[*] 8BIT [Dark Masternodes][Anon][Roadmap Stage 4]

[niki25]

About the rewards, i will explain my opinion:
-If services can be delivered through mn, and the fees for doing it are a barely low amount, it wont be useful to deliver those services rather than just mining with the mn.
-If the amount is changed to a lower amount, to make services reward look better using the same fee for service, that will control the inflation, but maybe at a low price rate will cause some mn to go off.
-So if a way is found to have an equilibrium between the mine ratio and the services offered by mn, that hould be.
Just my opinion.  

or the loop could be closed. let mn control the inflation. and let service fees be paid be service usage.
if a user (customer) makes use of a service why should this be free?

if there is an allocated cost then this could be redistributed over the network to those rendering these services.

this way mn and price/inflation is seperated from the product. And payment directly distributed to those that carry the cost of rendering the service.

I didnt meant the services to be free, maybe i explained bad myself.
What i was silling to say is that if masternode services are not as profitable as just running the mn, there wont be too much people willing to run the service.
I have to say that DPoS is a good experiemt but is causing a high inflation, that will be hard to control in the future 

[digit]

We are moving up..... Now is the time to buy cheap....last chance...soon we will actually be back on track....Very few coins. Read the op.....We have masternodes, anon, and a low price for now. On many exchanges too.

if you are buying 8bit for a MN then DONT buy on cryptsy as their wallet is not working properly.  i was lucky i only bought a small amount so its not much to lose.
After confirming it gave a txid, but this cannot be found on 8 bit blockchain and coins are either stuck or lost.    It could be a problem with cryptsy or the 8bit wallet itself is broken.  the logfile still show every block received is an orphan, and has misbehaving peers errors that ips get repeatedly banned.  Syncing the wallet is incredibly slow because of these errors on 8bit network. :\

over a week now and 3 replies later from support they are working on a technical error that has occurred with this coin and still no 8BIT refunded or received.  Cryptsy has now put 8BIT in maintenance.

[charlieSeen]

Soon for 8bit



Btw for the people running a masternode you can use www.coinnode.eu/dashboard/ to manage your node's. Ive got al my 11 8bit masternode's hooked to it!

Checking this out. Thanks for the link!

[skidog]

We have got to get inflation under control.  HiPos needs of go.  The masternode rewards need to be reduced drastically.

As much as I like getting pos and masternode rewards ...Your right...They are a little high...

This is why I asked you guys.

I think the rewards are a bit high myself.

Suggestion time...lets hear them.

Cheers,

MasterTrader777

I think the combination of pos and masternodes payout needs to be about 40 % of todays rate.

[TimC]

We have got to get inflation under control.  HiPos needs of go.  The masternode rewards need to be reduced drastically.

As much as I like getting pos and masternode rewards ...Your right...They are a little high...

This is why I asked you guys.

I think the rewards are a bit high myself.

Suggestion time...lets hear them.

Cheers,

MasterTrader777

I think the combination of pos and masternodes payout needs to be about 40 % of todays rate.

Drop the total reward from 1.2 down to 0.8 with node getting 0.5 and minter getting 0.3

[Argwai96]

We have got to get inflation under control.  HiPos needs of go.  The masternode rewards need to be reduced drastically.

As much as I like getting pos and masternode rewards ...Your right...They are a little high...

This is why I asked you guys.

I think the rewards are a bit high myself.

Suggestion time...lets hear them.

Cheers,

MasterTrader777

I think the combination of pos and masternodes payout needs to be about 40 % of todays rate.

Drop the total reward from 1.2 down to 0.8 with node getting 0.5 and minter getting 0.3

I would like to see this mastertrader. Its nice to see the community coming together to make the wanted changes.

[dbt1033]

We have got to get inflation under control.  HiPos needs of go.  The masternode rewards need to be reduced drastically.

As much as I like getting pos and masternode rewards ...Your right...They are a little high...

This is why I asked you guys.

I think the rewards are a bit high myself.

Suggestion time...lets hear them.

Cheers,

MasterTrader777

I think the combination of pos and masternodes payout needs to be about 40 % of todays rate.

Drop the total reward from 1.2 down to 0.8 with node getting 0.5 and minter getting 0.3

I think this is still too high.

What about .08 for masternodes and .04 for miners.

We have got to get inflation under control if we are to see the value of 8bit rise.

Remember, a smaller piece of something is worth much more than a larger piece of nothing.

[Starin]

Well, this is not a hyper inflation. At 10 years maximum amonut of coins that can be generated is 6307200. To be exact, assuming you 60 seconds block time it is 630720 per year. You guys assume the btc value per coin is more important than it's marketcap. Well, you are wrong. For example the marketcap of 8bit is $ 10,865 right now. If the price stays stable it will be 5x more. I think you are rather worried to get off your stash as soon as possible than thinking the future of the coin because 6.3 million coins in 10 years is nothing.

Remember, a smaller piece of something is worth much more than a larger piece of nothing.

Please refer to price vs. marketcap.

If you want to raise this coin's value you should be more worried about marketing it, creating innonative ways of using it etc. The inflation is just fine for a hipos cryptocurrency.

[limar]

Soon for 8bit



Btw for the people running a masternode you can use www.coinnode.eu/dashboard/ to manage your node's. Ive got al my 11 8bit masternode's hooked to it!

 are you using SD card in the pi or it does have a USB extended memory where SD card will be used only for the booting purposes. also what are the expansion chances to alter the preconfiguered wallets to different one?

[dbt1033]

Well, this is not a hyper inflation. At 10 years maximum amonut of coins that can be generated is 6307200. To be exact, assuming you 60 seconds block time it is 630720 per year. You guys assume the btc value per coin is more important than it's marketcap. Well, you are wrong. For example the marketcap of 8bit is $ 10,865 right now. If the price stays stable it will be 5x more. I think you are rather worried to get off your stash as soon as possible than thinking the future of the coin because 6.3 million coins in 10 years is nothing.

Remember, a smaller piece of something is worth much more than a larger piece of nothing.

Please refer to price vs. marketcap.

If you want to raise this coin's value you should be more worried about marketing it, creating innonative ways of using it etc. The inflation is just fine for a hipos cryptocurrency.

HiPos is the problem. 

Scarcity creates demand.  Simple economics.  There will never be scarcity at this rate of inflation.

What if someone discovered a way to efficiently turn lead into gold?  Gold would be next to worthless, except in electronics.

I like the idea of static PoS rewards.  But this is just out of control.

[skidog]

Well, this is not a hyper inflation. At 10 years maximum amonut of coins that can be generated is 6307200. To be exact, assuming you 60 seconds block time it is 630720 per year. You guys assume the btc value per coin is more important than it's marketcap. Well, you are wrong. For example the marketcap of 8bit is $ 10,865 right now. If the price stays stable it will be 5x more. I think you are rather worried to get off your stash as soon as possible than thinking the future of the coin because 6.3 million coins in 10 years is nothing.

Remember, a smaller piece of something is worth much more than a larger piece of nothing.

Please refer to price vs. marketcap.

If you want to raise this coin's value you should be more worried about marketing it, creating innonative ways of using it etc. The inflation is just fine for a hipos cryptocurrency.

HiPos is the problem. 

Scarcity creates demand.  Simple economics.  There will never be scarcity at this rate of inflation.

What if someone discovered a way to efficiently turn lead into gold?  Gold would be next to worthless, except in electronics.

I like the idea of static PoS rewards.  But this is just out of control.

+1

I agree, it needs to be lowered,but how much? How many masternode coins a day and how much a day for POS? That is a tricky question. We need a survey to get this one out quick.

[ShopemNL]

Soon for 8bit



Btw for the people running a masternode you can use www.coinnode.eu/dashboard/ to manage your node's. Ive got al my 11 8bit masternode's hooked to it!

 are you using SD card in the pi or it does have a USB extended memory where SD card will be used only for the booting purposes. also what are the expansion chances to alter the preconfiguered wallets to different one?

For Bitcoin we use a 64GB Micro SDXC (Class 10)

For 8bit it will come with a 8GB Micro SDHC (Class 10), blockchain of 8bit is so tiny it will be plenty for years...

You can do whatever you want with it, we are developing a secure dashboard where you can manage your node everywhere in the world (check balances, see errors, stop deamon, send and receive coins and set security)

Preconfigured means : plug-and-play - installed deamon, running deamon on startup, downloaded most or all of the blockchain, configured configuration file with unique username and password and access to our free to use managing dashboard.

And offcourse manual for setting up the masternode and opening ports to use the masternode and our dashboard.

[Orestes]

HiPos is the problem. 

Scarcity creates demand.  Simple economics.  There will never be scarcity at this rate of inflation.

What if someone discovered a way to efficiently turn lead into gold?  Gold would be next to worthless, except in electronics.

I like the idea of static PoS rewards.  But this is just out of control.

What you call simple economics is a fallacy. What if for example common illness becomes treatable and thus scarce. By your line of reasoning there would be an increased demand for this illness!

Demand and supply are two seperate dimensions. Taken together they determine price.
So when you create scarcity given certain demand* then and only then will the price go up.
But if there is no demand then scarcity will not help. You will only fade away into nothingness.
      *(not taking into account p&d schemes.)

At least with high supply you have the chance to get scattered around and be noticed. Its easy to hide 1 diamond, much easier then sahara sand. But to create demand for the diamond or for the sand, it needs to be of value to people. This is were marketing comes in. No marketing, no perceived value. No perceived value, nothing. Decreasing inflation will only temporarily increase price, after that it's bye bye. Unless of course marketing kicks in, but then we need to watch out in becoming too scarce. For neither diamond, nor sand is very usefull to be used for payment.

What would be a good practical number for 8bit coin supply? Given the to be determined goals for usage? And how to get there from where we are now? This is much more important imho!

[Dimitry]

Well, this is not a hyper inflation. At 10 years maximum amonut of coins that can be generated is 6307200. To be exact, assuming you 60 seconds block time it is 630720 per year. You guys assume the btc value per coin is more important than it's marketcap. Well, you are wrong. For example the marketcap of 8bit is $ 10,865 right now. If the price stays stable it will be 5x more. I think you are rather worried to get off your stash as soon as possible than thinking the future of the coin because 6.3 million coins in 10 years is nothing.

Remember, a smaller piece of something is worth much more than a larger piece of nothing.

Please refer to price vs. marketcap.

If you want to raise this coin's value you should be more worried about marketing it, creating innonative ways of using it etc. The inflation is just fine for a hipos cryptocurrency.

Finally someone that understands

[Starin]

HiPos is the problem. 

Scarcity creates demand.  Simple economics.  There will never be scarcity at this rate of inflation.

What if someone discovered a way to efficiently turn lead into gold?  Gold would be next to worthless, except in electronics.

I like the idea of static PoS rewards.  But this is just out of control.

What you call simple economics is a fallacy. What if for example common illness becomes treatable and thus scarce. By your line of reasoning there would be an increased demand for this illness!

Demand and supply are two seperate dimensions. Taken together they determine price.
So when you create scarcity given certain demand* then and only then will the price go up.
But if there is no demand then scarcity will not help. You will only fade away into nothingness.
      *(not taking into account p&d schemes.)

At least with high supply you have the chance to get scattered around and be noticed. Its easy to hide 1 diamond, much easier then sahara sand. But to create demand for the diamond or for the sand, it needs to be of value to people. This is were marketing comes in. No marketing, no perceived value. No perceived value, nothing. Decreasing inflation will only temporarily increase price, after that it's bye bye. Unless of course marketing kicks in, but then we need to watch out in becoming too scarce. For neither diamond, nor sand is very usefull to be used for payment.

What would be a good practical number for 8bit coin supply? Given the to be determined goals for usage? And how to get there from where we are now? This is much more important imho!

Thank you. Finally someone with knowladge. And dimitry thank you too. I guess the only reason you guys want takeover to pump your bags or you have no idea how the market works.

Btw I tried ShopemNL nodes and services. I have to say I am pretty amazed with the quality.

[skidog]

HiPos is the problem. 

Scarcity creates demand.  Simple economics.  There will never be scarcity at this rate of inflation.

What if someone discovered a way to efficiently turn lead into gold?  Gold would be next to worthless, except in electronics.

I like the idea of static PoS rewards.  But this is just out of control.

What you call simple economics is a fallacy. What if for example common illness becomes treatable and thus scarce. By your line of reasoning there would be an increased demand for this illness!

Demand and supply are two seperate dimensions. Taken together they determine price.
So when you create scarcity given certain demand* then and only then will the price go up.
But if there is no demand then scarcity will not help. You will only fade away into nothingness.
      *(not taking into account p&d schemes.)

At least with high supply you have the chance to get scattered around and be noticed. Its easy to hide 1 diamond, much easier then sahara sand. But to create demand for the diamond or for the sand, it needs to be of value to people. This is were marketing comes in. No marketing, no perceived value. No perceived value, nothing. Decreasing inflation will only temporarily increase price, after that it's bye bye. Unless of course marketing kicks in, but then we need to watch out in becoming too scarce. For neither diamond, nor sand is very usefull to be used for payment.

What would be a good practical number for 8bit coin supply? Given the to be determined goals for usage? And how to get there from where we are now? This is much more important imho!

Thank you. Finally someone with knowladge. And dimitry thank you too. I guess the only reason you guys want takeover to pump your bags or you have no idea how the market works.

Btw I tried ShopemNL nodes and services. I have to say I am pretty amazed with the quality.

I agree we need some marketing. I understand your point of view. I just think the amount of coins im getting on pos is a little high. I cant put my money in the bank and see dbl in two months. Do you think this is right? Part of that problem is the amount of people that have their coin at exchanges. Like i said earlier, raising or lowering the amount of coins per day is tricky.

[Orestes]

I agree we need some marketing. I understand your point of view. I just think the amount of coins im getting on pos is a little high. I cant put my money in the bank and see dbl in two months. Do you think this is right? Part of that problem is the amount of people that have their coin at exchanges. Like i said earlier, raising or lowering the amount of coins per day is tricky.

But we have a fixed amount so lets say we increase with 1. Over a starting amount of one. Supply will increase in the following way.

1 | 2 | 3 | 4 | 5 | 6 | 7 | ... | ∞
 
increment then is

0 +1 +1 +1 +1 +1 +1 | ... | +1

0(0) + 1*(1) + 1/2*(2) + 1/3*(3) + 1/4*(4) + 1/5*(5) + 1/6*(6) + | ... | + 1/∞*(∞)

Final term: 1/∞=0

so you see in time, inflation is leterally of no concern. Given enough time there will be a shortage of supply.

But I understand that right now it looks like inflation is killing. And it might even look like that for a whole year. But once there is enough wealth locked up in the coin, with a decent supply. Then inflation would be barely noticable yet remain profitable.

Now think about this one step further...

8Bit shows that it is probable that no more then 25% of all coins will be directed at MasterNodes. This ensures profitability for quite some time. But once there are a lot of nodes, lets say 25% of an ∞ supply. Then your reward will decrease to 0. Why? Too much (∞)competition.

Therefore there will come a point of equilibrium for the total amount of MasterNodes with respect to cost/return.
Fees for services then offer a solution. Because they are outside of theses restrictions. Its scalability is directly linked to market usage.

[scarsbergholden]

I agree we need some marketing. I understand your point of view. I just think the amount of coins im getting on pos is a little high. I cant put my money in the bank and see dbl in two months. Do you think this is right? Part of that problem is the amount of people that have their coin at exchanges. Like i said earlier, raising or lowering the amount of coins per day is tricky.

But we have a fixed amount so lets say we increase with 1. Over a starting amount of one. Supply will increase in the following way.

1 | 2 | 3 | 4 | 5 | 6 | 7 | ... | ∞
 
increment then is

0 +1 +1 +1 +1 +1 +1 | ... | +1

0(0) + 1*(1) + 1/2*(2) + 1/3*(3) + 1/4*(4) + 1/5*(5) + 1/6*(6) + | ... | + 1/∞*(∞)

Final term: 1/∞=0

so you see in time, inflation is leterally of no concern. Given enough time there will be a shortage of supply.

But I understand that right now it looks like inflation is killing. And it might even look like that for a whole year. But once there is enough wealth locked up in the coin, with a decent supply. Then inflation would be barely noticable yet remain profitable.

Now think about this one step further...

8Bit shows that it is probable that no more then 25% of all coins will be directed at MasterNodes. This ensures profitability for quite some time. But once there are a lot of nodes, lets say 25% of an ∞ supply. Then your reward will decrease to 0. Why? Too much (∞)competition.

Therefore there will come a point of equilibrium for the total amount of MasterNodes with respect to cost/return.
Fees for services then offer a solution. Because they are outside of theses restrictions. Its scalability is directly linked to market usage.

Not a bad take on it here. Enjoyed reading that. Good points.

[dbt1033]

HiPos is the problem. 

Scarcity creates demand.  Simple economics.  There will never be scarcity at this rate of inflation.

What if someone discovered a way to efficiently turn lead into gold?  Gold would be next to worthless, except in electronics.

I like the idea of static PoS rewards.  But this is just out of control.

What you call simple economics is a fallacy. What if for example common illness becomes treatable and thus scarce. By your line of reasoning there would be an increased demand for this illness!

Demand and supply are two seperate dimensions. Taken together they determine price.
So when you create scarcity given certain demand* then and only then will the price go up.
But if there is no demand then scarcity will not help. You will only fade away into nothingness.
      *(not taking into account p&d schemes.)

At least with high supply you have the chance to get scattered around and be noticed. Its easy to hide 1 diamond, much easier then sahara sand. But to create demand for the diamond or for the sand, it needs to be of value to people. This is were marketing comes in. No marketing, no perceived value. No perceived value, nothing. Decreasing inflation will only temporarily increase price, after that it's bye bye. Unless of course marketing kicks in, but then we need to watch out in becoming too scarce. For neither diamond, nor sand is very usefull to be used for payment.

What would be a good practical number for 8bit coin supply? Given the to be determined goals for usage? And how to get there from where we are now? This is much more important imho!

Supply and demand do not apply to illness... That's a horrible example.

Hyperinflation is a bad thing.

8bit is hyperinflating. 

We need to get this in check, quickly.

[Starin]

Oh man, please.
This is hyperinflation.

"By November 1923, the American dollar was worth 4,210,500,000,000 German marks."