coins already out there....Some with real experiments and not just sad little me too copy boys behind it.  You list an exchange but there is no volume and no market for this coin.  Even if you mine it...it has no value.  Thats where your whole idea falls apart.  If people dont value it....it has no value.  

You are same as several trying to ride the bull market to your wet dream.  But nobody values what you are doing because honestly its not even your work.  Its bitcoins bitcore.  And the value goes to there not to you.  

The idea of Bitflate is to find a way to introduce inflation into crypto. Existing coins have limited supplies. The economic incentives are the same. You hold a bag of coins. The community pumps and dumps. Technology-focused coins, like Ethereum, claim to have better technology than Bitcoin. But it has the same economic incentives. I think this is why the whole market behaves the same way. Everyone pumps and dumps.

Many coins have tried to sell "new tech" value proposition. I don't think they have added much. I think inflation can unlock the Medium of Exchange use-case. Bitflate has a moderately high inflation rate, 7% per year. That makes it distinctive from the rest of the market. Bitcoin is a good model for making cryptocurrency. Bitflate is not about a new crypto technology. It's an experiment with economic incentives.

Bitflate is a shitcoin. Its supply will inflate to make a lot of coins. Many coins have failed to compete with the digital gold narrative of Bitcoin. Bitflate has a different narrative. It's the ultimate shitcoin. There'll be a lot of coins. We can make something useful out of it. Maybe, it'll be the digital fertilizer.
15  Bitcoin / Bitcoin Discussion / Re: Will 2021 become the year of the Lightning Network? on: January 15, 2021, 01:11:52 AM
Bitcoin has little need for transactions, the everyday coffee purchases. It's currently a speculative asset in the short-term. In the long-term, it's a Store of Value. Bitcoin, itself, cannot escape the SoV use-case. It's like trying to lift yourself from gravity. It doesn't work. The lack of need for the Lightning Network originates from Bitcoin's main chain and its economics. It's a fundamental problem. For several spikes of activities per year, it's difficult to justify using the Lightning Network. I wrote an article about this.

https://bitflate.org/post/2019/11/24/bitcoin-will-not-be-a-medium-of-exchange.html

The key to solve the Medium of Exchange use-case is inflation. Until then, Bitcoin remains a speculative asset and a Store of Value.
16  Alternate cryptocurrencies / Mining (Altcoins) / Re: Bitflate (crypto with inflation) Mining on: January 14, 2021, 02:23:06 AM
So you have a coin using sha-256 same algo as btc....

So what keeps a big btc farm from pointing its hash power at this coin and 51% attacking it?  Correction what keeps anyone with a single S9 from owning the network (worthless as it is).

I mean i know this coin is in no danger becuase to be honest the market cap is pitiful literally has no ranking (so not in top 5000 couns) and no clear market price.  The exchange listed is not exactly anything...the exhanges total volume of all coins traded in 24hrs is less than $5000 TOTAL. 

Total value of bitflate coin 24hrs.... $32...total...worldwide.  And it appears that data is probably inflated.

Total miners on the NL pool ZERO
Total miners on the cminers pool ..... 2

So total 2 miners.  And they havent found a block since 12/25.

Bitflate is an experimental coin. I don't think anyone bothers to attack it. They will only help the community pushing blocks. Changing the mining algorithm won't prevent attacks.

Why should Bitflate exist? Because we need to find a way to address the Medium of Exchange use-case. Check out the website for more information:

https://bitflate.org/
17  Alternate cryptocurrencies / Mining (Altcoins) / Re: Bitflate (crypto with inflation) Mining on: January 14, 2021, 02:15:17 AM
Here we go again, so all what this bitflate can do is inflation and POW? I'm guessing this is another hit and run crypto project, this project add no solution to crypto projects but add more problem to crypto space because such project have no real use case, miners I hope you guys are smart, I spent over a year mining coins like this and they died before I was even able to sell them.

How does Bitcoin address the Medium of Exchange use-case? I think the answer is it can't. A money system consists of a Store of Value and a Medium of Exchange. An example is the Gold Standard. It consists of gold (deflationary) and paper money (inflationary). We need an inflationary crypto to make a crypto money system. That is the purpose of Bitflate.

Check out Bitflate website for more information:

https://bitflate.org/
18  Alternate cryptocurrencies / Announcements (Altcoins) / Re: Bitflate - crypto with inflation on: January 11, 2021, 10:10:30 PM
The Bitflate blockchain has passed 190k blocks!

Block: 190k
Supply: 9.5 million

190k block:
https://explorer.bitflate.org/block/00000000000000e1b4f51dff867b11212b3c101af7950e031dbc2e7fa4510250

Reminder: Bitflate is a crypto with 7% inflation. But for the first 3 epochs, rewards will halve. The first halving is from 50 to 25 at 210k blocks (~10 million coins). It is designed to give more coins to early adopters.
19  Alternate cryptocurrencies / Mining (Altcoins) / Re: Bitflate (crypto with inflation) Mining on: January 11, 2021, 10:09:54 PM
The Bitflate blockchain has passed 190k blocks!

Block: 190k
Supply: 9.5 million

190k block:
https://explorer.bitflate.org/block/00000000000000e1b4f51dff867b11212b3c101af7950e031dbc2e7fa4510250

Reminder: Bitflate is a crypto with 7% inflation. But for the first 3 epochs, rewards will halve. The first halving is from 50 to 25 at 210k blocks (~10 million coins). It is designed to give more coins to early adopters.
20  Alternate cryptocurrencies / Announcements (Altcoins) / Re: Bitflate - crypto with inflation on: December 07, 2020, 06:20:43 AM
Hi everyone,

Bitflate is listed on Coinlore. Check it out if you want to trade your BFL coins. As always, please do your own research.

https://www.coinlore.com/coin/bitflate

Thanks.
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